Nov Bitcoin Mining Analysis | BTC Stocks to Watch Now | Anthony Power | MARA | RIOT | CLSK | SATO

Nov Bitcoin Mining Analysis | BTC Stocks to Watch Now | Anthony Power | MARA | RIOT | CLSK | SATO

Welcome to McNallie Money, your daily dose of Stocks, Investments and Personal Finance!

Today we are covering November Production Results with a Top Bitcoin Analyst – Anthony Power. Anthony is a Chartered Management Accountant by trade and is known for creating some of the best summary and comparison visuals in the Bitcoin Mining Sector. Anthony Power covers all of the Top BTC Mining Stocks including Agro, Bit Digital, Bitfarms, Cipher Mining, CleanSpark, TeraWulf, Hut 8 Mining, Marathon, Riot Platforms and Iris Energy. Let me know what you think of Anthony’s work and if you are currently holding any of these Bitcoin Miners in the comment section below! 👇

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Hey guys welcome or welcome back to the channel MCN money home of all things stock investment and personal finance related now for today’s video we’re going to be welcoming back Anthony power our last video got over 10,000 views together and in today’s episode we’re going to be covering November production

Results from all of your top or favorite Bitcoin mining stocks now before we get into that please take a second hit the like button you guys it’s a big help to myself in the channel if you’re not already subscribed MCN money feel free to join and let me know in the comment

Section below what you think of Anthony’s analysis from November results which of these companies you’re currently holding and your top pick moving into next year’s having event now with that being said let’s get into today’s Discussion okay guys so that’s right today’s video we’ve got Anthony power he’s one of the top Bitcoin analysts in the world was actually a speaker at the convention in Amsterdam as well so super excited to get his take take on the November production results and to kick

Things off Anthony I thought we should start off with your monthly summary thanks for having me Bryce um great to be back again um just to sort of set the scene for November you know a number of things happened again we saw that Global hash rate continue to rise

So more machines coming online and not just in North America globally coming online because the the actual rate um peaked um just over a week ago at just below 6 50 xash and when you compare that to the start of the year we were at 250 xash so that’s you know that’s well

Over 100% increase in hash rate um what does that mean for the miners that means they’re mining less Bitcoin effectively so if the hash rate goes up the difficulty um will then become harder which means that you’re using more energy to mine a Bitcoin and so um you know naturally would expect the

Production levels for November to be lower than October if the company hadn’t increased its hash rate during the month um another factor is November’s only 30 days so that’s a day less mining in November so that also has an impact however two things that can alleviate that pressure for the miners

Occurred in November the first thing is transaction fees we’ve talked about transaction fees before so in some of the months of the year I think May was a um a big month for transaction fees so every 10 minutes say that a a Bitcoin miner who successfully mines a block

Gets a 6.2 um Bitcoin for that for that block but there are also transaction fees attached and generally they’ve been quite low throughout the year but we’ve seen in certain months in October November and already in December we’re seeing those fees increase which means miners are actually achieving

Significantly more than 6.25 Bitcoin per block so in some instances even though the difficulty increased by I think was like 9% so you’d expect a reduction in in mining by maybe close to that figure we’ve actually seen miners mine more Bitcoin because the transactions attached and are paid in Bitcoin gave

Them gave them you know gave them more more um more more rewards the second thing is the Bitcoin price so the Bitcoin price at the end of October was 34,000 and change and at the end of um November it was over 37,000 so we saw you know nearly a 10% increase

The Bitcoin price in that month which helps the miners as well so their revenues for each of their Bitcoin they mine is accounted for at the 37,000 so that was a great that was a great deal for miners so you know we talked about the the the gro Global hash

Rate increasing but two factors actually give the give a little bit of help towards the miners especially North America the ones that we cover um the ability to get more Bitcoin so that just sort of sets the scene um the the other the other piece I’d like to to raise

Just before we um go into the summaries um is hut8 and usbtc um agreed their merger on the 30th of November and from a um from the markets they were able to transact in in their new company um which is hut8 Corporation with effect from the 4th of

December so that’s a merger of equals and there’s 88 million shares um available now um and that company will then start to to obviously report as one whole company and they did they did provide a a report this this week but it’s it’s it was too

