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Comment by repomies69 | Hacker News Reader

This article has really nothing to do with Bitcoin itself. It is just a story how stupid investors are pouring money to companies that have the Bitcoin in its name, without really going through the business at all.

These companies have been ridiculously lousy investments. Borderline scams, when you look at executive compensation.

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It has "nothing to do with Bitcoin itself" in the sense that it's about the economics of mining, which has everything to do with bitcoin and its valuation.

it's about the economics of mining _using an external source of capital_. the more significant interaction is not between the ASICs and the bitcoin rewards, but the companies and their investors. in that sense, it's more accurate to say it has "everything to do with public stock markets".

the author gives the oil analogy. the oil wells themselves have very similar economics to mining. it's the relationship between these similar operations and the investors which sets them apart more than the activity they're involved in.

> This article has really nothing to do with Bitcoin itself. It is just a story how stupid investors are pouring money to companies that have the Bitcoin in its name, without really going through the business at all.

How do you figure? Much of the (featured) article is centered around hashrate to bitcoin production ratios over time. Literally one the central features of bitcoin.

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