How 2021 Become One Of The Most Surprising, Formative Years In Bitcoin Mining
Numerous developments made 2021 an unprecedented year in Bitcoin mining, setting the stage for a monumental 2022.2021 was a major year for Bitcoin mining. The third halving in May 2020 brought broader attention to mining at large, and the growing interest has never subsided. In 2021, favorable economics made mining profitable for almost all participants, drawing in more and more participants. The emergence of flare-gas mining, Elon Musk’s comments about Bitcoin’s ESG footprint, the creation ...
How Does Bitcoin Impact Your Taxes? 10 Things To Know
A professional tax advisor explains the key things for Bitcoiners to know when filling out their returns for 2021. Source: greentradertax.com. Yes, it’s that time of year again. The new year is upon us and we all need to start gathering tax documents. Fun stuff, right? And if you’ve invested in bitcoin or sold bitcoin, then things get really fun. The below list of items is meant to help you understand the most critical aspects for tax filing when it com...
Real Bedford Football Club To Accept Bitcoin Through OpenNode
The integration is the latest addition to the club’s suite of tools to embrace a Bitcoin standard.Real Bedford FC partnered with OpenNode to accept bitcoin payments.The club will accept BTC for game tickets, merchandise, sponsorships, and concessions.Real Bedford will also soon start paying players and staff with bitcoin.Real Bedford, the world’s first football club to operate on a Bitcoin standard, has formed a partnership with payment processing company OpenNode to further empower its goal...
Why The Bitcoin Stock-to-Flow Model Is Not Useful
PlanB’s S2F/S2FX models are scientifically invalid and have fundamental issues that may lead investors astray.In March 2019, an anonymous individual by the pseudonym “PlanB” astonished investors when he published “Modeling Bitcoin Value with Scarcity,” and introduced his now famous Stock-to-Flow (S2F) model. The model predicted exponential growth of the bitcoin market value, with what purported to be sound scientific methods. A year later, he introduced the Stock-to-Flow Cross Asset (S...
Bitcoin Trades Neutral As Fed Chair Powell Speaks
Fed Chair Jerome Powell once again said the FOMC is committed to curbing inflation and promoting a strong labor market.Bitcoin spiked towards $39,000 right after the release of the Federal Open Market Committee’s statement declaring interest rates would remain unchanged but quickly retraced back down to trade in neutral territory as Federal Reserve Chair Jerome Powell went live in a press conference to address the future of U.S. monetary policy.Powell reiterated that the committee is focused o...
The Fight for Bitcoin: The Lightning Round
By being detail oriented and preserving the critical properties of Bitcoin, Lightning enables rapid expansion of the network's usage.The Fight For Bitcoin, Round Three“Metadata absolutely tells you everything about somebody's life. If you have enough metadata you don't really need content.” - Former NSA General Counsel Stewart BakerThe Lightning Network is becoming synonymous with the future of Bitcoin, and not without reason. If Bitcoin is going to become an open monetary network that can s...
Bonds And The Bitcoin Market
Discussing bonds, Federal Reserve activity and the impact they have on the bitcoin market.Listen To This Episode:AppleSpotifyGoogleLibsynOvercastOn this episode, "Bitcoin Bottom Line" hosts Steven McClurg and C.J. Wilson met to discuss bonds and crypto. Wilson opened by asking McClurg what changes he has seen in the bond market. McClurg stated that when it comes to bond yields, the Federal Reserve tightens and makes it more expensive to borrow. More prominent institutional investors must ha...
Putin: Russia Has ‘Advantages’ In Bitcoin Mining
Putin also asked the central bank and the government to come to a consensus on bitcoin regulation.Russian President Vladimir Putin on Wednesday said the country has distinctive characteristics that allow it to benefit from bitcoin mining while its central bank last week called for a complete ban of the activity in the country as it worries cryptocurrencies could pose risks to its citizens.Putin also asked the Bank of Russia to reach a consensus with the country’s Ministry of Finance, who on Tu...
