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February 8, 2023
Subscribe to Mining Memo
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| Price |
$22,848 |
▼.05% |
| Hashrate |
274 EH/s |
▼-7.4% |
| Difficulty |
39.35 T |
►0% |
| Revenue* |
$0.075 |
►0% |
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Mining shares are up, but beware dilution
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The last 12 months have seen constant pressure on Bitcoin's price, which reached a low of $15,790 in December 2022 – a drop of 77%. Delusional crypto markets were not helped by macroeconomic challenges, such as the war in Ukraine and a
strengthening dollar.
Indeed, companies like FTX, Compute North and Core Scientific (CORZQ) were all exposed in various ways and filed for Chapter 11 protection.
Bitcoin miners suffered accordingly, particularly public companies. In the last year the North American-listed Bitcoin miners saw their share prices drop on average between 85% and 90%, with many forced into selling their BTC hodl to pay for
operational and capital expenses.
Read the complete article here.
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The true cost of stock compensation
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With phenomenal growth in a relatively short time frame, North American listed Bitcoin mining companies appear to have rewarded themselves extremely well when compared with other mainstream tech firms.
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Right click, save.
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Want a Bitcoin Inscription? The first 5 responses back to this email with "I want an inscription!" will receive a custom Bitcoin mining inscription sent to their BTC address.
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Check out the Compass Mining and Decential Media original production, From Bars To Bitcoin. We tell the story of Justin Rhederick, a former convict turned Bitcoin entreprenuer.
Watch the video here
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Mining News Feed
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Bloomberg Law / CEO of Crypto Miner Layer1 Says Founder Is ‘Actively Looting’ It
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Reuters / Canada's Hut 8 Mining to merge with US Bitcoin to weather crypto downturn
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CoinDesk / Kazakhstan's President Signs Legislation to Limit Energy Usage of Crypto Mining
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Chart of the Week
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Spent Outputs using Taproot are increasingly drastically as Ordinals gain transactions on-chain. Once a meme, Taproot may finally have found its footing.
Correction: Last week, a chart showing an increase in OP_Return usage erroneously claimed to be caused by Ordinal adoption on Bitcoin. |
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Today we are joined by Tyler Page, CEO of Cipher Mining. We talk about Cipher’s capital strategy, machine purchases and growing its operational footprint across Texas.
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Watch on YouTube here.
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| Digihost |
4.03% |
$1.49 |
$4.44 |
| Iris Energy |
3.69% |
$2.14 |
$17.97 |
| Hut 8 |
0.46% |
$2.43 |
$8.34 |
| Core Scientific |
0.03% |
$0.34 |
$11.49 |
| Riot Platforms |
-1.06% |
$6.50 |
$23.66 |
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*As of Wednesday, February 8
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