Happy Hanukkah and Merry Christmas to all who celebrate. Kwanzaa begins tomorrow.
Bitcoin miners raised money to fund different projects while Santa’s Elves were hard at work.
This phenomenon was discussed earlier in the month. Bitdeer stated proceeds from the convertible senior notes would be used to expand datacenters and develop mining rigs. Marathon and Riot Platforms both indicated that they would use the capital raised to purchase more BTC.
Two other players in the segment have also made recent announcements that show not all BTC miner agree about the best use of the capital they earn.
Hut 8 announced less than a month ago that it had purchased 990 BTC at a price of $100 million. Hut 8 announced its purchase of 990 BTC for $100 million (avg. CleanSpark’s CFO Gary Vecchiarelli had announced two days prior that his company would not pay this price for BTC.
Vecchiarelli was contacted. I asked him about the company. “laser focused on producing bitcoin from our mining operations at a significant discount to the spot price.” He explained that the marginal cost of producing each coin was approximately $36,250.
As of November 30, the company’s top priority for 2025 is to reach a hashing rate of at least 50 EH/s. It also wants to grow its digital asset group in order manage its Bitcoin treasury (which was 9,297 BTC).
Marathon Digital, which has been buying BTC from Hut 8, is using capital raised through convertible notes in order to increase its BTC stock to 44 394 BTC as of December 18.
“We are happy to be different [from] those companies,” Vecchiarelli stated that CleanSpark can build up its assets on the balance sheet thanks to their healthy margins. “in a durable fashion.”
Asher Genoot from Hut 8 told me that their strategic bitcoin reserves are “a complement, not a substitute, to our core operating strategy, which prioritizes disciplined, fundamentals-driven growth.”
The miner doesn’t have explicit price levels at which it would totally rule out buying BTC, Genoot added — but is “extremely sensitive to valuation extremes and [optimizes] for risk-adjusted returns.”
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