Irish #Bitcoin mining company.
Cork, Ireland
Joined August 2021
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We’re live again everyone! Hope you all enjoy! #Bitcoin mining has a place across Europe using a variety of energy sources. Here’s the story behind one farmer taking that first leap into the unknown - paving the way for mining in Europe! Big thanks @JoeNakamoto & @Jackson_DuMont
Talk about turning lemons into lemonade.
The newest CT documentary follows @ScillingMining and Tom Campbell, the #Bitcoin farmer who built the farm to power a Bitcoin mine with anaerobic digestion, literally turning cows' excrements into mining energy. youtube.com/watch?v=rWl8dWy5…
🥶 Crossing your fingers in the hope of rising fees to offset the halving, or price rising rapidly, is not a methodology to build future cash flow on..
Pleased to give our thoughts to a recent article by @GibbonsLill, alongside the great @JasonADeane. Mining is fundamentally a never ending race to the bottom due to the halving, meaning adapt or switch off. Diversification into energy is an inevitability.
ccn.com/comment/crypto/bitco…
There are of course multiple great examples of what can be achieved through Bitcoin donations and anonymous generosity. But if you were to see the level of work MLHR do, literally 24/7 helping animals across Ireland, you’d realise it’s worth at least a few donated sats & more!
A GREAT EXAMPLE OF HOW #BITCOIN
HELPS AND SUSTAINS!
As you know “The Bitcoin Initiative” is all about promoting #Bitcoin, one of the ways we do this, is in the support of our chosen charity, by getting donations in #Bitcoin.
My Lovely Horse Rescue, depends on donations to help in sustaining abused and abandoned animals in there care, and sustaining there ongoing care. They care for horses, dogs, goats, pigs, all coming from horrendous situations of abuse and neglect.
mylovelyhorserescue.com
HERES THE GOOD NEWS #Bitcoin donations have,
to date, helped in the building of a purpose built, permanent structure, containing 20 kennels “Satoshi’s Dog House” and the building of 12 stables “Satoshis Stables” also the ongoing day to day running costs of the charity, which are significant.
AND HERES ONE OF THE REASONS THE CHARITY DOES WHAT IT DOES, this little beaut was born on the farm today (see video below) her mother was found last year, tied to a tree with out food or water, emaciated and near death, look at her now absolutely thriving. All thanks to donations of which a significant amount is #Bitcoin.
BITCOIN CAN FIX ANIMAL ABUSE AND NEGLECT
Please consider donating a few sats thankyou!
pay.zaprite.com/pl_O1KJIrYfr…
Or checkout the store, all profits go to our
chosen charities
thebitcoininitiative.com/sho…
Join and contribute ideas to promote Bitcoin.
t.me/bitcoininitiative
@XBT3D @Mark_Morton_ @dinnycollins @DublinBitcoiner @LimerickBitcoin
@jamsmash1 @JasonADeane @larpar @LakeDistrictBTC @Bridge2Bitcoin @BitcoinBoomer12 @ScillingMining @b05crypto
Excellent piece of work by @nialljburke. It’s a testament to the quality of the people @BNIreland & those contributing to the Bitcoin ecosystem in general. Some really interesting projects in the works here in Ireland on energy systems and Bitcoin mining synergies.
New article out! Please share!
"Title: Energy and the Irish electricity grid - a critical look towards 2030"
Check it out here on the link below, or follow the TLDR in the following thread.
bitcoinnetwork.ie/energy-and…
Scilling Digital Mining retweeted
New article out! Please share!
"Title: Energy and the Irish electricity grid - a critical look towards 2030"
Check it out here on the link below, or follow the TLDR in the following thread.
bitcoinnetwork.ie/energy-and…
We have to contribute our thoughts on the public miner market after seeing dozens of tweets about stock prices not following Bitcoin performance.
You are buying the stock of a company, that for months mined Bitcoin at an all in cost per Bitcoin mined price higher than spot, the stock of which existed to serve as a US tradfi proxy to Bitcoin, for which an actual spot ETF now exists, without all the going concern and regulatory risk associated with certain mining companies.
It’s clear that some people fundamentally do not understand when and why a Bitcoin mining stock offers/does not offer any value over spot Bitcoin.
And to think, this issue is likely to get considerably worse before it gets better.
Speaking with a small business owner in Ireland that last month paid 41.77c/kWh for electricity. This is unsustainable, and suggests there are issues with our energy system that go far beyond anything mining can fix at this moment in time. A worrying trajectory for Ireland.
A new project in Ireland seeking to heat smart hot water tanks with our surplus power, dozens of homes are already using the technology. Plenty of shocking stats in this clip on wasted power.
We are always looking for problems where mining is the solution, but there is a necessity in our proposals to evaluate if there is better alternatives, and to not just shoehorn in mining to every example of wasted power. We’re excited to see how this project develops.
