Bitcoin Mining Is Reshaping the Energy Sector and No One Is Talking About It

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CoinDesk 11 October, 2021 - 03:06pm

[cheering] “Welcome back.” “It’s been a bit tricky to stay motivated, but coming back into the gym, you’ve got all this equipment. Got a trainer. So much better.” “Definitely, no more lockdowns, like it, it’s just so taxing and so hard to deal with, I hope that we can deal with whatever happens now, moving forward. Looking at the rest of the world, hopefully we can stay open and do our thing.” “Amazing, I’m so glad that I can actually see things, try things on and get the right fit rather than have the hassle of getting that home, finding out they don’t fit and bringing them back or sending them back.” “Yeah, lockdown was pretty hard, but yeah, we are now happy to return to normal, and looking forward to it.”

SYDNEY, Australia — With excitement and caution, Sydney stepped out of lockdown Monday after more than 100 days of Delta-diminished existence.

It was “Freedom Day,” with rules. Across the state of New South Wales, home to Sydney, as many as 10 vaccinated people could gather at home, with the number rising to 100 people for weddings, and 500 for outdoor events. Bars and restaurants also opened with masks required indoors when people are not eating and drinking.

But with more than 70 percent of the state’s adult population fully vaccinated, the first few sips of normalcy were more than enough to celebrate.

“People can call it whatever day they want to call it,” said Dominic Perrottet, the state premier, who accidentally sprayed himself with beer as he tapped a keg to commemorate the occasion. “I just think it’s a great day for the people of our state based on the efforts and sacrifices that everyone has made.”

For a country that was a capital of the “Covid zero” strategy to fully eliminate the virus, it’s been a wrenching metamorphosis. When the outbreak started in June, Australia lacked both urgency and supplies of the vaccine. New cases exploded to 1,500 a day. Now, after months of public compliance, case numbers have fallen to about 500 daily and many epidemiologists believe the country is on track to fully vaccinate 90 percent of its population if not more.

This chart shows how reported cases per capita have changed in different parts of the world.

The progress is still uneven. Some regional communities have much lower vaccination rates. Melbourne, Australia’s second-largest city, is still locked down, with case numbers hovering at around 1,500 per day. And in Western Australia, which has enjoyed life without Covid for most of the pandemic, only around half of adults are fully vaccinated, which means that Sydney residents may be able to reach New York before they can visit Perth because of state border restrictions.

But travel is only one of the joys that people are eager to experience. Salons have been popular — with some opening at 12:01 a.m., the moment they were allowed. Gyms also suddenly came back to life early Monday morning, and even the most mundane of activities seemed to be welcomed.

Alexis Phitidis, the owner of a mattress store in Eastern Sydney, sent text messages to suppliers and friends when there was just one minute to go until it reopened. Inside, a half-dozen customers lay on mattresses to test what they wanted to buy.

“It’s busy but calm,” Mr. Phitidis said. “People are just grateful for the opportunity — we’re all grateful for the opportunity to just engage.”

A customer suddenly rushed past. He offered three words that captured the mood: “It’s bloody awesome.”

Read full article at CoinDesk

Bitcoin Miner CleanSpark To Expand Mining Capacity By 45%

Bitcoin Magazine 12 October, 2021 - 10:05am

When all the miners are up and running, an increase in the company’s computing power by 450 PH/s is expected, which would be a 45% increase of their current computing power.

“By making a conscious effort to reinvest in additional production, we are taking a market-based approach to our mining operations and maximizing value for our shareholders,” said Zach Bradford, CEO of CleanSpark. “We understand that using our bitcoin to support our operations and expansion is a paradigm shift for the digital currency mining industry in North America. We hope to continue to lead the market with these bold moves.”

CleanSpark, which already hosts over 10,000 miners, is planning on having the space available and ready for each new batch of deliveries so they can plug in the miners right away. Over the next 12 months, the company will have 24,580 new miners delivered.

Earlier this year, CleanSpark announced its acquisition of an 87,000 square foot data center in Norcross, Georgia, to increase its mining operations. The bitcoin mining taking place in this data center is 100% carbon neutral and made possible through Georgia's Simple Solar program.

China’s crypto ban: Buy the dip or cause for concern?

Cointelegraph 12 October, 2021 - 07:07am

China's regulatory policies toward crypto used to be a major factor in market activity.

China’s crackdown on crypto started years ago, to the point that Bitcoin suffered its biggest mining difficulty drop of nearly 28% in July of this year as miners started migrating out of China after the government tightened its grip on bitcoin mining and trading. The crackdown saw the computing power securing the Bitcoin network — its hash rate — drop by nearly 50%. The PBoC’s recent memo meant every remaining mining operation and exchange had to shut down.

Fast forward to October, and Bitcoin mining operations appear to be recovering. According to on-chain analytics provider Glassnode, BTC’s hash rate has largely recovered from the slump caused by China’s crackdown.

