The hottest Mining Substack posts right now

And their main takeaways
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Top Crypto Topics

Miners are Profiting Without Mining

Miner Weekly • 19 implied HN points • 07 Aug 23
💰 Finance Mining
  1. Mining companies are finding ways to profit without traditional mining, utilizing strategies like energy sales and renting out hashpower.
  2. Charts comparing bitcoin production and realized hashrate of mining companies show a difference due to flexible use of proprietary hashrate for various purposes.
  3. The evolving use of proprietary hashrate by mining companies highlights their adaptability to changing conditions in the industry.

How Big Was Bitcoin's Mining Profit Squeeze After Halving?

Miner Weekly • 3 HN points • 30 May 24
💰 Finance Mining
  1. Bitcoin's hashrate stayed above 600 EH/s in the month following its fourth halving event, despite a slight decline from April.
  2. The daily production benchmark for Bitcoin decreased by 45% in May compared to April, impacting major public mining companies.
  3. News of Riot's proposed takeover of Bitfarms has stirred market interest, potentially positioning Riot as a significant player in Bitcoin mining.

Atoms for Copper

Material World • 120 implied HN points • 07 May 23
🔬 Science Mining
  1. Copper is a vital metal in our daily lives, but it is becoming harder to obtain in high quantities due to diminishing natural resources.
  2. In the past, there were radical ideas, like using nuclear weapons for mining copper, but technological advancements in mining techniques eventually proved more effective.
  3. Innovation in mining methods has been a gradual process, leading to better extraction of metals like copper, making them more accessible and affordable over time.

Foundry fees, Mining SPACs, and SBI vs Whinstone

Miner Weekly • 19 implied HN points • 08 Apr 23
💼 Business Mining
  1. FoundryUSA is implementing tiered fees for its bitcoin mining pool service after an increase in market share due to their zero-fee strategy.
  2. Mining SPACs like Bitdeer are progressing towards mergers and shareholder votes, indicating industry consolidation.
  3. SBI Crypto has filed a lawsuit against Whinstone U.S., alleging breach of contract and fraudulent inducement, revealing industry disputes.
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Your Halving Cheatsheet: 2020 vs 2024

Miner Weekly • 0 implied HN points • 18 Apr 24
💰 Finance Mining
  1. Bitcoin's mining difficulty has increased significantly over the past four years, making mining 5.36 times harder with an average hashrate increase from 115 EH/s to 640 EH/s.
  2. The daily block subsidies in Bitcoin will halve from 900 BTC to 450 BTC after the upcoming halving, potentially leading to a rise in transaction fees as a percentage of block rewards.
  3. The reshuffle of Bitcoin mining pools over the years reflects a shift from China-based pools to North American ones, indicating a consolidation and institutionalization of mining activities.

Who’s Mining the Most Bitcoin in Last Pre-Halving Month?

Miner Weekly • 0 implied HN points • 28 Mar 24
💰 Finance Mining
  1. Bitcoin mining companies have been increasing their hashrate as the halving event nears.
  2. Core Scientific leads in bitcoin production for the last pre-halving month, surpassing Marathon.
  3. Marathon faced downtime in February due to power issues, impacting its operational capacity during the pre-halving period.

Public Miners Stock Up BTC Reserves

Miner Weekly • 0 implied HN points • 08 Feb 24
💰 Finance Mining
  1. Public mining companies are increasing their Bitcoin reserves, reaching a total of 40,000 BTC for the first time since May 2022.
  2. Some public mining companies have been selling a portion of their monthly Bitcoin production, but others, like Riot, plan to retain more in the near term.
  3. The level of Bitcoin liquidation varies among mining companies, with some selling less than others and some even selling more than they mine in a month.

Bitmain Expands Self-Mining While Raising Rig Prices

Miner Weekly • 0 implied HN points • 11 Jan 24
💰 Finance Mining
  1. Bitmain has increased the prices of its mining rigs but not as significantly as the rise in bitcoin's hashprice.
  2. CleanSpark's recent preorders of Bitmain's Antminer S21 reveal price changes and discounts over time.
  3. Bitmain has expanded its proprietary mining fleet in the U.S. while raising rig prices, showcasing strategic business moves.

