Wednesday at Mining Disrupt, Mike Hamilton represents Elektron on the Fork Around and Find Out panel. Our VP of Technology and Engineering, 11:25 AM ET.
Bitcoin mining is capital, energy and execution.
@alphazeta is building at that intersection.
As Founder and CEO of Elektron, Rapha Zagury works on large-scale Bitcoin mining infrastructure.
Join his talk in Lugano and explore mining from first principles.
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Now the other claim: that Bitcoin mining wastes energy.
In much of today's debate, energy use is treated as a moral failure, a quantity to minimize rather than a force to optimize. History says otherwise. Every major leap in human prosperity, from fire to steam to electricity,
Mining is a bad business. It is the claim heard most often, and for most operators it happens to be true. So concede everything true in it.
Mining is capital intensive. The hardware depreciates fast. Revenue is set by a global commodity price you do not control, denominated in
When markets fall, you hear the same line. I'll take my money and wait on the sidelines.
Sounds reasonable. Often expensive. Market timing is brutally hard.
4/5
You see the next movement and mistake it for the whole route. You stare at a red candle and decide the thesis failed.
Sometimes it did. But often you are just standing in the wrong place along the coastline.
5/5
The fundamentals remain intact. Fixed supply, predictable issuance, no central bank, no company that can dilute it. None of that changed in May.
We keep building.
Full letter from our CEO Rapha Zagury:
Get ready for powerful insights, real-world strategies, and conversations that move the industry forward.
Meet San Naidoo @ElektronEnergy July 21-23, 2026 at Mining Disrupt.
Every cycle has its obituary phase. The Bitcoin obituaries are being written again.
99Bitcoins keeps a running archive of them. Every entry was written by someone who thought the argument was over.
5/6
Larry Fink called Bitcoin an index of money laundering in 2017. He filed for a BlackRock ETF in 2023.
In 2026, IBIT is one of the largest Bitcoin vehicles in the world.
6/6
Intelligence is multidimensional. So is Bitcoin. You can be a genius in one field and still miss it through the wrong lens.
The market eventually forces everyone to update.
Full letter from our CEO Rapha Zagury: