Blockware Intelligence Newsletter: Week 205

Bitcoin on-chain analysis, mining analysis, macro analysis; overview of 3/16/26 - 3/20/26

Prolonged consolidation can be more painful for investors than a rapid decline. Unfortunately (for those with a short time horizon), that’s exactly what BTC has been up to since early February. This type of price action will likely persist throughout Q2.

However, a series of higher highs and higher lows throughout March provide a glimmer of short-term hope. Medium to long-term, the data strongly signals that this is the time to be accumulating heavily.

Our base case currently is that the “bottom” is likely in from a price perspective, but perhaps not from a time perspective.

Speaking of accumulation, Bitcoin Miners accumulate BTC every day at a discount to the market price. A single S21 XP mining at $0.070/kWh uses ~$6 per day in electricity to produce ~$9 worth of BTC.

$9 worth of BTC for $6.

Nearly a 50% discount to the market price.

For long-term accumulators, this is a great asset in the portfolio.

Additionally, 100% Bonus Depreciation on the hardware makes this especially appealing from a tax-mitigation perspective.

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