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The Bitcoin halving is set to shake up the crypto's price and the network's miners

AUSTIN, TEXAS — Adam Sullivan left investment banking to mine bitcoin at an awkward time. It was May 2023, bitcoin was trading at around $21,000, U.S. regulators were in the thick of cracking down on the sector writ large, and Core Scientific, the company he had agreed to take over, was battling angry lenders in a Texas bankruptcy court over tens of millions of dollars in outstanding debt.

But Sullivan knew that, with a lifeline, he could get the business to a much better place. That’s because the halving was on the way, and with it would likely come a big rally in bitcoin.

Late Friday night, the bitcoin code automatically cut new issuance of the world’s largest cryptocurrency in half. It happens roughly every four years, and in addition to helping to stave off inflation, it historically precedes a major run-up in the price of bitcoin.

The technical event is relatively simple: Bitcoin miners get paid in bitcoin to validate transactions, and after 210,000 blocks of transactions are computed and added to the main chain, the reward given to the miners securing bitcoin is ‘halved.’

There are more than a dozen publicly traded miners on the network and thousands of smaller, private ones around the globe, constantly racing to process transactions and get paid in new bitcoin. Because the event leads to a cut to rewards paid to miners directly, they’ll be the first ones to feel the impact of the halving.

The price of bitcoin has touched new all-time highs after each “halving” event.

CNBC

Typically, when the halving cuts supply, it’s led to huge rallies for bitcoin.

In fact, the previous (and only) three halvings in the chain’s history have come before every bull run, in which the coin has touched new all-time highs and a surge of investors have entered the market for the first time.

That rapid price increase has helped many miners stave off the worst since it tends to offset the impact of having the block prize cut in half.

“As a company that was already in the process of scaling our infrastructure during the previous halving, we know the toll that halvings can take on a company if it is not adequately prepared,” Core’s Sullivan told CNBC.

The aggregate market cap of the 14 U.S.-listed bitcoin miners tracked by JPMorgan analysts declined 28% over the first half of April to $14.2 billion, reaching year-to-date lows. Bitdeer was the best-performing stock over the period, down around 20%, versus Stronghold Digital, which was 46% lower.

Some have billed the 2024 bitcoin halving as a seminal moment for the mining sector. Depending on how much prep work miners have done, it could easily make or break them.

“Being prepared for a halving means evaluating all of your power strategies, all of your software capabilities, all of your operations,” continued Sullivan.

Others are less concerned given recent price moves in bitcoin.

In a research note from Needham on Apr. 16, analysts said they expect the halving to only have a modest impact to miners’ estimated EBITDA margins, despite the 50% reduction in revenue, since the price of bitcoin has been trading in the range of $60,000 to $70,000.

“We expect geopolitical tensions and interest rate policy to be the biggest near-term drivers of crypto price action,” Needham analysts wrote, adding that at a bitcoin price above $60,000, the halving is “derisked for nearly all public miners.”

The bank did, however, single out their preference for low-cost bitcoin producers like Riot Platforms, Bitdeer, and Cipher Mining. Meanwhile, if bitcoin prices fall, Needham says the most outsized native impact will be felt by higher cost producers that are also levered to higher bitcoin prices via large treasury holdings.

Analysts from JPMorgan echoed a similar sentiment, writing in an Apr. 16 research note that they think “recent weakness offers an attractive entry point” for investors and that they are “especially bullish” on Riot, which they believe offers attractive relative valuations.

The 14 U.S.-listed miners tracked by JPMorgan account for around 21% of the bitcoin global network.

Power supply for Whinstone’s bitcoin mine in Rockdale, Texas.

Years spent bracing for the halving

Miners have had years to prepare for the halving, including seeking lower power costs and upgrading their fleets to more efficient machines.

“Bitcoin’s halving happens like clockwork every four years,” said Haris Basit, chief strategy officer of Bitdeer Technologies Group. “It’s a known variable that is a benchmark for us to remain focused on operational excellence.”

To that end, the Singapore-headquartered mining firm has invested in new data centers, but its core strategy has been to increase vertical integration through research and development. 25% of its staff is focused on R&D efforts, which Basit says have “led to new innovations and revenue pathways, such as our recently announced 4nm mining rigs and AI Cloud offerings.”

Analysts at Cantor Fitzgerald recently named Bitdeer as having one of the industry’s lowest “all-in” cost-per-coin.

Greg Beard, the CEO and Chairman of Stronghold Digital Mining, tells CNBC that miners whose only lever is more efficient machines will be at a disadvantage.