The firm’s “Week On-chain” report clarified that both BTC’s hash rate and mining difficulty, which measures competition among miners securing the network, were both on a “consistent path to recovery.” Data shows Bitcoin’s hash rate is now close to its pre-exodus levels while maintaining an upward trajectory.

Sacha Ghebali, director of business and strategy at cryptocurrency data provider TheTie, talked to Cointelegraph about the quick recovery:

Ghebali added that the “quick crypto market recovery has been mostly fueled by the prospects of a futures ETF finally coming to the market,” which would generate “intense buying pressure.”

Bitcoin’s price is believed to have risen earlier this month in response to increased speculation that such an ETF would be approved by the United States Securities and Exchange Commission (SEC). Bloomberg senior analyst Eric Balchunas has said he is 75% certain approval is imminent. China’s crackdown seemingly weighed less on the market than the prospect of a Bitcoin ETF in the U.S.

Blockchain data shows that large players took advantage of Bitcoin’s price drop from the PBoC’s memo to buy the dip and add more BTC to their stashes. Ki Young Ju, CEO of crypto analytics firm CryptoQuant, flagged on Twitter that someone bought “up to $1.6 billion worth of BTC via market orders” in only five minutes on a centralized exchange.

Speaking to Cointelegraph, Pete Humiston, manager at Kraken Intelligence — a division at the popular exchange that analyzes on-chain data — dismissed China’s ban, saying:

Humiston stated that long-term holders joined whales in taking advantage of the news, adding that the proportion of Bitcoin held by whales, defined as wallets with more than 100 BTC, reached a new all-time high of 11.88 million BTC in mid-September.

The analyst noted that those wallets represent more than half of the total BTC supply, adding that consistent accumulation placed pressure on BTC’s marketable supply, “making the asset subject to a jump in volatility amid growing demand.” According to Humiston, this helps explain the surge above $50,000.

He added that Kraken Intelligence has found that, while markets initially sell-off in response to negative headlines from China, historically, BTC “went on to rally more than +50% in the 90 days that followed.” 

Whales and long-term holders may not have been the only ones accumulating BTC after the ban, as data from Glassnode shows the number of BTC addresses holding over one coin reached a four-month high this week.

Marie Tatibouet, chief marketing officer at cryptocurrency exchange Gate.io, told Cointelegraph that Federal Reserve Chairman Jerome Powell's statement that the Fed has no intention of banning Bitcoin could also have led to the accumulation.

While Bitcoin’s price recovery may be explained by other factors such as the U.S. response to China’s cryptocurrency ban, the number of unique Bitcoin addresses being used on the blockchain has also been ticking up.

It’s impossible to accurately tell how many people use Bitcoin, as any entity can create hundreds if not thousands of addresses. Unique address numbers are often used to gauge user levels on the blockchain because most users stick to one or two active addresses.

Speaking to Cointelegraph, Nick Jones, CEO and co-founder of cryptocurrency wallet and exchange Zumo, suggested that unique address usage may be increased as market participants are now more certain of what’s ahead:

The entrepreneur added that it’s no coincidence that China is pushing out its own central bank digital currency, suggesting that the move wasn’t “any fundamental statement on crypto or the blockchain,” but instead came to bolster the adoption of its own digital currency.

Jack McDonald, CEO of crypto-asset custodian Standard Custody and Trust, said China’s ban is a “good thing for confidence in crypto,” but suggested market activity has been going up as cryptocurrency markets historically trend upward during the last quarter of the year.

Nevertheless, McDonald offered another explanation for the growing number of unique addresses:

Whether cryptocurrency market participants gained confidence from China’s all-out ban, simply ignored it and are expecting upward momentum in Q4, or adopted crypto to escape capital controls, one thing is certain: The market has been recovering over the last few months.

George Gilder: Bitcoin SV is the epitome of information economy - CoinGeek

CoinGeek 12 October, 2021 - 02:00am

“Bitcoin SV now has more transactions and more activity than BTC,” George Gilder says in his keynote speech at the recent CoinGeek conference in New York

Gilder also expressed his admiration for Dr. Craig Wright, who is the inventor of Bitcoin and the person behind the famous pseudonym Satoshi Nakamoto. Right now, Dr. Wright is on his way to prove in court that he indeed is Satoshi Nakamoto. Gilder, who has been giving keynote speeches at plenty of CoinGeek conferences before, is very clear with his judgement on Dr. Wright:

“Bitcoin’s original gangster futurist is of course Craig Wright,” Gilder says.

However, the real question is not who Satoshi Nakamoto is, but which blockchain of all the blockchains out there actually is the best ledger and technology for the future world to utilize and build on.

“Friedrich Hayek, one of the great Austrian Economists, said, ‘The root and source of all economic evil is government control of money.’ If you observe what’s going on in the world today through government control and domination of money you can understand how prophetic Friedrich Hayek was. Not only in his vision of money, but also in his vision of the information economy and knowledge economy, of which Bitcoin SV is the epitome,” Gilder says.