Bitcoin Payroll Provider Bitwage Launches New Platform
The update brings a redesigned dashboard and new features for employers and workers seeking to pay and get paid in bitcoin.Bitcoin payroll provider Bitwage launched a new platform.The update brings a redesigned dashboard and new features for workers and employers.The launch comes after one year of work on the new platform, Bitwage said.Bitwage, a provider of bitcoin payroll services since 2014, has launched its newest platform, featuring new additions to further facilitate the lives of companies...
The Bitcoin Price And Macroeconomic Correlations
A look at how macroeconomic volatility spikes are impacting the bitcoin price.The below is an excerpt from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.This Daily Dive will touch on some of the recent macro trends and correlations in the BTC market. If you haven’t read this recent thread on the bitcoin market, check it out.In Frid...
Abundant Power, Open Trade Enabled By Bitcoin Is Path To Peace
The cheap, abundant energy and open trade enabled by Bitcoin will make humanity significantly more peaceful.The below is a direct excerpt of Marty's Bent Issue #1150: "The path to peace and prosperity." Sign up for the newsletter here.As the protective quilt of the war drums gets ripped off and the steady thumping of war cries begins to get louder and louder I thought it'd be appropriate to remind you freaks that a more peaceful planet is attainable if the bureaucrats who are ruining the world w...
The Fight For Bitcoin: Us And Them
Why focusing on aspects of Bitcoin that distinguish it fights altcoin spam better than anything.The Fight For Bitcoin, Round Two“Haven't you heard it's a battle of words …” – Pink Floyd 'Us and Them'What really makes Bitcoin different? In The Fight for Bitcoin Round One: Water's Warm Maximalism, much was said about how and why to engage in good, truth-bearing faith with nocoiners, altcoiners, and Bitcoin skeptics alike. But not a lot was actually said about what makes Bitcoin truly speci...
IMF Urges El Salvador To Ditch Bitcoin
IMF directors said they see ‘risks’ in using bitcoin as currency and issuing bitcoin-backed loans.The executive board of the International Monetary Fund issued a statement on Tuesday urging El Salvador to remove Bitcoin’s legal tender status in the country, citing concerns over risks the digital currency allegedly poses to financial stability and market integrity.The recommendation from the IMF comes as directors seek to stir the Central American country back to a position of better odds o...
Bitcoin Decouples From The Nasdaq Ahead Of Fed Meeting
Bitcoin is trading in green territory while the Nasdaq keeps sliding in anticipation of the FOMC meeting.The bitcoin price enters green territory on Tuesday and decouples from the Nasdaq index as tech stocks extend losses ahead of the Federal Reserve’s Federal Open Market Committee (FOMC) meeting.Bitcoin recovered quickly from a sharp drawdown on Monday as markets around the globe turned red in a unisonous risk-off movement. As BTC gains prestige among mainstream investors, mainly institutiona...
Why You Should Sell Your Bitcoin
21 + 21 more reasons why you should sell all of your bitcoin now.If you are panicking right about now, I implore you, in fact, I urge you to sell all of your bitcoin now. All of it. No this is not a joke. This article is not some trading analysis, pick-me-up full of hopium or copium.This is going to outline a series of straight up facts and reasons why you should dump your bitcoin, especially before it goes any lower. Because believe me, it will.Nature is healing.42 Reasons to sell your Bitcoin:...
Belarus To Keep Liberal Bitcoin Rules, Russia Seeks Regulation
Belarus’ regulator says it doesn’t want additional restrictions as the Russian Ministry of Finance calls for bitcoin regulation.Belarus is reportedly not inclined to change its permissive bitcoin trading rules despite its neighbor and ally Russia having been drawn to considering a complete ban of trading and mining.Bloomberg reported on Tuesday that Belarus’ cryptocurrency regulator, Hi-Tech Park, does not have plans to tighten its liberal bitcoin-related legislation.“Restrictive changes...
How To Set Up And Secure Your Bitcoin With The Foundation Passport Wallet
This guide explains how to use a Passport cold storage bitcoin wallet, from unboxing to setting up multisig security.This guide explains how to get started with a Passport cold storage wallet. The passport is a Bitcoin hardware wallet that is assembled in the U.S., fully open source and designed to only be used in a secure, air-gapped fashion. Taking self custody of your bitcoin means that you are ultimately responsible for your own wealth, there is no bank vault to protect you or a 1-800 help l...