“Miners who own their low-cost power are better positioned,” said Beard. “Operational costs will be lower, allowing them to be more flexible with their capital.”

Core’s Sullivan agrees, noting that bitcoin mining data centers in the future will work hand-in-glove with power generators and grid operators to serve as a virtual battery for grid operators – allowing them to increase base load, curtail bitcoin data centers when they need to, and avoid peak generation loads, which he says are dirty and expensive.

“We own and operate our infrastructure, giving us greater control over operational and strategic decisions, such as the potential to expand into high-performance computing hosting,” said Sullivan.

Core Scientific, which launched in 2017 and now manages seven mining sites in five U.S. states, also owns the full technology stack. The company has been looking to diversify its revenue streams beyond purely bitcoin. Sullivan says that existing data centers offer reconfiguration opportunities to accommodate new types of high-value compute. 

“Certain data centers are located in close proximity to major metropolitan areas, making them candidates for low-latency, high-value compute applications,” said Core’s CEO.

Bitdeer’s bitcoin mine in Rockdale, Texas.

Riot Platforms CEO Jason Les told CNBC that preparation for the halving came down to the company’s long-standing focus on achieving a low cost of power, strong balance sheet, and significant scale of operations. Les says that’s what has positioned the firm to both withstand the halving with positive margins and be well positioned for upside on the other side of it.  

“Our new Corsicana Facility was energized just this week, and we will be significantly scaling up our hash rate with next-generation equipment at that new site over the remainder of the year,” said Les. “As a result, we are positioned to mine more bitcoin per day at the end of the year than we do today, despite the halving.”

Marathon Digital, which has grown more than 70% in the last year, took a different approach to scaling the business than its rivals. CEO Fred Thiel tells CNBC that the company grew quickly using an asset-light approach, where Capex was spent on mining rigs rather than infrastructure. 

“In December, we owned less than 5% of the sites where we were hosting our miners,” said Thiel. “Today we now own 53% of our total 1.1 gigawatts of capacity, having purchased it at less than the build and replacement cost.”

Owning sites lowers Marathon’s cost to mine by up to 20% on a marginal cost basis. Thiel also noted that by the end of 2024, Marathon expects to further improve efficiency by 10% to 15% as they deploy the next generation rigs across their new sites. 

That boost to efficiency isn’t just about new gear, however. The firm is deploying its custom firmware, which allows it to operate even more efficiently. 

Marathon, along with other mining firms, has begun diversifying its business model into ancillary operations beyond purely bitcoin mining.

Thiel says the company recently launched an energy harvesting division, where they are compensated to convert stranded methane and bio-mass into energy and then sell heat back into an industrial or commercial process, which essentially subsidizes and lowers our cost to mine significantly. Marathon expects this new business line to generate a significant portion of its revenues by the halving in 2028. 

Blockstream's Adam Back on teaming up with Tesla and Block to mine bitcoin with solar power

Diversifying revenue

The April 2024 bitcoin halving looks a lot different than the three that came before it.

For years, increased competition resulting from new miners coming online has been cutting into profits, because more miners means more people are sharing the same pool of rewards.

In a research note from JPMorgan on Apr. 16, analysts note that the network hashrate, a proxy for industry competition and mining difficulty, was up 4% in April from the month before. Stronghold’s Beard says the halving is a headwind dwarfed by the global hashrate increasing nearly five-fold from the last one in May 2020.

“Mining is a tough industry especially because there are a lot of nation states that have extra power power and they’re dedicating it to mining,” said Nic Carter of Castle Island Ventures. “It’s a free market, anybody can enter into it as long as they basics.”

U.S. spot bitcoin exchange-traded funds have also significantly shifted the pricing dynamics. In years past, the price of bitcoin didn’t surge until after the halving. But in the wake of record flows into these spot bitcoin funds, the world’s largest cryptocurrency touched a fresh all-time-high above $73,000 in March.

“The recently approved Bitcoin ETFs have proven to be huge pipelines of capital into Bitcoin and that universe of ETFs continues to grow with the recent approvals in Hong Kong as well,” said Riot’s Les. “We think the price action we’ve seen in bitcoin year-to-date reflect that and has us very optimistic on what bitcoin mining economics can look like in the months and years post-halving.”

