Member Info for red_rag_to_bull

Not sure if this has been posted before, but short 30min documentary around Helios and the local area is here: https://www.youtube.com/watch?v=pGUj6jV1UOc

It's called Galaxy's facility obviously, not hugely informative on mining economics etc and mainly about Dickens County, but it's a useful reminder that amongst all the money chasing, there are real folks hopefully benefitting from new industry. A good weekend to you all!

30p

WTF you talking about? I'm not saying they are in a useful position by any means, but that is just nonsense. I really don't know why i'm bothering to reply, but you have successfully wound me up it appears.....you are going in the filtered pile.

Erm, wen moon? Until we see higher on chain fees and higher block rewards as a result, i can't see anything moving significantly here. I'm actually surprised we are not seeing a lift yet. Anyone got any thoughts as to why?

Could explain some of the sell-off across miners today: https://www.coindesk.com/policy/2024/03/11/us-president-again-proposes-crypto-mining-tax-wash-sale-rule-for-digital-assets-in-new-budget/?utm_source=twitter&utm_term=organic&utm_content=editorial&utm_medium=social&utm_campaign=coindesk_main

$2.4B shorts to liquidate to get past 70k with authority. Expect big wicks.

New ATH - before the halving. Not since first epoch.....

Kind of amusing watching it just tweezer top at 69k.....

There are some folks on Bitcoin Twitter that are very experienced in mining cycles who are looking at the price action with incredulity (for what it's worth). All comments relating to MSTR being the preferred play seem fairly on the money to me.

Agreed.

TBH - i'm not really thinking too much about the next couple of weeks. I think things will really warm up going into Q3 end and then into the first couple of weeks in April.

Next Fed funds rate decision is March 20th and i'm hoping for an indication if June is still likely the timing of the first rate cut.

It's frustrating price action no doubt, but looking at the tickers all day won't change things.

Hasn't there been a legal challenge to that survey? https://news.bitcoin.com/legal-action-forces-us-energy-department-to-suspend-crypto-mining-investigation/

For a simple yet effective view of markets/macro, i use this: https://tradingeconomics.com/

It's no frills but I don't really need much more. Also, I like macro indicators and it's got a plenty of that.

Agreed. I'm not sure allocating any hash to it is worth it.

Argo website was recently tweaked a bit and it states that they still mine ZCash on the homepage

His thoughts on market dynamics differing in the 2024 halving from previous cycles is food for thought, especially his statement around lower-tier miners (which i think Argo would fall into atm) https://tftc.io/bitcoin-mining-halving-2024/

BTC supply squeeze is simply not ignorable. Whilst I think this benefits actual BTC asset holders, check the futures positions already being positioned on 30 day and look at the strike price. Number go up in a big way soon and (fingers crossed), Argo will be a beneficiary.

I do worry about Genesis now saying they are looking to liquidate $1.4B Bitcoin from FTX though. Bit of selling pressure from that possible (as per GBTC outflows). If you look at the last month though, should be absorbed relatively comfortably though.

https://x.com/samcallah/status/1757445720880140555?s=46&t=b5w5XhS1rL5_nwa_nVQ15g

Just a heads-up that Swan Bitcoin have entered the mining game. 4.5 E/H with planned 8 E/H by the summer. https://www.coindesk.com/business/2024/01/25/swan-bitcoin-unveils-mining-unit-as-parent-company-prepares-to-go-public/

Nice analogy! It's a dead month now until 31st and Powell gives the usual nondescript 'data dependant' spiel. After that, it's heads down until things change and cuts in March, or wait a month until 20th and halvening. I'm waiting as there are most definitely exciting times to come - winners and losers..

Drop this week is way overdone on lots of miners. Top 17 US listed miners market cap v Bitcoin market cap is now sitting at 1.68% as at time of writing. That's a crazy overall value against the overall market cap imo.

I suspect lots of these are folks getting out of there and heading to the door in swathes with funds redeemed placed into other ETFs in coming days. Could be an overhang in selling until that is all cleared out.