Late to get into my article so we can’t won’t be covering the report in any any major detail but suffice to say that in November they actually mined 390 Bitcoin an average of 13 Bitcoin a day um and they’ve now got sort of an operational self- mining hash rate of about

7.3 aside that they’ve also got a hosting business which is quite significant 17.9 extra hash um supported by 680 megawatt of power and then they’ve also got the HPC so they’ve got the data centers providing a different Revenue which isn’t linked to the price of Bitcoin um so that really helps them

Out that way so you know if Bitcoin does come down in price they’ve got this other Revenue stream that will bring in much needed margin to support the other elements of the business until the price and Bitcoin U recovers and gets back to where it should be they’ve also got

These gpus which they’re looking to um to use for high performance Computing in the AI space so we’ll get more updates from that but I expect you know once the once the land settled a little bit give the company time to um to sort things out and and we’ve already seen I think

Your last podcast there wasn’t a great deal of information at that point because it literally just happened we’re seeing Now updates coming out every day and there was an update out today which I’ve already tweeted on but but they’re bringing out the updates fast and Fast

And Furious and um I’m sure in the early parts of 2024 we’ll you know they’ll be back in the in the tables getting their updates out in time for that uh moving forward but yeah very positive news for for Hut um now that the one company can sort of

Sort of start doing the comparisons against their peer companies um and that’s that’s an interesting podcast maybe to in in you know in the next week or so to have a look at what what the valuations of some of these companies look like from a hash rate perspective

But that’s to set the scene there um yeah gotcha yeah I’m glad you brought up the hut eight we had Sue Enis on and Asher from uh usbtc one of the co-founders obviously a lot going on there Sue also expressed that a lot of the financial platforms had inaccurate

Share count and market cap so some people I know on Yahoo is showing over $2 billion but I’m glad that you brought that up Anthony 88 million Shar shares um and I I believe Seuss at around $830 million market cap so definitely a lot going on there nice to see the numbers

And the merger coming back around and and we’ll continue to follow that one as I know a lot of people are are invested in hot on the channel um so great kind of macro table setting there Anthony talking about the factors impacting uh the mining results for the month so

Let’s get right into it you’ve brought along some of your charts we’re going to show those up on the screen kind of talk through them as we go for anyone who’s unfamiliar with Anthony’s work he’s really uh well known for putting these tables data tables together and comparing the results of the miners

Along with coming up with new metrics so Anthony Let’s uh let’s take the viewers through what you’ve got here okay so as I explained you know the hash rate difficulty should have impacted number of Bitcoin but if I look um across the miners the majority of miners actually Min more Bitcoin per day

Uh than they did in the previous month and again that’s that’s down to the fact that they’re getting paid more transaction fees as part of their Bitcoin rewards and so that gives them a little bit more Bitcoin that way um the standout um mover in November um was

Marathon digital in terms of actually energizing the remaining uh 4X hash at Garden City so they’ve achieved their long-term Target which has been a target for a while now they’ve got the 21 23.1 x hash in um North America um and aligned to that they’ve got their joint

Venture in Abu Dhabi and another joint venture in Paraguay so total hash rate that they are at the moment is 23.7 and that will slowly increase as Paraguay and Abu Dhabi Abu Dhabi is due to get to um reach their target of 7 xah has in

January and 1.4 of that X as part of the JV is is Marathon digital Paraguay as well is the JV is more in in sort of favor to Marathon think got 80% of that JV so that one will will grow will grow slowly um they have got a short-term

Target getting to 30X a hash and we know that once they get to 30X hash there’ll be probably another announcement with another plan to play um catch up with with the likes of riot in terms of you know when the next big order is coming through because um we’re still stunned

From that information we received the we on Riot Riot platforms Anthony just to just to interrupt you guys we we had Jason last from Riot and Fred theal from marathon on the channel recently so make sure you check out those videos as well if you want a little bit more detail on

Some of those purchase orders and the joint ventures that Anthony’s talking about sorry to interrupt Anthony no fine so Marathon mined 1187 um Bitcoin um and that was by far you know by far the highest amount of Bitcoin um core scientific um 954 from the their 15.2 xah hash and the good

