VNISH

❗️ Publicly traded miners have sold 28,000 BTC from their reserves since January. That's $1.78 billion, and it's pressuring the price right now. BTC sits at $63,558 today — down $527 from yesterday morning. Looks like normal range-bound trading. There's a specific mechanism behind it. 📉 According to Blockware Intelligence, public mining companies held 127,000 BTC at the start of the year. Now: 99,000 BTC. The gap — 28,000 coins — left the market through sales, worth $1.78 billion at current prices. That number is smaller than ETF outflows over the same period. But financial markets set price at the margin, not by total volume — the most recent buyers and sellers move it. In a sluggish market with weak buying pressure, even relatively modest but steady selling pushes price meaningfully. The reason for the selling is straightforward. Average cost to produce one Bitcoin right now is $74,300. At $63,558, a lot of operators are underwater at the company level — not just thin margin, actually losing money on every coin mined. A growing number of companies are shifting capacity into AI infrastructure, and selling BTC reserves is funding that transition. Lower price forces more companies to sell reserves to cover operating costs, which pushes price lower still. This loop has been running for months, not once. For independent operators, the takeaway is direct: while public companies liquidate reserves and restructure around AI, competition for remaining blocks keeps thinning out. $74,300 is a network average — the gap between an efficient fleet and an inefficient one now decides whether you're running at all. ⚡️Upgraded with Vnish

AI keeps reshaping the mining industry. Riot Platforms announced a 20-year agreement worth $9.1 billion to provide 191 MW of data center capacity from its Rockdale, Texas campus to one of the world's leading frontier AI labs. According to Bloomberg, the customer is Anthropic. The agreement runs through 2048, with two optional five-year extensions that could increase its total value to $16.1 billion. For comparison, 191 MW is enough to power approximately 143,000 homes. This is another clear signal that the value of mining infrastructure is expanding far beyond Bitcoin. Power, grid access, and large-scale data center capacity are becoming strategic assets for both AI and Bitcoin mining. The question is no longer AI or Bitcoin. It's who has the infrastructure to support both. ⚡️Upgraded with Vnish

🗓 Friday Mining Digest | Week of August 7, 2026 Russia legalized crypto trading nationwide. Restricted mining in Moscow. Same week. 📊 Numbers of the week — BTC: ~$63,160 (−26.9% YTD) — Hashprice: $32.10 / PH/s/day (−1.3% this week) — Difficulty: 126.23T, flat, next adjustment ~Aug 8 (+0.67% estimated) — Network hashrate: up this week despite falling price On August 4, Putin signed the Law on Digital Currencies and Digital Rights — Russia's first comprehensive framework legalizing crypto trading. Starting September 1, citizens and companies can legally buy, sell, and store crypto through licensed intermediaries registered with the Bank of Russia. The law also opens unlimited use of cryptocurrency for foreign trade settlements — a direct channel for exporters and importers to move around traditional banking under sanctions. Russia consumes about 16 billion kilowatt-hours a year on mining, roughly 1.5% of national electricity use. The same week the legalization law was signed, the government introduced mining restrictions in Moscow, the Moscow Region, and part of the Kursk Region starting August 15, citing grid capacity — mining currently draws about 1 gigawatt in the Moscow metro area alone. Russia already required mining entities to register with the Federal Tax Service back in 2024. What's happening now looks like the follow-through: the asset gets a legal, reportable market, while the physical footprint of mining gets tighter local rules. For operators outside the restricted zones, the practical change is a real off-ramp — a lawful, licensed market instead of gray-zone exchanges for moving mined coin. For operators inside Moscow and the Kursk Region, the August 15 deadline is close enough that relocation logistics matter this week, not next month. Meanwhile hashprice sits at $32.10/PH/s/day, at or below breakeven for a lot of operators depending on machine model and power cost. Next difficulty adjustment lands around August 8, estimated at +0.67%. Whether you're reading a new regulatory map or just running your own numbers, the thing deciding who's still profitable hasn't changed: J/TH efficiency tuned to actual current conditions. 🗓 Next week — Watching the August 8 difficulty adjustment — Bitcoin Asia 2026 (Aug 27–28, Hong Kong) — we're going, code VNISH35 for tickets ⚡️Upgraded with Vnish

🤩 VNISH is heading to Hong Kong. Bitcoin Asia 2026, August 27–28. Asia's biggest Bitcoin event — Hong Kong Convention and Exhibition Centre, August 27–28. Expecting 10,000+ attendees from 125+ countries. Our whole team will be there. Come by to talk through your setup. Get 35% OFF with code VNISH35 Get your ticket See you in Hong Kong. 🧡

⚡ You probably can’t buy electricity at 3¢/kWh. And that’s okay. The biggest mining operations and even governments are securing the world’s cheapest power. Competing on electricity price is becoming harder every year. But there’s one thing you can control: Efficiency. Every extra hash from every kilowatt makes the difference between surviving and thriving. That’s where VNISH comes in. We can’t lower your electricity bill—but we can help you get the maximum performance from every kilowatt you already pay for. 💬 Where are you mining from, and what’s your electricity rate? Let us know in the comments.

