⚡️ VNISH Firmware v1.3.4 is Here

Our latest update brings expanded hardware support, improved protection systems, and multiple stability enhancements to keep your miners running at their best.

⌨️ Expanded Support

• Added official support for Antminer S21 Pro+
• Added support for Antminer U3S21EXPH (H1HB70604)
• Improved hardware auto-detection for multiple Antminer S19 and T19 series models

⚙️ Key Improvements

• Power Limit is now optional and can be enabled directly from the Advanced settings
• New PSU thermal protection automatically reacts to high power supply temperatures
• Enhanced Preset Switcher stability with improved fallback logic

⚙️ Optimization Updates

• Fixed autotuning issues across several chip architectures
• Improved hashboard domain rebalancing for more stable performance
• Multiple configuration and voltage validation fixes

⚠️ Important Notice

Presets have been completely reworked for:
L9, S19 XP+, S21, T21, S21 Hydro, S21+, S21 Pro, and S21 XP.

If you are running one of these models, a full preset retune is required after updating.

🤩 Download or update your firmware today and get the latest VNISH improvements

🤩 Michael Saylor at BTC Prague 2026

Michael Saylor, founder of Strategy, addressed the controversy surrounding the breach of the promise to never sell Bitcoin during the BTC Prague conference.

He stated that his advice to 'never sell Bitcoin' was directed at individual investors and that he never promised the company would not sell Bitcoin:

“Anyone who has listened to our earnings calls, read our disclosure documents, or has any common sense knows that we have been very clear over the past five years—if necessary, the company will certainly sell Bitcoin.”

⚙️ Friday Mining Digest | Week of June 12, 2026 7 days in mining: from sub-$60K panic to the year's largest difficulty drop — tomorrow

✍️ Numbers of the week
— BTC: ~$63,400 this morning, up 3.4% from Thursday's open (dipped below $60K over the weekend)
— Hashprice: ~$29–31/PH/day - at yearly lows
— Network hashrate: 878 EH/s — down 10%+ from the ~1,000 EH/s peak
— Difficulty: 138.96T → tomorrow, June 13: −10.85% adjustment

📰 Key events
1. The week's whiplash: below $60K — and back to $63.5K

Over the weekend, BTC traded under $60,000 for the first time since 2024. By Friday — recovery: markets are rallying after Trump claimed the war in Iran has ended. If a deal lands this weekend, Bitcoin has room to claw back some of its recent losses. Worth staying skeptical — "peace was near" has made headlines more than once this past month.

2. Tomorrow: −10.85% difficulty adjustment. One of the year's largest

A week ago the estimate was −9%. Today it's −10.85%: from 138.96T down to ~123.88T. That escalation means one thing: machines were switching off all week, faster than the models expected. Blocks were coming in at 11+ minutes.
After tomorrow's adjustment, the same hardware mines roughly 11–12% more BTC on the same power bill. Cost per coin drops right at the price bottom.

3. Miners flipped to accumulation

Since June 5, miners have posted several consecutive days of net BTC accumulation — the first stretch after six weeks of selling. The flip happened right at the low, same as February. The operators who survived this drawdown are now holding coins, not dumping them on exchanges.

🤩 VNISH at BTC Prague — right now
We're at Europe's largest Bitcoin conference (June 11–13, Prague). The booth is up, the team is on site, and conversations with operators from across Europe have been running morning to night. The big hallway topic is the same one we cover in this channel: who's staying in mining and how to run the numbers after the adjustment.
If you're here — come find the booth. Full takeaways from the conference on Monday.

🗓 Next week
— June 13 adjustment breakdown — published on the day
— BTC Prague recap: what European operators are actually talking about

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⚡️ Network difficulty just dropped 10.09% — the second-largest cut of 2026

June 14, block 953,568: difficulty fell from 138.96T to 124.93T. Per Galaxy Research, that's the 11th-largest drop in Bitcoin's history and the lowest level since July 2025.

What it means for your fleet:
— every machine that's running now mines about 11% more BTC for the same hashrate and the same power draw;
— you change nothing in hardware. The protocol just repriced.

Why it happened — straight, no spin:
The epoch took 15.6 days instead of the usual 14. Blocks came in slow, which means miners left faster than new ones joined. The reason isn't a mystery: BTC fell ~15% in June and dipped below $60K at the low, while the average production cost for public miners sits near $90K. An estimated 15–20% of the global fleet is mining at a loss right now.