News from core scientific is it looks like uh January um and probably in the first two weeks of January they looks like they’ll come out of their chapter 11 so they’re basically getting prepared now they’ they’ve um gone to the market or gone to their shareholders for some

More funds um to give them some more cash flow they are also looking to expand on that 15.2 xash so adding a further six or more xash to that to get them over that sort of what we call now is the magic 20 number and a number of

Miners have got odds in get over that so um this is like you know sort of like a mini competition or such like that so they they came in there and then we have clean spark um coming in in in third in terms of total production and they mined

666 um Bitcoin during the month of November um so that puts them you know clearly over 20 Bitcoin a day at their 10x a hash and you know we’re talking seven months time they will have doubled that hash rate so now they’ve released that they’re going to um achieve their

20 exra by the sort of like probably the end of quarter two so six months into the into the new year but that’s double from where they are now now bear in mind where they were at the start of the year they’ve come a long way in 20 in 2023 so

2024 is going to be equally potentially a very good year for them and I’m sure as they’re getting close to getting to that 20x also have their sites on on other facilities uh going forward and how they can increase that hash rate because I think we mentioned on the show

Before you know growth of hash rate is really important if you’re not growing hash rate you’re literally falling behind and some of the miners haven’t grown as much this year but we’ve seen orders coming through thick and fast we’ve talked about the the bit Farms

Deal they they order an extra 10 x a hash takes them to sort of 17 x hash with potential to get to 21 they reach that magic 21 number um you know if they can get to that you know in the next sort of 12 18 months we’ve talked about

The riot deal which you know which was mindblowing that gets them to 35 xash in early 2025 but they’ve also got an option to to get that hash rate to to three digit to over 100 x that’s really impressive clean spots getting to 20 even some of the other some of the other

Min is like bit digital so you know they they increased their hash rate by I think 11 or 12% in uh November they got to 2.25 xash and they’re as we speak at the moment they’re installing another two and a half thousand miners so they’re installing think the S9 K which

Which per minor gives them 120 um uh Hash Hash terahash per second so that’s that’s a you know a good minor to install there keeps the efficiency down there so they’re going to be two and a half x a hash you know um probably end

Of this week or maybe early next week um they have some great news as well in in um in November they they’ve got a you know of the four or five miners that are looking to move into that HPC space to to provide services in the AI area you

Know bit digital Cano party last um they announced after everybody else had announced that they they’d set up a facility in Iceland they bought um the GPU uh servers and then they announced they got a partner um to provide a service too and that revenue is know for

The first year is a minimum of $35 million so for a company a bit digital that’s a fantastic um achievement we know that the HPC um side is very very profitable comparison to bit to to bitcoin so we we’ll be looking forward to maybe their their first quarter

Results come the end of end of quarter 1 in 2024 just to see what that sort of margins are looking like but that’s a really positive mood there it’s a three-year contract um but three years with a with a with a with a customer and that’s what you need out there so some

Of the other miners are in this space but they’re still to you know to align to those to those big customers bit digital went ahead and did it so positive to them um from um rights perspective um Riot again the production was down again so you know they’ve

They’ve had a low production throughout the year and you know we we’ve looked to that and said you know it’s not great you know from a Bitcoin M perspective however during those SU months they they realized an enormous amount of energy credits by curtailing the energy so they

Were making these decisions to when the when the weather was hot and it was more beneficial for them to switch off and actually sell that power back to the grid um to earn more money than Bitcoin miny they made that decision um now we’re getting into the cooler months um

We we’re not seeing the bit Bitcoin production is increasing slightly but not to the levels of their peers they achieved about 1.8 million in in energy um and and demand response credits for the month of November so not as high as previous months because those really big figures are generally between the months

Of June and September so four months where they can really um earn during those sort of peak Peak weather months there but they’re still getting a a little bit and and um if you were looking at that from um from an equivalency and adding that to their

Production it still brings them short of what clean spark did now right on um you know 12 12 a half X clean spark of just over 10x hash and so you expect Riot to be um achieving at least um Bitcoin an equivalency of the same same level as as

Clean spot so that’s that’s something to look at you know going forward see if they can get their numbers up but the good the good news was they actually got the buildings FNG look like they’re they’re functioning fully now they’re at 12.4 operational hash rate and I think

