Profit after electricity, spent every day

Mining looks impressive until the power bill arrives. Electricity is the real cost of hashrate. The xIHS model refuses to skip it. Revenue comes in from the work. Power is paid. Only the remainder — operating profit — is used to buy xIHS.

That purchase is meant to happen every day. Not when the chart looks good. Not after a thread. Daily, because the machines ran daily. You do not harvest it. It shows up as a bid.

The buyback is just yesterday’s hashrate, after the lights are paid.

What a buyback actually does

On Raydium, xIHS trades in a pool. A buyback is a market buy in that pool: profit is spent, xIHS is taken off the ask. That is real demand, in the same place you swap. It does not create tokens. It absorbs tokens that someone else was willing to sell. Holders’ wallet balances do not tick up.

Over time, a standing daily bid is designed to lift the floor under price — especially if the fleet (and therefore the profit) is growing. If many holders sell at once, the same bid can be overwhelmed. Honesty about that is part of the design, not a footnote.

Why daily, not weekly

A weekly sweep can be gamed by the calendar. A daily habit matches how the machines actually run. Hashrate does not batch itself into a Monday meeting. Profit is counted as the work happens; the token is bought as the work happens.

That rhythm is also easier to understand. You should not need a spreadsheet to follow it: machines ran, power was paid, leftover bought xIHS.