Flushing Bank To Offer Bitcoin Services Through NYDIG
Flushing Bank customers will be able to buy, sell, and hold bitcoin starting in Q1 2022.Flushing Bank customers will soon be able to buy, sell, and hold bitcoin directly within their online banking accounts.The NY State-chartered bank will enable the functionality in Q1 through NYDIG and Q2 Holdings.Q2 provides digital banking solutions to Flushing Bank.Flushing Bank, a New York State-chartered commercial bank, will offer Bitcoin services to its customers in Q1 2022, the company said in a Tuesda...
Despite Criticisms, El Salvador Is Not Forcing Its Citizens To Use Bitcoin
Understanding El Salvador’s Bitcoin Law and dispelling FUD around Bitcoin adoption.In November of 2021, El Salvador hosted two Bitcoin conferences and a plethora of international Bitcoiners descended upon the country. Most Bitcoiners seemed bullish on El Salvador, however, some have criticized the roll-out as “heavy-handed and in contradiction to the Bitcoin ethos.” While it’s important to provide constructive criticism, verifying these claims is equally important. The implementation may...
Is The Lightning Network Centralized?
The emergence of Lightning Hubs might suggest that Bitcoin’s leading Layer 2 protocol is centralized. So let’s compare it to fiat’s structure.Bitcoin custody provider Casa held its annual Keyfest conference this month, and with it came many conversations around Bitcoin privacy, security and the Lightning Network. And one very important question was raised in the Q&A portion of the first session of the second day, “Lightning Network And Privacy,” hosted by Casa’s Andrew Yang, Impe...
The Fight For Bitcoin: Water’s Warm Maximalism
Bitcoin isn’t on the same playing field as anything else — so it doesn’t make sense to waste time lashing out.The Fight For Bitcoin, Round One ”Everybody trying to PvP when the game is PvE.” – Edward SnowdenThe revolution will not be centralized. The ideal peaceful revolution that Bitcoin could be will not enable solely one class, one ideology or one political party to replace themselves as the new king of the hill. If Bitcoin's social consensus is commandeered by one homogeneous gro...
U.S. Real Estate Company Harbor To Accept Bitcoin
A third party will handle the conversions to U.S. dollars and enable real estate purchases with bitcoin in four states.Harbor Custom Development will accept bitcoin for its real estate properties.The company said the integration would be facilitated by a third party, which would also handle an escrow arrangement.Harbor operates in Washington, California, Texas, and Florida.Real estate development company Harbor Custom Development Inc. will start accepting bitcoin as payment for its listed land, ...
Satoshi Energy Raises 60 BTC To Power Bitcoin With Renewable Energy
The company improves the performance of renewable energy facilities with bitcoin miners.Satoshi Energy Corporation has raised 60 bitcoin in its latest seed round.The company seeks to power bitcoin with renewable energy by connecting data centers with BTC miners.Satoshi Energy Corporation has raised 60 BTC, worth about $2 million at the time of writing, in a seed round led by Stillmark and its founding partner Alyse Killeen.“The seed funding is a significant milestone for our company as we buil...
Explaining CheckTemplateVerify, Bitcoin’s Latest Controversial Soft Fork Proposal
CheckTemplateVerify (CTV) is meant to enable more flexibility on the network, but its potential activation is a topic of debate among developers.CheckTemplateVerify (CTV) is a soft fork proposal for Bitcoin specified in the Bitcoin Improvement Proposal (BIP) 119. It aims to enable new use cases for the network by adding a basic type of “covenant,” or smart contract, which is more than what can be achieved at the moment.Why Covenants?Bitcoin, as is, doesn’t possess a lot of flexibility in i...
Bitcoin Miner CleanSpark Reaches 2 EH/s Hashrate Capacity
The publicly-listed company said it doubled its bitcoin mining hashrate capacity in just a few months.Nasdaq-listed miner CleanSpark said it now boasts 2 EH/s of hashrate capacity.The miner doubled its hashrate capacity in just a few months.CleanSpark is also implementing solutions to maximize mining efficiency, including immersion-cooling.CleanSpark, a Nasdaq-listed bitcoin mining and energy technology company, announced on Monday that its operations have reached two exahashes per second (EH/s)...
