Trader Flood, known as @ThinkingUSD, sparked debate by calling Ethereum a “contender for the worst asset of all time” on Nov. 13. He shared a dashboard estimating BitMine’s unrealized loss at about $8.83 billion. The dashboard paired BitMine’s November holdings with an August average cost, though BitMine’s November release did not provide an updated aggregate cost basis.
The dashboard listed 6,070,092 ETH with an average cost of $3,380, totaling a $20.52 billion cost basis and a $11.69 billion market value. The unrealized loss was estimated at $8.83 billion. However, the average-cost field was dated August 31, 2026, and BitMine’s November release did not confirm the actual cost of the expanded ETH holding.
Flood’s criticism targeted Ethereum, citing losses from hacks, development time spent on inadequate tools, and retail losses from betting on Ethereum’s price. He did not provide figures for those categories or comparative data to establish an all-time ranking. BitMine’s chairman, Lee, maintained a bullish stance, describing ETH as trusted collateral and arguing that tokenization and AI would support its role as a store of value.
The dashboard’s loss estimate relied on an older average cost and did not confirm BitMine’s current loss. The Nov. 9 release gave no updated aggregate ETH cost basis, and the dashboard did not specify when its market valuation was measured. BitMine’s November release used a market valuation price of $2,234 per ETH from Coinbase for its Nov. 8 snapshot.