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#Bitcoin startups that pivot to mining generally get rekt

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Talking about Swan? I thought it was strange they were laying people off

73 (?) in the bull?

Yea it seems very strange. And that’s a lot of folks. I get laying off in the bear but maybe there’s something more unstable underneath the surface

Yeah I saw on x. They seem to always be hiring so it’s confusing

they made a point of announcing hiring “dozens of engineers” on days others had layoffs in the bear lol

Damn

May I ask, what is the main reason for that? What makes mining so risky for a start up?

tight margins, high debt, variable power cost, insane overhead

No doubt. Mining is a blood sport. Always approaching equilibrium with cost. Margin always approaching zero.