Bitcoin resumes rally after hitting a new all-time high

Blackrock’s ETF reached $17 billion in net assets within a few months of launching. Beard of Stronghold tells CNBC that if Blackrock added even just a billion dollars more of bitcoin in April to its ETF, it would single handedly create demand for more coins than the mining industry will supply post halving.

What is also different this time around is that the block reward is no longer the primary form of miner revenue. Recent programming innovations in bitcoin have given way to a burgeoning ecosystem of projects building on top of bitcoin’s blockchain, which has translated to greater transaction fee revenue for miners.

There is a limit to how large the blocks can go but the value of those blocks is about to increase significantly, according to Bill Barhydt, who is the CEO and founder of Abra. From Barhydt’s vantage point, he supports miners with a mix of services, including their auto liquidations, so he has access to a lot of macro data across the sector.

“The math is simple,” begins Barhydt. “Bitcoin blocks are fixed in size and the demand for data within those blocks is going to increase significantly for several reasons, including more retail wallet holders moving their Bitcoin into and out of storage, new uses cases like Ordinals (NFT’s for Bitcoin) and DeFi on Bitcoin, institutional settlement requirements for exchange traded products in the U.S., Hong Kong, Europe, etc, lightning settlement transactions and more.”

At the current rate of adoption, Barhydt believes that transaction fees in this cycle would likely peak within 24 months at 10 times their cost during the previous cycle peak, due to a combination of a higher price for bitcoin itself, combined with higher demand for the space inside each block. 

Castle Island’s Carter isn’t so sure that fee-based revenue can completely make up for lost income post-halving.

“It’s not entirely clear that fees are fully offsetting the lost revenue, and in fact, I don’t expect that to happen” said Carter.

Fees tend to be really cyclical. They rise sharply during periods of congestion, and they fall back to near zero during other normal periods. Carter cautions that miners will see spikes in fees, but there is not yet an enduring, strong, and robust fee market most of the time.

Jack Dorsey backed start-up taps into geothermal, hydro and solar power to run bitcoin mines across Africa

Swapping ASICs for AI

In the last year, there has been a surge in demand for AI compute and infrastructure that can support the massive workloads required to power these novel machine learning applications. In a new report, digital asset fund manager CoinShares says it expects to see more miners shift toward artificial intelligence in energy-secure locations because of the potential for higher revenues.

Already, mining firms like BitDigital, Hive, Hut 8, Terawfulf, and Core Scientific all have current AI operations or AI growth plans.

“This trend suggests that bitcoin mining may increasingly move to stranded energy sites while investment in AI grows at more stable locations,” write analysts CoinShares.

But pivoting from bitcoin mining to AI isn’t as simple as re-purposing existing infrastructure and machines. The datacenter infrastructure is different, as are the data network needs.

“AI presents several challenges, notably the need for distinct and considerably more costly infrastructure, which establishes barriers to entry for smaller, less capitalized entities,” continues the report. “Additionally, the necessity for a different skill set among employees leads to increased costs as companies hire more AI-skilled talent.”

The rigs used to mine bitcoin are called ASICs, short for Application-Specific Integrated Circuits. The “Specific” in that acronym means that it can’t be used to do other things, like supporting the underlying infrastructure for AI market.

“If you’re a bitcoin miner, your machines can’t be repurposed,” explains Carter. “You have to buy net new machines in order to do it and the datacenter requirements are different for AI versus bitcoin mining.”

Sullivan says that Core Scientific, which has been mining a mix of digital assets since 2017, began to diversify into other services in 2019.

“The company has owned and hosted Nvidia DGX systems andGPUs for AI computing, having built and deployed a specialized facility specifically for high-value compute applications at our Dalton, Georgia data center campus,” he said.

Core has also partnered with CoreWeave, a cloud provider which provides infrastructure for use cases like machine learning.

Sullivan says the combined capabilities will support both AI and High Performance Compute workloads, resulting in an estimated revenue of $100 million, though he says the total potential revenue is much higher given their significant infrastructure footprint that can be fitted to host some of the most advanced GPU compute coming to market.

“Bitcoin mining is an early example of high-value compute, attracting significant capital and a number of companies scaling their operations to support the Bitcoin Network,” said Sullivan.

But Sullivan thinks few operators will be able to make the transition to AI.

Sullivan continued, “Bitcoin mining sites can only be repurposed if they meet the attributes that are required for HPC. Many existing sites across North America do not meet these needs.”