Solo Bitcoin Miner With Only 86 TH Finds Valid Block
A third individual worker successfully mined a new block on Bitcoin in under two weeks, taking home over $215K.For the third time in a little over ten days, a solo bitcoin miner has found a valid block hash to take the full coinbase reward home. The small worker, with only about 86 terahashes per second (TH/s) of hashrate capacity, managed to successfully mine a new block on the Bitcoin network, earning a block reward of 6.25 BTC and over 0.30 BTC in fees.“Congratulations to another miner with...
Why January Is A Historic Month For Bitcoin
What makes the first month of the year such an important part of Bitcoin’s history?It’s almost difficult to believe that later in 2022, Bitcoin will celebrate its 14th “birthday.” Over the last 14 years, Bitcoin has made great strides, growing ridiculously and setting itself up to usurp the U.S. Dollar as the world’s reserve currency.Although Bitcoin has been around for what seems to be forever, the month of January has been important over the years with several historic events and mil...
Replacing The U.S Dollar With Bitcoin: Dismantling Fiat Architecture
Using the OSI model helps us understand fiat architecture and how to scale a network like Bitcoin to replace it.This is the second article in a series about lessons that can inform bitcoin’s replacement of the U.S. dollar. Read the first article in the series, on leaving the gold standard, here.The Open Systems Interconnection (OSI) model gives seven layers of computation that allow a network effect to emerge. The network model used today is the TCP/IP model. When the two are compared, OSI is ...
How Should A Nation State Hold Bitcoin?
HODLing the keys of a nation state might not be simple, but it's the first step to monetary freedom for countries.Quite a lot of ink has been exhausted writing about El Salvador as the world’s first nation state to make bitcoin legal tender within its territory. Moving from a fiat to a bitcoin standard isan essential milestone in bitcoin’s global adoption. Whether this move will gain support is a debate of its own right. Bitcoiners will have discussions on this matter many times over as Nayi...
Bitcoin OPSEC Tips From Casa Keyfest: What Should James Bond Do?
During Casa Keyfest, Head of Security Ron Stoner gave some tips on Bitcoin OPSEC. Naturally, I wondered what James Bond should do.During a Casa Keyfest conference session held on January 6, Casa Head of Security Ron Stoner gave a rundown on “operations security” (OPSEC), a term coined by the U.S. military during the Vietnam war. According to Wikipedia, OPSEC is “a process that identifies critical information to determine if friendly actions can be observed by enemy intelligence, determines...
So You Just Bought Some Bitcoin, Now What?
There are three primary ways to take your Bitcoin participation to the next level: secure your keys, run a node and start mining from home.Congratulations and welcome to the Bitcoin network! This is the beginning of an exciting adventure full of countless resources, lots of helpful mentors and online friends who can become in-person friends if you go to local meetups or conferences. Not to mention ample hope for the future, as the magnitude of Bitcoin’s effect on the world is realized. The Bit...
How Bitcoin Goes Against The World Order
Bitcoin limits governments’ abilities to block or otherwise intentionally disrupt the financial services of groups and organizations.In October 2020, the Nigeria government shut down the feminist coalition bank account. The coalition was responsible for aiding the treatment and release of injured and arrested EndSARS movement protesters. Immediately after they discovered that this had happened, the coalition switched to accepting only bitcoin, because it is free and decentralized.The movement ...
Predictions: Real Estate Before And After Hyperbitcoinization
If bitcoin truly becomes the standard, and we denominate all value in bitcoin, what would the real estate market look like?This article attempts to predict what the transition to hyperbitcoinization will look like through the lens of the real estate market. Naturally there are elements of fun and fantasy to this exercise. Part 1 covers the transition. Part 2 will explore what the real estate market could look like on a Bitcoin standard.The U.S. dollar has lost. Bitcoin is the new global money. H...
