Bitcoin mining activities have increased the stock market value of cryptocurrency mining platforms, with Riot Blockchain, Marathon Digital Holdings, Bit Digital, Hut 8 Mining Corporation, and Cypher Mining Inc. being top stocks to look for in 2023. Cypher Mining Inc., founded in 2021, now holds a disproportionate amount of power in the US bitcoin mining market, with a market worth of $760.39 million and a price of $3.03. Bit Digital, founded in 2015, is another well-known firm on the list of the finest stocks for crypto mining.
Bit Digital is currently trading at under $2.21, a 0.45% increase since the beginning of the trading day. The stock has a 35% probability of financial distress in the next few years and has generated negative returns over the last 90 days. The recent price drop could raise concerns from private investors, as the company is trading at a share price of $2.21 on 1,800,534 in volume. The stock standard deviation of daily returns for a 90-day investing horizon is currently 6.02. The high volatility is attributed to recent market swings and poor earnings reports from some Bit Digital partners.
Bit Digital has an expected return of -0.3%.
Since December 30, 2022, the Bit Digital stock price has increased by over 500%, evoking the "Golden Age" of cryptocurrency. The team behind the sustainable Bitcoin mining operation has been hard at work behind the scenes to improve the company's operations, which has resulted in a number of recent key partnerships, expansions, and revenue diversification.
BTBT just announced a JV to do crypto staking. Is doing this kind of business legally safe right now with the recent conflict between the SEC and companies like Coinbase?
In February 2023, the Company earned 108.2 bitcoins, a 19% decrease compared to the prior month. The decrease in production was primarily driven by fewer days during the month and an increase in network difficulty. The Company did not purchase or sell any miners during the month.
Run to where ?????
Might get a run here. My bid is set at $1.15
Thousands of Bit Digital miners go offline after explosion, fire at NY facility
by Catarina Moura
May 20, 2022
An explosion last week at the substation of a bitcoin mining facility in Niagara Falls, New York led to a fire and caused thousands of machines to go offline.
The facility where the incident happened, on May 10, is owned by Blockfusion, which offers colocation services to miners.
One of their clients, Bit Digital, said Thursday that power was cut off to about 2,515 of their Bitcoin miners and approximately 710 Ethereum miners that had been operating at the site.
"Operations are hoped to resume within a few weeks, but at this time there can be no assurances as to timing," the company said. "Blockfusion is working with its insurer and the utility to restore power as quickly as possible."
Per Bit Digital, no one was injured during the incident and there were no significant damages to the mining center building or to Bit Digital's miners.
Per Bit Digital's statement: "The explosion and fire are believed to have been caused by faulty equipment owned by the power utility. Blockfusion and the Company intend to pursue claims including seeking reimbursement for lost revenue."
About 1,580 Bit Digital miners operating at a different location in New York also recently got their power cut. Their hosting partner at that location, Digihost Technology, said that they needed additional approvals from power authorities.
Bit Digital said the two incidents combined cut its operating hash rate to 46.8%.
"This is expected to have a material adverse effect on our operating results until such matters are resolved," it said.
How much Bitcoin miner Bit Digital Files to raise in equity?
Nancy J. Allen
April 22, 2022
The capital funds will be allocated to capital expenditures, to buy new mining equipments and other potential acquisitions.
Prominent bitcoin miner Bit Digital (BTBT) filed a description with the US Security and Exchange Commission (SEC) for selling up to $500 million in its equity from time to time offering which is also known as an ‘at the market’ (ATM) offering. The offerings of equity would include shares both ordinary and preferred shares which includes convertible preferred shares, warrants and other units of any such combination as per the filing detailed.
The company said that the proceedings would be used for several general corporate purposes that would include capital expenditures, buying of new mining equipment and other potential acquisitions and general capital for working. If Bit Digital sells ordinary shares and if it offers to sell about 181.8 million shares in total then H.C. Wainwright would be acting as the underwriter.
This being followed the prospectus is registration include shelf which means that there is no intention present to sell all the securities immediately that the securities are being registered. Bit Digital reduced its bitcoin mining rigs in North America from the Chinese subcontinent last year when China put a ban and swept out the whole crypto industry from the region. About 40% machines of the company have come online again in North America by 16th March.
Rest of the miners which are awaiting for installation in the US are expected to get installed at the sites that are operated by company named Compute North and at some new facilities to be operated by Digihost and Blockfusion in New York upstate in 2022 according to the company filings.
Offering of the bitcoin miner Bit Digital comes shortly after when one of the largest publicly traded bitcoin miners firm, Riot Blockchain (RIOT) has filed a similar announcement of selling more than $500 million worth share in an ATM offering. Another crypto miner, Mawson Infrastructure (MIGI), also announced the same month that it was looking to raise about $500 million in its equity offerings. Shares of Bit Digital were unchanged after hours but later have fallen about 58% this year when compared to the decline of bitcoin of 13%.
She's trying BTC keeps killing the momentum every time she starts moving
I bought February 18 $4 calls yesterday. Could see a little squeeze today if Bitcoin stays strong
Seems there is a lot of fear with this company, so much so that the Puts are selling at a premium. Hmm I am eyeing selling the 3.50 put out 2 - 3 weeks for a nice premium - with the premium we'd be looking at $300/contract margin required to do so, about 18% potential profit in that period, attractive. Unless theres something we dont know that will be a bad surprise, I mean its gone straight down but I cant imagine it continuing like that at that rate if at all, but if we get a Bitcoin drop it could continue to slide but we'd be covered down to around $3.1/share, pretty good odds.
