JB

At least Claude admitted it. @AnthropicAI #opus47

@unusual_whales Unusual whales is a left-wing propaganda distribution machine that just happens to have an options data service…

Senator Durbin: The mess we find ourselves in today is one the president has helped to create through his narcissism, impulsiveness, crude threats and lack of planning.

I’m noticing a lot of foreigners who seem to not understand why we’d risk hundreds of lives, spend millions of dollars, and sacrifice several aircraft to rescue one guy. And the reason they don’t understand is also the reason people can’t be made American by a piece of paper.

Thank God! USA! 🇺🇸 🇺🇸 🇺🇸 x.com/redwavepress/s…

@martypartymusic @openclaw All of that for $10/month via GH copilot. It’s nuts what you can accomplish with these!

@martypartymusic @openclaw It’s crazy time to be alive! I’ve got 3 agents running. One to setup openclaw, another to setup trading bots, another to do setup local servers on my network and secure everything. Claude Opus 4.6 is running the show.

Got my @openclaw running - you have no idea how advanced this is. Mind blown.

@MWi_EW You must be a bot…

$MARA Be honest… who’s still holding this thing? If you survived $MARA this cycle, you’re officially built different. 😅 This has been one of the worst performers of the entire $BTC bull run. But - ironically - the chart is finally getting interesting. 🍁 Primary expectation (solid line) The brutal 2-year correction might be close to ending. If price stays above $6.61, wave 3 could target $56. Yes - $56. Sounds insane right now… but that’s what the structure says. ☘️ Secondary scenario (white dotted) If $6.61 breaks, it gets ugly. Like “don’t even look at the chart for a while” ugly. So tell me… Are you still holding? Still believing? Still part of the 1%? I’m curious how many $MARA survivors are left. 😄

@CK_Cryptoklepto I want EDF and MPLX finalized, then more announcements similar to MPLX, maybe with Chevron. Then any kind of legit goverment partnership.

$MARA Retail 1% Shareholder Poll: What high potential MARA partnership are you most excited to see a formal announcement about?

Thanks for this. I was wondering if $MARA was the only institution they were stacking. Guess not, but very interesting that they don’t hold $IREN or they dumped. Also, these tutes have been stacking $MARA for a while now. They’ve been through several major ups and downs in the last few years. I assume they are “cash flowing” via options and trading around their positions, but I know nothing.

New Chart: Fintel Data This chart aggregates Q3 institutional ownership for JP Morgan, Vanguard, BlackRock and State Street for $MSTR $MARA $MTPLF $RIOT $CLSK $HUT $ASST $NAKA $ABTC and $IREN Green = Increase compared to Q2 Red = Decrease compared to Q2 Black = New or No Change

Its definitely an interesting scenario. It’s one thing to corner the market on something that everyone wants or needs and another thing if no one wants it. Who will be the exit liquidity? Wishful thinking -> $MARA is a national security asset for their hash, energy, and BTC -> Government becomes the exit liquidity.

So with retail down to 1% ownership of $MARA, what happens next? Do the strong institutions spread FUD and sabotage the weak institutions and try to get them to panic sell their shares? Or do they work together now to mark it up and then take profits as a team? Any guesses?

@DePlorable24_28 @FBIDDBongino He called Massie twice. Once in the morning and once in the evening. #dumbass

Congressman Massie, When Director Patel and I entered on duty in our leadership positions in the FBI we had our hands full, but we were happy to be part of the President’s team, and we still are. Despite the multitude of challenges we faced, one of our first initiatives was to aggressively pursue a new strategy to investigate the January 6 pipe bomb, terror attack. We brought in new personnel to take a look at the case, we flew in police officers and detectives working as TFOs (task force officers) to review FBI work, we conducted multiple internal reviews, held countless in person and SVTC meetings with investigative team members, we dramatically increased investigative resources, and we increased the public award for information in the case to utilize crowd-sourcing leads. This is only a small sample of the work the FBI personnel and leadership team have put into this critical investigation. When I spoke with you yesterday a little after 8am ET (screenshots attached), I offered you an in-person brief on our work. We spoke for ten minutes. I called you back a bit after 7:30pm ET to again make that offer. You didn’t answer and have yet to call me back. Despite this, you continue to imply that the Director and I are targeting investigators in the case. This is disgusting, even by the low standards many have for politicians. You know my number, and you’re free to call me anytime. But it’s easier to tweet and throw BS bombs. Yes, our leadership team will be meeting with FBI team members today, and we will avail them of all the whistleblower resources they need to disclose ANY evidence of malfeasance in the prior administration. And we will ask about threads that may have gone un-pulled under prior leadership, because we are passionate about solving this case. But a week of near 24-hour work on RECENT open source leads in the case has yet to produce a break through, and some of the media reporting regarding prior persons of interest is grossly inaccurate and serves only to mislead the public. I proudly serve in this administration, and I proudly work with Director Patel to reform and advance the crime fighting and national security missions of the FBI. We would love to have you as a partner in this mission, rather than a dog barking behind a fence.

