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MODEL HERE https://docs.google.com/spreadsheets/d/1sn5nccHidfqdLPPzvMWQ30BqVglfmugz5kmmQfOvFBw/edit?usp=sharing

A few interesting things stand out to me

1) severe shrinkage for MARA and CORZ - pretty amazing how MARA went from producing 1900 to 590 Bitcoin in the space of 6 months

2) CLSK is now #2 leapfrogging the shrinking CORZ

3) Mathematically based on having the delta between MARCH to APR was Minus 9.3% and from APR to MAY was Minus 39.4% - almost a perfect halving in rewards.

4) 6 mths ago CLSK produced 38% of what MARA produced... now it is about 80% over last 4 mths.

Data here

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Comments

Erwin Masusu

I don't understand James's continued negativity on CORZ. Under the bankruptcy emergence agreement, CORZ was not allowed to acquire new miners. The HPC agreement with Core-Weave is a game changer. This has pushed up significantly the stock price as well as provide cash upfront. As a consequence, they were able to retire some debt. Soon much of the warrants will get exercised and this will provide additional financing. Bankruptcy is now very much in the rear view. They will now be able to grow their hash rate. IMO they will remain a top miner as well as a top HPC provider. Perfect example of BTC mining and AI within one company.

Clark

Hey all. As I sit here, questioning the wisdom of my latest Solana perp entry, I realized that I've been ruminating over a comment that MartyParty dropped on the DCA video this morning. Specifically, that a price doesn't always drop because there aren't buyers. Sometimes a price drops because a particular buyer wants a lower price. Doesn't that describe the price action on all the best assets? Dropping like a stone right before the best news?

Derek

What does ATR stand for?

TJ

When you match this chart to the hash rate for each entity is scary how dominant CLSK will likely rule the large caps, what's the saying winner takes most. IMO AI compute for miners is a token shiny distraction, makes no sense to buy BTC instead of mining more at a discount (unless your miners are truly uncompetitive looking at you MARA)

Theresa

Any updates on IREN or BTDR? Seems like IREN going down and BTDR not on chart.

GMGains

This is a fascinating turn of numbers Kudos to CLSK team for their efficiency Thanks James 👏

GMGains

Absolutely 💯 *MARA buying spot BTC to cloud over their inefficiency & on *HPC isn't for all them.

Chewie

Perhaps I will ditch WULF as looking low production? Anything good about it? Thankfully I am nearly 80% CLSK and 20% IREN

The Muppets

Thanks for this overview and everything that you do James. Forever grateful! This means that the miners only count for less than 20% of daily total production of Bitcoin. Would it be interesting to calculate how this changed over time? Are the public miners growing their share or shrinking? How big is the influence/ power of those miners that we ‘do not see’ over time?

Russ T

I really wish CLSK would hurry up and take off

Plan Tesla

Everyone is so quiet.... Anything