The markets are digesting the limitations of fed policy on containing inflation and the risks of stagflation. Raising rates slows economic activity by constraining demand — whether for final products and services or for upstream equipment and investment to deliver final goods and services. The notion is that raising rates…

We focus attention this week on institutional fund flows, as well as on the futures markets. The week saw $118 mm in fund outflows across our tracked basket of funds, including $91mm redemptions for the BITO Proshares Futures ETF (slide 6, slide 8). BITO redemptions have been 12.5% of peak…

Our current target Hashrate analysis calls for a back-end loaded growth in network Hashrate to 327EH/s by the end of 2022. Our longer-term estimates suggest 1600 EH/s is feasible by the end of the decade provided BTC price growth supports such expansion. Click here for the full report. Our target…

We focus attention this week on how we view our Bitcoin Mining Reserve framework translating into a valuation heuristic for Bitcoin miners. We point to a generic / anonymized miner with a $1billion market cap as an example. The intent is not to single out a particular miner but to…

Our current target Hashrate analysis calls for a back-end loaded growth in network Hashrate to 327EH/s by the end of 2022. Our longer-term estimates suggest 1600 EH/s is feasible by the end of the decade provided BTC price growth supports such expansion. Click here for the full report. Our target…

This report focuses on the valuation implications of the network Hashrate for the public miners. By our assessment, a Petahash/s of hashing capacity is projected to mine 1.424BTC in 2022, and 0.808BTC in 2023 (slide 6). From 1/1/2023 through 12/31/2030, our model projects 1PH/s to mine a total of 2.129BTC…

Our current target Hashrate analysis calls for a back-end loaded growth in network Hashrate to 327EH/s by the end of 2022. Our longer-term estimates suggest 1600 EH/s is feasible by the end of the decade provided BTC price growth supports such expansion. …

Our last Weekly Hash drew attention to our projected growth in network Hashrate as well as daily revenue per PH/s in BTC terms, given our (possibly slightly optimistic) projections for growth in transaction (Tx) fees. Note that long term Hashrate growth is dependent on price appreciation driving adequate revenue per…

Our current target Hashrate analysis calls for a back-end loaded growth in network Hashrate to 327EH/s by the end of 2022. Our longer-term estimates suggest 1600 EH/s is feasible by the end of the decade provided BTC price growth supports such expansion. Click here for the full report. We currently…