Insights
Case studies first — hydropower, interruptible grids, flared gas, corporate treasury — then the notes we already published. No email gate.
Cases
After China’s 2021 ban, Kazakhstan briefly held about 18% of global hashrate. Demand jumped, the old grid failed, protests followed, and the state cut miners off. Cheap surplus on a weak system is not a strategy. It is a blackout with a hashrate.
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Salalah took in hundreds of megawatts of industrial mining on natural gas. In June 2026 the state required every licensed miner to hash through Omanhash. Diversification is the motive. Visibility is the method.
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Mining is not banned in India. Retail grid power, VDA tax, and import friction still kill the balcony miner. The serious paths are captive or surplus power, and hosting where the watts already work.
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One listed software firm became the world’s largest corporate bitcoin holder by issuing stock and preferreds to buy coins. That is a capital-markets machine. It is not a treasury policy for a family office or an operating company in India.
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Crusoe, MARA, and a new Nigerian cohort turned associated gas that had no pipeline into power at the wellhead. The model is real. So is well shut-in risk, methane accounting, and the difference between a flare and a contracted gas PPA.
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Tecapa geothermal and 474 mined bitcoin made a global headline. 1.5 megawatts of a ~100 MW plant did not make a mining industry. The country’s real Bitcoin story is the treasury — buying coins — not the volcano.
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A country of seven million people co-owns one of the world’s great dams and for years could not use its share. Miners noticed. Then deposits, rate rises, theft laws, and a 2027 contract cliff showed that surplus is a political fact, not a permanent 3-cent tariff.
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The useful Texas lesson is not “cheap power.” It is a wholesale market that pays large loads to switch off. Riot’s heat-wave curtailment credits made more money than the coins they did not mine. That is the product.
Read article →East Africa’s hydropower boom made Ethiopia a mining destination almost overnight. Foreign-exchange revenue followed. So did household scarcity, a permit freeze, and a 2026 power cut. Cheap is not the same as available.
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A small Himalayan state used surplus hydro — and a sovereign holding company — to mine Bitcoin at national scale. The lesson is power and custody, not a catalogue of machines.
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Why sophisticated capital is evaluating mining not as speculative hardware, but as energy-adjacent infrastructure with multi-year optionality.
Read article →Curtailment, baseload monetisation, and co-location: a practical framework for generators exploring Bitcoin mining as a demand partner.
Read article →Custody, counterparty risk, operational SLAs, and exit optionality — questions principals should ask before committing capital.
Read article →BTC-backed credit can preserve a stack while funding hash. It can also force the sale the holder was trying to avoid.
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