These Pools Are Consolidating Bitcoin Block Rewards with Antpool

Miner Weekly • 0 implied HN points • 28 Dec 23
🔮 Crypto Mining
  1. Recent development: Antpool saw a resurgence in hashrate, surpassing Foundry USA in blocks mined. Foundry regained some ground, but on-chain transactions suggest a larger hashrate shift to Bitmain-linked Antpool.
  2. Consolidation trend: 10 of the top 15 mining pools have combined coinbase block rewards since last year, with many independent operators involved. Multiple pools regularly send rewards to the same addresses in single transactions.
  3. Financial dynamics: Payout consolidation likely results from financing agreements, where a central entity controls coinbase and addresses. Speculation rises on Antpool's potential as the financier, raising queries on hashrate diversion agreements with other pools.

Bitcoin Mining Hashcost, Explained

Miner Weekly • 0 implied HN points • 21 Dec 23
🔮 Crypto Mining
  1. Bitcoin's hashprice reaching new highs above $130/PH/s indicates increasing block rewards from transaction fees.
  2. A new hashcost metric evaluates mining companies' competitiveness by assessing the daily operational costs per hashrate.
  3. Reducing hashcost through improved fleet efficiency and lower energy rates is crucial for mining companies, especially with the halving approaching.

Antpool's hashrate resurgence

Miner Weekly • 0 implied HN points • 30 Oct 23
🔮 Crypto Mining
  1. Antpool's hashrate saw a significant increase in October, reaching the highest number of blocks mined since 2016.
  2. Antpool is in close competition with Foundry USA Pool, with their combined market share at a historic high of 55%.
  3. The rise in Antpool's hashrate could be connected to their cloud mining business launch and importation of S19XPs to the U.S.

These mining pubcos outgrow bitcoin in Q3

Miner Weekly • 0 implied HN points • 09 Oct 23
💼 Business Mining
  1. Bitcoin mining companies have been aggressively expanding their operations, leading to a significant increase in the network's hashrate.
  2. Some public mining companies like Bitdeer, CleanSpark, Marathon, and others have surpassed Bitcoin's growth in hashrate during Q3.
  3. The increased competition and growth in mining pubcos are squeezing out smaller players in the market share of Bitcoin production.

Halving came early for mining stocks

Miner Weekly • 0 implied HN points • 02 Oct 23
💰 Finance Mining
  1. Bitcoin mining stocks saw a sharp decline of about 50% in Q3, outperforming bitcoin and Nasdaq.
  2. Volatility in mining stocks coincided with equity financing by public mining companies to fuel growth.
  3. Potential in mining stocks lies in choosing operations with low costs, high efficiency, a strong balance sheet, and a track record of delivering on promises.

Core Seeks to Resolve $330M Claims

Miner Weekly • 0 implied HN points • 18 Sep 23
💰 Finance Mining
  1. Core Scientific is resolving $330 million in claims by reaching agreements with hosting clients, paving the way for its bankruptcy exit.
  2. Part of Core's settlement plan involves sharing net mining profits with clients and selling assets like the Cedarvale site to settle debts.
  3. The decline in Core's market share of Bitcoin production this year is attributed to increased competition and operational expansions by rivals.

Riot realizes 132% of proprietary hashrate

Miner Weekly • 0 implied HN points • 11 Sep 23
🔮 Crypto Mining
  1. Riot achieved 132% of its proprietary hashrate by utilizing power trades and taking advantage of low hashprices, showcasing a unique approach during the bear market.
  2. Due to dropping hashprices, mining companies like Riot may opt to divert some proprietary hashrate to other activities for better profitability rather than focusing solely on mining.
  3. Riot's strategic energy programs in Texas not only contributed to the state's position as a mining hub but also influenced the overall North American power capacity distribution, strengthening the mining industry.