Maximum was 12.6 so they’re they’re literally you know 200 petahash from Maximum um self- mining at at the at the facility in Windstone and then everything now is focused on Cory carner so you know that one gwatt site there is you know they’ve been working on that

Now for in excess of 12 months they’ve got the big orders going into that there so they have the first order of 7.5x a hash now this other further order of 18x a hash that will that will go into Cory car over the next sort of year

18 months and get them to to that 35x a hash so we can see the positivity there um other miners that you know noticeably did well this month DMG blockchain actually had a had had a good month they’re a smaller minor um you know they mine 65 but these some of these smaller

Miners and I’ll include Sato technology and that conversation as well so you know these smaller miners you know are doing things really well in terms of production they seem to be getting more out of their machines you know maybe because they’re able to manage those smaller sites far easier and say some of

The other maners you’ve got maybe 10 11 sites in different countries um but both of those did really well this month in terms of the terms of the tables if we you know when we get to the um the end of the year you you it’ll highlight how

Well they have done compared to some of their bigger peers so that’s that’s really a very quick overview of what was happening you know in November the big stories that came out there lots of lots of new orders coming through um we’ll still see the coming through now between

Now and the harving as these miners get ready to drive their efficiency down and that’s key the efficienc is down it means their energy costs to m a Bitcoin are lower and the energy cost no matter what other cost you consider is the biggest cost that these miners face

Going forward you know yes they have to buy sites if they if they want the infrastructure um yes they have to buy mining machines if they want to mine a Bitcoin but the energy cost as we go through the Haring and every future harving that energy cost is doubling

Every time so you know if the energy cost in mind of Bitcoin now is at $122,000 $15,000 that’s going to be24 $30,000 come the harving the next harving that doubles again and that doesn’t take account of any inflationary action that might happen between now and and then so

You know it’s not unfeasible to to to understand that and say four years time it could be in the Realms of $50,000 of energy to mine one bit bit coin um so that is why you know the energy cost is something that you know get these miners to get the efficiency

Down so bit Farms who realized they needed to change um you know a lot of their miners in their Fleet they were aging they’ve done really well with what they’ve had they’ve top of the production tables but they put that order in to get their efficiency down

That brings them down to a really competitive level with the likes of clean spark and marathon and Riot and we’re seeing other miners do that as well so um yeah good good Focus for the for for the month them no it’s a great summary Anthony and and we definitely

Are big fans of bit farms and clean spark on the channel so it’s great to see them performing making some big moves but I’m also glad you brought up bit digital uh that’s ticker btbt because that HPC order really flew under the radar and that was Monumental really

For any of these companies but especially one the size of bit deer and then the other thing we’ve had DMG on the channel uh we’ve had sad Technologies on the channel and one of the concerns I know from the retail audience was a lot of these smaller

Companies may not have the balance sheet strength to make it through having but now that we’re seeing bitcoin price moving such uh such aggressively to the upside or so aggressively to the upside it gives them a lot more flexibility and like you said because they’ve got a smaller operation um maybe it’s easier

To manage or maybe more time per machine or I don’t know what it is but they do seem to perform very well on a per machine basis or per xah ex aash basis so that’ll be one to watch and I’ll let you guys know we do have bit digital on

Just before the holidays there uh for an interview to talk about that HPC development so great intro Anthony and uh we’ll keep moving on here so what’s next for us yeah so um if we if we go down and look at the um the metric that I like to use is the

Is the um ranking the um production by by Bitcoin achieved per ex aash because what you have then is you have a playing field every every one of these miners has a different hash rate so the only way to compare them is to say how many Bitcoin would you have mined if you

Had one x a hash and so that sort of I’ve used that now for probably the last three years and it’s a good metric and I know that some of the mining companies themselves use that metric because they’re always interested in what they do themselves but they’re equally

Interested in what the opposition is doing as well what their competitors are doing so you know everyone’s very focused on this and so when we start um looking at for November um you know the the company that came out top for for November was actually sat technology so sat technology were

