Kaan Farahani

Bringing Bitcoin to the world

[Luxor Technology 🟧⛏️ @luxor]

Bitcoin mining loads are grid-friendly, and markets are pricing in that premium 🟧⛓️⛏️

Luxor's COO @ethan_vera dug into why with @crypto

[Luxor Technology 🟧⛏️ @luxor]

Our COO @ethan_vera joined Bloomberg to unpack why Bitcoin miners are uniquely positioned for the AI data center buildout.

https://t.co/4TKA5GLgfW

[Kaan Farahani @BrightsideBTC]

The Forward Curve in Contango During 4CP

[Kaan Farahani @BrightsideBTC]

Back to 1 ZH/s, But Down Bad Again

Over 100 EH/s over the past week ⤵️
https://t.co/e5grheIyI0

[Kaan Farahani @BrightsideBTC]

The Beach Ball Effect 🏖️

[Kaan Farahani @BrightsideBTC]

4CP for Bitcoin Miners: How One Hour Sets a Year of ERCOT Transmission Costs

https://t.co/pxjIjVzrBl

[Blockspace @blockspace]

OG Bitcoin miners remember China seasonality.

Now we have Texas 4CP.

@BrightsideBTC explains why Bitcoin hashrate is about to go DOWN in the next month

[Kaan Farahani @BrightsideBTC]

The hashrate forward market is currently in contango.

Are you hedging your SHA-256 hashes?

[Kaan Farahani @BrightsideBTC]

4CP season is among us.

@luxor's hashrate forward market is pricing in a Summer Slowdown:
https://t.co/hc10uXclVK

[Kaan Farahani @BrightsideBTC]

@luxor Hashrate Lookback Series – May 2026

TLDR: mining economics came and went.

https://t.co/o06KsDlGbS

[Kaan Farahani @BrightsideBTC]

As of early June, the forward curve is in contango.

The forward market is pricing a near-term difficulty pullback as summer 4CP curtailment season begins.

https://t.co/o06KsDlGbS

[Kaan Farahani @BrightsideBTC]

Rolling hedge results

[Kaan Farahani @BrightsideBTC]

Two Years Into the 2024 Halving: The Hashprice Regime Changed, Hedgers Won
https://t.co/V4ztv3QcAU

[Kaan Farahani @BrightsideBTC]

Hedged vs. spot hashprice

[Blockspace @blockspace]

Right now, the majority of AI workloads are executed on GPUs, but that could soon be changing with market adoption of AI application specific integrated circuits (ASICs).

@Luxor's Mike San Miguel said that hyperscalers have been utilizing these ASICs for some time, but now neoclouds are making moves to leverage them as well.

"They're just starting to hit the open market now The hyperscalers have been doing versions of these for about a decade.

What's different now is that, as opposed to being bespoke chips for hyperscalers, we're starting to see new manufacturers that are producing these AI ASICs, and as a result these are going to start hitting the neoclouds.

"You're probably going to see them hitting the market in scale in 2027 when they're going to start entering fleets for a lot of these neoclouds."

This raises a a business question for AI companies, however, because unlike GPUs which can be used for inference and training, AI ASICs can only be used for one or the other.

"A GPU can be used for inferencing training. But with ASICs, they're purpose built for one or the other -- they can't do both.

"But that's the advantage. You get a much higher output...what it's probably going to look like in the next 2 to 5 years -- beecause these things take time to roll out -- is a hybrid approach."

[Kaan Farahani @BrightsideBTC]

Since the 2024 halving, BTC-denominated rolling hedges dominated over the past two years, and USD-denominated hedges stood out over the past year.

Are you hedging your SHA-256 hashes? 🟧 ⛓️ ⛏️
__
@luxor @hashrateindex

[Blockspace @blockspace]

"We are firmly below the 1 Zetahash level"

@BrightsideBTC explains that the mining meta has shifted from uncertainty around Network Difficulty to uncertainty around Bitcoin price.

[Kaan Farahani @BrightsideBTC]

A Shift in Hashrate Hedging Regimes

[Kaan Farahani @BrightsideBTC]

Bitcoin Mining Hashrate Markets - April 2026

Firmly Below 1 ZH/s

[Kaan Farahani @BrightsideBTC]

Bitcoin Mining Hashrate Markets - April 2026

The Bid on Bitcoin vs AI