Less Noise, More Signal This company will own more Bitcoin than Strategy
Dec 18, 2025
In this discussion, Mitchell Askew, the Head Analyst at Blockware and expert in Bitcoin mining economics, shares his journey and insights into the evolving Bitcoin landscape. He explores the dynamics of Bitcoin mining and energy demand, the impact of seasonal weather, and how miners support energy grids. The conversation also covers Wall Street's growing interest in Bitcoin, market predictions for the next few years, and the exciting potential of companies like MicroStrategy and 21Shares in the crypto space.
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Miners Smooth Grid Demand
- Bitcoin miners act as a flexible energy buyer that turns off during residential peak demand and during bad weather.
- This behavior smooths grid load and monetizes otherwise wasted energy production.
Curtailment Is Both Contract And Market Driven
- Miners often have contractual curtailment arrangements and get paid or receive lower rates to unplug during peaks.
- Variable power pricing also forces unprofitable miners to turn off without contracts.
Hash Rate Follows Price With Lag
- Hash rate lags price because building new facilities takes months, so capex follows price with a 6–12 month delay.
- Expect slower hash growth in 2026 if miners delay investments during price weakness.