Member Info for CLSKBull

Best summary of Riot question marks here - I'd add the abrupt sacking of Chad Everett to the list:

https://twitter.com/penny_ether/status/1769789511439962117

Haha well at a very high level it's true.

In 2021 the network was 4x smaller, but machines were about 2x less efficient - net result meaning half as much energy required. If Helios had been executed to plan with a path to 800MW and sub 2 cent electricity then Argo would be a monster just now. But yes you're right, you're talking about taking almost the entire output from a nuclear power station.

No idea what Riot is doing, they are in my don't touch pile, along with HUT, CORZ and Argo. Once they reach a certain level of incompetence they go on that list.

Mara is getting away with a lot of mistakes because they are #1 - but won't have that advantage forever.

But as we've discussed - bitcoin miner fundamentals mean a constant race to the bottom and a bull run investment only.

For the record, 1 GW of power is a massive amount of power and I can see this becoming the bottleneck rather than mining machines.

https://en.wikipedia.org/wiki/Nuclear_power_in_the_United_Kingdom#Operating

Access to capital/share volume is Mara's advantage for sure but it's what they do (or don't do) with that capital that drives me mad.

However I think we're near that point in the cycle where the disparity between the top few miner mcaps vs the tier 2 mcaps gets noticed and starts to narrow.

I'm still looking to get out of miners once bitcoin breaches 100, and yesterday was a great day as it gave a glimmer of hope that miners will run with bitcoin now.

Must be around 400-450 MW that CLSK has at the moment. 50EH requires around 1GW.

CLSK have opted for the S21 which runs at 17.5 J/T. They say they can get them down to less than 16 - but would be at a performance hit - or can overclock up to 10% for a small uplift in wattage.

So they are still to find 550-600MW of infrastructure if they want to go for 50EH. Interestingly the new Mississippi site is around 5 cents per kwh, which is more than their Georgia sites.

Based on Mara's and CLSK's site purchases I think that low electricity price sites are hard to come by.

Mara's one said 4 cents after curtailment - which means there'll be down periods to achieve that rate - which isn't ideal. Also they failed to mention the Garden City rate - which leaves a big question mark.

To me this makes the likes of Wulf and Soluna (and several others) more attractive with their low power costs. Although really they would need to be combined with the S21 to take full advantage.

Must be around 400-450 MW that CLSK has at the moment. 50EH requires around 1GW.

CLSK have opted for the S21 which runs at 17.5 J/T. They say they can get them down to

Yes I meant price parity as that's what matters to me, the share price. Mara is making life hard for shareholders as they keep diluting which is restricting share price appreciating. Mcap may be growing but investors want share price to grow otherwise what's the point in investing in them. Mara still should be worth more than clsk just now but they'll get flipped in the coming years by better operators.

Yeah sector is undervalued for sure, but I've tried before to guess which will run first and sometimes right and sometimes wrong. This way in theory I should capture decent gains. But if they all run together that's great also.

I'll be watching them for a short squeeze, but think clsk will get share price parity first so will look to them as a rotation. I'm in about 8 miners just now as I've given up trying to work out which will run first, then will rotate after 50-100% runs. Hoping wulf carries on.

It was uploaded to sec yesterday with the review comments still on it.

I think other miners will have overtaken it by end 2025.

A premium is warranted but what size premium is the question. I'd say the gap needs some closing and would hold WULF over CIFR - although would note that CIFR seems to be re-rating and looking at moving into the top 5 if not there already.

I think I read somewhere that CORZ cannot legally hold bitcoin as part of the bankruptcy emergence.

Wulf definitely due a good run. Overpayment on loan expected in April from what they've advised. If you compare it with CIFR which is 1.3bil mcap (better balance sheet to be fair - but slightly less hash 7.4eh vs 8 wulf), you can see that this has room to run.

Got BTBT as well but think that will be a late bloomer, along with my beloved SLNH which will be last to run.

Interesting thread on Mara recent purchases - no idea if true or not:

https://twitter.com/Rex_Finance/status/1770473594734231786

Yeah agree - the scenario of miners going bankrupt on halving day just isn't going to play out. This is where I see a problem with Mara's post halving buying spree plans - I don't think they'll be getting the bargains they are expecting.

At last halving the network hash was around 100EH.

The XP was released in July 2022 if my google search was accurate at which time network has was around 200EH.

So this suggests there is circa 200EH of 30+ J/T machines are out there - which would be the targets for turning off.

Current network hash is just over 600EH.

However bitcoin price has doubled in the last 6 months which puts the whole switch off in doubt. Argo isn't going to turn their machines off. Probably most the 17 series will go off though. But with most miners buying new machines the hash that goes off will be replaced.

So I'd agree that the network hash probably won't take a big hit.

There are miners that are printing cash both pre and post halving in current price/network conditions and the market just isn't valuing them. The whole sector has taken a beating. Q4/Annuals probably haven't helped as it was a hard year for miners last year, but I suspect Q1's will make everything look a lot better.

Not expecting a rate cut today, but hopefully some cut soon or liquidity boost language to get things moving again. S&P 500 closed at ATH yesterday.

Yeah, his yearly vesting tranches will be haunting him. Needs to do more than just pay down debt because they won't have a business if/when Galaxy decides they want their space back.

Yeah suspect another raise is drafted awaiting the next mini run but the market knows this and has moved elsewhere. Only a strong BTC run will bring in new money. Otherwise they'll need to issue more cheaply. On this occasion that is not in the ceo's interests as it would dilute his bonus.

They have a bunch of power credits according to the Q3, so effectively could mine for a quarter with half price electricity which would help out their cash balance. However their operating costs and interest payments are around 1 mil a month each. Maybe they save the power credits for post halving to keep them afloat longer.

Yeah can't buy them all.