To investors,

I thought it would be fun to assemble the most breathtaking photos that I could find related to bitcoin mining as we head into Thanksgiving here in the United States. The bitcoin miners spend immense time, effort, and capital to help secure the world’s strongest computer network. Here are some visualizations of their work:

These are two Bloomberg photographs from inside Bitriver, the largest data center in Russia, which is attached to the Bratsk aluminum plant (the largest in the world). You can see that they have 3-story high stacks of bitcoin miners that run 24/7/365. This 100 megawatt facility requires immense cooling from fans that run throughout the building, which is insane to think about since the data center is located in an incredibly cold climate.

This is a photo of Bitmain’s mining facility that was previously operated in Inner Mongolia, China. You can see that the site held rows of buildings that were outfitted to run bitcoin miners, including the sides of each wall containing the necessary cooling to run the machines all day, every day.

Inside of Bitmain’s Inner Mongolia site, you can see that they simply had racks and racks of bitcoin miners constantly working to produce as much bitcoin as possible.

The Bitfury mining farm in Amsterdam is one of the cleanest ones that you will likely find. This was rumored to have started as early as 2011 by Valery Vavilov.

In contrast, the Dalian mining farm in China may not look like much from the outside, but this location was mining approximately 750 bitcoin per month at one point. They were also able to boast at the time that they were one of the largest bitcoin miners in the world.

This is an iconic photo from TIME that shows a bitcoin mining farm located right next to a hydropower station in Sichuan region of China.

Here we have one of Crusoe Energy’s gas flare mitigation sites in Montana. Not only do these types of bitcoin mining farms prevent destruction to the environment, but they are a great way to monetize power that was previously hard to profit from. It is a win-win for the energy producer and the bitcoin miners.

This is a photo of liquid immersion bitcoin mining machines at a Beeminer facility. You can see how closely packed the machines are, along with how effective the liquid cooling must be in order to efficiently run a setup like this.

Lastly, this is a picture of the geothermal energy facility that is built into a volcano in El Salvador, which is now home to bitcoin mining equipment thanks to the country’s President and his new interest in bitcoin. Also, the Blockstream team was recently on the ground in El Salvador and was able to hook this bitcoin mining facility up to their satellite infrastructure, which is pretty cool too.

I share these photos with each of you today because it is a reminder that there is a lot of incredibly cool stuff going on to support and secure the bitcoin network. The system has no CEO, no employees, and never raised a dollar of venture capital money. People from around the world have flocked to it though and they continue to make it more powerful over time.

Enjoy your Thanksgiving with family and friends. I won’t be writing Thursday or Friday this week, so I will talk to you all again on Monday.

-Pomp

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