Here's the part that matters:
The share those miners gave up doesn't disappear. It gets split among everyone still running. That window of easier difficulty is open now — and it won't last. The next adjustment is due around June 28 and looks roughly flat, so you've got about two weeks where mining is easier and competitors are fewer.

🤩 What to do this week:

1. Pull your actual J/TH across the fleet — real numbers, not the spec sheet.
2. Recheck your shutdown threshold against your tariff and hashprice (~$32/PH/s/day).
3. Hold uptime. Idle hours in this window cost more than usual.

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⚠️ Key Insight from BTC Prague 2026: Bitcoin Is Becoming the Operating System of Capital Markets

At BTC Prague 2026, Michael Saylor shared a vision that goes far beyond the familiar “Bitcoin is digital gold” narrative.

According to Saylor, Bitcoin is evolving into digital capital — the foundation for an entirely new financial ecosystem.

He highlighted four major markets that could be built on top of Bitcoin:

🔹 Digital Credit — Bitcoin-backed lending and financing products

🔹 Digital Money — payment systems and stablecoins secured by Bitcoin infrastructure

🔹 Digital Yield — income-generating financial products collateralized by Bitcoin

🔹 Digital Equity — tokenized ownership and capital market instruments built on a Bitcoin standard

The core message:

Bitcoin is no longer just an asset. It is becoming the base layer for the next generation of financial products.

Saylor compared Bitcoin to the bedrock of a new economic system, arguing that capital markets will increasingly migrate onto a Bitcoin-based foundation over the coming decades.

And yes — he reiterated his long-term conviction, suggesting that if this transformation plays out globally, Bitcoin could eventually reach

$7 million per coin

.

Another interesting takeaway: while Saylor personally advocates holding Bitcoin indefinitely, he clarified that companies must maintain flexibility and liquidity when necessary. Long-term conviction and practical business management can coexist.

🤩 The question for miners isn’t whether Bitcoin will remain relevant.

The question is how early you position yourself for a future where Bitcoin becomes the infrastructure layer of global finance.

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💬 ADAM BACK:

“WHEN WALL STREET IS 2% IN BITCOIN, BTC WILL BE $1,000,000.”

ONLY 2%.

These words were said about a year ago.

At the time, a $1M Bitcoin sounded like a bold prediction. Today, things look a little different:

• Spot Bitcoin ETFs are live
• Institutional adoption continues to grow
• More public companies are adding BTC to their balance sheets
• Sovereign wealth funds are starting to explore Bitcoin exposure

But is 2% of Wall Street capital really enough to push Bitcoin to $1,000,000?

Some say the math works because Bitcoin’s liquid supply is extremely limited. Others believe a seven-figure BTC still requires much broader global adoption.

What’s your view?

📊 Will Bitcoin reach $1,000,000 before 2030?

👍 Yes
🔥 No
⚡ Possible, but not because of Wall Street

Let’s hear your thoughts in the comments.

✍️ Friday Mining Digest | Week of June 19, 2026
Seven days in mining: the adjustment landed — and JPMorgan reminded everyone why one good weekend doesn't fix the picture.

📊Numbers:
— BTC: ~$62,700 (June down 15% — worst month since February)
— Hashprice: $32.51 / PH/s/day (recovered from $28)
— Difficulty: 124.93T (−10.09%, lowest since July 2025)
— Network hashrate: ~916 EH/s, recovering from 893

On Saturday, June 13, at block 953,568, difficulty fell 10.09% — from 138.96T to 124.93T. Second-largest drop of 2026. Eleventh-largest in network history. The new level is the lowest since July 2025.

Hashprice jumped 13% over the weekend — from sub-$28 to $32–33 per PH/s/day. Machines that were underwater last week came back into the black without BTC moving a dollar. That's the mechanic we kept writing about: when capacity leaves the network, the operators who stayed earn more from the same hardware.

Then JPMorgan published their note yesterday and reframed everything.

Their estimated cost to produce one BTC: about $78,000. Current price: $62,500. By their math, roughly 20% of miners are unprofitable right now. CoinDesk adds the longer view — BTC has traded below mining production cost for five consecutive months. Q2 is down 8%, June is down 15%, and that's the third negative quarter in a row. Longest losing streak since 2022.

This isn't a contradiction with the adjustment news. It's the reason the adjustment matters. A 10% difficulty cut is significant when 20% of the network is underwater — it determines who stays in the game next month.

And the capacity drain isn't slowing. Network hashrate has fallen from October's peak of 1.151 ZH/s to about 0.888 ZH/s by late May — down 23%. October was also when BTC hit its $125,000 all-time high. The price drop and the capacity drain are arriving together.