State Coordination Will Continue To Regulate Use Of Bitcoin
In the absence of clear federal policy around bitcoin, state agencies will continue to coordinate their regulatory actions around users.Regulators continue to debate how to define cryptocurrencies, such as bitcoin, and whether they are securities, commodities or properties, etc., which is critical for how regulators choose to enforce those regulations. At the recent National Association of Attorneys General Consumer Protection Conference in November 2021, Hester Peirce, commissioner of the U.S. ...
Replacing The U.S Dollar With Bitcoin: Leaving The Gold Standard
To think through how bitcoin will replace the U.S. dollar, we must first turn to the dollar’s own journey in leaving a gold standard.Many a Bitcoin maxi have been asked the question, “Ok, but how does bitcoin replace the dollar?” Here’s my attempt to answer that question. This will be a short series, the first of which discusses what caused us to lose the gold standard, the second discusses architecture and the third seeks to offer solutions within those frameworks.I’ll begin by remind...
What Is Bitcoin Backed By?
It’s likely not what you think — because most people are asking the wrong question.People often say: “bitcoin can’t be money, it isn't backed by anything.” This is an old way of thinking that originated with paper money. Prior to paper money, people used precious metal coins (such as gold) because they maintained strong monetary properties: scarcity, durability, divisibility, portability, fungibility, and acceptability (the six monetary properties).Paper became money because it was sup...
The Hate Against Bitcoin Is Nothing New
New ideas have often found resistance, something that certainly isn’t new to bitcoin and its entrance into the mainstream."Nitimur in vetitum" (We are ever striving after what is forbidden)You must have the devil in your body to suggest that there is something evil about a computer algorithm. Surely this would have to be counted as one of the fundamental characteristics of Bitcoin's evolution: it has been called evil more times than the devil, there has been talk of banning it in hundreds of p...
On The Ground In El Salvador With Samson Mow And The Volcano Bitcoin Bond
Bitcoin Magazine got an exclusive interview with Blockstream's Samson Mow to discuss El Salvador's new Volcano Bitcoin Bond.South America is alive and well today with the sound of new bitcoin initiatives: Rio de Janeiro taking taxes in bitcoin, Paraguay introducing new enabling legislation, Strike launching in Argentina, and El Salvador pioneering with bitcoin as its legal tender.Someone had to go first in adopting bitcoin as legal tender and introducing Bitcoin takes a special kind of courage&n...
Robinhood Starts To Allow Bitcoin Withdrawals
The trading app has kickstarted the beta phase of its bitcoin wallet feature, enabling a subset of users to self-custody their coins.Some users can now withdraw their bitcoin from Robinhood.The feature is rolling out in phases to those on the waitlist.Robinhood said it expects to roll out the feature to 10,000 customers by March.Robinhood has started rolling out its long-awaited bitcoin withdrawal feature. The company said in a Thursday statement that some users in the WenWallets waitlist have b...
There Will Never Be More Than 21 Million Bitcoin
Discussing Bitcoin's issuance cap, satoshis and what this all means for the future of bitcoin value.Watch This Episode On YouTubeListen To This Episode:AppleSpotifyLibsynOvercastHost C.J. Wilson opened the latest episode of "Bitcoin Bottom Line" by talking about the mystery of Bitcoin’s fixed supply. There are only 21 million bitcoin that will ever exist, giving folks a grasp on how much bitcoin there will be in supply at any given time.In May 2020, the block issuance halving meant that the ne...
The Rise Of Bitcoin Nomadism: Is It Right For You?
The Bitcoin economy is enabling more people to choose their own adventures around the world and optimize their lifestyles.It’s the rise in Bitcoin nomadism. The appeal of Bitcoin nomadism has risen in popularity over the last few years as the growth in the Bitcoin economy has enabled more people to choose their own adventure around the world, taking advantage of bitcoin’s phenomenal rise in purchasing power. We see more services catering to Bitcoiners who want to receive sats or spend sats i...
Apparently, Intel Is Getting Into The Bitcoin ASIC Game
Intel thinks it can deliver Bitcoin ASICs much more efficiently at lower cost, but I'll believe it when I see it.The below is a direct excerpt of Marty's Bent Issue #1147: "Apparently Intel is getting into the Bitcoin ASIC game." Sign up for the newsletter here.Here's a pleasant surprise that was brought to the world's attention this morning; it seems like Intel is preparing to unveil a Bitcoin ASIC on February 23rd at the International Solid-State Circuits Conference. According to the Tom's Har...
