A revolutionary technology is emerging in Finland 🇫🇮

The Finns are now using #bitcoin mining to heat their homes.

Learn more in this thread. Finland is a cold country with a critical need for reliable heating solutions 🥶

To solve this problem, the Finns have developed one of the world's most advanced clusters of district heating systems🧠

The United Arab Emirates is emerging as the prime destination for #bitcoin miners in the Middle East 🇦🇪

Read this thread to learn more - and don't forget to read the entire article at the end. The UAE emerged on the global #bitcoin mining map in early 2023 when @MarathonDH announced a JV with Zero Two, the digital asset arm of Abu Dhabi's sovereign wealth fund.

Per this JV, they will develop and operate two sites totaling 250 MW in Abu Dhabi.

I have identified 7 ways investors can get financial exposure to #bitcoin mining. Learn more here 👇

hashrateindex.com/blog/7-ways-to… 1) Bitcoin mining stocks.

I’m critical of these stocks' viability as long-term investments, but they can still be excellent short-to-medium-term trading vehicles due to their liquidity, low transaction fees, and high volatility.

Thanks to its massive amounts of stranded hydro and geothermal energy, Iceland has become the biggest hashrate producer per capita.

But what else defines the #bitcoin mining industry on this volcanic island?🧵 Iceland has a long history of bitcoin mining. Thanks to its cheap electricity and entrepreneurial locals, it was one of the first countries outside China to see industrial-scale bitcoin mining emerge.

2023 is here, and we can finally put the dreadful bitcoin mining year of 2022 behind us. We are all curious about what this new and fresh year will bring for the bitcoin mining industry.

Here are 10 #Bitcoin Mining Predictions for 2023 🧵 1) The #bitcoin bear market will come to an end

I just analyzed Hive Blockchain's Q3 report. During this quarter, the company lost its ETH mining cash cow.

How has this impacted the former ETH mining giant? Does the company have the financial strength to transform into a full-time #BTC miner? Find out in this thread 🧵 Nothing is more critical during a bear market than having a solid balance sheet. A common trait among all the struggling public #bitcoin miners is high debt loads, particularly machine-and-bitcoin collateralized debt.

A perfect storm of 3 unfavorable developments hit the #bitcoin mining sector in 2022:

1) Falling BTC price
2) Growing hashrate
3) Rising electricity prices

This thread explains these factors and forecasts how they could develop from now on. Could 2023 be a better year? The #BTC price has fallen by 65% in 2022. This led to a steep reduction in the USD value of miners' BTC holdings and caused the total industry revenues to decrease substantially.

Bitfarms just revealed the state of its finances and operations in its latest quarterly report.

How is it going with this international bitcoin mining company? Find out in this article. First of all, Bitfarms reduced its debt substantially in Q3, as well as minimizing costs.

The company's management is obviously laser focused on strengthening the company so that it can get through this bear market.

Hut 8 just revealed the state of its finances and operations in its latest quarterly report.

How is it going with this Canadian bitcoin miner and data center operator? Find out in this thread🧵 Nothing is more important in a bear market than having a healthy balance sheet.

Hut 8 has a very solid balance sheet with minimal debt. The company even paid down most of its debt in Q1.

Riot Blockchain, one of the largest publicly traded #bitcoin miners, just revealed the state of its finances and operations in its latest quarterly report.

How is it going with the Texas-based miner? Find out in this thread 🧵 Nothing is more important in a bear market than having a healthy balance sheet.

Riot has a solid balance sheet with minimal amounts of debt.

Many have questions about Core Scientific right now:

- How did they get into this mess?
- Who do they owe money to?
- What could be the outcomes of this situation?
- How could a bankruptcy affect the mining ecosystem?

In this thread, I try to answer these questions 🧵 Core Scientific rapidly expanded operations during 2021 and 2022, primarily funding the expansion with debt.

In April 2022, before the bear market took off, Core Scientific had much higher levels of debt than other public miners.

Heating is the world's largest energy end-use. Luckily, bitcoin mining generates heat that we can repurpose to heat homes or use for food production. The bitcoin mining industry generates about 100 TWh of heat annually, which is sufficient to heat Finland. Most of the heat from bitcoin mining is not captured and repurposed but pumped out from the data centers into the air.

.@nic__carter wrote a phenomenal foreword for our recent research report about how #Bitcoin mining can transform the energy industry.

Read his foreword in this thread 🧵 Bitcoin mining might be the most unfairly maligned industry on earth. It straddles two bold ideas which are deeply offensive to the Davos technocrats which govern western nations: the first, that a global sound money system is possible and desirable;

Some public #bitcoin miners spend more than half their revenue on administrative costs.

Marathon is the worst, spending 97% of its revenue on administrative costs since 2021, while Argo is the most efficient with only 16%. What I define as administrative costs are often referred to as “Selling, General, and Administrative Expenses (SG&A)” in financial statements. It describes the expenses incurred by a company not directly tied to generating revenue, like executive salary and stock compensation.

Bitcoin miners are uniquely flexible energy consumers that can help solve several energy problems.

One of them is strengthening increasingly fragile electricity grids⚡️

A thread on #bitcoin mining as a demand response🧵 First, a short explanation of electricity grids.

In electricity grids, the demand and supply must always be matched. The ability to match these factors is called system flexibility.

Historically, we have relied mainly on the supply side to adjust itself to the expected demand.

2022 has been a reality check for many #bitcoin miners after the super-profitable 2021. Mining margins have plummeted, forcing miners to be creative in lowering their costs.

Thread 🧵 The most precise way of measuring bitcoin mining profitability is to look at miners' break-even power prices. The break-even power price is the revenue per MWh of energy fed into a bitcoin mining machine. It's shown in the chart above.

How many #bitcoin have the public miners sold during this bear market?

Hint: They have drained their holdings.

A thread🧵 The public miners only sold 20 - 40% of their BTC production from January to April this year.

This strategy worked well until the bear market arrived, and in May they sold more than 100% of BTC production for the first time.

In June they sold almost 400% of their BTC production

Which public #bitcoin miners will be the winners and losers of the bear market?

I analyzed their cash flows and balance sheets to find out.

A thread🧵 The direct bitcoin production cost impacts a miner's operating cash flow and determines when a miner is forced to turn off machines.

Stronghold and Argo have the lowest direct bitcoin production costs, while Bitfarms and Hut 8 have the highest.

1/ Thread about #bitcoin mining in Georgia🇬🇪

I lived in Georgia for six months and just published an article describing the bitcoin mining industry in the country.

https://twitter.com/ArcaneResearch/status/1493962597024120833

2/ I estimate the Georgian crypto mining industry to draw 125 MW, of which 100 MW is dedicated to #bitcoin. This should give Georgia 0.71% of Bitcoin's hashrate.