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Comments (9)

All makes sense. Got burnt bad in the last cycle on miner stocks. Never again
Good article, thanks. I think Iris Energy is a great story in the making.
@Mike Fay Question, to get the transaction fee, is that proportionally dependent on how much hash is provided in the network?
Mike Fay profile picture
@parity as I understand it yes. Though I'm not 100% certain of that
@Mike Fay That ASIC price index chart is the best. I think if one layered on a BTC price on the right hand side, it would be obvious to see that Bitcoin mining is a horrible biz in a high admin cost situation (cough cough, publicly traded company with a lot of mgmt costs). The old miners value never come back as Bitmain etc come out with better miners every 2 yrs and hash keeps on going up. Depreciation is a real cost here and if you look at net profits, these public companies are not profitable. All the bulls are focused on adj EBITDA and that is just the wrong economic metric.
@parity Where is the horrible part?? With IREN we're talking about a 200m mcap company with roughly 100m in annualized forward-looking earnings with a 30K avg BTC price. 0 Debt and 50m cash with assets in place they have proven they can operate efficiently
bazooooka profile picture
@wwwestman how do those revenues look if hash difficulty doubles and BTC stays range bound for a year or so?
@bazooooka Get real. With the Bitcoin halving in about 10 months, the BTC price will increase. Next year, the odds favor a BTC price in the $80-100K plus area. Miners with reliable, low to average cost power costs will win and those with high and unreliable power will suffer. IREN has no debt, a low 55 million share count, experienced management, four owned facilities, and can self finance (expansions).
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