July 12, 2022

🥛 The Latest Seller: Bitcoin Miners

GM. This is the Milk Road. We take the best ingredients in crypto and roll them up into the perfect burrito for you. Plus, the guac is free!

Here’s what’s on the menu today:

  • The latest sellers: Bitcoin miners

  • Weekly crypto funds report

  • Bite-sized treats

  • Meme of the Day


Crypto has been one massive game of dominos. And no one wants to be next.

But to be honest, everyone has been feeling the impact… From the big kahunas (VCs) to the little fish (retail investors).

The Bitcoin Miners are no exception.

While other players carelessly mismanaged their money and took crazy bets (*cough 3AC cough*), the miners didn't. But they're still in trouble right now.

Here's how it works:

Miners invest in expensive equipment.

The goal? Mine Bitcoin to make a profit. Duh.

But when Bitcoin crashes faster than my grandma after 7pm, and the cost of mining is still an arm and a leg, we have a problem.

We call this getting "second-hand rekt." 

At that point, miners are paying more to mine than what they make from the actual mining.

This forces them to sell the BTC they have in their piggy bank (aka the reserves).

Just look at the recent numbers from a few publicly traded companies. It ain’t lookin’ pretty….

The silver lining? These sell-offs already happened last month, which means the market has absorbed them. But this is definitely a trend we're keeping an eye on.

The Milk Road's Take: What a rough time to be a Bitcoin miner. If we had to make a playlist for them, this is what it might look like….


The results for the latest Weekly Crypto Funds Report are in… there was a total inflow of $15m last week.

Back-to-back weeks of inflows! (Queue Drake)

Here are some of the top takeaways:

  • ETH continues the momentum. 3 straight weeks of inflows for ETH after 11 straight weeks of sell-offs prior to that. Vitalik the Comeback Kid! 

  • Altcoins are still pretty inactive. Altcoin markets have only seen an inflow of ~$300k this month. ETH & BTC have been hogging up all of the action.

  • Investors are still shorting Bitcoin. US exchanges saw 76% of their inflows from crypto funds going towards Bitcoin Short positions. No surprise here as the first-ever U.S-based short-BTC ETF launched a few weeks ago.


Crypto is hard. It's even harder when you're looking at 10+ charts and spreadsheets to keep track of your investments and how they perform.

That's why we use Delta.App to track everything happening with the Milk Road Public Wallet (where we hold ETH and a Punk right now)…even when it's in the red.

Delta's tracking app lets us manage and track our live performance, all in one place so we can focus on other things.

You can try it right now and never lose track of your portfolio again!


Poundtoken is the newest stablecoin to hit the block. It’s fully backed by the British Pound (GBP). *Checks notes*: 3 of the top fiat currencies in the world all have stablecoins now.

Polygon has recently recruited ~50 projects that were once part of the Terra ecosystem. We always tell ya to follow the developers to see where the next big thing might be! Milk Road Rule #42: Follow the Nerd, stay ahead of the Herd.

After weeks of delays, Gamestop has officially launched its NFT marketplace. Better later than never.

OKX, a crypto exchange, inks a new $20m deal to sponsor Manchester City jerseys next season. Ready for the kicker? They’re practice jerseys…

Polkadot partners with Revolut to launch Crypto Learn, a new “learn-and-earn” platform. You’ll get crypto rewards after completing short quizzes for each course.

Playboy partners with Sandbox metaverse to build a MetaMansion.


Iconic, this guy deserves a spot in the sign-holding hall of fame 🤣

That's all for today folks. See ya mañana!

Shaan "Chocolate Milk" Puri, Ben "2% Milk" Levy & Diego "El Lechero" Salinas

A Review from the Road…

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.