Able to inch uh 67.8 Bitcoin per xash and just pipped hi digital by by 02 of a of of a Bitcoin so hi hi a second and DMG another M that we just mentioned one of these small miners they they they were in thir third place um interestingly enough though if you

Look at if you take sort of like the the top six or seven miners um there um there’s very little to choose between those the the the amount they’re producing and actually In fairness you know they should be very close together when these companies on mining using

Hash rate if the if the hash rate’s on then you know um they should be producing the same amount of Bitcoin there is an element of look so you know if that if you know we we’ve seen um you know small individual miners who’ve got maybe 10 machines win a block that’s

Really lucky that’s like going out and winning in the lottery well that happened in November right didn’t a single machine hit a block it happens yeah it’s probably easy to achieve the winning the lottery because it happens you know maybe three or four times and what that does then is it takes that

Block away from the majority of miners who are who are in a pool trying to to win that block so it you know there are very look probably accounts for less than two 2% of the of the overall so you know with with an amount of certainty a

Lot of these miners can sort of like they they have contracts which will give them effectively what what they’re expecting um you know what hash rate should you have delivered if your hash rate switched on um versus what you receive there’s there’s some that will give you up literally what you’re

Expecting to receive and obviously they pay small fee for that if we go to sort like the other end of the table um Riot obviously we’ve explained you know they were ciling in the month of November earning these extra credits um so so they you know they they achieve 44 um

Which which is like 50% lower than sort of um Sato technology so you know we’ll start looking you know a little bit more at at Rya and now that they’re not earning as many credits are they able to get the miners up and running um at Windstone and start delivering like

Their like their peers are there and and and one of their peers is is bit deer which is literally you know about 500 MERS away from them facility and bit de able to achieve you know more more Bitcoin per ex aash than than Riot so we’ll be focusing a little bit more on

That going forward make sure that’s right there Marathon hey Anthony before before you move on to Marathon there do you account for any of the uh Power Credit equivalencies in this uh Bitcoin m per ex ahash or is this just a straight calculation with all that this

Is this is a straight calculation of Bitcoin itself no um I do I do have a a graph that that does include it and and and that’s what I call like the revenue by petahash so how much revenue are you driving and I include the credit because

I think that the miners who who use that strategy need to be you know needs to be you know shown that they’re doing something to achieve it now if you’re getting a a credit um you know a credit will reduce your costs so it’s the same impact of having of having Revenue it’s

The same you know it’s the same it’s just it’s just a reverse transaction but it’s the same effectively if you can you know get sufficient credits in you aren’t paying a very big Energy bill and if you look at Riot’s last quarterly update their last quarterly update was

Was highlighted what the credits are all about and and there you know it cost them literally less about $1,000 to mine a Bitcoin which was like you know when when their peers were paying sort of 15 16,000 per coin right have got it down to a an absolute science you know where

They can do it for for a thousand um yes the credits a future credit off off future bills so they’re not you know it’s not like they get a payment that that day then but then of the day if I’m getting a credit today that comes off my

Next bill that’s still that’s still a financial benefit to me um so I do give them recognition in one of the tables because I think it’s important you know to look at if they’re using their mining machines toop something then it should be all should be all accounted for and

The other companies that announced what they do is is um is um is cipher mining as well they also um announced how much um Bitcoin equivalent they do from using their um energy strategy so really really good um yeah so that’s that’s the production by ex aash um the next one

We’ll we’ll talk about is the revenue by energized petahash so for every petahash what is the um the revenue that’s driven there and we can see Iris energy um came out topping that one there with 255 Hive clean spot DMG um closely followed Iris at the top because of the

Energy strategy so they managed I think it’s like three Bitcoin extra um which means they’ve got their Fleet that that is out there utilized um quite well so so they’re getting them you know majority of what they can earn out that there um at the other end of the scale

You know Argo blockchain and Marathon just under 2,000 per Peter hash but what we’ve seen with some of these maners that have have not done as well um in their monthly updates there is some improvement so you know the numbers are improving some of these companies

And we’ll come to that at the end of the when we come up with a summary table year to date by um by EXA has and we that will clearly show that some of the miners are actually um even though the difficulties is is is making it more challenging they are improving

