Second Gate Advisory

[Second Gate Advisory @SecondGate_]

1/ Read our New Report!

“Measuring Companies on a Bitcoin Standard with Sats per Share”

https://t.co/xxhRNE9Cmv

[Amanda Fabiano @_amanda_fab]

I’m excited to share that Second Gate Advisory has been folded into $NAKA and I’ll be joining as Chief Operating Officer.

https://t.co/Xd1td3f6CL

[Nakamoto @nakamoto]

We are thrilled to announce Amanda Fabiano as Chief Operating Officer. Co-Founder of Second Gate Advisory and former Head of Mining at Galaxy Digital and Fidelity Investments, Amanda brings over a decade of experience in Bitcoin infrastructure, mining, and investments.

[Second Gate Advisory @SecondGate_]

RT @BitcoinConfAsia: WE'RE EXCITED TO WELCOME SECOND GATE ADVISORY COFOUNDER AMANDA FABIANO TO SPEAK AT #BITCOIN ASIA 🇭🇰🚀 https://t.co/8LmL…

[Brandon Bailey @BrandonKBailey_]

🚨Published a new report on @Bitcoin_Depot $BTM today on @blockspace

https://t.co/WMmU9YwL2G

Read below for some highlights from the report 👇

[Brandon Bailey @BrandonKBailey_]

🧵As ASICs continue to become more efficient, cheap power actually becomes a materially less relevant factor compared to the acquisition cost of ASICs.

This is why I’m bullish on @bitdeer with a longer term view. Assuming $BTDR can successfully achieve 5 j/TH efficiency with the A4 they will be uniquely positioned to be able to generate far superior IRRs and returns on capital versus other miners.

Assuming that Bitdeer could manufacture the A4 at a cost of $15 per TH, they would be able to achieve a faster payback period by 103 days with $14 cent power vs a miner with $2 cent power if they paid $25 per TH for the same machine assuming a hashprice of $30 per PH/s. That’s pretty mind boggling.

The breakeven hashprice per PH/s even at $14 cent power cost for an ASIC with 5j/TH efficiency is $17 per PH/s which represents a ~70% decline in hashprice from current levels, which is almost hard to fathom given that there is a chance that this machine could exist in the wild next year.

In my personal opinion it’s incredibly difficult to overlook or understate the outright competitive advantage of manufacturing your own ASIC at the forefront of the efficiency curve.

Execution is key but as milestones are achieved valuation repricing is certainly warranted.

[The Bitcoin Conference @TheBitcoinConf]

SECOND GATE ADVISORY COFOUNDER AMANDA FABIANO TO SPEAK AT #BITCOIN 2025 🚀

[Blockspace @blockspace]

With its current 32 EH/s profile, $CANG presents a significant discount on its EV/Hashrate multiple when compared to other major US publicly traded Bitcoin miners.

[Second Gate Advisory @SecondGate_]

🎄✨ 'Tis the season! Our holiday boxes are packed and on their way to the amazing clients, friends, and partners, who made this year unforgettable. 🥂

[Second Gate Advisory @SecondGate_]

Second Gate is a proud sponsor of Blockspace Media and the OP_NEXT conference, be sure to tune into the livestream if you couldn’t be in attendance!

[Blockspace @blockspace]

And we're live with the first presentation at OP_NEXT!

You can tune it to each presentation with our livestream, and we'll be taking notes on each talk in this thread so y'all can follow along.

https://t.co/yTeD3TmkiO

[Blockspace @blockspace]

TICKET SALES CLOSE IN FOUR HOURS

Don't miss out on OP_NEXT, the Bitcoin scaling conference, tomorrow Nov 9 at Fidelity in Boston, MA

Covenants, Bitcoin Rollups, BIP activation and much more only at OP_NEXT.

[Second Gate Advisory @SecondGate_]

3/ We introduce 2 new metrics for adapting sats per share to bitcoin mining companies to try and best account for their BTC denominated cash flow. This includes “Daily Sat Production per Share” and “Annualized Production-to-Share Price Yield”

[Second Gate Advisory @SecondGate_]

1/ Read our New Report!

“Measuring Companies on a Bitcoin Standard with Sats per Share”

https://t.co/xxhRNE9Cmv

[Second Gate Advisory @SecondGate_]

2/ This report explores the application of sats per share as a financial metric for companies with a bitcoin treasury or BTC denominated cash flow stream like Microstrategy and bitcoin miners

[Brandon Bailey @BrandonKBailey_]

Excited to finally launch a new venture with @_amanda_fab, Second Gate Advisory!

Check out the website https://t.co/p24eAbX0ac and follow us @SecondGate_

[Blockspace @blockspace]

A special thanks to our sponsors for OP_NEXT!

@StarkWareLtd @TaprootWizards @FCATalyst @secondgate_

These sponsors allow us to focus on quality programming & bringing in independent developers for the conference 💻

[Second Gate Advisory @SecondGate_]

6/ Even if fractal minings lucrative economics are temporary it would behove bitcoin miners to pay attention to new sidechains and metaprotocol activity occurring on Bitcoin as it could prove to be incredibly lucrative especially in the face of all time low hashprice economics

[Second Gate Advisory @SecondGate_]

2/ Fractal sidechain has its own token FB and 30 second block times with a current block subsidy of 25 FB and halving epoch cycles every 2,100,000 blocks.

Currently some large mining pools such as Antpool, F2pool and Spiderpool are merge mining Fractal.

[Second Gate Advisory @SecondGate_]

6/ If you put total fractal rewards per 10min block window into hashprice terms, merge miners are making 12% more in revenue than miners that are solely mining bitcoin which is significant.