Spot bitcoin ETF decision: First trades expected after SEC grants multiple approvals

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Read the wild email Tesla is sending to suppliers amid Supercharger chaos

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5 hours ago

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May 3, 2024

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Read the wild email Tesla is sending to suppliers amid Supercharger chaos

Elon Musk Game of Thrones FI

After firing its entire Supercharger team, Tesla has sent out an email to suppliers which shows just how chaotic the decisionmaking leading up to the firings must have been.

Earlier this week, Tesla abruptly fired its entire Supercharging team, leading to an immediate pullback in Supercharger installation plans. Now we’ve seen the email that Tesla has sent to suppliers, and it’s not pretty.

When the firings were announced Monday night, there was little information about how they would affect Tesla’s plans.

On Tuesday, Tesla CEO Elon Musk said that “Tesla still plans to grow the Supercharger network, just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations.” According to Tesla’s website, Superchargers currently have 99.95% uptime.

But in the interim, we’ve already heard about Supercharger projects being cancelled, including halting rollout in the entire country of Australia, including sites that had already been subject to long-term leases and given the go-ahead for construction which will now be abandoned.

And Tesla has also sent out an email to all of its suppliers, which leaked to the internet. Here it is in full, but with contact information redacted:

To all concerned:

You may be aware that there has been a recent adjustment with the Supercharger organization which is presently undergoing a sudden and thorough restructuring. If you have already received this email, please disregard it as we are attempting to connect with our suppliers and contractors. As part of this process, we are in the midst of establishing new leadership roles, prioritizing projects, and streamlining our payment procedures. Due to the transitional nature of this phase, we are asking for your patience with our response time.

I understand that this period of change may be challenging and that patience is not easy when expecting to be paid, however, I want to express my sincere appreciation for your understanding and support as we navigate through this transition. At this time, please hold on breaking ground on any newly awarded construction projects and planned pre-construction walks. If currently working on an active Supercharging construction site, please continue. Contact [email redacted] for further questions, comments, and concerns. Additionally, hold on working on any new material orders. Contact [email redacted] for further questions, comments, and concerns. If waiting on delayed payment, please contact [email redacted] for a status update. Thank you for your cooperation and patience.

The email is remarkable for several reasons, largely because it shows a lack of structure and consideration to the decision to fire the entire team.

Firstly, Tesla states that it is “attempting” to connect with suppliers and that it may have sent multiple emails to some of them. This suggests that Tesla doesn’t have an established method of contact for all of its suppliers – either it doesn’t have a master contact list, or its previous method including points of contact within Tesla is not usable because, well, those points of contact would have been fired.

Second, it says that the “adjustment” (an odd word for firing an entire department) has led to a process of establishing new leadership roles. This is typically something that a company would consider before changing leaders, and ensure that there are current employees with experience who are ready to step up to take the position of a retiring leader, perhaps with a period of mentorship prior to the outgoing leader’s retirement.

Even in a situation where a firing is sudden, it’s typically reasonable to elevate a previous second-in-command to fill the void. This is why it’s beneficial to have a deep bench – something which Tesla has touted before.

Third, Tesla goes on to mention that these suppliers are “expecting to be paid,” which suggests that Tesla is likely to welch on its payment obligations, at least in the short term. We have seen Musk refuse to pay bills before, so mention of skipping out on payment must raise alarm bells for suppliers who have been working in good faith with Tesla.

Finally, Tesla asks for suppliers to continue construction on active projects, but to hold on breaking ground or doing pre-construction site walks. This could be considered unclear, as there are many parallel steps to approval, permitting and construction of sites, so it’s hard to set a single line that is easily communicated about which sites should continue and which sites shouldn’t. Presumably, site contacts within Tesla would be able to reach out to individual sites and tell them whether to continue construction or not – if they were still working there, which it seems they are not.

To ask for patience is reasonable when an unforeseen circumstance hits a company, but this is not an unforeseen circumstance – it is entirely self-inflicted by Tesla.

Other charging providers have reacted to Tesla’s disruption of its own Supercharger plans, with at least one company, Revel, suggesting that it’s ready to swoop in on “really good sites” that Tesla left on the table, particularly in Revel’s home in New York City.

Electrek’s Take

We have heard from several sources who told us that the reason for these firings is because Rebecca Tinucci, former head of Tesla’s EV Charging division, resisted Musk’s demand to fire large portions of her team.

While this is hearsay, it’s plausible considering the language in Musk’s letter announcing the firings – which claimed that some executives are not taking headcount reduction seriously, and made a point to say that executives who retain the wrong employees may see themselves and their whole teams cut. It isn’t a stretch to think that Musk included those demands since they were related to his firing of Tinucci and her team.

