This is the most entertaining piece I’ve read on pubco miners.

Also happy to read about hash distribution worldwide 😌.

“Large-scale bitcoin mining is a challenging, technologically complex business. A recurring theme among the industry participants we spoke with is the presence of an inverse correlation

between those with access to capital and true operational chops. The most profligate issuers of stock paper over their mistakes, chase growth without a disciplined eye toward cost, and have

executives featuring financial rather than technical backgrounds – a recipe for failure long-term.

We believe Riot is precisely such a company. The inability to efficiently produce bitcoin on a per share basis undermines the sole fundamental reason to own a miner versus bitcoin. Riot shares may periodically spasm during periods of bitcoin excitement, but over the long-term, its true

nature as that of a basic manufacturing company whose only competitive advantage is the ability to manufacture more stock at a whim will only disappoint shareholders who will regret not simply buying bitcoin.”