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

Alex Gladstein 🌋 ⚡ @gladstein

1/ NEW: @HRF gifts $325,000 in BTC via its Bitcoin Development Fund to support censorship-resistant donations, core development, open-source self-custody, e-cash, and global education Grant #1: $100k to @BtcpayServer in partnership with @Strike ⚡

bitcoinmagazine.comHuman Rights Foundation Donates $325,000 In BTC For Bitcoin DevelopmentHRF made eight donations in BTC to further censorship-resistance, open-source solutions, Bitcoin Core development and other initiatives in the ecosystem.

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.

Bitbo.io

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

fejau @fejau_inc

We're about to experience a sovereign debt crisis caused by the Europe energy crisis, all a capstone on the 100 year fiat expirement. Here's how I think the next 6-8 months go down:

Nakamoto Consensus

Pierre Rochard @BitcoinPierre

Bitcoin’s proof-of-work with a difficulty adjustment (“Nakamoto Consensus”) is the most decentralized solution to the double-spending problem, anyone can contribute to it and anyone can verify it.

Energy Scarcity And PoW

_Checkɱate 🔑⚡🦬🌋☢️🛢️ @_Checkmatey_

We are about to witness nation states under immense stress due to their inability to print ENERGY. I hope we can all now see #Bitcoin mining, and the scarce energy it consumes, is what makes it so secure and resistant against states. They can print money, still can't forge work

Prince Philip of Serbia on Bitcoin

Bitcoin Magazine @BitcoinMagazine

🇷🇸 Prince Philip of Serbia: "We need hard money immune to inflation, and #Bitcoin is the solution" 🙌

Bitcoin’s Impact On Fared/Vented Gas - Thread

Daniel Batten @DSBatten

1/10 This chart says “Bitcoin is even better for the environment than we thought”

NGMI, Bitcoin To The Moon

Sheikh Roberto @roberto_saudi

we are so early #BTC

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

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