Bitcoin miner’s green patina is fool’s gold

the European Union to ban cryptocurrency mining to help meet energy transition targets.

In that context, the green hue to three-year-old Iris proved timely. It touts a strategy of locating operations in markets oversupplied with clean energy where the Australian company also theoretically is positioned to help support electricity grids when needed. It’s better than depending on fossil fuels, but it is massive energy consumption nonetheless for an activity with dubious economic or social benefits. The business model also can be replicated.

There’s no shortage of other worries. Founders Daniel and William Roberts stepped back in to run Iris in September after parting ways with a chief executive who lasted less than five months. The brothers also will keep control with a special class of stock, relegating ordinary shareholders to second-class status.

That may partly explain a valuation discount using a quirky measure of anticipated computing power known as contracted hashrate capacity. Having priced shares on Tuesday above the targeted range, the enterprise will start trading at a little more than 100 times that figure, a comparatively modest multiple. Larger rival Marathon Digital

, with a similar mining speed target, fetches over 400 times. Using the somewhat more conventional multiple of revenue, however, Iris is commanding a notable premium to many peers, in a further sign that the green patina is fool’s gold.- Bitcoin miner Iris Energy said on Nov. 16 that it raised about $232 million in an initial public offering that values the company at about $1.6 billion after pricing its shares at $28 apiece, above a previously targeted range of $25 to $27.

Looks like another 10 years need to pass with persistently high inflation for ordinary people to understand that current debt system is the problem, not bitcoin.

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