jophda> looking for a good result here >A sea of red in my...

jophda> looking for a good result here >A sea of red in my portfolio at the moment >

I hear you. And the scary thing is I understand that the US market is closed today. (*1) But The bitcoin market is open 24x7. It's lost ... a lot. What is the rest of the world going to do while the US is insulated?. It's possibly going to be a wild ride on the ASX today

In other news - Why do we care? ie Why do BYE shareholders care what bitcoin and it's ilk are worth?

We are in the energy market. And Bitcoin uses 127 terawatt-hours (that exceeds the annual Norway consumption) (*2). My understanding is that "miners" who maintain the transactions are paid in bitcoin. If bitcoins value goes down below the cost of the power it uses then it becomes uneconomic to keep going and people will shutdown. Depending on your power source that moment will vary. Got excessive Solar? Run it into bitcoin. Got a fracking well that's not connected to the gas pipeline and you can't flare? Generate power and run it into bitcoin. (*3) (*4)

So the question becomes Is this bad or good for the price of gas?

Gas Price goes up
My understanding is that the rules to stop flaring have been in place for sometime. But with Biden in charge , these rules are being more strictly enforced. I have no evidence to support these claims, only Hearsay (*5). None the less, if a well is losing money now, due to a drop of bitcoin value the well might be shut down or become less profitable.

Gas Price goes down
Less bitcoin activity means less power usage. Cheaper gas prices.

Price goes up and down (a regulator is lost)
Could we get both? When the wind blows and the sun shines we can get an excess of power. Energy companies can actually be fined to produce power. It's a good move to "burn" the electricity and create value by mining bit coin when you have excess. With a world wide market (something called the internet) this results in production of bitcoin 24x7. As the price of bitcoin goes down, this regulator might be lost in the energy market as it becomes uneconomic to produce bitcoindo so. This may affect green tech profitability.

Conclusion

Badger is buggered if he knows.

All disclaimers. I really don't know what I am talking about. Also what sort of holiday is called "Juneteenth"?

(*1) https://www.standard.com/individual/retirement/stock-market-and-bank-holidays
(*2) https://www.forbes.com/advisor/investing/cryptocurrency/bitcoins-energy-usage-explained/
(*3) https://www.cnbc.com/2022/02/12/23-year-old-texans-made-4-million-mining-bitcoin-off-flared-natural-gas.html
(*4) https://oilmanmagazine.com/how-and-why-natural-gas-flaring-is-being-used-to-mine-bitcoin/
(*5) https://www.offshore-technology.com/news/restrictions-on-gas-flaring-and-fracking-may-increase-if-joe-biden-becomes-the-us-president-poll/