$BTBT / $WYFI - Can somebody explain to me how/why $BTBT has no debt, $500m of ETH, $790m of $WYFI -- a combined $4/sh, but trades at $3.25? Why the HoldCo discount? Is it possible that they could do a cross buyback swap to fix this arb?

$BTDR / Bitmain: Circling back on this and tying it to my latest article about hashrate growth: In 2026, I project around 500 EH/s to be added. That's about 4.7 GWs of capacity swapped or added. At $1,050/KWH cost (just a guess), that'd be around $5b of cash spent on ASICs. In

We brought back dire wolves. Which species are we reviving next? Follow for updates on our progress.

https://t.co/2t3UkS37kB

BTW.. you can hire me as a consultant to do similar studies or obtain more data.

Here we see how pricing "bottoms out" during bearish conditions. As miners make less revenue, the prices of ASICs drops.. but kind of has a floor: And here we see how ROI pricing works (blue line). Blue line = above chart's green line divided by red line. (FWIW: I'm using an

$BTDR / ASICs - Bitmain has been the NVDA of BTC Mining, and it's been quite lucrative; they literally manufacture money printing machines that will *always* provide operating profit to the buyer. Just how valuable is gaining market share? In this post I explore some insights

going to delete this tweet either way

Rushed my last post.. the charts are off. I'll post again sometime soon.

$BTDR - Sealminer A3 and A3 Pro website now up. A3 is 14 J/TH, Pro is 12.5 J/TH. Air cooled. BTDR matching/besting the S21 XP, and getting close to Bitmain's S23 (11 J/TH), which allegedly starts shipping in January. Pre-order / pricing for the A3 is still "stay tuned". The A3

Hey $IREN nerds... assuming they tapped the ATM and raised funds, what would be the next milestone they announce as fully funded? Just thinking ahead to the next monthly update :) @TheKamaHsutra @litigious_dulce @FransBakker9812 @Umbisam

$MSTR - Testing out a new weekly format. Let me know your thoughts. Currently at 1.434x mNAV, via ATM, they need to sell 21,340 BTC ($2.4b*) of stock to generate 1% BTC Yield. They need to sell 519,689 BTC ($59.2b*) of stock to generate 19.75% BTC Yield (mid-way point), or 1.5m

$BITF - Hitting $2.80 (+24%) in overnight trading. Not a ton of volume, but still quite interesting.

@KevinLMak Disclaimer: I followed him into $SPHR about a year ago, so maybe I'm talking my book too 🤷‍♂️

$SPHR - First and foremost, I respect @KevinLMak immensely for being a pro bono disseminator of general market knowledge. So, when he dives deep into a specific company, likely his highest conviction play, it's probably not just "talking his book". Worth a read.

$BTDR - I wrote up something about it yesterday, but never posted it. The tldr is that they have "an embarrassment of riches" and if you want something maximally speculative on mining/HPC colocation/CSP, then they are impossible to ignore. Below is the draft. It's incomplete, as

An example of Jevin's paradox: I wanted to know how many shares are needed to delta hedge $IREN's capped calls, for any given share price, date, and IV. Would be nice to have IV and time be interactive (so I could infer vanna and charm, respectively). No sane PM would ask a dev

Just a chart

Anything with MW's and a narrative of selling them is pumping hard... but I'd like to think some of the past few sessions of $BITF outperformance is a bit of "catch up" as predicted. Lucky, or right, I'll take the profits. My exposure to mining/HPC is lessening by the day. At

Hashrate adjusted up to 973 EH/s @ $54 hashprice. Looking back at other periods that had a similar average hashprice (+/- $1), we have these compounded annual growth rates.. pretty solidly >40%: June 29, 2025 (65 days ago, 837 EH/s): CAGR ≈ 132.9% annualized May 30, 2025 (95

Good enough to screenshot