Navajo Miners, Public Equity, ETH and Bitcoin Socks

Published: Tue, 11/09/21

November 9, 2021
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Market Overview

Data as of 13:30 UTC

The Navajo Nation is mining Bitcoin. Here’s why.

The Navajo people are tired of the dollar’s legacy. So, they're mining Bitcoin. Compass Mining recently took a film crew to New Mexico in an effort to better understand why the Navajo people are mining Bitcoin.

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Public mining operations are primarily funded through equity.

A company can raise capital in two ways, either through debt or equity. So far, public miners have opted for equity to expand operations evidenced by their financial leverage ratio. As the mining industry matures, it’s reasonable to expect a transition to debt financing over equity.

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Bitcoin miners don’t really move market prices.

Early in Bitcoin’s history, a miner selling a portion of their payouts may have had a noticeable effect on Bitcoin’s price. But that’s not true at all today. Unfortunately, because this theory inescapably arises during nearly every mid- or large-sized market selloff, it is always worth revisiting.

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Here’s a comparison between hashrate managers and traditional mining pools.

Bitcoin miners must join a mining pool to get paid regularly. But not all pools serve their miners the same. Miners need to understand how hashrate managers operate compared to regular mining pools.

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Ethereum mining revenue remains steady despite $1 billion burnt ether.

Demand to use the Ethereum network is apparent in the monthly numbers compared to earlier 2021 months. For example, October’s burn value (sans priority fee) surpassed May’s record transaction fee totals.

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Block Rewards

You need bitcoin socks. 

They might be bad for OPSEC. But who doesn't love bitcoin socks?

We're giving away three (3) pairs of these orange coin socks each week this month! The first THREE readers who reply to this email with "give me the socks!" get a free pair!

Good luck! And enjoy the cozy footwear. 

Click here to see the socks.

Want some free bitcoin?

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For November, Swan is giving $10 in free bitcoin to any Mining Memo subscriber who creates an account using this link.

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Livestream Watchlist

Advocating For Bitcoin Mining

Advocating For Bitcoin Mining

In this livestream, Compass talks about the state of advocacy and lobbying for the cryptocurrency mining industry.

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What Sustainable Mining Really Means

What Sustainable Mining Really Means

Compass talks with a pair of mining CEOs about what “clean” or sustainable mining actually means.

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Mining Bitcoin with the Navajo Nation | Everyone Can Mine Bitcoin

Mining Bitcoin with the Navajo Nation

Compass Mining went to the Navajo Nation's Bitcoin mine to see firsthand how the Navajo are reclaiming sovereignty through Bitcoin. This video tells their story.

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Home Mining Protects Your Privacy | Compass Live CLIP

Home Mining Protects Your Privacy

Mining bitcoin at home is the most effective way to accumulate non-KYC bitcoin.

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Compass Updates

  • Compass launches the Compass Marketplace for ASIC buying and selling. 

  • Compass announces plans for a new 140 MW facility in Ontario.

  • Compass creates the Compass Gives Back charitable initiative.

Network Overview

* measured by $/TH/s

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Written by Zack Voell, Will Foxley , and Lili Rhodes

  
 

About Compass: Compass is a Bitcoin mining and modern media company focused on driving the mass adoption of cryptocurrency mining.

  
 

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