On The Brink with Castle Island

Galaxy Digital Mining Associate Brandon Bailey and Research Associate Karim Helmy join the show to cover a new accounting methodology for Bitcoin miners. In this episode:  Galaxy's new miner margins accounting methodology Brandon and Karim origin stories in mining How the randomness-based miner fingerprinting works How Karim thinks about miner depreciation schedules Why the Bitcoin e-waste paper understates the expected lifetime of Bitcoin ASICs S9s are still a quarter of the Bitcoin network Why Karim and Brandon created the new accounting framework The differences between marginal, direct, and total cost of production for BTC miners Does the sell side capably cover Bitcoin miners? What you would expect to see for marginal and total cost of production for established Bitcoin miners Why miners focus on marginal cost rather than total in their storytelling Major bottlenecks preventing the addition of new hardware Why hashrate may not converge to price in the near term Why the chip shortage advantages incumbent