The two mega billionaires can clearly afford to lose money on solar and battery cap ex -- for a solid decade, to make a mega-mine (completely off-grid) become GAAP profitable.
As we have pointed out ad nauseum at our other property, Riot and Marathon Digital likely have a year or less before the market dumps them wholesale -- for being unprofitable, on a GAAP operating basis, all these last four plus years.
The real capital- and savoir-faire advantage presented by Musk/Dorsey -- even in this first demo… explains Riot’s (and Marathon's) ongoing decline today, on the NASDAQ.
CNBC has the gist of it:
. . .Blockstream and Jack Dorsey’s Block, formerly Square, are breaking ground on a solar- and battery-powered bitcoin mine in Texas that uses solar and storage technology from Tesla.
Tesla’s 3.8 megawatt solar PV array and 12 megawatt-hour Megapack will power the facility. . . .
Back said the off-grid mine, expected to be completed later this year, highlights another key tenet of the bitcoin network: Miners are location agnostic and can “do it from anywhere without local infrastructure.”
Should the project prove profitable in its pilot stage, Back said, the companies would add wind power to the mix and scale the entire project. . . .
Incidentally, this would mean Musk’s just under 10 per cent position in Twitter announced this week. . . is certainly a "white squire" -- purely friendly.
Onward. . . smiling. . . .
नमस्ते
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