Production so um yeah energy by um sorry Revenue by pet really good statistic to look at um the next the next chart is is the Bitcoin sold so you know in 2021 all these miners were hodling everything um because we saw the Bitcoin price you know literally rise you know over 100%

In the first six months um got to a high of 69,000 and there were lots of people out there predicting we’d get to six figures by the end of 2021 and you know probably everyone in the space had that sort of like wanted to be you know not

Miss out on anything you know you had even had some is buying Bitcoin to sort of like you know um try and make it you know make make a sort of an educated guess that the Bitcoin price would rise and then they they could you know sell

That Bitcoin and make a profit just in buy but as we saw in 2022 the lows of Bitcoin started to you know the the price started to drop and we got to December um so a year ago go from now and the Bitcoin price is around about 15

15,000 we’ve seen the strategies change so even the most arent minor and I’ll say hotate were probably the ones that were least um you know I can even quote um Jamie um you know two years ago um Bitcoin would have to get to $500,000 before we sell one and you know even the

Most Ardent hodlers have have had to sort of like look up a strategy to to help them get through this so we’re seeing all the miners now sell an element of their production to cover operational and capital cost to grow as well and if you’d have done some

Analysis going back over the last sort of 12 months and look at look at all the strategies then the best strategy would have been to sell some of the production maybe not all of but some of the production um to cover those costs that would have been the best strategy as you

Know um throughout throughout the year um so in terms of of of production um Marathon sold 700 Bitcoin which represented 59% so they sold the least percentage amount of their production of all the miners uh cleanspark again decided to huddle uh a significant amount and they and they and they only

Sold 6% so they retained 4% growing that um growing that balance of hodle for them which sort of has really grown over the last sort of four or five months they were getting down to a very small amount and then their strategy just changed and they started like literally

Hodling everything and last month they sold quite a bit and this month they sold 60% so they’re looking at sort of like you know the the price of Bitcoin and what’s the expectations we going to the harving and maybe thinking now’s a good time to hodle so all these miners

Are making these decisions here and if we look at the table only five miners didn’t sell all their production so we had the likes of Sato technology bit farms and riots all managed to add to their Treasury and increase their balance sheap position at the other end

Um we had a few miners that sold more than 100% of their um production so some were actually selling a little bit of their hle as well to cover costs and that’s not you know if you’re going out and putting out big orders and we talked about bit digital they were they’ve got

Out and purchased like you know 5,000 machines in recent weeks um and they’re installing half of those machines as this video’s you know being produced so they they literally sold a portion of their um of their their um of their huddle to help cover those sort of costs

Well that’s not unexpected and I think if shareholders understand that you know if a company’s growing hash rate and you know using those levers that are available to a company you know and really at the moment there’s only two leevers available one is to sort of dilute shares and other one’s to sell

Bitcoin I think the debt side’s probably taking a back seat until the markets you know regain that sort of confidence um in in the sort of like this this uh business business area um but digital you know growing hash rate selling some of their hles they still got a reasonable amount of huddles

Certainly for the size of the company so you know we look at miners going through that that harving next year you know all about efficiency of machines all about you know um keeping the costs down and all about having some cash or or a strong balance sheet to get through and

Bit digital sort of ticks those three boxes as one of the sort of like you know that mid- tier Miner who you know know are they going to struggle they probably got the resources to do it now they’ve got this agreement for the HPC in in Iceland that’s going to make them

Even even more stronger as we go through um DMG also sold more than their production so they sold 151% of their production and they put out um an order for the um the latest the t21 miners from bitmain so they’re looking to grow their current hash rate of one exra hash and literally

Doubling that hash rate over this next over this next period there so uh you know a great move by them getting the most efficient machines um that’s just a a company that’s grown organically from from nothing into a into a into a really a good minor that um that that tends to

Get the most out of the machines you know have generally have pretty much good production numbers um again on on the cost side they they tend to keep the costs down to they’re you know they’re not as as as as big as some of the other peer miners so you know cost is

Important for those but they’re just doing things right um so that’s the sort of the Bitcoin sold as a essential production um the next the next slide is we look at is we look at um which miners were able to utilize um their Fleet better than than everybody else so we

