2022W27 - WTF happened in Bitcoin this week?
Bitcoin miners report their operations.
TLDR: Miners report their operations for June, Largest amount of Bitcoin goes off exchanges, Robinhood allows bitcoin transfers, Binance removes fees for buying bitcoin & more.
Hey there niblings, it’s uncle Bam again, with a summary of the most insightful events in the Bitcoin space. Back at it again digesting all the important news for you.
This is the first week of the month, and we start seeing Public Bitcoin Miners reporting their numbers for their operations throughout June 2022.
In essence, many of the miners are reporting growth in the amount of bitcoin produced monthly, although might not be for long as the “halving” approaches and their production gets cut by half, but in any case, this signals industry growth and a growth of hashrate in the Public Mining industry.
Nowadays, both Core and Marathon are the ones producing the most hashrate and producing the most bitcoins per month, but while Core Scientific and Bitfarms have both sold nearly 50% or more of their bitcoin treasuries, Marathon continues their accumulation strategy.
Bitcoin treasuries for June 2022
Marathon: 10,055 btc
Core Scientific: 1,959 btc
Only time will tell which strategy seems to work out better for the long term, while Core Scientific is trying to be more conservative and betting on their strong accumulation capabilities, others might be more exposed to risk by continuously accumulating most of their production, which could be dangerous if the price takes another dive.
Even at these prices, their costs are quite profitable, but as many of these companies await for incoming orders to plug new machines, they could be risking not be able to have the capital, and forced to sell at lower prices.
Only time will tell which strategy proves to be the successful one.
THE NEWS!
1. The largest amount of Bitcoin ever was taken off exchanges in June, suggesting people are moving towards self custody. “Not your keys, not your coins”
2. Hardware wallet demand is up 700% in Russia.
3. Binance, the world’s largest cryptocurrency exchange, will squash spot bitcoin trading fees starting July 8 as it celebrates its fifth year of operation.
4. Robinhood, the retail trading firm, announced on Twitter it now lets all users transfer bitcoin and cryptocurrencies in and out of its platform.
5. Visa launches exclusive ‘no-limit’ Bitcoin card in United Arab Emirates.
6. Blockstream announcess progress on signature aggregation research, which could bring data efficiency benefits.
7. Gloria Zhao gained the Bitcoin Core maintainer status on Thursday as Marco Falke merged her PGP key fingerprint as a trusted key onto the codebase, and becoming the first femail core maintainer.
8. Duke Energy, the second largest electric power company in the U.S, is studying the benefits of bitcoin mining and how to integrate it into the grid.
9. Public Bitcoin Miners reported their numbers for June 2022. Core Scientific keeps leading the bitcoin production, Marathon keeps leading with more Bitcoin on their treasuries.
10. Pickhardt Payments in Lightning can now be utilizied via the library LND manage by Rene Pickhardt, and C-Otto, allowing payment splits through different channels to minimize the channel liquidity risk.
11. Now a hardware wallet can sign a transaction with an NFC technology using multisigsigning with Tapsigner and Nunchuk.
11. Suffolk Jungle Room now accepts Bitcoin and Lightning payments, becoming the first business in east England to do so.
12. The lightning network keeps on growing and making new highs.
2.4x increase in capacity over the last year.
2.3% increase in capacity over the last month (June 2022),
3.8% of capacity increase in the first 8 days of July 2022.
13. Inflation becomes the biggest worry according to a poll from the World Economic Forum.
Bitcoin fixes this.
As a summary note..
As one goes into the bitcoin journey, it is natural to try and find people who have the same interests and a place where we could discuss and share ideas. In the beginning of each person’s bitcoin path, it is tough to navigate the volatility as the conviction is still getting shaped through education.
As we navigate through the nowadays massive amount of bitcoin education, we often feel the desire to share it with everyone around us, just to find out, that not everyone is in the same frequency, and we could come across as a little “crazy”. Of course, we probably just ingested a few hours of books, podcasts and tutorials about the topic.
If you feel this way, then maybe it is time to look for your closest Bitcoin Meetup, or even create your own if you can’t find one.
It is amazing how the number of meetups have been increasing over the years. It makes you realize that this is a human movement, and as it grows and spreads, the chances to “kill it” only keep decreasing.
Just think about how many people are on the track of accumulating the scarcest asset there is, it is not going to get easier, so might as well get some sats off the market before they go up in price.
By the way, if you are in the Mälmo area, feel free to join the community!
Have a great weekend niblings.
Stay humble & stack sats.
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How to buy bitcoin? (With Relai through Revolut)
If you are in Europe, I made a pretty simple guide with 3 steps, which avoids you having to set up an account on an exchange, give them all of your personal information, plus custody of your funds.
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