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Bitcoin News
TL;DR
Bitcoin uses 52.6%+ sustainable energy
The Human Rights Foundation donated 20 BTC to fund Bitcoin development
German DZ Bank adds Bitcoin to asset management services
Bitcoin miners returned enough power to heat 1.5 million homes during Texas blizzard
Montana Senate passes Bill to protect Bitcoin mining rights
Bitcoin uses 52.6%+ sustainable energy
This article provides a look at my latest research, revealing how it came to be that a 2022 Cambridge Centre For Alternative Finance’s (CCAF) study on Bitcoin’s environmental impact underestimates the amount of sustainable Bitcoin mining going on. I also address why we can be very confident that the actual sustainable energy usage is at least 52.6% of Bitcoin mining’s total energy use.
New research from Daniel Batten has updated University of Cambridge data with latest developments in the high-tech and fast-changing bitcoin mining industry:
The Human Rights Foundation donated 20 BTC to fund Bitcoin development
Through the Bitcoin Development Fund, the Human Rights Foundation (HRF) has given 20 BTC (around $475,000) to 10 international projects. With a focus on Africa and Southeast Asia, the funding will assist initiatives including censorship-resistant communication, Bitcoin education in authoritarian regimes, core development, and building local communities.
“We are proud to support the amazing work of these individuals and organizations who are using Bitcoin to fight for human rights and freedom, especially in regions where it’s needed most.” said Alex Gladstein, Chief Strategy Officer of HRF
German DZ Bank adds Bitcoin to asset management services
DZ Bank, Germany’s second-largest bank in terms of asset size, will fully integrate Bitcoin and shitcoins into its asset management services in collaboration with the digital asset firm Metaco.
“With the offering we can build by using this technology, we trust to create a durable and fast-growing business cooperation as well as an attractive solution for our clients that can also meet the requirements of digital currencies and decentralized financial instruments,” said Nils Christopeit, an executive at DZ Bank
“We are excited to announce this cooperation as it further establishes Metaco as a market leader in Germany, trusted by some of the country’s largest banks and exchanges.” said Craig Perrin, the chief sales officer at Metaco
Bitcoin miners returned enough power to heat 1.5 million homes during Texas blizzard
After the Electric Reliability Council of Texas (ERCOT), an independent electricity provider to more than 26 million Texas customers, introduced the Interim Voluntary Load Curtailment program for Bitcoin (BTC) miners and other similar large load consumers, the Bitcoin miners have risen to the occasion.
The program, implemented “during times of low or declining [Physical Responsive Capability (PRC)] after Non-Spinning Reserve Service has been deployed, but before [Emergency Response Service (ERS)] has been deployed,” demonstrated success during winter storm ‘Elliott’ in Texas, according to the ERCOT’s LFL Analysis published on February 17.
As the report discovered, the Large Flexible Load (LFL) by these consumers during the winter storm decreased significantly during times of peak prices, and all of the 20 LFLs monitored “demonstrated a curtailment in load to some extent,” returning up to 1,500 MW of energy to the Texas grid.
According to the calculations made by the Bitcoin advocacy group called Satoshi Action Fund, this amount of energy would’ve been enough to heat “over 1.5 million small homes or keep 300 large hospitals fully operational” during the polar vortex that plunged the state of Texas into subzero temperatures in December 2022.
Montana Senate passes Bill to protect Bitcoin mining rights
The Montana state senate has officially passed a bill to protect Bitcoin and Crypto mining rights. The bill was led by Dennis Porter and the Satoshi Action Fund and was passed by a landslide vote of 37-13.
The “Right to Mine” crypto bill was passed today and is set up to protect Bitcoin mining companies from unfair charges. Specifically, the legislation will revise crypto laws to prohibit “discriminatory digital asset mining utility rates,” within the state. The passing of the bill was led by Dennis Porter and the Satoshi Action Fund, who worked with lawmakers to establish this vital legislative action.
“Satoshi Action Fund is pleased with the result in Montana. It is critical to provide regulatory certainty for the mining industry,” Porter told Watcher.Guru. “We have been working diligently to ensure that bitcoin miners have the right to mine across the USA. There is still more work to be done in Montana, but as a new organization we feel confident about the progress we have made.”
“I am pleased the Montana Senate passed SB 178 with overwhelming support,” Montana State Senator Daniel Zolnikov stated. “This is common sense legislation that protects Digital asset mining businesses from discrimination not faced from other industries.”
Global Economic News
TL;DR
The US Housing market is DEAD. Is the stock market next?
Germany’s inflation accelerated, exports are falling and the GDP shrank
The US Housing market is DEAD. Is the stock market next?
Consumer loans are skyrocketing and personal savings are declining. That doesn't seem sustainable. Everything is fine, isn't it?
All the above is not enough to boost spending/inflation (What? They’re not “fighting” against it?) the government as a good Socialist lowered the taxes!
