Bitveria

Bitveria is a research company that aims to empower people with the knowledge they need to navigate the #Bitcoin landscape confidently.

[Bitveria @Bitveria]

Tether reported a historic $4 billion in net income for 2023.

What is extraordinary is that only ~60 people work at Tether, resulting in unprecedented per-employee profit numbers by any industry standard.

[Bitveria @Bitveria]

Bitcoin’s transaction fees are soaring for the 3rd time in 2023.

User fees now comprise 25% of miners' revenue, significantly above the 3% average since 2022, indicating that the new bitcoin use cases introduced this year continue to increase mining incentives.

[Bitveria @Bitveria]

The high-beta properties of bitcoin mining stocks are now on full display.

Following a 21% bitcoin uptick since November 1st, sizable miners have returned 48% on average, with Cleanspark's 116% jump leading the way.

[Bitveria @Bitveria]

Cleanspark has shined on the public mining scene lately through its industry-leading 46% stock return.

Behind the curtains, a bulk purchase of the next-generation S21 miner has raised Cleanspark's growth target from 16 EH/s to over 20 EH/s and enchanted its efficiency potential.

[Bitveria @Bitveria]

Public miners have entered a period of suppressed returns.

Mining stocks have only seen a moderate 6% average return since October 1st — a period where BTC has shown strength by climbing 41%.

Can public miners strike back? Find out 👉https://t.co/KspDiCrTaS

[Bitveria @Bitveria]

Bitfarms Latin American venture presents vast growth opportunities.

By fully utilizing its contracted power, Bitfarms' hashrate in the region could grow from 1.9 EH/s to 14.6 EH/s and capture 74% of the company's hashrate portfolio.

Read more: https://t.co/7KDHM2jhuT

[Bitveria @Bitveria]

Binance's BTC reserves are not escaping the settlement news 🗞️

Users have pulled 13,479 BTC from the exchange behemoth since the settlement announcement. Meanwhile, Coinbase seems to have benefited from the action through inflows of 1,959 BTC.

Read more: https://t.co/7KDHM2jhuT

[Bitveria @Bitveria]

After years of delays, Mt. Gox creditors are finally close to receiving their long-awaited claims. Some will be able to take a sigh of relief within weeks, as the first repayments are set to commence in 2023.

Read more about this week's crypto news: https://t.co/7KDHM2jhuT

[Bitveria @Bitveria]

@Umbisam Indeed. The company has executed well in recent months, both in terms of hashrate growth and efficiency improvements.

I also expect several other miners to upgrade their fleets in the coming months ahead of the halving.

[Bitveria @Bitveria]

Large variances exist between public miners' fleet efficiencies.

Marathon displays an industry-leading 25.2 J/TH efficiency, well below the 32.2 J/TH network average, whereas Terawulf clocks in at 37.6 J/TH.

Read more about mining efficiency: https://t.co/FmIaH7Fp6C

[Bitveria @Bitveria]

@CryptoWinnies Agree! Both energy costs and efficiency are crucial for miners seeking to minimize production costs.

Thanks for the tip! Such a comparison would indeed showcase interesting differences between miners.

[Bitveria @Bitveria]

@nomorezen Thank you for pointing out that mistake! I have added a correction to the post.

[Bitveria @Bitveria]

Correction! I mistakenly stated Terawulf's efficiency as 37.6 J/TH in the chart. In reality, the company has an average efficiency of 27.6 J/TH as of September 30th, which is substantially better!

[Bitveria @Bitveria]

BTC is on track to exit the bear market at a record pace.

Following the surge above $36k, BTC is only 46% below the $67.5k ATH set two years ago. In comparison, BTC was down 66% at the same stage during both the 2013 and 2017 cycles.

Read more: https://t.co/dqgki7HxxA

[Bitveria @Bitveria]

BTC is on track to exit the bear market at a record pace.

Following the surge to $37.5k, BTC is only 45% below the $67.5k ATH that was set one year ago. In comparison, BTC was down 66% at the same stage during both the 2013 and 2017 cycles.

Read more: https://t.co/dqgki7HxxA

[Bitveria @Bitveria]

Last week, Tether published its latest attestation report.

Surprisingly, it revealed that USDT's excess reserves fell in Q3, going from $3.3 billion to $3.2 billion, after several quarters of positive growth.

Learn why in The Weekly Digest: https://t.co/iMkB2mrfIo

[Bitveria @Bitveria]

Bitcoin has entered a low correlation regime with equities in 2023.

The correlation to the S&P 500 has shrunk from 0.61 to 0.21 this year as the price has shot up towards the current $34k level.

Read more about this means for portfolio diversification👇https://t.co/fUfTvHMEfS

[Bitveria @Bitveria]

Bitcoin's latest price action shook up the offshore derivatives market.

As BTC shot through $34k, the open interest in the perpetual markets nuked by 36.6k BTC in the largest leverage flush-out since August 17th.

Read more: https://t.co/TIsxHiZf7D

[Bitveria @Bitveria]

What happened in the bitcoin markets this week?

Top headlines:
➜ A Fake BTC spot ETF approval sent markets on a rollercoaster ride.
➜ A new Bitcoin token standard for stablecoins was introduced.

Learn more in The Weekly Digest: https://t.co/hw1iRcVZN3

[Bitveria @Bitveria]

@Bitfarms_io leads public miners in global diversification.

The company currently operates on 11 sites across 4 countries, with a total hashrate of ~6.3 EH/s and a Latin American venture that accounts for ~30% of its hashrate

Read more: https://t.co/AxvGioqonu