Added those $6s pay day coming again
BTC - THIS WILL MAKE YOU A BELIEVER
December 20, 2021
The key principle difference between USD and BTC is that the former is a depreciating currency based on a principle of inflation (i.e. increasing money supply) while the latter is an appreciating currency based on a principle of finite supply. All the BTC magic is wrapped in the economic principle of finite supply versus dynamic demand. Or for the finance fellas... fixed vs float. So long as the floating demand parameter has a positive slope the asset will appreciate. That results in deflation (i.e. the persistent increase in purchasing power).
BTC is the antithesis of inflation, devaluation, and fiat. It is the first appreciating currency in the industrialized world. But who cares? What is the significance of deflation (appreciating currency) vs inflation (depreciating currency)?
Having a 10-year history now provides enough observable data to draw out some of the fundamental differences between depreciating and appreciating currencies and the profound social and economic impacts of those differences. So let's get started...
There are three main points I'm going to illustrate in this article. The first is the impact to consumers, second is to savers, and finally the impact on the structure of capital allocation.
Let's start by using Big Macs to illustrate the impact on consumers.
The above chart depicts the price of a Big Mac, over the past decade, in both USD (green line) and BTC (orange line). What we see is that in 2010 a Big Mac cost $3.73 or 37 BTC. Today a Big Mac costs $5.71 or .0001 BTC. Let's assume we didn't buy the Big Macs 10 years ago and instead put $3.73 and 37 BTC in a drawer. Now let's assume we just found those currencies in the drawer and decided to go ahead and get us a Big Mac today.
The $3.73 would not get us even one Big Mac while the 37 BTC would get us 323,993 Big Macs today. The former is called inflation and the latter, deflation. Economists proselytize inflation is good and deflation is bad, however, I've never once seen or heard a logical proof that inflation is good for the worker or consumer, despite the incessant narrative. The proof simply does not exist.
Now let's have a look at the absolute mind-blowing impact that an appreciating currency has on savers. We'll start by looking at the federal minimum wage over the last decade.
10 years ago minimum wage workers received $7.25/hr and today they receive $7.25/hr. Let's look at that in terms of purchasing power using Big Macs. So in 2010 an hour of work (i.e. $7.25) would have purchased 1.94 Big Macs. Today that same hour of work (i.e. $7.25 minimum wage) would purchase us 1.27 Big Macs. The lesser amount is because the USD is a depreciating asset based on the principle of inflation.
Let's take a parallel economy where minimum wage workers are paid in an appreciating asset (i.e. BTC) but pegged to the USD equivalent minimum wage. That would mean in 2010 the minimum wage would have been 72.5 BTC (equivalent to $7.25 in 2010). Today, the minimum wage would be .000145 BTC (equivalent to $7.25 today). It means the purchasing power of an hour of work is the same today whether they're paid in USD or BTC. That is, they could buy 1.94 Big Macs in 2010 and 1.27 Big Macs today regardless of which currency they are paid in. So the inclination is to suggest that the worker is no better off being paid in BTC than USD. But that inclination is dead wrong. Here's why.
Savings. Imagine that each worker in the parallel economies puts 10% of their income into a retirement savings account that earns 0% interest. Let's compare the USD paid worker vs the BTC paid worker for the past 5 years.
Over the past 5 years the worker paid in BTC saves a total of .887 BTC with a USD equivalent value of around $45,000, today. The worker paid in USD would have saved a total of $7,250, today. It means that the BTC wage worker has 600% more purchasing power (i.e. wealth) after just 5 years.
The mechanism of excess wealth creation in the BTC economy is that real interest rate becomes interest rate plus appreciation rather than interest rate minus inflation. This is as profound as it gets in finance. The implications literally reshape society by reconstructing the framework of the economy.
The profundity of that one change reaches all stakeholders. After just 5 years the BTC minimum wage worker has accumulated 600% more wealth than the USD minimum wage worker and that spread will continue to grow over time. Perhaps most explosive is that the wealth was generated without taking risk. It means that even minimum wage workers would be able to generate wealth over time. Poverty essentially disappears for anyone that is able to work in a world based on appreciating currencies.
Another major effect is that borrowing costs will also equal interest rate plus appreciation resulting in a higher borrowing costs leading to an economy driven by productivity rather than liquidity. Money is scarce when supply is finite and thus things like NFTs do not exist in an economy based on appreciating currency. NFTs are derived assets to which excess liquidity can be allocated to slow hyper inflation when money supply exceeds money demand.
In an economy with money scarcity demand always exceeds supply resulting in further appreciation. Capital allocation is prioritized toward productive investments rather than financial investments due to scarcity. This nurtures strong economic fundamentals, things like low debt to GDP, low debt to income, and low debt to net worth. Rome would still be an empire today if it had a BTC based economy.
Perhaps you spotted the pattern of low debt fundamentals and that should clue you in as to why there has been an incessant opposing narrative for the past 110 years with respect to inflation and deflation. The bankers lose in an economy based on an appreciating currency because borrowing becomes less relevant to the consumer and lending becomes limited due to scarcity.
I'll leave it here but understand there is infinitely more to this story. The implications are endless and the topic could very well be a university course. The main takeaway is that BTC, as an appreciating currency, isn't just a cool new way to transact, but when fully adopted will quite literally and fundamentally restructure society, completely.
I hope to see more people begin to think about BTC in terms of how it restructures real aspects of the economy and markets and put those thoughts to paper. When the benefits of appreciating currencies are understood by consumers and workers, the giant con of inflation will become apparent and change will become politically impossible to reject.
I am the MacroHeathen and I will be writing from time to time. You can find me at macroheathen.com.
We need 10 million in volume to get this ball rolling
BTC pulling it together just needs to hold and we are golden
650,000 shares available on Fintel!
Waiting for it... crypto starting to lift :)
Maybe break 50k tonight
Well that fell apart BTC can't hold 50k looks like we wait....... Holding for amazing.....
$52k BTC would be nice in the PM