Bitcoin investors take historic bath!

In just three days last week, Bitcoin investors saw the largest realized loss ever—losses locked in by trading—as a Bitcoin sell-off saw investors bleed $7.3 billion, according to blockchain analytics provider Glassnode. The last month has seen a sustained crash that pushed Bitcoin’s price below $20,000 for the first time since 2020.

About 555,000 Bitcoins were traded between prices of $18,000 and $23,000, according to the firm. Long-term holders liquidated about 178,00 bitcoins at prices below $23,000, with a number of them realizing losses as high as 75 percent. “The last three consecutive days have been the largest USD denominated Realized Loss in Bitcoin history,” Glassnode wrote in a tweet on June 19.

Bitcoin miners have been feeling the pain beyond wallet balances, however. The Financial Times reported that shares in listed mining companies like Marathon Digital and Hut 8 have fallen around 40 percent over the past month, with some firms having to take machines offline as energy costs increase, Bitcoin’s price drops, and funding has dried up from capital markets…

To quote the late, great, Jerry Lester…”And away we go!”

Say Goodbye to Thermal Coal


Click to enlargeEdward Burtynsky

❝ ,,,Just one year ago, in his 2018 State of the Union address, the president claimed that his administration “ended the war on beautiful, clean coal.”

If the war on coal is over, peace for coal is a curious-looking thing.

❝ 2018 was a particularly bleak year for the industry. Coal capacity retirements actually doubled in 2018 compared to 2017, and coal production was largely flat. Recent projections from the Energy Information Administration don’t show the conclusive end of the coal industry any time soon, but they do show that coal may have reached a point of no return, despite all the rollbacks of environmental regulations that the Trump administration has proposed or enacted…

❝ In President Trump’s State of the Union speech, this year, he didn’t mention coal once…

Metallurgical coal is still needed. Specific chemical requirements in legacy steel-making processes continue. Thermal coal? Natural gas is going to take care of that easy-peasy.