What curtailment? Bitcoin hashrate crosses 400EH/s

Miner Weekly • 0 implied HN points • 11 Jul 23
🔮 Crypto Mining
  1. Bitcoin's hashrate has crossed 400 EH/s, reaching an all-time high.
  2. Several mining operations experienced production declines due to various challenges.
  3. Despite curtailments and challenges, Bitcoin's hashrate continues to set new highs, with potential for more growth in the near future.

An efficiency race among miners

Miner Weekly • 0 implied HN points • 05 Jul 23
💰 Finance Mining
  1. Bitcoin miners are engaging in an efficiency race, upgrading equipment and optimizing operations in preparation for the upcoming halving in 2024.
  2. Companies like Riot and CleanSpark are making significant investments in mining equipment to improve efficiency and stay competitive in the market.
  3. The decrease in Bitcoin's hashprice since 2022 has created uncertainties around the next halving, putting pressure on miners to enhance efficiency and lower costs.

Core lays out bankruptcy exit plan

Miner Weekly • 0 implied HN points • 26 Jun 23
💰 Finance Mining
  1. Core Scientific plans to emerge from bankruptcy by the end of September, focusing on boosting its market share in bitcoin mining.
  2. The company aims to expand operations in Texas, purchase new miners, and transition to a profit-sharing model for hosting.
  3. Core Scientific intends to continue selling all mined bitcoin soon after production, with plans to invest in new equipment for increased efficiency.

Major mining pubcos. have come out of crypto winter, at least for now

Miner Weekly • 0 implied HN points • 13 May 23
💰 Finance Mining
  1. Major mining public companies have shown improved financial performance after the crypto winter of 2022.
  2. Mining companies have managed to reduce the all-in cost of mining by 10-20%, contributing to increased profitability.
  3. Operational efficiency remains crucial for mining companies as they aim to generate positive earnings, especially as they approach the next bitcoin halving.

The cost of making Avalon miners has declined

Miner Weekly • 0 implied HN points • 29 Apr 23
🕹 Technology Mining
  1. The cost of making Avalon miners has declined, creating potential for getting bargains as manufacturing costs decrease over time.
  2. The decline in manufacturing costs could allow manufacturers to adjust prices when demand for new mining equipment is low, potentially affecting gross margins.
  3. There is curiosity about whether Bitmain and MicroBT will also see a trend of declining costs for ASIC miners and if this will lead to even cheaper prices as the bitcoin network approaches the next halving.

Bitcoin’s hashrate growth to slow down in April?

Miner Weekly • 0 implied HN points • 01 Apr 23
💰 Finance Mining
  1. Bitcoin's hashrate growth may slow down in April due to factors like shrinking PP&E spending and miner shipments.
  2. Data suggests a possible slowdown in the growth of bitcoin's monthly average hashrate in the coming months.
  3. Regulation news includes Texas Senate bill aiming to regulate Bitcoin miners and their electricity consumption.

Miner Weekly: Introducing TheMinerMag

Miner Weekly • 0 implied HN points • 03 Dec 22
🔮 Crypto Mining
  1. The MinerMag is a new platform focusing on bitcoin mining companies, aiming to improve industry transparency.
  2. Recent news highlights challenges in cryptocurrency operations, including high energy demand and fraud cases.
  3. Corporate updates include Hut 8 halting mining operations, Compass Mining launching a protection plan, and Alameda's investment in Genesis Digital.

Miner Weekly: PP&E Spending Plunged in Q3

Miner Weekly • 0 implied HN points • 19 Nov 22
💰 Finance Mining
  1. Canaan's sharp decline in contract liabilities suggests a pessimistic outlook for Q4'22 revenue.
  2. Mining companies are reducing spending on equipment, leading to a significant drop in PP&E purchases.
  3. The decreased PP&E spending by mining companies may slow down Bitcoin's network hashrate growth in the near future.

Miner Weekly: Who're mining at a loss?

