Hashprice Dives ?? To All-Time-Lows ?? as Biden's DOJ Encroaches On Privacy ??

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W17 ‘24 Vibe Check

• The Overview Vibe
• Weekly Industry Metrics
• Headlines & News
• The Media Vibe
• Energy Corner
• The Meme Vibe

The Overview Vibe

Bitcoin trickled down to $63,000 during a week of regulatory FUD and all-time-low hashprice …what a bummer :(. After the initial post-halving pop-in hashprice from Runes fuled transcation fees (see image below), hashprice slid down toward $53/PH/Day. As the 7 day average hashrate ossiclates below 650 EH/s, it is already starting to deflate thanks to marginally competitive miners coming offline. Difficulty is expected to take a slight step down from the recent all-time-high...maybe. TELL YOUR UNCLE TO TURN THE M30 AT HIS HOUSE OFF! lol.

While ETF inflows took a breather this week, Morgan Stanley is expected to let their brokers recommend the Bitcoin Spot ETFS. The biggest FUD this week came from Biden’s DOJ encroachment on privacy. The founders of Samouri Wallet were charged “With Money Laundering And Unlicensed Money Transmitting Offenses” for offering privacy-enhancing coinjoin services. Since they never touched any money, I see a slippery slope for money transmitter license means and doesn’t. Could this be an entry point to attack miners and pools? As a result, many other wallets that offer privacy enhancement features have stopped operating within the United States. What an L for privacy and surveillance resistance. :(

The administration continues to FUD on all energy matters with their most recent rules for thermal generation plants. This leaves some to extrapolate medium-long-term electricity rationing due to based load generation scarcity. WHERE IS THE BASE LOAD GONNA COME FROM?! While the feds keep derpping, ERCOT’s Pablo Vega is focusing on the demands of the future (see below) in the most recent ERCOT board meeting. He is aligned with many flexible-load entrepreneurs on the benefits Bitcoin mining can bring Texas residents.

While the public sector was quiet this week (probably from all the phat fees they ate recently), the most notable update was from Jack Dorsey’s Block. Their 3nm Bitcoin mining chip has finished development and is on its way to the foundry. While they hope to go to market with a complete Bitcoin mining system, they also plan to offer the chip itself for buyers who want to customize further on hardware. This opens up the door for the next level of innovation and optimization across ASICs from an American firm looking to engage with the market collaboratively. Quite a contrast from the current leading Asia-based OEMs…BULLISH!

As retail and anyone with 7c+ hosting starts to RIP their s19/m30 generation machines off rackspace, we should expect that generation of machines to flood the stateside market. This will provide a great opportunity for market participants who have marginally priced energy such as behind-the-meter solar, flare gas, or hydro. Just like in oil and gas, another man’s trash is another man’s treasure! In this case, it is not marginal wells and low LOEs, but ASICs and low opex!

If you are looking for insights from the industry from abroad, dive into this recent blog post from QRB Lab’s Nemo Semret. Nemo’s team was the first to introduce Ethiopia to Bitcoin mining. The Blue Nile nation is currently the fastest growing international hub for the industry.

I hope everyone had a great weekend with your family. Stay hydrated, make sure to call your mom, and hit me up with any feedback that could make this newsletter better! Muchas gracias amigos!

Bitcoin/Mining Metrics

• BTC price2: ~$63,6363.83 @ EOW. -1.46% WOW.
• Hash price1: $51.64 PH/Day @ EOW. -45.53% WOW.
• Network Hashrate (SMA 7 Day)1: ~647 EH/s @ EOW. +2.37% WOW.?
• Difficulty1: 88.1 T @ EOW. +1.98% WOW.
• ASIC Retail Price (s19/m30 family)1: $11.3/TH/s @ EOW. 0.00% WOW.

Sources: Hashrate Index1, Bitbo2

Headlines & News

Featured

• TSMC’s debacle in the American desert - The Rest Of World.
• Runes generate over $135 million in fees in first week on Bitcoin network - The Block.
• ViaBTC Sells Fourth Halving ‘Epic Sat’ for 33.3 Bitcoin - TheMinerMag.
• Bitcoin miners upgrade power centers and get into AI to brace for slashed revenue post halving - CNBC.
• Samourai Wallet Founders Arrested & Charged with Money Laundering, Unlicensed Money Transmitting Offenses - NOBSB.

General PubCo Updates

• Marathon Digital Holdings Increases 2024 Hash Rate Target to 50 Exahash - Press Release.

Regulatory/Legal Updates

• SEC charges Texas mining firm and co-founders for $5.6 million fraud scheme - The Block.
• Bitcoin mining machines worth THB200 million seized in two provinces - The Nation.

Hardware/Tech Updates

• Latest updates: 3nm chip headed to the foundry, our new mining system, and more - Block Blog.

Research/Reports/Newsletters

• General Markets: Stocks Rip Most in 6 Months as Sticky Inflation Fears Fall: TBL Weekly #91 - NYDIG Weekly Research - April 26
• Bitcoin Tech: Bitcoin Optech Newsletter: Issue #299
• Bitcoin Mining: The Miner Weekly - Halving Pain May Be Inevitable After All - Hashrate Index - Weekly Hashrate Market Update: April 22, 2024

The Media Vibe

Energy Corner

The Meme Vibe

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