Happy Monday Miners. ⛏️ Bitcoin's ~50% off the ATH and hashprice is retesting lows. Today we cover: - Inefficient operators are still unplugging as Hashprice is back near $28/PH. - S21 XPs @ 7¢/kWh are still producing BTC under spot. - Boomer ETFs bled ~$5.8B; avg cost basis (~$83K) now underwater! - Difficulty adjustment (est. June 14) currently tracking ~−10%. A pay raise for everyone still hashing. Paper hands are exiting. Efficient miners are still stacking at a discount. 👇 Any questions regarding the current market conditions miners are facing? *7¢/kWh assumes a competitive hosting rate. Numbers subject to change. Not financial advice.

Just checking

Here is your weekly update covering key mining metrics alongside our commentary on what the numbers mean for Bitcoin miners. This episode breaks down the Saylor sale that spooked the market. Strategy sold 32 BTC out of 843,706 but BTC still crashed below $67K. Meanwhile ETFs dumped 20,578 BTC over 7 days, 6x more than miners produced. 👇 Drop your thoughts in the comments.

Colby sat down with Anthony Power [Power Analysis] at AIM Summit, London. Anthony is a Chartered Management Accountant with a 40 year career in senior finance roles in the Armed Forces (Army). He has spent the last 6 years focused on public mining equities and has been through every public miner's books. No public miner has turned a true profit since the current strategy began. Not one. We touched on the HPC pivot, the gross margin shell game, and why private operators still have an edge public companies can't match. A few highlights: 🔥 IREN: 6 EH/s to 50 EH/s - then pulled 14 EH/s offline for HPC. 🔥 Bitdeer: 87.5 EH/s. One company. ~10% of global hashrate. 🔥 Strategy bought 25,000 BTC in a single week. 🔥 The "100% net operating income" HPC contracts have penalty structures buried in them. 🔥 Why Anthony is critical of public miners but NOT private operators. Are you seeing the opportunity for smaller miners?