2022W36 - WTF happened in Bitcoin this week?
Bitcoin grows with education
TLDR: MicroStrategy ready to stack, Human Rights Foundation offers grants to developers, Russia legalizes the use of bitcoin for international trade & 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. Finally we get some positive feedback from the price action again. Many wonder whether bitcoin has bottomed out, or if we will see lower prices any time soon. People justify lower prices are to come, given the current macro situation we are living in.
So where is bitcoin going from here? We can’t guarantee a short term direction, but we can remind ourselves that bitcoin is a network, and a value of a network grows exponential as the number of participants grow too.
Lately it might seem correlated, but Bitcoin is not about Wall Street. It is a peer to peer monetary network allowing people to claim freedom in the digital age. As long as education continues to propagate through society, the network will continue growing, participants will continue building and the value of bitcoin will grow too.
In my opinion, the key for bitcoin’s success comes through empowering individuals through education, with special focus on the next generations, and it seems el Salvador is taking the lead.
El Salvador is #Bitcoin country. Where else in the world do 16 year old high school students get taught about elliptic curve cryptography as part of their diploma - Stacy Herbert
THE NEWS!
0. MicroStrategy files for stock offering of up to $500 million intending to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin.
1. Human Rights Foundation donates $325,000 in BTC to further censorship-resistance, open-source solutions, Bitcoin Core development and other initiatives in the ecosystem.
2. Russian Central Bank agrees to legalize the use of bitcoin and crypto in international trade.
3. Coincorner introduces Recurring Bitcoin Lightning Payments, using LNURL technology. This new feature allows users to utilize dynamic value subscriptions or direct debit payments.
4. CleanSpark has purchased an additional 10,000 miners, on top of the 6,000 already purchased this summer.
Additionally, the renewable bitcoin mining company, acquired a new facility in Georgia which will hold up to 70,000 mining rigs at full capacity by the end of next year.
5. Blockstream and Sevenlabs, bitcoin infrastructure service providers, have partnered with Poseidon Group to launch the first decentralized security token exchange for bitcoin in Switzerland.
6. Bitcoin Beach Brazil: A project in Brazil seeks to emulate the successful adoption of bitcoin seen on the beaches of El Salvador.
7. Jay Z & Jack Dorsey’s Bitcoin Academy granted $1,000 in bitcoin for the residents who enrolled.
8. Public Miners released their August production updated. The miners with more bitcoin on their balance sheet are:
Marathon Digital Holdings holds 10,311 bitcoin and produced 184 self mined bitcoin in August..
Hut 8 now holds 8,811 bitcoin in balance sheet, and produced 375 by self mining.
Riot Blockchain holds 6,720 bitcoin, and produced 374 in August.
Core Scientific takes #6 in the list with 1,959, but having produce the most bitcoin on a monthly basis. In august they produced 1,334 self mined bitcoin, and have more machines waiting to be connected.
9. Bloomberg shared the organization’s crypto outlook report explaining why bitcoin will outperform other assets over time.
10. The NEPZA is in discussions with Binance and Talent City to establish a special economic zone for bitcoin and cryptocurrencies in West Africa.
11. DBS Group Holdings is looking to expand its digital asset exchange to 300,000 of its wealthiest clients across Asia and build out new products.
FUNDAMENTALS
12. Bitcoin being held for more than a year reaches a new all time high of 65.81%
Let’s keep in mind that these amount of bitcoin has lived through:
Bitcoin having reached values as high as $69,000.
Bitcoin having reached values as low as $17,700.
And never the less, the metric continues to go higher.
As a summary note..
Arcane Research release another great piece about bitcoin mining and the energy industry. Highly recommended piece making emphasis on the potential of bitcoin mining as a grid strengthening mechanism. Bitcoin Mining incentivizes the investment on renewable sources of energy by offering profitability for remote areas before even connected to the grid, and offering a demand response service where it can keep a grid healthy and allow the over production of energy without it going to waste. Miners are becoming the energy buyers of last resort.
Seems that bitcoin mining has some great years ahead.
Have a great weekend niblings.
Stay humble & stack sats.
How to buy bitcoin? (With Relai through Revolut)
Referral: BAM
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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