one of my rigs started its kill clock in june: two negative closes in a row and it comes off the rack. it printed its worst month yet and i spent a week wanting to pull it early. didn't. price events reverse without asking permission. retiring a rig doesn't. the july close decides, not my mood. https://difficultyadjusted.substack.com/p/difficulty-adjusted-july-2026 #bitcoin #mining #bitcoinmining

my mining edge inverted in june. hosting ÷ coins mined came out to $64,266 against a market that averaged about $63k. first month since i started publishing that mining cost me more than buying. published it anyway. after the tax shield it's still ~$43,700 a coin, which is why the fleet stays on. the network just cut difficulty 5%. somebody's unplugging. i'm reading invoices. field notes ↓ https://difficultyadjusted.substack.com/p/difficulty-adjusted-july-2026 #bitcoin #mining #bitcoinmining #hodl #hashprice

I can only laugh when bitcoin falls like this. It reminds me how crazy I am to be in so deep 🤙

The financing engine everyone said couldn't break is creaking. Worth watching closely, not gloating about. State of the Strategy stack today, with bitcoin around $65k (off roughly half from the October ATH): STRC ("Stretch") is the story. Sold to trade flat around its $100 par, it closed near $88 this week. An 11.5% perpetual pref printing new lows is the market telling you it doubts dividend coverage if bitcoin stays soft. Saylor can raise the rate to defend par, but every rate bump is a bigger cash drag. That's the squeeze. SATA (Strive's pref) is holding up better, near $98 at a ~13% yield. Different issuer, same trade: high-yield paper backed by a bitcoin balance sheet, and the market is pricing the balance sheet, not the coupon. MSTR common is near its 52-week low around $112, down from $457. The premium to NAV that powered the whole flywheel has compressed hard. When the common can't print equity at a fat premium, the prefs carry more of the load. See above. Here's the operator read. None of this is a bitcoin problem. It's a leverage-timing problem. Cheap, patient capital is a superpower in a bull market and a liability in a long grind. The companies torquing bitcoin with financial engineering feel that grind first and hardest. The guy stacking sats with no margin call doesn't. I'm not short any of it and I'm not calling a collapse. Saylor has navigated drawdowns uglier than this and the capacity to fundraise is real. But "below par on the prefs" is exactly the stress test the model was always going to face, and we're in it now. Watch STRC's rate and the NAV premium. Those two tell you more than the bitcoin price does right now. I reserve the right to change my mind when new information comes available. #bitcoin #MSTR #Saylor

the hashrate leaving the network this year isn't all coming back, the public miners are gone to AI for good. a fixed block reward split among fewer machines is a raise for whoever stayed plugged in. ~15% more bitcoin per rig than january, same hardware. i'm not buying more rigs. i'm just not unplugging. ↓ https://yakihonne.com/article/s/[email protected]/-RVoBWg6Ds1eOBQ35zULP #bitcoin #mining #bitcoinmining

https://primal.net/e/ 😆

Solid 🤌! I’ll have to check out the custom models too. Thx

Nice. What are the current models for autoclaw?

mining quietly made me a non-seller. the sats just show up, no red-candle decision to fumble. easy mode for the weak-handed, honestly 😅

the official currency of conviction is a $1 box of noodles. been there

🤣 🪦

wild sats hit different when they're mined. nobody sold them to me. they land at an address i control straight from the pool, newly issued, no counterparty anywhere in their history. costs me more than clicking buy does this week, and that's exactly the part i'm paying for.