Four numbers decide a miner's day. Supply: about 450 bitcoin issued, fixed. Price: the market's. Difficulty: the network's. Power: the one cost a miner negotiates. QEX spends its effort on the fourth.

Last week Bitcoin mining difficulty rose 5.54% to 148.36 trillion, its second increase in two weeks. Mining is now about 12% harder than in early October. Machines cannot control that number. Power is the cost they can still shape, which is why QEX builds at the wellhead.

Costume ideas for a bitcoin miner this Halloween. A ghost rig that never finds a hash. A zombie ASIC still running on expensive power. Or turn up as a wellhead and hand out full-size megawatts. Happy Halloween. https://t.co/JYl50YHxzn

Rates, regulation or energy: which one decides the next leg for bitcoin? Pick one and defend it.

Two ways to turn power into money: lease the megawatts to a data centre tenant, or turn them into bitcoin. QEX takes the second route, at the wellhead, with gas that has no pipeline to market.

JPM Coin now runs on Ethereum. Access is limited to JPMorgan's institutional clients, but the settlement layer is a public chain. The largest US bank is using open rails. https://t.co/TMn2mJmr5v

Bitwise CIO Matt Hougan, three macro paths: Superabundance: scarce assets gain. AI bust: a bailout, then heavy money printing. Muddle through: bitcoin wins by showing up. His conclusion: nearly every path ends with bitcoin higher.

10 percent a year. That is JPMorgan Asset Management's first 10-year bitcoin forecast (20 October), against 5.5 percent for gold. The sticking point is volatility. JPMorgan assumes 55 percent, and Bitwise says that is too high.

MSCI finalised new index rules on 15 October for companies whose assets are mostly non-operating. The list of potentially affected companies is due 11 November, and the rules apply from the November index review. Operating assets are the cleanest defence there is.

QEX starts with gas that has no road to market. It becomes power on site, at the wellhead, and the power becomes bitcoin.