Miner Weekly • 0 implied HN points • 12 Nov 22
🔮 Crypto Mining
  1. Bitcoin miners may face challenges with profitability if the price of BTC drops below $14,000.
  2. The concept of Hashcost is introduced, showing the raw cost a mining fleet would incur in 24 hours to produce 1 PH/s of hashrate at different energy rates.
  3. Public mining companies could be operating at close to zero or negative gross margins as bitcoin trades around their break-even levels.

Miner Weekly: Marathon's energized, and NYDIG is taking over machines

Miner Weekly • 0 implied HN points • 05 Nov 22
🕹 Technology Mining
  1. NYDIG is taking over collateralized mining machines from companies like Core Scientific, Iris Energy, and Stronghold Digital due to potential loan defaults.
  2. Marathon recently energized 32,000 ASIC miners, achieving record production in October, indicating a positive shift for the company.
  3. CleanSpark surpassed Riot in Realized Hashrate for October, despite Riot having a larger installed hashrate, showing notable growth and competition in the mining industry.

Miner Weekly: Rhodium, the next US public miner?

Miner Weekly • 0 implied HN points • 22 Oct 22
💼 Business Mining
  1. Rhodium Enterprises has the cheapest cost of production among its US public mining competitors for now.
  2. Rhodium mined a significant amount of BTC and has high realized hashrate compared to other public mining companies.
  3. Rhodium's cost of mining production is currently relatively low compared to its peers due to efficient operations and energy rates.

Miner Weekly: Pubcos’ Q3 Gross Margin Plunge

Miner Weekly • 0 implied HN points • 15 Oct 22
💰 Finance Mining
  1. The average gross margin for public mining companies has declined significantly in Q3, dropping from nearly 70% in Q1 to 26%.
  2. Rising energy costs are squeezing bitcoin mining's gross margin, causing challenges for both public and private mining firms.
  3. If key parameters like bitcoin prices, mining difficulty, and energy costs do not reverse, the industry may see increased consolidation and challenges in the upcoming quarters.

Miner Weekly: Mining Power Distribution in North America

Miner Weekly • 0 implied HN points • 01 Oct 22
💼 Business Mining
  1. North America has become the main computing hub for securing the bitcoin network after China expelled miners.
  2. The power capacity for mining is more distributed in North America due to varied political and social landscapes in the U.S. and Canada.
  3. The power capacity of public mining companies in North America is estimated to be about 2.8 gigawatts, with Texas and Georgia occupying the top spots.

Miner Weekly: KucoinPool a Poolin White Label?

Miner Weekly • 0 implied HN points • 17 Sep 22
🔮 Crypto Mining
  1. Hashrate movements in major mining pools like Poolin affect the overall distribution of hashing power in the network, leading to observations like KucoinPool potentially being a Poolin white label.
  2. The mining community is reminded of past incidents where crypto exchanges used white labels of established pool operators to attract customers, revealing a dependency on fewer pool operators than commonly assumed.
  3. Regulation, hardware advancements, finance updates, and infrastructure developments are key areas of interest in the mining industry, reflecting the dynamic nature of the cryptocurrency ecosystem.

Miner Weekly: Hashprice Squeeze 🥲

Miner Weekly • 0 implied HN points • 03 Sep 22
💰 Finance Mining
  1. Bitcoin mining difficulty increased, causing hashprice to drop to around $0.08 per TH/s, impacting mining profitability and leading to pressure on inefficient miners.
  2. Public bitcoin mining companies have managed to keep mining costs below $20,000, but general expenses could push some companies to exceed $30,000 per BTC, affecting their overall profitability.
  3. Regulations, such as the rejection of green crypto mining studies and veto of crypto mining laws due to energy costs, and hardware news, like companies broadening digital ambitions and increased mining difficulty, continue to shape the crypto mining landscape.

Miner Weekly: Q2 Special

Miner Weekly • 0 implied HN points • 20 Aug 22
💰 Finance Mining
  1. Q2 saw an increase in production costs, general, and interest expenses for public bitcoin miners.
  2. Despite rising costs, many miners outgrew the network's hashrate in Q2, though some struggled due to uptime issues.
  3. Debt financing slowed down in Q2 for public miners, while equity raised substantially compared to Q1.

