The Bitcoin Minimalist Week 6 - White House Report: Climate & PoW, Russia Accepts Bitcoin, And BH2022
The Bitcoin Minimalist Week 6 - White House Report: Climate & PoW, Russia Accepts Bitcoin, And BH2022
Global adoption is heating up along with open source funding. White House fights PoW consensus.
This past week:
White House Report: Possible executive action to reduce PoW energy consumption
Russia announces international trade in Bitcoin and cryptocurrencies
Baltic HoneyBadger conference in Latvia
Human Rights Foundation $325k gift
Microstrategy working on enterprise lightning applications
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News
White House Report: Mining Threatens Climate Efforts
On Thursday, September 9th, The White House released a report on climate and energy consumption of Cryptocurrency, singling out Proof of Work. It suggests the EPA and DOE should assist in the “environmental performance” of the consensus mechanisms. If they do not succeed, the report suggested exploration of “executive action” to limit the impact these systems have on the environment. The report also mentioned the possible benefits of mining using methane flares and stranded energy.
Russia Legalizes International Trade Using Bitcoin
Following the sanctions and the energy crisis, Russia turned to accepting other currencies for payment and trade. This move is on the heels of Russia being excluded from the SWIFT system.
“If they want bitcoin, we will trade in bitcoin.”
- Pavel Zavalny, Chairmen of the Congressional Energy Committee,
Baltic Honey Badger 2022 Conference
On September 4th and 5th, Europe had its biggest Bitcoin-only conference in Riga, Latvia. Bitcoiners from all over the world gathered to listen to speakers such as Adam Back, Michael Saylor, and more.
Human Rights Foundation Gifts $325,000 To Support Bitcoin Development
MicroStrategy working on enterprise applications using Lightning
At the Baltic Honeybadger conference in Riga, Michael Saylor announced he will be using Bitcoin and specifically lightning to develop enterprise-grade applications.
“MicroStrategy has got some R&D projects going on right now where we’re working on enterprise applications of Lightning: enterprise Lightning wallet, enterprise Lightning servers, enterprise authentication.”
- Michael Saylor
Price
Bitcoin recently dropped to a 3 month low of around $18,600. The last time Bitcoin was in this price range was June 2022, marking the local bottom of the current bear market. The macro outlook looks rough with energy prices soaring, and Bitcoin still seems correlated to the traditional market.
Bitcoin Monthly Value Settled
Bitcoin continues to settle trillions of dollars each month. Even in a bear market, Bitcoin grows past the previous cycle’s all-time high in settle value. According to this chart, Bitcoin settled more monthly volume than the Visa network in 2021.
Tweets
Sovereign Debt Crisis - Thread
Nakamoto Consensus
Energy Scarcity And PoW
Prince Philip of Serbia on Bitcoin
Bitcoin’s Impact On Fared/Vented Gas - Thread
NGMI, Bitcoin To The Moon
What To Read
How Bitcoin Mining Can Transform the Energy Industry: An in-depth report explaining the benefits of proof of work and the real-world implications it has on the energy grid.
- Jaran Mellerud & Anders Helseth