Gilder also raised the question whether it makes any sense at all that currency trading is the world’s largest industry, with a volume of staggering US$8 trillion a day. This is an increase of 50% in volume compared to four years ago. According to Gilder, the results of the insane currency trading are trade wars and monetary conflicts, which he summarizes as a scandal of money.

Furthermore, Gilder explained how not only a scandal of money is occurring right now, but also a scandal of internet security. Internet security costs entities more and more, while the attack vectors grow with the amount of money spent on the security. There is a solution to both scandals though, and Gilder says it as it is: “Satoshi’s blockchain” as in Bitcoin SV—the BSV blockchain. 

“What makes Satoshi’s blockchain so superior to all the others is: it has blasted away the limits!” Gilder says.

According to Gilder, we are now moving into a so-called time price revolution, which can be enabled by the blockchain. At the CoinGeek conference in 2020, Gilder already described time as the ultimate currency, saying that wealth is knowledge, growth is learning, money is time and time is what remains scarce when everything else is abundant. Just one day before this year’s keynote speech from Gilder, Dr. Wright gave his keynote speech on the topic of time as a personal experience

“The time price revolution allows you to measure it. You measure progress by the decline in the number of hours and minutes that a typical worker has to spend to earn the key goods and services that sustain his life (…). We are in the middle of a golden age of capitalism—right now!—a golden age of abundance,” Gilder says. 

It is no surprise that Gilder, with his vast education and decades of experience in economics, recognizes Bitcoin SV—the BSV blockchain—as the real Bitcoin and the best blockchain. 

Almost two years ago, we already covered why Gilder could end up supporting the BSV blockchain, given the fact that Bitcoin SV and no other blockchain enables unheard of economic growth. With Gilder’s detailed explanations of how economies foremost need stability, it made sense for Bitcoin SV to be “set in stone” as intended by Satoshi Nakamoto—in order to create a solid, stable foundation for literally anything that can be built on Bitcoin. 

“What you want in economy is predictable laws, predictable political leadership, a spirit of trust which means a contract can be predictable. Property rights, which means that property rights don’t change from time to time. That entrepreneurs can launch their creation through a world that’s governed by predictable rules of law (…),” Gilder said in an interview with the Hoover Institution back in 2013. 

Translate this to Bitcoin. While BTC and other blockchains have changed a lot over time and continue to change at this point in time, too—which means uncertainty for all entrepreneurs and businesses—Bitcoin SV remains unchanged

Other blockchains such as BTC change and therefore cannot serve as a stable foundation for economic growth. This is exactly why the BSV blockchain was designed and kept “set in stone” and will continue to be that way. Remember what Dr. Craig Wright wrote years ago under his pseudonym Satoshi Nakamoto:

Gilder explains the importance of Bitcoin SV’s “set in stone”approach for economic growth in just a few sentences: “You have to have a ground state. A low entropy carrier to bear the high entropy, unpredictable, creative contributions of entrepreneurs. And what BSV does is provide this low entropy carrier for the creativity of entrepreneurs around the world.”

See more interviews with George Glider and Dr. Craig Wright:

Discussion with George Gilder and Dr. Craig Wright back in October 2020.

Discussion with George Gilder and Dr. Craig Wright back in March 2020.

Watch George Gilder discuss Dr. Craig Wright’s great vision for Bitcoin SV blockchain:

As the number of applications being built on BSV increases exponentially, user-friendly wallets with next-generation features are being developed in tandem. That’s exactly what Vaionex outlined when it pitched Relysia.

The final day of the CoinGeek Conference in New York saw Bitcoin Association Founding President Jimmy Nguyen moderating a panel titled, “Investigating Criminal Activity on the Blockchain.”

MNP, one of Canada's largest assurance, risk and audit firms, shares its research comparing BSV with BTC to see which best matches Satoshi Nakamoto's vision.

The investors dismissed their claims against some of the top brass at OneCoin as well as Bank of New York Mellon voluntarily after settling with Ruja Ignatova.

Texas should use Bitcoin mining to capture wasted natural gas: Sen. Ted Cruz By Cointelegraph

Investing.com 11 October, 2021 - 01:07am

United States Senator Ted Cruz believes that his country should be using natural gas to mine Bitcoin (BTC) instead of flaring it.

Speaking during Friday’s Texas Blockchain Summit, Senator Cruz asserted that Bitcoin mining can be used to monetize energy created through oil and gas extraction rather than burning it, arguing that there is “enormous opportunity for Bitcoin [...] to capture that gas instead of wasting it.”

XDEFI Wallet, a browser-based wallet service for decentralized finance (DeFi) and nonfungible token (NFT) users, launched its public version on the Chrome Store. Similar to the...

One of the best ways that new projects raise funds in the decentralized market for visions is through Initial Token Offering (ITO). Ravendex has announced the release of its first...

Bill Miller, a seasoned Wall Street investor and founder of Miller Value Partners, advocated for the rise of Bitcoin (BTC) during a recent conversation with author William Green...

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