Look at you know a case of um utilization so you know um what percentage was available from what you from what you had there so if you had like you know thousand Miners and you’re able to switch off you know a thousand those miners for a month you know you’re

At 100% utilization it’s essentially up time Anthony it’s up time yeah it’s up time so so you know when we look at the companies that have got high utilization you know High digital and clean spark we’re really at the top of top of the tree there we you know both

99% um so really good utilization and not not as a total shock those two companies you know along with bit Farms have been leading the way you know throughout 2023 so um you know when we go down to at the other end you know you’ve got Riot you got Marathon you’ve

Got Argo blockchain sort of in the 70 to 80% range so there’s more expectation so right at 70% they got 30% of their Fleet what what they could do with you know SW you know switching on you know um far more often than they are at the moment

Um hopefully the the cold weather that they receive in Texas isn’t as cold as expected because if the cold weather’s B it that also has a an equal an opposite um performance issue as opposed to the hot weather as well so you know um but

It’s a good it’s a good it’s a good chart to have um it lets it lets you know the retail investors you know again it’s just another metric to look at never take these metrics in isolation so you know you could have you know one minor doing great on one

Metric and they might have the highest cost of energy on another metric and therefore you know you’ve got to have an understanding of all the metrics and and and and and and before you sort of like make any further decisions so you know do your own analysis on this this is

Just me just doing you know some of the charts that come out at the end of the month um just to give you a to give you a head start really where they need to be um and that brings us quite nicely to the to the final the final chart which

Is the actual summary chart so this is then looks at the monthly performance um from production for for those miners for the for the past 11 months and you know I can sort of for the last two years it’s been the it’s been the same companies that have that have been

In those top four or five spaces so what we you know we’ve seen um um High digital had phenomenal 2021 and they had a good 2022 as well up until the ethereum um merge and they had to stop obious ethereum Mining and they focused on the Bitcoin side of things and they

They’ve increased their hash rate and again you know we haven’t mentioned High digital put in another order they’ve just um um procured another 5,000 um s19 machines to drive their um hash rate up and you know those machines are going to be installed very quickly so we’ll see that benefit of that um

That purchase um in the next maybe in the next update um so they’re driving that they’re driving their high performance Computing again and so you know throughout 23 they’ve lost the top spot to bit Farms but they’re still they’re still there even though they’ve stopped the ethereum mining they’ve

They’ve still had month on month really great performance bit Farms um I think I mentioned on before they they’ve been so consistent throughout the year in fact actually I think November was probably their worst month if we look at um their production but because they have such a

Good first 10 months of the year they’ve still maintained they’ve still maintained that number one ranking and a massive running share price for bit farms in the month too I wanted to call share price even just in the last sort of like you look at the last 12 days I

Mean they announced um they announced two two big announcements at the end of November the first one was that they were um diluting 60 million Canadian dollars worth of shares which which whenever a miner goes to the market and says we’re diluting the share price he

Going to go down and the share price dropped to the sort of like the offer price to the to the investor who was buying those 60 million shares so basically shareholders had the opportunity to go and buy the same deal now whether the shareholders went in and bought at that rate which actually

Dropped to just under a dollar I think it was like 99 Cents it had been like 120 the day before the announcement so the share price did take a 20% hit on on the day they announced that the next day and this is probably the sequence of events they announced the massive order

Of of machines coming in of 10x now whether you have to secure the funding or agreed funding to cover that sort of the deposits on those machines so the order that it came in there um but we s what we’ve seen now in the last sort of

10 12 days is the share price has gone from literally a dollar to $250 and so you know that’s 150% increase in in 10 days and that sort of um share price increase is what we talk about why our retail investors you know want to be in this space

Um this is this is very volatile space to be in I mean bitcoin’s volatile the mining stocks just take volatility to another level and um you know that sort of price rise there um was was phenomenal and we also saw you know other miners benefiting from a nice from

A nice green run through through this early part of December um but if we look at like when the Bitcoin price dropped and this week or this weekend and then the Market’s open yesterday the Bitcoin price dropped you know two or three % The Mining stock can go down 20% in a

Day so and what I’ll say there Anthony for a long time the price was very correlated like that you would see uh oversized moves on the miners um based on bitcoin right so bitcoin’s up one or two% the miners are up five or six then for a while it almost disconnected and

