MetaMask launches Ethereum staking
WEN STAKING?
— MetaMask ?? (@MetaMask) January 13, 2023
We are extremely happy to announce that you can now stake ETH with Lido or Rocket Pool through the Portfolio Dapp?
?https://t.co/HVLvcSDbw6 pic.twitter.com/9VkiU5jlsw
Staking crypto can be a daunting task but we’ve made it easy ?
— MetaMask ?? (@MetaMask) January 13, 2023
MetaMask Staking allows you to interact directly with the Lido and Rocket Pool protocols – no sketchy third-parties doing your staking for you.
Read all about it here?https://t.co/3qQlxMUEjK
MetaMask Staking allows *YOU* to contribute to improving the security and decentralization of a healthy, censorship-resistant Ethereum network ??
— MetaMask ?? (@MetaMask) January 13, 2023
❤️ We’re always working to bring you more ways to interact with the best of web3.
— MetaMask ?? (@MetaMask) January 13, 2023
Let us know what you think about MetaMask Staking here: https://t.co/IKAG8OaQbQ
Former BitMEX CEO Shares Thought on SBF’s Substack
.#SBF_FTX
— Arthur Hayes (@CryptoHayes) January 13, 2023
1/
The exchange should never lose money if a customer gets liquidated. There is no excuse giving you hedge fund alameda an account with liquidation turned off.
2/
— Arthur Hayes (@CryptoHayes) January 13, 2023
All this talk about what Alameda did is misdirection. It doesn’t matter how they hedged or didn’t hedge, or what dogshit was in their portfolio.
3/
— Arthur Hayes (@CryptoHayes) January 13, 2023
If you want to do some explaining tell us why you thought it was a good idea to give your hedge fund an account with the liquidation feature turned off?
4/
— Arthur Hayes (@CryptoHayes) January 13, 2023
If you had liquidated Alameda like any other FTX punter, FTX would still be operational. It’s just that simple.
5/
— Arthur Hayes (@CryptoHayes) January 13, 2023
So stop talking about Alameda and tell us how you approached risk management at the FTX level. Why were some clients treated differently than others. I am keen to understand why you thought turning off liquidation on a $bn notional position was prudent.
The public miners sold more bitcoin than they produced in 2022
Last year was devastating for the #public bitcoin miners.
— Jaran Mellerud (@JMellerud) January 13, 2023
This thread summarizes the public mining year of 2022?https://t.co/Z4wVwQEc7C
It's hard to imagine how 2022 could have been any worse for mining stocks.
— Jaran Mellerud (@JMellerud) January 13, 2023
They suffered from the following:
– Falling #bitcoin price
– Growing global hashrate
– Rising energy costs
– Deteriorating access to capital
Let's look at performance.
— Jaran Mellerud (@JMellerud) January 13, 2023
The HI Crypto Mining Stock Index fell by a staggering 78% in 2022. Meanwhile, the #BTC price dropped by 65%, and the Nasdaq declined by 33%. pic.twitter.com/DGgMVRmZBu
Mining stocks can give investors high beta exposure to bitcoin. Unfortunately, this property also holds true during the worst bitcoin bear markets.
— Jaran Mellerud (@JMellerud) January 13, 2023
In 2022, the daily correlation between the Hashrate Index Crypto Mining Stock Index and bitcoin was 0.96.
Let’s look at the individual performances of bitcoin mining stocks.
— Jaran Mellerud (@JMellerud) January 13, 2023
Most pure-play #bitcoin mining stocks fell by 90% or more in 2022. pic.twitter.com/qEc23kiTlj
The once mighty valuations of #bitcoin mining companies evaporated as stock prices plummeted. pic.twitter.com/jYnSPNIId5
— Jaran Mellerud (@JMellerud) January 13, 2023
At the bull market's peak in November 2021, the total market cap of bitcoin mining stocks stood at more than $30 billion. Currently, this number sits below $3 billion.
— Jaran Mellerud (@JMellerud) January 13, 2023
Riot and Marathon are now the only mining stocks with relatively significant market caps.
— Jaran Mellerud (@JMellerud) January 13, 2023
All other mining stocks have been reduced to micro caps (below $300 million market cap).
Many stocks exited 2022 below Nasdaq’s $1 per share listing requirement, including Core Scientific, Bitfarms, Stronghold, Cipher, Greenidge, Sphere 3D, Terawulf, Bit Digital, Hut 8, and Mawson.
— Jaran Mellerud (@JMellerud) January 13, 2023
Unless mining conditions improve, we expect Nasdaq to delist some of these miners.
Driven by market incentives, public miners expanded as quickly as possible in 2022.
— Jaran Mellerud (@JMellerud) January 13, 2023
Public miners started the year producing 14% of Bitcoin’s hashrate and ended the year at 19%. pic.twitter.com/Egrfo0hXex
Still, only one of the public miners reached their 2022 hashrate targets.
— Jaran Mellerud (@JMellerud) January 13, 2023
These massive divergences between hashrate expansion plans and actual results should teach investors how challenging it is to grow a mining operation. pic.twitter.com/rd71gHwafe
The public miners sold more bitcoin than they produced in 2022.
— Jaran Mellerud (@JMellerud) January 13, 2023
Between January and November, the public miners offloaded 51,180 #bitcoin while producing 47,284 bitcoin. pic.twitter.com/cnvcafikL1
As the bitcoin price fell in 2022, miners didn’t have access to the same equity and debt financing as in 2021, and suddenly we saw several of the seemingly strongest hodlers offload their bitcoin holdings.
— Jaran Mellerud (@JMellerud) January 13, 2023
The biggest challenge for most public miners in 2022 was their massive debt levels relative to equity.
— Jaran Mellerud (@JMellerud) January 13, 2023
As 2022 came to a close, indebted companies were ravaged by falling hashprice. All but one of the miners listed above had to reorganize their business by the end of the year. pic.twitter.com/xIvYsQA86G
Part of the reason why public miners struggled in 2022 was that their capital tap was shut off. For the past two years, the public miners became accustomed to strong equity and debt markets.
— Jaran Mellerud (@JMellerud) January 13, 2023
In Q3, they only managed to raise $33 million. pic.twitter.com/2nwfOam5cU
