In El Salvador you CAN pay with #Bitcoin
But that's not the point. The point is they don't want to touch it at all.
Discussion
Wrong. OP is talking mostly about public miners in the US. Most of their obligations are in dollars. Most of them are making the Microstrategy play by holding Bitcoin on their balance sheet. They want Bitcoin as much as the next pleb, they just have different legal obligations because the existing legal/financial framework forces their hand.
Correct, but they're trying to NOT hold Bitcoin directly from the chain. They want to buy it later instead. Because they don't want the tax liability of getting it direct.
Seems backwards to me Mr boring
What are you even saying? Mined sats are better than purchased sats? That’s retarded. They’re fungible for a reason. Also, how do you know what their hodl strategy is with respect to when they sell what?
Sorry let me be more clear:
There are a few big miners that don't use say, ocean, because they don't want direct custody of the #Bitcoin as part of the block subsidy because of the tax implications. They WANT FPPS because they can sell it immediately when taking custody from the pool and not have the 100 block delay. Their compliance, doesn't allow that gap. They can then go back later and buy #BTC with any profits, instead of mining directly. Which is stupid when you think about it.
No, that’s misinformed. There are a number of reasons that make ocean not super appealing as a large scale miner. When all of your obligations are in dollars, it makes a lot of sense to liquidate then buy in separate transactions for the sake of accounting. Maybe not the most efficient, but it’s not your sats. If you’re mining on Ocean enjoy the extra fee revenue if you happen to hit a block.
It's not misinformed. The point I'm making is they DON'T want it straight from the blocks themselves. Which is being a Bitcoin miner but not liking the Bitcoin payout. Which is weird to me. That's the only point I'm trying to make.
You're part of a system but don't like the way the system pays you, so you so accounting magic instead.
This is why they go for the compliance bullshit instead.