Grayscale Bitcoin Trust Discount Hits Record Low
Shares of the Grayscale Bitcoin Trust (GBTC) hit record lows against net asset value.The below is from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.Shares of the Grayscale Bitcoin Trust hit record lows yesterday against its net asset value, trading at a 26.5% discount. Amazingly, shares of GBTC are trading below their 2017 high.&nbs...
Why “Smart Contracts For Bitcoin” Really Means “Buy My Altcoin”
Navigating the duality of Bitcoin development in 2022 is going to be a major challenge for the community. “Snakes always find a way to enter the walled garden.” Over the course of 2021, I have noticed the emergence of an ever-growing rift between the people that I would call my fellow Bitcoiners. Among the multiple contentious subjects in the Bitcoin community, the way that Bitcoin is meant to evolve has emerged, to my surprise, as one of the leading ca...
Achieving Network Privacy In Bitcoin: VPNs And Tor Help, But Mixnets Are Needed
Bitcoin’s public and immutable nature necessitates the return of mixnets to achieve true network-level privacy. Source: Nym Technologies SA Bitcoin was initially thought by many to be anonymous digital cash due to the fact that all transactions are conducted as peer-to-peer transfers between wallet addresses which serve as pseudonyms. However, the public nature of Bitcoin’s ledger of transactions (the “blockchain”) means anyone can observe the flow ...
Understanding Money Is Key To Understanding Bitcoin
Only by reflecting on the fundamentals of how we transact can we understand what money is and how bitcoin is another evolution of money.“Money is the root of all evil.”You might have heard or read this phrase before, as it gets stated often, but without many people realizing that it’s a misquote of the biblical “For the love of money is the root of all evil” (1 Timothy 6:10). This misquote is completely wrong. Money, the Bible asserts, “is the answer for all things” (Ecc 10:19) and...
First U.S. House Hearing On Bitcoin Mining Shows Misunderstandings
A lack of knowledge on proof of work prevailed by most Representatives as they questioned the energy use of bitcoin mining.The first Congressional hearing on bitcoin mining took place on Thursday after a U.S. House subcommittee scheduled it to get a better understanding of the environmental impacts of the industry.Rep. Diana DeGette, a Democrat from Colorado, said in her opening statement that despite the promising applications of Bitcoin and blockchain technology, mining’s energy usage and ca...
Philippine Bank to Offer Bitcoin Trading: Report
The Union Bank of the Philippines reportedly plans to offer trading and custody of bitcoin and cryptocurrency.The Union Bank of the Philippines is planning to offer bitcoin and cryptocurrency trading and custody services to its customers, according to a Bloomberg report.The move seeks to capitalize on the rampant adoption of such assets in the Asian nation, the report said, as the average investor in the country is expected to hold between 3% and 5% of their personal assets in cryptocurrency in ...
Jack Dorsey, Saylor to Speak at Upcoming Free Bitcoin Conference
The two chief executives will kickstart the event with an in-depth conversation about Bitcoin.Jack Dorsey and Michael Saylor will speak at an upcoming Bitcoin conference catered to corporations.Bitcoin for Corporations kickstarts in February to explore how BTC can benefit institutions.The event will be part of a larger conference, World 2022, that will also feature conversations around data analytics.Chief executive officer of financial services company Block, previously known as Square, Jack Do...
Bitcoin Company Voltage Raises $6M In Seed Round
Voltage said it would leverage the round’s proceeds to expand and improve its Bitcoin and Lightning offerings.Bitcoin and Lightning infrastructure company Voltage has raised $6 million in a seed funding round led by early-stage venture capital firm Trammell Venture Partners, the company said in a statement sent to Bitcoin Magazine.Craft Ventures, GV, Stillmark, Cavalry Asset Management, Strategic Cyber Ventures, Fulgur Ventures, and Tenzing.vc also participated in the round.“At Voltage, we a...
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