@onewordtrader I expected $MARA to be at $40 when $BTC went to $100k. But the market doesn’t value $BTC treasury at the moment or thats the only thing they value and they don’t value anything else about $MARA.

@ToucanSam2025 @grok why are institutions buying $MARA? Are they buying other miners like $IREN?

$MARA The institutions are still in the room, gobbling up all the lettuce hands shares. Blackrock wouldn't buy 15% of Mara if they didn't know the stock price will be much higher at some point.

@bobleewaggeris I asked grok what the mining revenue would be per MWH and it’s supposedly in the $1-2k range. Way higher than the tolling rate. Not sure that’s correct, but if it is, I think this deal is amazing because of the revenue floor.

@bgdisc What do you think of the deal? I like that it’s got a built in revenue floor. Unclear what the capex will be though

I like this deal. If $MARA executes, it looks very strong. Quick math 👇 $45/MWh tolling fee x 400 MW × 90% uptime = ~$141M annual run-rate. Scale to 1,500 MW = ~$532M. That’s before any compute revenue (BTC or AI). Realistically, this could exceed $1B+ with both layers online. The kicker is modular buildouts should mean much lower capex than centralized hyperscale data centers which bring higher returns, faster scaling.

#### 3. **Opportunity Cost: Yes, That's Where $0.045/kWh Comes In** - Your intuition is spot-on here—the **opportunity cost** of using power for mining *is* $0.045/kWh, because that's the reliable revenue MARA forgoes by not tolling it to MPLX. - Economic Rule: Opportunity cost = Best alternative use. For non-tolled power, the alternative is selling to MPLX at $45/MWh (fixed, hedge against volatility) or to ERCOT (wholesale prices average $30–$60/MWh but can hit $5,000/MWh in peaks or drop to negative). - MARA's "optimize electrons" playbook (highlighted in analyst notes, e.g., VanEck's Matthew Sigel) means they'll dynamically allocate: Toll for baseline stability, mine/AI when compute margins exceed $45/MWh equivalent. - **Implication for Mining Economics**: - Post-Bitcoin halving (April 2024), mining margins are tight—breakeven all-in costs are ~$50k–$60k/BTC at current ~$100k/BTC prices. - With ~$0.01–$0.02/kWh explicit cost, mining is highly profitable. But if opportunity cost pushes effective cost to $0.045/kWh, MARA only mines when hashprice (revenue per TH/s) justifies forgoing the toll (e.g., >$0.045/kWh net after efficiency losses). - This creates a "floor" for compute decisions: Pivot to AI/HPC (higher margins, $0.10+/kWh equivalent) or toll if mining dips. #### 4. **Is Your Assumption Wrong? Partially—But It's a Smart Economic Lens** - **Wrong on Explicit Cost**: No, MARA's actual cash cost for self-use isn't $0.045/kWh—it's lower, making the gas-powered mining ultra-competitive. - **Right on Opportunity Cost**: Absolutely, that's the implied "hurdle rate" for internal use. It doesn't *increase* MARA's costs but sets a decision threshold: "Is mining worth more than $45/MWh to us?" - **Deal-Wide Impact**: This hybrid model de-risks MARA—tolling provides ~$141M/year initial revenue floor (at 400 MW, 90% uptime), while mining/AI adds upside. It's why the stock popped ~15% post-announcement (Nov 4–5, 2025). | Cost Type | Value ($/kWh) | Applies When... | Impact on Mining | |-----------|---------------|-----------------|------------------| | **Explicit (Out-of-Pocket)** | ~$0.01–$0.02 | Using power internally | Lowers breakeven; enables profitable mining even at low BTC prices | | **Opportunity** | $0.045 | Forgoing toll to MPLX | Hurdle for allocation; mine only if margins > this | | **Blended (w/ Tolling Mix)** | $0.02–$0.04 (est.) | 50/50 split toll/mine | Balances stability + growth; hedges volatility | If definitive agreements reveal more (e.g., gas pricing details), this could refine further—MARA's IR updates post-LOI will be key. For now, this setup supercharges MARA's energy edge without the toll fee becoming a self-imposed cost.