Great post. This has been our bottom line for the last 12 months, you’re either operating at an all in discount to spot or you’re not. If you’re not, then you are not a proxy to Bitcoin, you are less efficient and more risky than buying spot BTC. If just being a profitable miner is your goal, this outcome is binary.
Bitcoin Miners - Cost to Mine
Ok, we need to discuss one miner metric in particular. I've noticed there is one misrepresented metric that I think is important to clear up because so many people are using it essentially as a profitability indicator for miners. This metric is "Cost to Mine".
Let me start by saying this metric as presented is just not reality. I mean, I guess it is true if you forget entirely that the company needs to operate, pay employees, pay interest on debt, etc. But the reality is, this is not a true representation of the actual cost to mine. Here is an example from the $CLSK Q1 presentation:
Let me explain why this is seriously flawed at face level. Basically, what they are doing is taking their "Cost of Revenues" and dividing it by their number of #Bitcoin mined for the period and extrapolating that into the future post halving.
The serious shortcoming of using "cost of revenues" is that it is simply the energy costs and external co-location hosting fees. That's it. Snippet from their 10-Q below for confirmation.
So, if the company could run on autopilot (AI overlords take the wheel?) and only had to pay electricity and co-location fees with no more future investment, then yes this would be their cost to mine each #Bitcoin.
Energy is important, and their success in establishing low cost energy will be critical and should be tracked. It will differentiate them at the bottom line moving forward, but right now this gives investors half the picture of the real cost to mine.
When we take a realistic approach and add back in core business expenses like payroll, general & administrative, and interest expense we get a very different (and much more real) number by which we will be able to begin true apples to apples comparisons between the miners.
From my first look at $CLSK, their last quarter it cost them $25,750 per Bitcoin mined. At current prices this would give them a 100% margin which is a great return leading into the halving and is why they have increased their stack from 529 BTC to 3,002 BTC over 3 quarters. They've been so profitable recently they don't have to sell all their Bitcoin despite the FUD on X about miners selling like crazy.
In fact, this is actually right in line with where they need to be to stay at or above break even after the halving so they can avoid unnecessary over-dilution or having to lever up. If this cost continues forward it would give them a $51,500 cost per Bitcoin mined post halving affording them time to maintain and execute their expansion plans while the supply/demand dynamics play out.
We need to include the whole picture when we discuss these companies. Cost of Revenues is only one expense category and profitability for the organizations relies on remaining lean and not bloating wages and other costs required to run the business as it scales.
So let's be clear about this metric moving forward. Keep in mind that even when these companies present the metrics to you directly the data has been "massaged" by an army of people in advance in a manner meant to only their performance as the best amongst their peer group. Have you ever seen these companies touting themselves as the "third or fourth" best in class? Me either.
At the end of the day it is your money being invested so be informed on what they are really telling you and invest eyes wide open.
Happy stacking!
$MARA $RIOT $BTBT $WULF $BTC
Another Irish contribution to the #Bitcoin industry. A great team whose incentives align with bitcoin’s ethos as a permission-less network for all!
@XBT3D @Mark_Morton_ @dinnycollins @DublinBitcoiner @LimerickBitcoin
@jamsmash1 @JasonADeane @larpar @LakeDistrictBTC @Bridge2Bitcoin @BitcoinBoomer12 @ScillingMining
What is “The Bitcoin Initiative”?
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Excellent visual. Energy prices are still too high in Ireland for large scale mining, but as the problem below inevitably worsens, this may change.
Worth a read as a follow up on the comments of both @DSBatten & @paddi_hansen. While there is a lot of clumsy language around the “wastefulness” of PoW and insinuations of inferiority to PoS, which we of course think are incorrect, the EU calls for feedback are constructive and moving in the right direction.
Scilling Digital Mining retweeted
This 🧵 has been shared widely. Don't wanna be a party-pooper but a couple of qualifications are needed and TL:DR attention and concerns are warranted but it's nowhere near as dire as it is presented here.
Why?
Great to see Tom on Ireland’s TV screens this evening. No better person to be educating on the anaerobic process, especially as ROI starts to get the ball rolling on their biogas implementation. Mining aside, here’s us hoping Tom is called upon for further consultation as ROI works through this process.
Timely week to be talking to @ellamcsweeney on Ear to the Ground. Tonight we have a chat about Ireland’s anaerobic digestion sector, comparing the progress in NI with ROI. #ETTG @farmersjournal @indiepicsIE
Exhibit A of why EBEA was created.
EBEA.work @EBEA_eu is now live! Proof of Work is a critical feature of the #Bitcoin network and as such we believe it should be fairly represented and better understood.
EBEA will offer a constructive platform for institutions & individuals, such as miners themselves, traditional energy companies, EU based custodians and exchanges, and more, to keep up to date and engage with the public & regulatory dialogue on mining.
We look forward to on onboarding potential members. Please reach out if interested in joining the association.