The Supercharging team was one of the more successful and crucial teams within Tesla, and many observers consider the Supercharger network to be Tesla’s primary “moat” that makes it better than the competition. Tinucci was also responsible for negotiating NACS agreements across the industry, leading to a huge win when Tesla’s plug became the de facto standard after basically every automaker adopted it over the course of the last year.

Superchargers are also incredibly important, especially in North America. In Europe there are more successful non-Tesla charge providers, but in NA, Tesla is the big dog. And if infrastructure is important, then Tesla pulling back is bad not just for Tesla but for EVs as a whole.

It seems abundantly clear that, whatever explanation we accept, the firing of the Supercharger team was not well-considered (and our readers seem to agree). Even if headcount reduction is necessary, the whole team shouldn’t be laid off. Even if it was necessary as a retaliatory measure – which would not be a good rationale – it still would be wiser to retain some part of it so as to avoid the chaos suggested by the email above.

Whatever mechanism led to the firing, it does fit into a pattern of increasingly erratic behavior that Musk has been showing lately.

Many possible explanations have been advanced to explain this behavior, and most of them don’t increase my personal faith that Musk will make the right decisions with Tesla.

As I said in our original post about Tesla’s first round of layoffs, we do need Tesla to keep pushing the industry forward. While Pandora’s box is open and EVs are here to stay at this point, regardless of Tesla’s ups and comparatively-rare downs, the rest of the industry is still trying hard to pump the brakes on the transition, even if it means America will be less competitive if those companies get their way.

Tesla is one of the few entities that is large enough and committed enough to dragging those timelines forward, whether the rest of the industry likes it or not. We need a healthy Tesla, and for that, we need steadier management. This email is not an example of that – and neither are most of Musk’s managerial actions recently.

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Podcast: more Tesla layoffs, charging team all gone, what is going on? Let’s talk about it

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7 hours ago

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May 3, 2024

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Podcast: more Tesla layoffs, charging team all gone, what is going on? Let's talk about it

electrek podcast

On the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the additional Tesla layoffs, the entire charging team’s departure, and more. Let’s talk about it.

Sponsored by SplitVolt: The Splitvolt Splitter Switch automatically shares power from your existing 240V dryer socket with your Level 2 EV charger. Learn more here.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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Save up to $570 on Lectric e-bike bundles, Rad Power flash sale, EVOLV e-scooter special, and more

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8 hours ago

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May 3, 2024

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Save up to 0 on Lectric e-bike bundles, Rad Power flash sale, EVOLV e-scooter special, and more

Lectric XPedition e-bike

Today’s Green Deals are jam-packed once more with EV sales to get you geared-up for the cruising months ahead, led by Lectric eBikes’ 5-year anniversary celebration that is taking up to $570 off select e-bikes, like the XPedition Single-Battery Cargo e-bike at $1,399, while also giving away choices of five add-on accessories. It is joined by Rad Powers’ latest flash sale that is dropping the RadRunner 2 Utility e-bike to $1,299 and also offering free accessories on two other models, as well as a rare special from EVOLV that is dropping the PRO V2 Electric Scooter to its $1,799 low. Plus all of the other days’ Green Deals that are still going.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Lectric takes up to $570 off e-bike bundles

Lectric eBikes is currently celebrating its five-year anniversary, and wanting to extend the celebrations to its customers, has launched a new limited-time sale that is offering five free accessories along with your purchase of either an XP 3.0, XPedition, or XP Trike e-bike. A standout amongst the bunch is the XPedition Single-Battery Cargo e-bike for $1,399 shipped. Down from its usual $1,933 price tag, we only saw it fall to this price for a short-lived period in March before rising to stay at $1,475 since, but today’s deal is bringing things back to the all-time low once more. You’ll find the dual-battery model down to the second-lowest $1,699 rate. It should also be noted that you’ll automatically see the discounted rate once the e-bike and the accessories have been added to your cart.

The Lectric XPedition e-bike was designed for those who are always on the go – especially folks like parents dropping off and picking up their kids from school or delivery drivers who need long travel ranges. It comes equipped with an upgraded 750W rear hub-motor (1310W peak) alongside a 48V battery that carries the e-bike up to 75 miles on a single charge (150 miles with dual-battery), hitting speeds of 20 MPH using only the throttle and up to 28 MPH with the five levels of pedal assistance. It comes with a variety of features to enhance your ride: the integrated cargo rack, custom puncture-resistant tires, hydraulic mineral oil brakes paired with 180mm rotors, a headlamp, taillights, fenders on both wheels, and a backlit LCD display that gives you all the real-time performance data.

