All right, welcome back. Happy Monday. This is HashredUp, a bit of a news roundup from last week.
We are recording at 940407. We are currently 41 blocks too slow on this fine Thursday,
where it is very, very hot in South Africa, and I'm sweating just standing here.
It's March 12th, so eight days until the difficulty adjustment comes in at a nice minus 4%.
percent miners around the world are rejoicing we are still sitting at 30 59 hash price and i just
wanted to share some of the news stories that piqued my interest last week and get you guys
started the right way hash rate up hardware sales advisory hosting and side brokerage find new and
use basic deals through the website and the telegram channel below make smarter decisions
with hash rate up. First up, we have N-Scale raising $2 billion for AI infrastructure expansion
with NVIDIA and Jane Street backing. N-Scale, formerly a spinoff or a spinoff out of Bitcoin
mining company Archon Energy. We see very noticeable names in this Series C funding,
Citadel, Dell, Jane Street, Lenovo, Nokia, NVIDIA. So all these big companies pushing their money
or pushing their capital into the AI pivot and looking for those companies who have access
to power access to PPAs and not held back by the grid constraints We see noticeable names also on their board Former Meta chief operating officer Sheryl Sandberg former Yahoo president Susan Decker and former UK deputy prime minister Nick Clegg
joining board of directors at the company.
And again, I've highlighted the Bitcoin part here.
The N-scale routes trace back to the Bitcoin mining industry.
The company was spun out of crypto infrastructure operator
Archon Energy in 2024, part of a broader wave of firms
repurposing expertise developed in power intensive Bitcoin mining towards the fast growing market for
AI compute. So it's not just power infrastructure, but it's also knowledge, you know, how to handle
these big power contracts and everything around that, that make these companies that were firmly
into Bitcoin very attractive for this pivot to AI, very attractive to this capital. Now, last week,
we saw the 20th million Bitcoin mined. It took 16 years for the first 20 million. It'll take
another decade for the last million to be mined for the last five percent bitcoin is becoming
extremely scarce and i have my doubts that the wider market even understands how this works or
how scarce bitcoin really is going to be and i think we're going to see a lot of scrambling for
sets over the next couple decades as more and more people realize how valuable bitcoin really is
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Next up a very interesting story for me when it comes to mining Foundry expands into Zcash mining pool as Bitcoin hash price slides This is interesting because it sort of tells the broader story of how the market currently works right
We have $30 hash price, big miners negotiate low fees.
It's a race to the bottom on that front because the PPS pools really provide very similar services.
And then, you know, you have dollar-denominated costs.
you've got wages, you've got lawyer costs, you've got infrastructure costs, all denominated in
dollars. And if hash price is at 30, also the pools are sweating because now the percentage of
the Bitcoin mined on their pool is worth less and they have to make due with less as well. So now
Poundary, one of the biggest mining pools that we have out of the US is looking at Zcash,
becoming a Zcash mining pool. Next up, Google backstop backs terrible shift from Bitcoin to
AI infrastructure, Google has agreed to provide 3.2 billion credit backstop to TerraWolf and take
an equity stake in the company. Again, another huge name jumping into a company that was formerly
all Bitcoin mining. Very interesting. Take this with a grain of salt. It's probably written by AI
and was reviewed by Bailey Pemberton at Simply Wall Street. Now, my favorite story for last week
was the following.
Eskom has a big Bitcoin plan in South Africa.
Eskom, the biggest and only power distributor
and power generator.
I not sure if it the only one depending on municipality but power generation and distribution in South africa is a monopoly by escom escom is the state company that runs that and they have now said that they want
to sell surplus day time energy to bitcoin miners and i'm always a bit on the fence when it comes to
these negotiations or these deals when governments are involved because oftentimes what happens in
these negotiations is that the power producer and distributor doesn't really understand how much
money Bitcoin miners can afford to spend. And also they don't understand truly the position
oftentimes of being in a position where they can either sell it for something or nothing.
And oftentimes the dollar signs pop into their eyes. And then there's a bit of a reality check
where Bitcoin miners say, hey, we can maybe afford a third of what you are envisioning.
And it's really about us being the only demand, demand of last resort that sets the price here or else you can't really sell the power.
And then the fact to be added that Bitcoin mining is a global industry and Bitcoin miners can go anywhere.
However, I really hope this goes forward because I would really love to start a small operation here that makes use of ESCOM power during certain hours of the day where it comes extremely cheap.
There's a lot of surplus here, energy.
There's a lot of grid backlog.
And so this might be really, really nice going forward.
Let's see what comes of this.
I'll make sure to follow this very closely.
That being said, I hope you guys have a fantastic week.
Let me know if you like these.
See you later.