Here is Grok’s response: ### Understanding Electricity Costs for MARA's Mining in the $MARA-$MPLX Deal Your assumption touches on a key economic nuance in energy-tolling structures like this one: the interplay between **explicit costs** (what MARA pays out-of-pocket) and **opportunity costs** (what they forgo by not selling the power). However, the $45/MWh tolling fee doesn't directly translate to an electricity cost of $0.045/kWh ($45/MWh = $0.045/kWh) for MARA's own mining operations. Let me break this down step-by-step, based on the deal's mechanics from the LOI and standard tolling economics. #### 1. **Recap of the Tolling Structure** - **MPLX's Role**: Supplies natural gas (likely at a low or subsidized cost, given stranded Permian Basin gas often trades below $2/MMBtu) to MARA's gas-fired power plants. - **MARA's Role**: Owns, builds, and operates the plants (initial 400 MW, scalable to 1.5 GW) and adjacent data centers. MARA converts the gas to electricity. - **Tolling Flow**: For the portion tolled to MPLX, MPLX pays MARA a fixed $45/MWh "toll" fee. In return, MPLX gets the generated electricity for its operations (e.g., powering pipelines or customers). This fee is MARA's **revenue**—it covers MARA's fixed costs (capex amortization, O&M, etc.) for that power block, plus a margin. - **Flexible Deployment**: The plants aren't dedicated solely to MPLX. MARA's strategy emphasizes "optimizing electron deployment": - Toll to MPLX for steady cash flow. - Use the rest for internal loads (Bitcoin mining, AI/HPC). - Or sell excess to the grid/ERCOT if prices spike. - The deal explicitly supports "bitcoin mining, AI/HPC workloads" alongside tolling, meaning the facilities are multi-purpose from day one. #### 2. **MARA's Explicit Electricity Cost for Mining (Using the Gas)** - **Near-Zero Marginal Cost**: When MARA uses the generated electricity for its own mining rigs (or AI servers), the **out-of-pocket cost** is effectively $0.045/kWh **minus** the toll fee they *would have earned* if selling to MPLX—but since they're not tolling that portion, they don't pay the toll; they just consume it internally. - Key: The toll fee is **paid by the off-taker (MPLX)** to the generator (MARA). MARA doesn't "pay" the toll for its own use—it's revenue when tolled, and a saved expense (no transmission/grid fees) when self-consumed. - Fuel (gas) is supplied by MPLX at cost or below-market rates as part of the integrated deal, so no additional fuel expense for MARA. - **True Marginal Cost**: Closer to $0.01–$0.02/kWh, based on: - Variable O&M (maintenance, labor): ~$5–$10/MWh for efficient gas plants. - No fuel pass-through since gas is "facilitated" by MPLX. - This aligns with MARA's existing low-cost power profile (e.g., their Q3 2025 earnings imply blended energy costs under $0.04/kWh across sites, but this deal targets even lower via stranded gas). - In short: MARA's mining electricity from these plants is **cheaper than the toll fee**, not equal to it. The deal secures "abundant, low-cost energy resources" for MARA's compute, per announcements.

@CK_Cryptoklepto This was an excellent interview. I also caught that he mentioned 55k BTC. In 90 days, $MARA will hopefully have finalized the Exaion and $MPLX deals. Those will be the initial indicators on whether they are executing.

At the 1:30 mark of this interview, CEO Salman Khan mentions that subsequent to Q3 end, $MARA now has acquired close to 55K $BTC on the balance sheet Also in the Q3 10Q, MARA revealed that they hold $600 million in "U.S. government bills" (55K x $100K) + $600m = $6.1 Billion

@CK_Cryptoklepto When do you think those new nuclear projects will come online? Do you think it will be while $MARA has the “exlusive window”?

EDF has been making massive moves this week with new Nuclear Projects Exaion will have a two year exclusive window to monetize new EDF energy projects upon the closure of the deal with $MARA and then will be the preferred partner as EDF will continue to be an Exaion shareholder