VNISH

Friday. The mining week, condensed. BTC: $62,700 Hashprice: $32.51 ($28 a week ago) Difficulty: 124.93T (−10.09%) 1. June 13: difficulty fell 10.09% — second-largest drop of the year, 11th-largest in network history. Hashprice jumped 13% over the weekend. Machines that were underwater last week are back in profit without BTC moving a dollar. 2. Then JPMorgan dropped their note yesterday: estimated BTC production cost is $78,000. Current price is $62,500. About 20% of miners are unprofitable. CoinDesk's long view: BTC has been below production cost for five straight months. June down 15%. 3. This doesn't cancel the relief from the adjustment. It explains why the adjustment matters. A 10% difficulty cut decides who stays in the game when one in five operators is already underwater. 4. Network hashrate down 23% from October's peak (1.151 ZH/s → 0.888 ZH/s). October was also the $125K BTC all-time high. Price and capacity rolling over together. 5. Per-machine income after the adjustment: ~9% higher. Same power, same hardware. For the 20% of the network underwater, +9% still isn't enough. Older fleets, higher tariffs, stock firmware — these stack. J/TH efficiency at $32 hashprice is the variable that decides whether you're in the profitable group or the other one. Next adjustment: ~June 28.

💬 ADAM BACK: “WHEN WALL STREET IS 2% IN BITCOIN, BTC WILL BE $1,000,000.” ONLY 2%. These words were said about a year ago. At the time, a $1M Bitcoin sounded like a bold prediction. Today, things look a little different: • Spot Bitcoin ETFs are live • Institutional adoption continues to grow • More public companies are adding BTC to their balance sheets • Sovereign wealth funds are starting to explore Bitcoin exposure But is 2% of Wall Street capital really enough to push Bitcoin to $1,000,000? Some say the math works because Bitcoin’s liquid supply is extremely limited. Others believe a seven-figure BTC still requires much broader global adoption. What’s your view?

⚠️ Key Insight from BTC Prague 2026: Bitcoin Is Becoming the Operating System of Capital Markets At BTC Prague 2026, Michael Saylor shared a vision that goes far beyond the familiar “Bitcoin is digital gold” narrative. According to Saylor, Bitcoin is evolving into digital capital — the foundation for an entirely new financial ecosystem. He highlighted four major markets that could be built on top of Bitcoin: 🔹 Digital Credit — Bitcoin-backed lending and financing products 🔹 Digital Money — payment systems and stablecoins secured by Bitcoin infrastructure 🔹 Digital Yield — income-generating financial products collateralized by Bitcoin 🔹 Digital Equity — tokenized ownership and capital market instruments built on a Bitcoin standard The core message: Bitcoin is no longer just an asset. It is becoming the base layer for the next generation of financial products. Saylor compared Bitcoin to the bedrock of a new economic system, arguing that capital markets will increasingly migrate onto a Bitcoin-based foundation over the coming decades. And yes — he reiterated his long-term conviction, suggesting that if this transformation plays out globally, Bitcoin could eventually reach $7 million per coin. Another interesting takeaway: while Saylor personally advocates holding Bitcoin indefinitely, he clarified that companies must maintain flexibility and liquidity when necessary. Long-term conviction and practical business management can coexist. The question for miners isn’t whether Bitcoin will remain relevant. The question is how early you position yourself for a future where Bitcoin becomes the infrastructure layer of global finance.

⚡️ Network difficulty just dropped 10.09% — the second-largest cut of 2026 June 14, block 953,568: difficulty fell from 138.96T to 124.93T. Per Galaxy Research, that's the 11th-largest drop in Bitcoin's history and the lowest level since July 2025. What it means for your fleet: — every machine that's running now mines about 11% more BTC for the same hashrate and the same power draw; — you change nothing in hardware. The protocol just repriced. Why it happened — straight, no spin: The epoch took 15.6 days instead of the usual 14. Blocks came in slow, which means miners left faster than new ones joined. The reason isn't a mystery: BTC fell ~15% in June and dipped below $60K at the low, while the average production cost for public miners sits near $90K. An estimated 15–20% of the global fleet is mining at a loss right now. Here's the part that matters: The share those miners gave up doesn't disappear. It gets split among everyone still running. That window of easier difficulty is open now — and it won't last. The next adjustment is due around June 28 and looks roughly flat, so you've got about two weeks where mining is easier and competitors are fewer. What to do this week: 1. Pull your actual J/TH across the fleet — real numbers, not the spec sheet. 2. Recheck your shutdown threshold against your tariff and hashprice (~$32/PH/s/day). 3. Hold uptime. Idle hours in this window cost more than usual.

