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%.

https://i.postimg.cc/j5CcyCWN/image.jpg

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