🗓 Friday Mining Digest | Week of July 31, 2026 Difficulty just went negative year-over-year. That's happened once before, in 2021. 📊 Numbers of the week — BTC: $64,500 — Hashprice: ~$32.21 / PH/s/day — Difficulty: 126.23T, down 19.9% from peak — Next adjustment: ~Aug 11 Bitcoin's mining difficulty is now negative year-over-year — only the second time this has happened in the network's history. The first was after China's 2021 mining ban, when a huge share of global equipment shut down before relocating. This time there's no single policy event to point at. Hashrate Index attributes it to compressed mining revenue, Bitcoin's lower price, less efficient hardware going dark, and power capacity moving into AI and high-performance computing. Two straight quarterly hashrate declines through June got us here. The scale is real: difficulty has fallen 19.9% from its peak — the third-deepest drawdown of the entire ASIC era. Since January, nine adjustments have gone down against six up. Cumulative decreases: 43.96%. Cumulative increases: 31.04%. While the network sheds capacity, listed miners are doing the opposite with their balance sheets. Hut 8's AI leases now total $26.6 billion. That's most of the company's forward revenue no longer coming from Bitcoin at all. Their stock is up sharply this year, diverging from BTC's price entirely. A lower retarget doesn't fix power costs, debt, or weak hashprice on its own. It hands the miners still online a bigger expected share of network rewards — but the benefit depends entirely on your electricity cost. An efficient rig on cheap power returns to profit almost immediately when difficulty falls. An older fleet on an expensive contract can stay underwater even after a double-digit cut. It's not really about hashprice recovering this year. It's about which side of that efficiency line your fleet sits on when it does. 🏆 From the week From the chat: "Ran the numbers after the July 25 adjustment — our S19 XPs at $0.055/kWh are still solidly green even at $32 hashprice. Neighbor's stock-firmware S19 Pros at the same tariff are break-even at best." Same hardware generation, different outcome. ⚡️Upgraded with Vnish

Samba Party, Miami 🧡 Thanks to everyone who came through. #MiningDisrupt2026 #bitcoinmining #VNISH

⚡️July 26: Bitcoin's difficulty just dropped for the 15th time this year. The number is small. What's behind it isn't. On July 26, difficulty fell 0.74% at block 959,616 — the network's 15th adjustment of 2026. Miners cut hashpower after a 26% year-to-date decline in Bitcoin's price and redirected capacity to AI and cloud services. Since January, difficulty has dropped from 146.47T to 126.23T — down 13.82%. Nine decreases against six increases. Cumulative increases for the year: 31.04%. Cumulative decreases: 43.96%. At the same time, every individual drop is relief for whoever's still running. June's 10% cut alone handed remaining miners roughly 11% more BTC per unit of active hashrate — even with all-in production economics still underwater at BTC near $64,000. The story of this year isn't one big difficulty crash. It's fifteen small corrections, each one quietly reshaping the network in favor of whoever stays online. Each drop is a small break. Add them up over seven months and you get a real structural shift. ⚡️️Upgraded with Vnish

Samba Party vibes ✨ On July 21, together with @emcdworld, we hosted an incredible evening for the crypto mining community. Thank you to everyone who came, shared the energy, and made the night unforgettable. The #cryptomining family keeps getting stronger. See you at the next one! 🧡

From the 2010 World Cup to today, Bitcoin has gone from an experiment to a global asset. One tournament. Four cycles. Countless milestones. What do you think Bitcoin will be worth by the 2030 FIFA World Cup? Drop your prediction in the comments. 👇

⚠️Happening now at Mining Disrupt. Bradley Peak is taking the stage for a panel discussion: Boiling the Ocean: Can Heat Reuse Finally Make Mining Mainstream? The session explores how heat reuse could reshape the future of Bitcoin mining—improving efficiency, sustainability, and driving broader industry adoption. Stay tuned for the key takeaways. ⚡ Live Stream: https://x.com/i/broadcasts/1mxPaagedEqKN

🌍 Bitcoin mining is no longer just a business—it’s becoming national strategy. More governments are entering the mining industry, leveraging excess energy and building state-backed operations. But history has already shown one important lesson: ⚠️ Cheap electricity isn’t forever. Kazakhstan went from one of the world’s biggest mining hubs to a fraction of its former size in just a few years. In Part 2, Bradley explains why the next mining boom could also become the next mining trap—and what every miner should keep in mind before expanding. 💬 If you were building a new mining farm today, which country would you choose? #Bitcoin #BitcoinMining #Mining #CryptoMining #Hashrate #ASIC

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