The link for this post uses a read-only front-end for Twitter, which can be easier to read for viewing a full Twitter thread.  The Tweet that kicked off the thread is:

> Some public #bitcoin miners spend more than half their revenue on administrative costs.
> 
> Marathon is the worst, spending 97% of its revenue on administrative costs since 2021, while Argo is the most efficient with only 16%.
> 
> ![Public Miners: Share of Revenue Spent on Administration Since 2021](https://i.postimg.cc/j5CcyCWN/image.jpg)

https://twitter.com/JMellerud/status/1571802573329375235

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Here's the (paywalled) report from Arcane:

*Spending running wild: An analysis of the public bitcoin miners' administrative costs*
https://arcane.no/research/spending-running-wild-an-analysis-of-the-public-bitcoin-miners