CleanSpark is bad for shareholders because it loses money mining Bitcoin, at an all-in cost above $120K per coin. Even excluding about $670M of markdowns on its Bitcoin holdings, it lost almost $400M over the past year, and depreciation eats the rest of its so-called profits. Its shareholder equity is below what it has raised from investors, though its miners are still carried above their worth. This rebuts @Market_Maestros, who argues miners trade on EV/EBITDA and the losses are unrealized. … Show more

Bitcoin miners converting to AI infrastructure, such as IREN and Keel, are likely to be poor trades. For five years they have raised as much capital as possible and spent it on capex with no prospect of return, and the realistic base case is another dilution-fueled capex spree. They failed to generate shareholder returns even when bitcoin soared. The exception is a hard management reset, as at Core Scientific; the rest are run by the same people. Keel fell 9% on a planned $350 million offering. … Show more

Riot Platforms appears to be shifting toward compute and services rather than pure bitcoin mining, backed by improving financials. A major AI infrastructure investment signals confidence in compute-intensive workloads, and an expanding AMD partnership points to sustained demand for high-performance AI processors; together they suggest the shift. x.com 

Crypto treasury companies such as Twenty One Capital and Nakamoto are a scam, and Twenty One's strategy centered on potentially acquiring Strike shows the next step is buying related parties that would otherwise be worthless. x.com 

Strategy runs a Ponzi-like loop: new capital buys bitcoin, which lifts the stock and attracts more capital, while the business makes almost no organic cash flow and collapses without constant raising. It trades at a big premium to NAV, effectively selling $1 of bitcoin for $1.50, lost $12.5B in Q1 2026, and has now sold bitcoin for the first time since 2022 despite Michael Saylor's vow never to sell. Owning bitcoin itself makes more sense than owning Strategy. x.com  x.com 

Riot Platforms already owns energized ERCOT megawatts, the scarcest input in the AI buildout, as new grid interconnects run years out. That is why a frontier AI lab, reported as Anthropic, signed a 20-year, 191-MW Rockdale lease worth about $9.1B, though full load isn't until June 2028. Riot should be valued on contracted megawatts, not sales. The risk is that it stays unprofitable and bitcoin-levered until the ramp, with one tenant carrying the story and $878M of debt against $471M of cash. … Show more

Strategy common holders have been endlessly abused and diluted so Michael Saylor can keep his Ponzi afloat and avoid selling bitcoin, with the company issuing MSTR shares to raise USD cash. x.com 

Bitcoin is a scam and nothing more than a greater-fool trade, because it is pure speculation with no intrinsic cash flow. It is overhyped as a wealth-builder and rarely lifts anyone out of their financial situation; in Charlie Munger's words, it is rat poison. Fading excitement and buying show people are figuring that out. x.com  x.com  x.com 

Riot Platforms could be breaking out of a 13-year downtrend, extremely compressed on all timeframes and seeing its largest buy volumes ever. Shares rose 27% on the biggest buy volume since early this year and are attempting to break through the major $21.50-$22.20 zone; the thick volume levels it is entering now will be key. x.com  x.com 

Strategy's share price is a bet on the next buyer, not on anything that produces cash. It filed a $20.8B net loss for the first half of 2026, an accounting fact about bitcoin's price, yet the stock rose this month. Neither produces a dollar, so investors are pricing a chain of strangers. x.com