UPDATED: WE SAID 275 COINS LEFT — THE COMPANY'S OWN RELEASE SAYS 215 — THEY MINED ABOUT FOUR COINS IN TWO WEEKS AND SOLD SIXTY-FIVE
Correction first, because it is ours. Wednesday we reported that Hyperscale Data still held 275 coins after it shut the Michigan miners off. The company's own release, put out September 1, says 214.9701 as of August 30. We shipped on wire coverage and wrote that the company release was not reachable. It was reachable. We should have waited for it.
Here is the whole sequence, every number from the company's own weekly releases. August 2: 959 coins. August 16: 275.7362, after selling about 685 that week for $43 million. August 30: 214.9701, after selling about 65 more for $5.1 million. That is 744 coins gone in four weeks.
Now the part we got wrong, done right. Between August 16 and August 30 the stack fell by 61 coins. In those same two weeks the company sold about 65. Subtract one from the other and the machines made roughly four coins. Four. We said they were mining to sell. They were barely mining. They were selling the reserve to pay for the pivot, and the miners had stopped mattering well before anyone pulled the plug.
The stock needs a correction too. We said 22 cents and an all-time low. Shares closed Wednesday at $0.1984, down 17 percent on the day, and it is a record low only after adjusting for the one-for-five reverse split that took effect August 25. We did not mention the split. Leaving it out is what makes a percentage meaningless.
What has not changed: the Michigan site now runs artificial intelligence for a California company Hyperscale will not name, under an agreement the company puts near $1.2 billion over twenty years and above $3 billion if the whole plan gets built. It starts at 20 megawatts against a target near 340. Montana still runs about 10 megawatts, with 125 more under study.
Executive chairman Milton Ault says bitcoin “has been an important part of Hyperscale Data's strategy, and we expect it to remain an important part of our strategy going forward.” There are 215 coins behind that sentence, worth $16.7 million, against a twenty-year contract priced in a currency somebody else prints.
Every machine that leaves makes the next block cheaper to find for whoever stayed. Somebody always stays. Capitalist.
Here is the whole sequence, every number from the company's own weekly releases. August 2: 959 coins. August 16: 275.7362, after selling about 685 that week for $43 million. August 30: 214.9701, after selling about 65 more for $5.1 million. That is 744 coins gone in four weeks.
Now the part we got wrong, done right. Between August 16 and August 30 the stack fell by 61 coins. In those same two weeks the company sold about 65. Subtract one from the other and the machines made roughly four coins. Four. We said they were mining to sell. They were barely mining. They were selling the reserve to pay for the pivot, and the miners had stopped mattering well before anyone pulled the plug.
The stock needs a correction too. We said 22 cents and an all-time low. Shares closed Wednesday at $0.1984, down 17 percent on the day, and it is a record low only after adjusting for the one-for-five reverse split that took effect August 25. We did not mention the split. Leaving it out is what makes a percentage meaningless.
What has not changed: the Michigan site now runs artificial intelligence for a California company Hyperscale will not name, under an agreement the company puts near $1.2 billion over twenty years and above $3 billion if the whole plan gets built. It starts at 20 megawatts against a target near 340. Montana still runs about 10 megawatts, with 125 more under study.
Executive chairman Milton Ault says bitcoin “has been an important part of Hyperscale Data's strategy, and we expect it to remain an important part of our strategy going forward.” There are 215 coins behind that sentence, worth $16.7 million, against a twenty-year contract priced in a currency somebody else prints.
Every machine that leaves makes the next block cheaper to find for whoever stayed. Somebody always stays. Capitalist.
HYPERSCALE DATA (PRIMARY) · company release Sep 1, holdings 214.9701 as of Aug 30 · + company release Aug 18, holdings 275.7362 as of Aug 16 · + COINTELEGRAPH Sep 3 and CRYPTO.NEWS Sep 3 for the one-for-five reverse split and the Sep 2 close · CORRECTS our Sep 2 filing, which ran on THE BLOCK Sep 2 and DECRYPT Aug 14 when we could not reach the company release