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Merry Christmas and Happy Hanukkah to those who celebrate. Kwanzaa kicks off tomorrow too.
While Santa's elves were doing their best in the lead-up to the holiday, Bitcoin miners were busy raising money for various purposes.
We've touched on this phenomenon Earlier this month. Bitdeer noted that proceeds from the convertible securities offerings will go toward data center expansion and mining rig development. The Marathon and Riot platforms have indicated a path to using their raised capital to buy more Bitcoin.
More recent announcements from two other players continue to highlight that not all BTC miners agree on the best way to spend the capital they secure.
Less than a week ago, Hut 8 announced its purchase of 990 Bitcoin for $100 million (average price of approximately $101,710). Two days ago, CleanSpark CFO Gary Vecchiarelli indicated that his company had chosen not to pay such a price for BTC.
I followed up with Vecchiarelli. He told me that the company is “laser focused on producing Bitcoin from our mining operations at a significant discount to the spot price.” He explained that the marginal cost of producing each coin in the last quarter was about $36,250.
The company's main growth priority for 2025 is to reach a hash rate of 50 EH/s as soon as possible, while also growing its digital asset management suite to manage its Bitcoin treasury (9,297 BTC, as of November 30).
As Hut 8 buys more Bitcoin, Marathon Digital has used the capital Of convertible securities To boost its BTC holdings to 44,394 BTC, as of December 18.
“We're happy to be different (from) those companies,” Vecchiarelli said, adding that CleanSpark's healthy margins allow the company to build its holdings on its balance sheet in a "durable way."
The company's strategic bitcoin reserve is "a complement, not a replacement, to our core operating strategy, which prioritizes disciplined, fundamentals-based growth," Hut 8 CEO Asher Guinot explained to me.
The miner does not have explicit price levels at which he would completely rule out buying Bitcoin — but is “very sensitive to extreme valuations and (optimizes) risk-adjusted returns,” Guinot added.
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