We were seeing days where Bitcoin was up miners were down and and the inverse now it seems that correlation is back and that leveraged opportunity on bitcoin so it is nice to see I know for a few days I was saying oh my God bitcoin’s going

Up my thesis is crack but my miners are going down what’s going on um so I just wanted to call that out it’s nice to see it’s something we’ve talked about on the channel and and it seems to have kind of gone back to to what we’ll call

Normal yeah and so you know that if we go to so we’ looked at sort of like you know the bit Farm’s Hive you’ve got the likes of sat and DMG who’ve had excellent years they they they’re showing like fourth and fifth in the

Table um we go to the bottom end of the table and you know it’s it’s going to be Argo and right at the bottom soon but if you look at the table and look at the monthly um increases in Bitcoin per xash where the top miners was start have

Actually been you know reducing because they’re so efficient at mining um the difficulty you know as you know and that Global hash ratees increased over 100% this year the difficulty has impacted you know all miners but we’ve seen in increased performance from some of the low performing miners earlier in the

Year so that their sort of production graphs have actually increased whereas some of the some of their peers who’ve done really well have not been able to maintain that and right right so unless you’re growing you know growing growing you know if you’re operating at the highest efficienc level you know you’ve

Got less to improve on and some of these miners you know argu and Riot have had a challenging 11 months but the last four or five months we’ve definitely seen green shoots as they start you know improving month on month and hopefully they’ll Contin to improve month on month

And get back to where they where they should be where they were in 20121 when they were producing solid updates on a monthly basis but that’s sort of um you know a very um brief Roundup of um effectively what happened in in November we saw miners buying making big orders

We saw effectively even though the global hash rate increased we saw production numbers increase because of the fact that miners were benefiting from increased transaction fees we saw a a welcomed increase in the price of Bitcoin so all the revenues I mean if we just look at Argo blockchain their revenues increased by

25% month on month with one day less mining so that’s a much needed Revenue stream coming in and you know of all the miners you know going forward they’re the ones that you know need to you know plan costs effectively to get through the harving and and and to you know to

Maintain their existence really because it’s you know it’s challenging time for some of the miners so that was much welcomed um the Bitcoin price earli today was sort of I think 41,000 so looking at what what the end of um November when it was uh fixed at 37

37,000 we’ve seen another 10% increase in the Bitcoin price it was probably up close to 20% when it reached 44 nearly 45,000 but it has has come away a little bit but we’re still seeing it stabilized above 40,000 so if you can keep up 40,000 that will help the mar miners

Again in December it’s booking that Revenue you know at a higher rate than it was in November so you know difficulty s is going up but it’s been offset by the actual revenues and we seeing the transaction fees in December are equally as good um you know if we

Just look at um I I I was able to see the marathon wallet yesterday and they’ve already achieved in the first um 11 or I would say 10 and a half 11 days over 550 Bitcoin and you know they’re on track to probably get close to 1,500 for

The month of December and that would be an alltime record for them and that would be probably about 20% higher than they’ve done in any one month and that’s obviously thanks to getting the Garden City site up and running so that extra 4 xash going online um is a big positive

For Marathon big positive for their shareholders um you know we’re talking about this 23x has over a year ago but they’ve got that in place now they’ve probably learned so many lessons over the last 12 months and you know who’s to say where that the ex is going to be at

The end of 2024 I would expect it to be significant higher than what it is at the moment so yeah positive things in the space a good month for reporting and looking forward to you know seeing for December’s update in a few weeks time hey and we still have the ETF spot

Bitcoin ETF approval we’ve still got having we’ve got the Santa Claus rally I’m sure Bitcoin and Bitcoin stocks are going to be the subject of many uh turkey dinner discussions this year so Anthony uh thanks so much obviously a very in-depth analysis this is exactly

Why at the start of the video you guys I said Anthony’s really becoming a household name in the Bitcoin mining analysis Community we love your charts feel free to go through pause the video uh and take a closer look you guys Anthony thanks for your time here today

And we really look forward to having you back thanks BR thanks having me take care you guys make sure to hit the like button and subscribe if you’re not part of the community we’ll see you in the next video