“At 7% mortgage rates, the housing market is dead. We are crippling the biggest asset class in the world which is also key to the business cycle. But don’t worry, “this time is different” and the economy and markets can handle it :)” by Alf, Founder & CEO of TheMacroCompass.com
“Mortgage Applications to buy a house just collapsed to an index level of 147. That's the lowest level of buyer demand in 28 YEARS. Lower than anything we saw in the 2008 Crash. Down 41% from last year. “ by Nick Gerli, CEO & Founder of Reventure Consulting
We all see how dead the US Housing market is (as it was months before predicted). Let’s see how the US stocks will possibly perform…
“1-Yr US Treasury now pays 5%. More than 3x higher than the dividend yield on the S&P 500. Makes it likely that stocks will crash at some point in 2023. As cash flow-driven, big money investors exit stocks for bonds.” by Nick Gerli, CEO & Founder of Reventure Consulting
“6 month T-Bill is now yielding 5.1%. That means Apple could park their cash in T-Bills and make ~$8.4 BILLION a year. Enough to give every US citizen $10 million dollars. And yet Jeff Bezos still refuses to pay taxes.” by Stack Hodler
There is a saying: Money always goes where the most yield is produced by it. You don't need to be a brilliant trader to predict that soon the stocks will fall as long as the investment in Bonds pays higher yields.
Germany’s inflation accelerated, exports are falling and the GDP shrank
“Germany where inflation accelerated to 8.7% YoY in January from a revised 8.1% in December. The recalculation of inflation - introducing the new base year 2020 from 2015 - means that the peak of inflation last year was no longer 10.4% but 8.8%.” by Holger Zschaepitz, Economist at Welt
“German Food CPI jumped 20.2% YoY in Jan. Following the rebalancing of the basket of goods by German Statistics Office, food now has a higher weight in inflation rate. Share rose by 2ppts from 8.5% to 10.5%.” by Holger Zschaepitz, Economist at Welt
“Euro zone recession is coming. Germany's new export orders (blue) are falling again after a brief rebound in late 2022. The recent bout of market optimism on Europe will turn out to have been an illusion. Heightened uncertainty breeds recession. War breeds heightened uncertainty.” by Robin Brooks, Chief Economist at IIF
“Probably one of the most scary charts for German economy (Gavekal)” by Michael A. Arouet
“Germany where deindustrialization continues. In Q4, private investment in machinery & equipment fell by 3.6%QoQ as many comps moved abroad. BASF re-evaluates its EU footprint, plans to cut 2600 jobs in GER & move to China, blaming EU overregulation&energy prices” by Holger Zschaepitz, Economist at Welt
“Germany where economy fared worse than exp. GDP shrank 0.4% in Q422 vs prev reading of -0.2%. Private consumption plunges 1% QoQ, cap investment crashed 2.5% QoQ. Public spending rose 0.6% QoQ. Economists predict another neg quarter, would tip GER into recession” by Holger Zschaepitz, Economist at Welt
To make things worse, the fake climate hysteria tax the Carbon Price is on new ATH:
“EU Carbon Price hits record €100, boosted by an improving economic outlook and expectations of a rebound in industrial output. Benchmark prices in the EU’s Emissions Trading System climbed as high as €100.70/ton, taking their gain to 20% since the start of the year. (BBG)” by Holger Zschaepitz, Economist at Welt
Germany is the strongest EU country that’s why I share the news related to Germany because if Germany has problems the whole EU has problems. Most of the EU countries are in a worse situation like ex. Spain:
These are just speculations, no investment advice!
“Bitcoin cycle” by @ChartsBtc
“Global Liquidity and Bitcoin” by @therationalroot
“HUGE BITCOIN CRASH INCOMING!” by @rovercrc
“Realized Price — the average purchase price of Bitcoin — about to flip back positive into an ascending trend.” by @therationalroot
Bitcoin Shorts
Funny Bitcoin short stories
“FUN FACT: 13 years ago today, someone sold 160 #Bitcoin for $0.003 cents each. The lowest price ever recorded” by @pete_rizzo_
Pro-Bitcoin US Congressman Warren Davidson: We have "a rigged system of money" "Fix the money. Fix the world."
$850 billion worth of Bitcoin has settled YTD across 43 million outputs. It was only 14 years ago that Satoshi Nakamoto launched Bitcoin! - Pierre Rochard
“There's $12T of gold bullion. There's ~$800T of gold dissolved in seawater. All it takes is someone to bio-engineer mollusks that pull gold out of solution to use in their shells… Plus what's actually in the ground. Plus asteroids....There will only ever be 21M Bitcoin” by @Croesus_BTC
CashApp sold $7.11 billion worth of bitcoin to users in 2022. The overwhelming majority appears to have been withdrawn to self custody. Full shareholder letter here.
Global payments giant Ingenico now accepts Bitcoin and crypto payments in France. It has 40 million terminals in 37 countries!
“Consensus is building that everything in the Crypto industry other than Bitcoin is a security, destined to be regulated by the SEC. This makes $BTC the only crypto-asset suitable for use as global money.” by Michael Saylor (Related NYmag article)
Indonesia to launch state-backed Bitcoin and shitcoin exchange by mid-2023!
School kids in Brazil are using Bitcoin to buy fruit. (video)