Weekly Mining Newsletter

Miner Weekly • 0 implied HN points • 30 Jul 22
🕹 Technology Mining
  1. Bitcoin's hashrate increased by ~8% as Texas miners resume power, significant news announced during Mining Disrupt 2022 and Bitmain's WDMS in Miami
  2. Ethereum Classic saw a surge of over 100% since mid-July due to the Ethereum PoW fork discussion and the debut of AntPool in its ecosystem
  3. Public miners like Stronghold and Mawson released their Q2 production data, showing growth surpassing network competition rise, offering a holistic view of 17 public miners' quarterly production

Weekly Mining Newsletter

Miner Weekly • 0 implied HN points • 10 Jul 22
💰 Finance Mining
  1. Many mining companies sold a large amount of BTC in June but still hold significant amounts on their balance sheets.
  2. Bitcoin's mining difficulty has decreased slightly recently, allowing existing miners to potentially earn a larger share in the upcoming weeks.
  3. Important developments in the mining industry include companies like Core Scientific selling a substantial amount of Bitcoin, while some like Hut8 continue to hodl all mined BTC.

Weekly Mining Newsletter

Miner Weekly • 0 implied HN points • 02 Jul 22
🕹 Technology Mining
  1. Mining companies may continue to sell bitcoin and equipment to manage increasing debt levels, potentially impacting market dynamics.
  2. Bitcoin's mining hashprice has stabilized at $90 per PH/s, while some miners are currently operating at a loss.
  3. Regulatory challenges for miners include permit denials, investigations into alleged tax fraud schemes, and the impact of hardware developments on mining profitability.

Weekly Mining Newsletter

Miner Weekly • 0 implied HN points • 07 May 22
🕹 Technology Mining
  1. The New York Mining Moratorium bill is advancing, potentially impacting crypto mining operations in the state.
  2. Big names in Bitcoin like Jack Dorsey and Michael Saylor are collaborating to defend crypto mining against environmental concerns.
  3. Financial updates include Argo borrowing $70M to buy mining rigs, Riot selling half of its mined Bitcoin, and Marathon Digital considering selling some Bitcoins.

Green Imperialism

A Natural Language • 0 implied HN points • 11 Mar 23
🌞 Climate & Environment Mining
  1. There is little data to support tracking or curbing carbon emissions tied to consumption or industrialized activities.
  2. Blindly phasing out fossil fuels could lead to economic dislocation and food shortages.
  3. Green tech, conservancies, and mining are interconnected and can perpetuate imperialism through different means.

Following Flows V: Pool Cross-Pollination

Coin Metrics' State of the Network • 0 implied HN points • 05 Mar 24
🕹 Technology Mining
  1. Decentralization concerns exist within Bitcoin mining due to the dominant control by a few major pools like Foundry and AntPool.
  2. Cross-pollination between mining pools is observed through shared addresses and flow of funds, indicating potential coordination among pools.
  3. Mining pools utilize different payout models and external networks like Cobo's Loop for liquidity, leading to a complex landscape with hidden consolidation of power.

Some Bitcoin thoughts

Joshua Gans' Newsletter • 0 implied HN points • 24 Dec 13
🔮 Crypto Mining
  1. Money is a platform where value transmission depends on belief and agreements among people. Stability and acceptance are crucial for efficient transactions.
  2. Bitcoin's stability as a payments platform is weak, but it offers potential benefits for wealth storage and operating outside government surveillance.
  3. Bitcoin's innovation as a payments platform, especially its programmable nature, is significant and revolutionary in the world of monetary economics.

Halving Pain May Be Inevitable After All

Miner Weekly • 0 implied HN points • 25 Apr 24
🕹 Technology Mining
  1. Bitcoin's hashprice surged post-halving due to soaring transaction fees linked to the Rune protocol.
  2. Despite an initial surge, the average block fees have subsided, causing the hashprice to drop below pre-halving levels.
  3. Miner operators were able to profit substantially from the fee market volatility following the halving, with significant increases in collected fees.