⚙️ What it looks like at the machine level

Analysts ran the numbers: operators still online earn roughly 9% more per machine after the adjustment. Same power costs, same hashrate, no new hardware.
For 20% of the network, even +9% isn't enough to flip them positive. That's the group on older fleets, higher tariffs, and stock firmware — the three factors stack.
At hashprice $32 and BTC $62K, J/TH efficiency stopped being about extra margin a long time ago. It's the difference between being in the profitable category or the other one.

🗓 Next week:
— Next difficulty adjustment around June 28. If hashrate keeps recovering, this could be the first positive adjustment in over a month.
— Filming starts on our YouTube channel.

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🌴 Miami, we’re coming.

The VNISH team will be attending Mining Disrupt Miami 2026 — one of the biggest events in the mining industry.

To make your trip a little easier, we’ve secured a special discount for our community:

🎟 20% OFF all tickets with promo code:

VNISH_20

Mining Disrupt brings together the entire mining ecosystem under one roof: miners, hosting providers, manufacturers, pools, and infrastructure companies from across the globe.

Planning to attend? Let’s connect in Miami and talk mining.

See you there!

⚡️Russia legalizes Bitcoin for foreign trade in seven days. July 1. And the law has specific rules for miners.

🇷🇺 Russia's law legalizing Bitcoin and stablecoin payments for cross-border trade takes effect July 1, 2026. It's the codification of a two-year pilot regime that processed roughly $11 billion in crypto-facilitated trade in 2025, per TASS.

Bitcoin doesn't become legal tender — the ruble stays Russia's only domestic currency. The law carves out a narrow licensed corridor for foreign trade: oil, metals, grain, cross-border invoicing. Access runs through eight licensed venues only. Transfers above 100,000 rubles (about $1,300) must be reported to the Central Bank and Rosfinmonitoring.

Here's what matters for the mining audience. The law addresses mining directly: Russian infrastructure requirements, formal accounting of mined assets, legislative definitions for mining pools. Mining gets full status as economic activity with legal protection for the first time — not gray zone, not experiment.

In practice, mined Bitcoin gets a legal monetization path — through one of the eight licensed venues or directly into settlements on foreign-trade contracts. That removes the gray-market discounts Russian operators have been paying for years (typically 3–7% off spot). Gray platforms like Garantex got about 12 months to transition to the new framework.

At the same time, declared mining means documented mining. Hashrate, power consumption, production over a period — these numbers come partly from the firmware layer. When the sector moves out of the gray zone, the gap between stock firmware and optimized firmware stops being just a daily-revenue number. It starts showing up in declarations, in audit trails, in negotiations with BTC buyers who need provenance.

🤩 Our read: the next twelve months in Russian mining are about a structural transition into the regulated white market. Operators who set up monitoring, accounting, and efficiency in advance will be ahead.

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⚡️ Oman just launched a mandatory state-run mining pool. Every licensed miner in the country has to use it. Second country in 2.5 years.

On June 17, Oman's Ministry of Transport, Communications and IT launched OmanHash.om. Phase one target: roughly 10 EH/s. Under the country's regulatory framework, it's the only authorized pool — no licensed operator can route hashrate anywhere else.

Oman runs about 30 EH/s today, roughly 3% of global hashrate per Hashrate Index Q2 2026 data. More than $700 million has been invested into mining infrastructure in the Salalah Free Zone since 2022, including a $370M hydro-cooled facility.

On its own, this is a regional story. But there's one detail that makes it bigger.
The contractor behind OmanHash is Enegix Global. The same company built btcpool.kz in Kazakhstan back in October 2023, after Kazakhstan passed a digital-assets law requiring licensed miners to operate through state-accredited pools. Enegix now runs about 25 EH/s across its government and commercial pools. Their stated target is 30 EH/s.

So a template has formed: country passes a law → contractor sets up the mandatory national pool → miners have to plug in. Kazakhstan in 2023. Oman in 2026. Enegix is clearly packaging this as a scalable product, not a one-off contract.

Here's why this matters for miners outside Oman.

🗣The real risk isn't Oman's 3% share of network hashrate. It's the replicable contractor-to-government model — a control point at the pool layer, where block templates are built and transactions are selected, sold to governments without touching a single line of Bitcoin's protocol.

We've written about this several times over the past months. Decrypt analysts called firmware and pools the next regulatory pressure point. That's now legislation in two countries, with a contractor actively scaling.

