Humble Bitcoiners! It's Friday! Get your coffee ready, stack some sats and sit down for your daily dose of Bitcoin signal! |
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Today's Rundown: Decarbonization: The great potential by miners integrating to the energy grids. Salvador Stacks: President Bukele announced El Salvador buying 420 more bitcoin. Adapting To Bitcoin: Countries are adapting to bitcoin, the first may reap the largest rewards. Supply Shock: Big players aren't selling. |
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Miners Are The Optimal Buyers: The Data Behind Bitcoin-Led Decarbonization in Texas By Nic Carter and Shaun Connel In this piece, Nic Carter and Shaun Connel, dissect the incentives of bitcoin mining and explain how bitcoin is the suitable buyer of energy for increasingly renewable grids with 4 main properties: Interruptibility: Miners tolerate downtime with a linear worsening in their economics. Attenuation: Data Centers can reduce their consumption on a fractional basis. Unconstrained location: Miners can participate from anywhere without being constrained by location. Scale independence: Bitcoin mining is strongly fractionalizable. By satisfying these qualities, bitcoin represents a novel industrial load center, and offers great benefits to grid operators and policymakers which aim to decarbonize the grid. This allows bitcoin miners to effectively sell high-quality insurance into the grid by participating in the ERCOT market, something that was limited to the supply-side previously. The Bitcoin network is a much more forgiving client: it doesn’t really care if you interrupt the action of mining, because each successive hash is statistically independent of the last (this is known as “memorylessness”). - Nic Carter and Shaun Connel |
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El Salvador Now Owns 1120 Bitcoin As President Bukele Buys 420 More By Alex McShane President Bukele, confirmed via Twitter this past Wednesday that the Latin American nation of El Salvador has officially bought the bitcoin dip. While the price ranged around $58,000, after having touched close to $67,000, the country decided to accumulate 420 more bitcoin reaching a total of 1120 bitcoin in their balance sheet. El Salvador, who has made bitcoin legal tender over 50 days ago, was heavily criticized by mainstream media, as the price plunged days after the new legislation came live. They became the first country to "buy the dip," and they now continue to do so as they sit on more than 20% profit of their total holdings. Here is an estimate of the accumulation prices: 6 Sep. 400 BTC ~ $51k per coin 7 Sep. 150 BTC ~ $43K per coin 20 Sep. 150 BTC ~ $44K per coin 27 Oct. 420 BTC ~ $59K per coin Total: 1120 BTC Est. average price per coin: $49,250 |
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Click the links: 1.With Palestinians excluded from financial services and unable to achieve independence in the fiat system, the country needs Bitcoin. 2. As is typical in the bitcoin market, the bitcoin price fell as there were $154.5 million in long liquidations. 3. The CTO of Robinhood Crypto discusses his goals of bringing bitcoin to more casual investors. 4. Post Oak Motor Cars will be able to finance car sales through NYDIG's suite of Bitcoin services, including BTC-backed loans. 5. Promoted: With Unbanked, traditional banking systems are integrated with the world of Bitcoin. |
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Why Are Countries Adapting To Bitcoin? By Jacques Chirac Bitcoin has been functioning since 2009, and has been dominating the space without being threatened by any of the "competing" cryptocurrencies. Throughout this 13 years, the global bitcoin and cryptocurrency usage has exponentially increased, amounting to a 880% increase in adoption only the last year, particularly in developing countries. In this article the author lays out in detail the advantages and disadvantages of bitcoin at this point in time, and why countries have the incentive of adopting it and becoming the first ones to do so, as it grows towards becoming a global and widely adopted digital currency. Advantages: Bitcoin users have comprehensive control over their reserves. There are no costs associated with Bitcoin transactions. For international payments, Bitcoin transactions offer minimal transaction costs. Bitcoin transactions are entirely safe. Disadvantages: Bitcoin is not yet accepted across the globe. Wallets can be misplaced. There is no buyer protection. Technical flaws that aren't known. |
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BITCOIN MAGAZINE is back in print! |
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Report: Bitcoin Miners, Long-Term Holders Creating Bitcoin Supply Shock By Namcios According to a report from Kraken, a supply shock seems to have contributed to a more than 50% price appreciation in October, referring to this event as Shocktober. The big players have been "HODLing" and there seems to be little selling from long-term holders and miners. New users always have the worry of being the last ones to join in and holding other people's bags. As bitcoin users go deeper into the rabbit hole, everyone ends up eventually understanding the truth. "In the long term.. No one wants to sell bitcoin". |
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By Greg "There is only one best crypto-asset, and it is called Bitcoin. - Michael Saylor" Keep Stacking! |
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