Bitmain Technologies

And then I guess the other thing I'm thinking of, just naturally, as you mentioned, that the sheer amount of electricity that goes into this, what about from like an efficiency perspective? I presume like, you know, because this is a smaller thing or it's not, you know, going to be the latest, hottest generation of Bitcoin miners.

How would this compare? Like you mentioned, this is 34, is it terahash? How would it compare on a joules per terahash efficiency basis with the latest stuff from Bitmain or that kind of thing?

We saw for this one, we use BM1370 chips.

So this is S21X generation.

And I think it's important that heat reuse takes off in a much bigger way than it did thus far.

just because mining is important for Bitcoin.

And if heat reuse didn't exist, you can ask yourself, what are all the big miners going to do after another couple of halvings? Are they still going to be there? I don't know if Bitmain will be able to reach, what, four or five joules per terahash.

And I don't know if Bitcoin will keep doubling every halving.

Across 28 tracked ETH treasuries, about 74% of ETH with visible deployment is staked.

Bitmain holds the largest ETH treasury with over 5.2 million staked ETH.

The report also found that ETH yields returned less while deployed in lending and liquidity provision, while first loss cover and covered calls resulted in higher returns but also carry additional risks.

The report argues that Treasury strategy must account for both ETH denominated returns and the dollar costs organizations need to meet.

It is weird.

But this is what we are going to fix, right? Because we have this tough problem, right? I'm sure if you rolled into Bitmain and you were like, I want to order a billion dollars worth of your ASICs and I want them brand new, I want the data sheet, they'd be like, all right.

But no one's going to order a billion dollars worth of chips without having this business

proven out.

Sorry, shortwave.

Any clear break by Monero towards the upside is probably going to see a lot of buying, a lot of swing trading, and it'll be hard for anyone, including Bitmain, to sort of cap that price action.

I don't think any of us, I think all of us, I think all of us are laughing our asses off at Binance.

You know, they delisted Monero, and now, like, we're not really suffering the consequences from this hack.

And so Bitdeer, you know, it comes as no surprise.

They were formerly part of the Bitmain group there.

Jihan Wu was the co-founder of Bitmain.

um you know there's a disagreement he moved away took his team with him set up bit there and the rest is history i mean he's gone on all fronts and and onwards and upwards in all directions i mean he really has done this it's not just about um you know they were sort of like doing a little bit of bitcoin mining a little bit of hosting now they're the largest public bitcoin miner in the world in terms of hash rate 110 x hash of self mining majority on their own sites with a bit of uh shared sites with partners there.

And the reason they're doing that is just getting too big.

Especially if

you're a lower tier manufacturer, right? You're not Bitmain, you're not MicroBT, but you do know how to do this.

You've got to look for other avenues to sell your chips.

And yeah, here we are.

You know how the ASICs industry works.

Today, Bitmain is still one of the most powerful because they sell most of the ASICs in the industry.

That's a problem because they control it.

What happened right now? A year ago, we were buying ASICs at 32 a T.

So it's beyond just... government.

It's the industry itself.

I don't know if this is still happening, but I remember stories from way back where Bitmain were making these machines and then plugging them in themselves, having a huge advantage over the rest of the market before they would even sell them to the public.

That's

Yes.

I don't understand why Bitmain and MicroBT and Kanan and everyone else insists on locking down their control boards so that you can't install your own firmware on there.

It does not make any sense to me.

I don't understand the motive behind this.

Like the only thing I've ever heard that makes any sense is that they don't want people to install some busted firmware on there and then break their machine and then complain about how Bitmain sucks.

But like, first of all, Bitmain firmware already sucks.

Second of all, they have a warranty, but it sucks.

Everyone in the industry knows that the warranty is a joke.