🤩 VNISH's position in this picture is straightforward. Our firmware doesn't lock you to a pool. Open architecture, the operator stays in control of pool selection. In a world where more states move toward mandatory national pools, the value of firmware that doesn't decide for you keeps going up. Pool choice is part of operator sovereignty — and that's worth protecting.

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📋 Friday Mining Digest | Week of June 26, 2026
Seven days in mining: tomorrow difficulty turns up again — first time in six weeks

📊 Numbers
— BTC: ~$60,000 (under pressure again, retesting mid-June levels)
— Hashprice: ~$32 / PH/s/day
— Difficulty today: 124.93T
— Tomorrow's adjustment, June 27: estimated +6.76% to 133.38T. Blocks are running 0.63 minutes faster than target — machines are coming back online.

Three stories defined the week.

The first is tomorrow's adjustment. Blocks are currently averaging 9.37 minutes — faster than the 10-minute target. Hashrate is coming back: operators who powered down at the peak of June's drawdown are plugging back in now that difficulty fell 10% two weeks ago. The cycle is familiar: price compresses margins, weaker operators switch off, difficulty drops, economics improve for the survivors, and some of them return. The window of larger reward share for efficient operators is starting to close.

The second is Oman. OmanHash.om went live June 17. Licensed miners are required to route hashrate only through it. Phase one target: 10 EH/s. The same contractor, Enegix Global, built btcpool.kz in Kazakhstan back in 2023. Two countries with the same architecture: national law mandates a state pool, one contractor sets it up. We covered the deeper read on this Tuesday.

The third is Russia. Bitcoin gets legal status for foreign-trade settlements starting July 1. Four days from now. Eight licensed venues, mandatory reporting for transactions above $1,300. The law addresses mining directly — full economic-activity status with legal protection. For Russian operators, this moves mining out of the gray zone and into formally reportable business. Detailed walkthrough drops Monday.

⚙️ Context
JPMorgan last week: network-average cost to produce one BTC is around $78,000. Price is near $63,000. About 20% of miners are unprofitable right now. Tomorrow's upward adjustment means that for those 20%, revenue stays the same while their difficulty cost rises. Some will switch off again.

At hashprice $32, the efficiency gap between an optimized fleet and a stock one is what decides which side of that 20% line you're on.

🏆From the week
From the chat: "Installed VNISH on 80 machines on June 14, came into the adjustment ready. Today is the first time since April the whole fleet is net positive without any shutdowns." Third survival story in a row from operators who got their setup right around the June 13 adjustment.
Your case — drop it in the comments.

🗓 Next week
— Difficulty adjustment June 27: breakdown with real numbers on the day
— July 1 — Russian law takes effect: publishing the operator's walkthrough on what changes Monday
— YouTube channel filming starts. First video in production: mining economics at $32 hashprice. Subscribe now so you don't miss the launch

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▶️New video on YouTube

Difficulty dropped 10%. Here's what it really means for your farm.
We break down why it fell, what it does to your profitability, and whether now's the moment to expand your fleet.

Watch here:

https://youtu.be/5PMYsyflTUE?si=v7z5vndgy48Mr1TL

⚡️Bitdeer just showed what the new structure of mining looks like. One hand redirecting capacity into AI. The other expanding Bitcoin mining. Both deals in the same week.

Bitdeer's Norwegian subsidiary signed a long-term colocation lease at its Tydal AI data center site — the next step after the May deal with Anthropic for 400 MW of Canadian capacity.

At the same time, Sphere 3D signed co-mining agreements with the same Bitdeer — 30 MW of Bitcoin mining capacity landing across three Sphere 3D data centers in Tennessee and Kentucky.

This isn't contradictory activity. Public miners stopped being mining companies a while ago. They're compute operators running a portfolio, with Bitcoin mining as one line of business alongside AI and HPC. Capacity gets allocated to whichever line pays more per megawatt this quarter. Right now, in a lot of cases, that's AI. At hashprice $50+ some of it comes back.

JPMorgan puts the numbers on it: about 20% of the network is unprofitable, average BTC production cost is $78,000, price is $59,800. That's the environment where big operators shift capacity between verticals as spot economics change. That optionality is what separates them from everyone else.

Independent operators don't run a portfolio. They run mining. The only variable they control is how efficiently each machine works — J/TH, firmware stability, autotuner calibration against the actual current hashprice.

🤩 VNISH builds firmware for that second group. The operators whose battle isn't about reallocating capex between AI and BTC — it's about pulling the last few percent of performance out of the fleet they already own.

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