Dren Hima

This is an exit from mining rather than a diversification into AI. Core Scientific booked 83% of Q2 2026 revenue from colocation, Keel (formerly Bitfarms) is winding mining down across 2026 and 2027, and Bitdeer began dismantling a Washington mine instead of retrofitting it. Almost nothing above the transformer survives a conversion. SHA-256 ASICs have […]...

Every halving cuts the block subsidy by 50%. Miners without low-cost power and modern hardware do not survive long. Electricity runs 60 to 80% of operating cost. A few cents per kWh decides whether a rig keeps running. ASIC efficiency has improved roughly seven times since 2017. Anything above 25 J/TH is a liability in […]...