Rad Power RadRunner 2 Utility e-bike now $1,299

Rad Power Bikes has launched a flash sale through May 8 that is giving you three varying deals on three different e-bike models; either a $100 off discount or free accessories. The first of these deals is on the RadRunner 2 Utility e-bike for $1,299 shipped. Usually fetching $1,399 since the company lowered prices across its lineup of models, we’ve seen this e-bike included in most of the company’s holiday sales as well as several flash sales throughout the months, often falling to $1,299, but we have seen one instance of the price dropping further to the $1,199 low. Today’s deal is a solid $100 markdown off the going rate that lands at the second-lowest price we have tracked.

Carrying the mantle as Rad Power’s jack-of-all-trades model, the RadRunner 2 comes equipped with a 750W brushless-geared hub motor and 672Wh battery that propels it to a max speed of 20 MPH and travels up to 50 miles on a single charge. It features a four-level pedal assist with a low-profile cadence sensor, and a simple control panel that gives you the battery’s charge level and allows you to adjust pedal assistance settings. It also comes stocked with a rear-mounted cargo rack that offers a 120-pound payload, puncture-resistant fat tires, a standard LED headlight, and an integrated taillight with both brake light and flash mode capabilities.

The second deal is on the RadRunner 3 Plus for $2,099, which comes with a free accessory worth up to $100. This model comes with a 750W rear hub motor and 672Wh battery that hits a max speed of 20 MPH for 45+ miles on a single charge. It has been upgraded with one extra pedal assist level and offers much of the same array of features as the above deal, with the added bonus of fenders for both tires and a full digital display.

The RadTrike e-tricycle is also receiving a free accessory as part of this sale, albeit a pre-designated large basket for front-side mounting for $1,599. It comes with an equally powerful motor as the above models, but with a smaller 480Wh battery that only reaches a max speed of 14 MPH for a much longer 55+ miles of travel range on a single charge. You’ll also get the full list of features from the above deal as well to round out the package.

This flash sale will continue through May 8, with the discounts on the RadRunner 3 Plus and RadTrike being automatically applied in cart when you add both items to your cart. You can browse through Rad Power’s included accessories here. And head over to our Green Deals hub to look through all the other e-bike brands that are having spring sales, as well as deals on power stations, electric tools, water heaters, and more.

Three different frames with the EVOLV PRO V2 Electric Scooter against the night sky with city skyline in background, within post for Lectric 5-year anniversary sale that has the XPedition Cargo e-bike at $1,399

EVOLV PRO V2 Electric Scooter hits $1,799 low

EVOLV is offering a $200 off special on two of its electric scooter models, like the popular PRO V2 Electric Scooter for $1,799 shipped, after using the on-page promo code PROV2-ROCKS at checkout. Down from its $1,999 price tag, we’ve seen a few different discounts drop over the last year on this particular model since its release, all of them falling to the same $1,799 low during major holiday shopping events like Black Friday and Christmas sales. Today’s deal is no different, coming in as a solid $200 markdown that lands at the lowest price we have tracked.

The PRO V2 e-scooter comes equipped with dual 1,200W motors (2,600W peak) and a 52V battery that carries the scooter up to a max speed of 44 MPH for up to 37 miles on a single charge. You can also upgrade to the Pro-R V2 model for an additional $300 ($500 normally – the above promo code works for this upgraded model as well), boosting your motors to 1,400W of nominal power each and extending travel distance up to 50 miles on a single charge. They both feature front and rear spring suspension, front and rear hydraulic disc brakes, a front fender light, a taillight, running lights, turn signal lights, an IP54 water-resistance rating, and a smart center display – all with a foldable design for easy storage and transport when not in use.

The second model included in this special sale is the CORSA Electric Scooter for $2,635 shipped, after using the on-page promo code CORSA-ROCKS at checkout. This model also sports dual 1,200W motors (but with a 4,800W peak) and a larger 60V battery that hits 44 MPH for up to 37 miles on a single charge. It comes with 11-inch tubeless street-style grippy tires, front and rear shock suspension, dual hydraulic disc brakes, twin Halo LED headlights, in-deck lighting, twin LED taillights, turn signal lights, and a large center display.

Spring e-bike deals!

Other new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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