Bitcoin Mining Insights

Blog • December 5, 2025 - Valentin Rousseau

Are Bitcoin miners creating or destroying shareholder value through dilution? This second part of our research examines how public miners fund hashrate growth—and whether the value of the Bitcoin they produce ultimately exceeds the cost of issuing new shares.

Blog • December 2, 2025 - Valentin Rousseau

Public Bitcoin miners raised billions from 2022–2025, mostly through equity and convertible notes. Even with all that capital, hashrate growth often lagged because funds went to operations, BTC strategies, and now HPC projects. By 2024–2025, financing hit new highs as miners shifted toward AI/HPC and away from pure BTC mining. Equity will remain important, but miners need smarter financing as the industry becomes more competitive and diversified.

Blog • December 1, 2025 - Jaran Mellerud

In this article, we'll explain the key financial metric in Bitcoin mining—hashprice—and provide real-world examples of how changes in it affect mining revenue and profitability.

Blog • December 1, 2025 - Jaran Mellerud

Amid growing concerns over shareholder dilution, miners have increasingly pivoted to convertible securities as a strategic alternative. This trend reflects a broader evolution in capital-raising strategies across the industry, where the achievement of scale is now paving the way for sustained value creation, while maintaining their financial sustainability in a highly-competitive and capital-intensive industry.

Blog • December 1, 2025 - Jaran Mellerud

In this article, I’ll explain what the cost-to-revenue ratio is, how to calculate it, and why it’s the most important financial risk metric for Bitcoin miners.

Blog • November 27, 2025 - Jaran Mellerud

This article breaks down why bonus depreciation in Bitcoin mining isn’t the tax loophole many claim. By comparing three $1M-income strategies, it shows that mining ultimately leads to higher long-term taxes than simply buying Bitcoin. The takeaway: bonus depreciation delays taxes — it doesn’t reduce them — and investors should prioritize real returns over tax gimmicks.

Blog • November 26, 2025 - Valentin Rousseau

In this piece we will deep dive into an increasingly popular debt instrument: convertible notes. This hybrid financing method combining equity and debt has recently gained momentum in the financing strategies established by Public actors.

Blog • November 26, 2025 - Valentin Rousseau

In this following piece, we will deep dive into the options that can be attached to this hybrid instrument. Namely through the example of a covered call, an option included to recent convertible debt deals established by public miners to mitigate the dilution effects on shareholders.

Blog • November 26, 2025 - Jaran Mellerud

Bitcoin mining is a capital-intensive industry that requires both significant upfront investments (CapEx) and ongoing operational expenses (OpEx). Understanding the distinction between these two cost categories is essential for miners, investors, and infrastructure providers looking to optimize profitability and manage risks effectively. In this article, we break down the cost structure of Bitcoin mining, explaining the key components of CapEx—such as infrastructure and mining machines—and OpEx, which primarily consists of electricity, labour, and other recurring costs. By analyzing these expenses, we can better understand the economics of mining and how different business models, such as hosting versus proprietary mining, impact financial performance.