⚙️ Friday Mining Digest 7 days in mining: 📉 BTC dipped below $60K for the first time since 2024. 📈 By Friday, it recovered to ~$63.5K. ⚡ Tomorrow: one of the biggest difficulty drops of the year. Difficulty: 138.96T → ~123.88T (-10.85%) What does it mean? • Machines were shutting down faster than expected • Blocks slowed to 11+ minutes • After the adjustment, the same hardware will mine ~11–12% more BTC with the same power bill Meanwhile, miners have started accumulating BTC again after six weeks of selling — a signal we last saw near the February bottom. 🇨🇿 We’re also at BTC Prague this week, talking with operators from across Europe about profitability, efficiency, and what’s next for mining. The adjustment hits tomorrow. We’ll break down the impact in detail.

⚡️ VNISH Firmware v1.3.4 is Here Our latest update brings expanded hardware support, improved protection systems, and multiple stability enhancements to keep your miners running at their best. ⌨️ Expanded Support • Added official support for Antminer S21 Pro+ • Added support for Antminer U3S21EXPH (H1HB70604) • Improved hardware auto-detection for multiple Antminer S19 and T19 series models ⚙️ Key Improvements • Power Limit is now optional and can be enabled directly from the Advanced settings • New PSU thermal protection automatically reacts to high power supply temperatures • Enhanced Preset Switcher stability with improved fallback logic ⚙️ Optimization Updates • Fixed autotuning issues across several chip architectures • Improved hashboard domain rebalancing for more stable performance • Multiple configuration and voltage validation fixes ⚠️ Important Notice Presets have been completely reworked for: L9, S19 XP+, S21, T21, S21 Hydro, S21+, S21 Pro, and S21 XP. If you are running one of these models, a full preset retune is required after updating. Download or update your firmware today and get the latest VNISH improvements vnish.com

Bitcoin blocks are coming in at 11.22 minutes instead of 10. The adjustment estimate went from −9% to −10.85% in one week. The models can't keep up with the capitulation. June 14: difficulty drops from 138.96T to 123.88T. The network is running 1.22 minutes behind target. One of the largest downward adjustments of the year. Who's going dark: stock-firmware operators at $0.06+/kWh after the worst week since FTX (−20%), plus public miners redirecting capacity into $70B+ of AI contracts. After June 14, the same hardware mines ~11–12% more BTC on the same power bill. Production cost drops right at the price bottom. And here's what almost nobody noticed: the shift already started. Blocks are slow right now — operators still online are collecting a larger share of rewards three and a half days BEFORE the official adjustment. Difficulty drops 10%+ a couple of times a year. The difference between operators in these windows isn't hardware. It's whether the autotuner was recalibrated for current conditions or is still running February's settings.

BTC went below $60K over the weekend. First time since 2024. It's $63,500 today, up 4%. For miners, a different number matters more. Hashprice: $30.77/PH/day. Down 18% in a month. Hashrate below 975 EH/s. Machines going offline. June 13: difficulty drops ~9%. From 138.96T to ~125.94T. When that happens, the same hardware earns a larger cut of rewards. Not because the market turned — because there are fewer machines competing for the same blocks. At hashprice $30.77, stock firmware on an S19j Pro at $0.06+/kWh is running at a loss right now. On VNISH with a calibrated autotuner, breakeven shifts by roughly $5–8/day per device. That's the difference between a farm that's on and a farm that's off. Since June 5, miners have flipped to net accumulation — three days straight, after six weeks of selling. The turn happened right at the cycle low. June 13 is in five days. The operators still online get more from the same hardware when difficulty resets.

Worst week since February. BTC -15%. Miners sent 24,716 BTC to Binance in a single day. A -9% difficulty adjustment is projected in one week. What’s happening — and what miners should watch. 1. On June 2, BTC dropped 5% in a single day. $727M in liquidations. Strategy sold BTC for the first time in nearly 4 years. Record spot ETF outflows. Geopolitical tensions rising. Everything hit the market at once. 2. Miner inflows to Binance reached 24,716 BTC — the highest level since the February capitulation. It’s only the second time in 4 months that miner transfers have exceeded 20,000 BTC. This is either forced selling or large operators rebalancing positions. We’ll know more next week. 3. The next difficulty adjustment is scheduled for June 13. Current projection: -9%. Difficulty could fall from 138.96T to ~125.94T, making it one of the largest downward adjustments of 2026. 4. Here’s the part many miners overlook: A 9% difficulty drop means roughly 9% fewer competitors fighting for the same block rewards. If your machines stay online through June 13, your share of network rewards increases. 5. Analysts point to declining hashrate as a sign of miner capitulation. Historically, major miner capitulation events have often occurred near market bottoms. 6. BTC is now testing the $60K–62K range. The same zone that marked the February bottom before the rally toward $80K+. The market is under pressure. But we’ve seen this setup before. 7. February rewarded miners who stayed online while others switched off. The same question is on the table today: Who will still be hashing after June 13? Next week: 📍 BTC Prague 📍 Live coverage from the VNISH team 📍 Difficulty adjustment breakdown on release day #Bitcoin #Mining #BTC #BitcoinMining #VNISH

