Bitcoin ?? ATH After ?????? Wins ????Election!
Mario Andres Gutierrez, Msc
Critical Energy & Digital Infrastructure | Email in Contact Info
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W45 ‘24 Vibe Check
The Overview Vibe
Sooooo…With Trump, the Bitcoin-friendly presidential candidate in the 2024 election winning last Tuesday, Bitcoin said “WE GOT THE BOOM” and mooned to an all-time high of ~$81K (at the time of this typing). Even with difficulty hitting an all-time high of 101.65 T, hashprice recovered above $50/PH/Day as hashrate relaxed to ~728 EH/s. With Bitcoin starting to sprint within difficulty adjustment epochs, hashrate continues to follow going into the new year. Even economically marginal machines make sense to be racked to catch those sprints of . With winter seeming a bit tame, will we see less North American curtailment than last year?
With much general pro-Bitcoin vibes from the next administration, many public miners continue to grow and refresh their fleets. Ahead of their Q3 call next week, Hut 8 announced a fleet refresh of 31,145 BITMAIN Antminer S21+ miners at $15/TH. The infrastructure and energy-focused public peer will increase their hashrate by 66% entry Q1 while also maintaining the option to buy their hosted 3U Bitmain Hydro ASICs announced earlier this year. I’d be interested to learn how those S21+ slot in with their power management strategies in West, Texas.
In an interesting domino effect from the last cycle, now Helios site owner Galaxy Digital will end its ~2.3 EH/s colocation hosting contract with previous owner Argo Blockchain. This is part of Galaxy’s focus on HPC after announcing an executed term sheet with a U.S.-based hyperscaler for all 800 MW at the site. Galaxy jumps on the HPC wave after nearby neighbors IREN at Childress and Crusoe in Abeline go all in. I wonder what this will mean for their other sites and long-term Bitcoin mining strategy.
In leaving Helios thanks to Galaxy’s HPC strategy, Argo Blockchain in turn has entered into an LOI for HPC services at their sites in Canada. Twitter favorite Cathedra Bitcoin finished their 60 MW Bitcoin data in North Dakota as many other peers look to report Q3 earnings this coming week. I will be interested in how the public sector walks through a pretty rough Q3 while leaning into the short-turn momentum. I wonder if analysts will be able to focus on the fundamental performance of the Q3 results without getting distracted by the ticker meme-like behavior.
If y’all will be at NABs in Dallas later this month, give me a shout! I hope y’all stayed hydrated this weekend, called your mom, and even offered to help her with self-custody. Help your families get their sats off the exchanges before the money printers go BRRR again!
Bitcoin/Mining Metrics
Sources: Hashrate Index1, Bitbo2
Headlines & News
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General PubCo Updates
Operations & Site Updates
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Research/Reports/Newsletters
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Energy Corner
The Meme Vibe
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