Cipher Mining: $5.5B with AWS. IREN: $9.7B with Microsoft. Fidelity dropped a mid-year mining report. One number from it that every operator needs to see. At 20–25 J/TH, hashprice needs to reach $60–70/PH/day before mining matches AI hosting returns. It's sitting at $35–36 right now. AWS and Microsoft basically just published a price list for miner infrastructure. Land + substation + interconnect = this much, if you stop mining. Every operator with those assets now has that number in their model. Hashrate and difficulty are both down 8–9% from 2025 peaks. Fidelity calls it "structural retooling" — capacity redirecting to AI. Next difficulty adjustment June 13, tracking around −4%. Here's what that actually means: fewer machines competing for the same blocks. If you stayed online through Q1, your share of the network is larger than it was six months ago. Not because you grew — because others left. Next difficulty −4%. Hashprice slowly climbing. Production costs falling as difficulty drops. The math is moving in the right direction for the first time since the halving. What's your current breakeven hashprice?

Mining in June 2026: What You Need to Know Right Now A new month. A new market reality. Here's what the numbers are telling us — and what it means for your operation. Key metrics to watch this June: - Network Difficulty: 137.99T — and still climbing. Competition is intensifying. Efficiency is no longer optional. - Hashprice: Recovering from March lows of $28 → now trending toward $32–38. Margins are slowly returning. The window is opening. - BTC Price: Holding steady above $72K. Stability at this level changes the math for every rig in your fleet. So what does this mean for your farm? ⚡️Higher difficulty = only optimized rigs stay profitable ⚡️ Rising hashprice = now is the time to maximize uptime ⚡️ Strong BTC = long-term planning becomes more predictable June is the month to stop guessing and start optimizing. Throughout this month, we'll be publishing in-depth analytics, breakdowns, and actionable insights — so you always know where the market is headed before it gets there.

Friday. Mining week in review — numbers first. BTC: ~$73,500 (−2%) Hashprice: ~$36/PH/s/day (+1.7% WoW) Difficulty: 136.61T. Today's adjustment: near flat. The most important things that happened this week. 1/ After 6 consecutive downward adjustments, difficulty has stabilized. Not a reversal. But the freefall is over. First constructive signal of 2026. 2/ Public miners sold 32,000+ BTC in Q1 2026 — more than all of last year. Marathon, Riot, Bitdeer are pivoting to AI. Hashrate is leaving the network. For operators who stayed: fewer competitors chasing the same blocks. 3/ Hashprice recovering: from $28–29 in February to $35–36 now. Slow. But moving in the right direction. The takeaway: Miners who didn't shut down are now in the best position in 6 months. The question isn't "will we survive" — it's "how efficiently are we running." Your J/TH is the only variable you fully control. Still running? RT 👇

⚠️Hashprice is back above $35/PH/s/day — the first real recovery signal after a brutal Q1 for miners. After months of pressure, the market is finally stabilizing: • BTC holding in the $75K–77K range • network difficulty back to ~136–137T • hashprice recovered to ~$35–38/PH/s/day • a lot of inefficient miners already forced offline If you made it through Q1 2026 without shutting down, you're in a strong spot now. What happens next? Efficiency becomes the deciding edge again. The gap between stock and optimized firmware shows up directly in your margin — and even older hardware stays profitable with proper tuning: undervolting, overclocking, power optimization. Treat the next few months as a prep window. As hashpower comes back online, difficulty climbs and margins tighten fast. That's the whole reason VNISH exists: - squeeze maximum efficiency out of every ASIC - keep farms stable and online - manage power and cooling - stretch hardware lifespan. If your rigs are running near the profitability line, now's the time to pull every last TH out of them. Download VNISH firmware and test your farm's efficiency at vnish.com

@Cointelegraph Bull market or not — margins are still won or lost on efficiency👇 x.com/vnishfirmware/…

🇺🇸 TODAY: This is Jerome Powell's last day in office. Bitcoin is up $76,000 since he started. Where will it go with Warsh?

@BitcoinMagazine Bitcoin in your head is powerful💪 Getting more of it starts with better infrastructure👇 x.com/vnishfirmware/…

A US Senator just casually explained how you can store BTC in your brain during a legislation markup: "It provides people who are being tortured in foreign countries the opportunity to walk away with their money in their head. Because Bitcoin can be memorized." Magic ✨

#BitcoinMining difficulty is expected to rise on May 15. But since January, it has dropped from nearly 148T to 132T😕 Why are #miners shutting down — and how do profitable operators survive these conditions? 🎥Watch our new breakdown. Upgraded with #Vnish: vnish.com/?utm_source=x&…

💥Another insight from @TheBitcoinConf Our Head of Sales breaks down what separates Vnish from stock and other custom firmware in #BitcoinMining — and why more #miners are rethinking optimization today🔥 Upgrade with #Vnish: vnish.com/?utm_source=x&…

🔥 Case study: Vnish reduced curtailment recovery time by 60% on a 14MW #BitcoinMining S19 XP site We optimized post-curtailment ramp-up and power restoration logic, cutting stabilization time from 25–28 min down to just 9–10 min🚀 ⚡️Upgrade to #Vnish: vnish.com/?utm_source=x&…