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Bitcoin Market Journal

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HEALTH, WEALTH, AND HAPPINESS

May 23, 2022

"Measure your wealth by what you'd have left if you lost all your money."

- H. Jackson Brown, Jr.

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Tomorrow, Tuesday, May 24, join us at the DC Blockchain Summit, a one-day, premiere gathering of the most influential people focused on public policy action for crypto and blockchain investors.


Join top regulators, government officials and industry executives -- from Hester Peirce to Cory Booker to Michael Saylor -- in this exclusive in-person event in Washington, D.C.


Newsletter subscribers can take 20% off the ticket price: just click here to register. We'll see you at our booth!

Whale Reads



Whale Reads

Worthy news for aspiring whales


Bitcoin Pizza Day (Investopedia): Yesterday was the 12th anniversary of the first real-world purchase made using bitcoin, when Laszlo Hanyecz paid Jeremy Sturdivant 10,000 BTC to buy two pizzas and have them delivered to his home.


Investor Takeaway: While most people cringe when they hear that Hanyecz paid $300,000,000 for two pizzas (at today's bitcoin prices), remember that he also proved that bitcoin could be used to purchase real-world goods, which kickstarted the crypto revolution. He should be remembered as a hero, even if he forgot to order breadsticks ($10 million each).

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Block Market Daily

with Mati Greenspan


Hi Everyone,


Today, the focus has shifted somewhat to sunny Davos, Switzerland, where the World Economic Forum Annual Meeting, which usually takes place in snowy January, is happening now for the first time since the pandemic.


I do enjoy visiting Davos while the world's most rich and powerful people are walking the streets but as my wife and I are expecting a baby, possibly this week, I'm effectively grounded for the foreseeable future. :)


We will be paying especially close attention to the panels and thoughts at the WEF regarding digital assets. In the wake of Terra Luna's untimely demise, calls from global regulators to regulate crypto up the wazoo have scarcely been louder.


Over the weekend, we heard some very negative comments from Christine Lagarde, president of the European Central Bank and convicted criminal, who said both that bitcoin and other cryptocurrencies are "worth nothing" and that they should be regulated. I'm not really sure how it works out in her mind that something worthless should be regulated but here we are.


The European authorities in particular have been hot on bitcoin's buns lately and even tried to outlaw crypto mining entirely earlier this year.

Still mining 


Still, with the next vote to ban bitcoin mining in the European Union set to take place on or before the start of 2025, it seems unlikely that very many large industrial mining operations will take root there. However, there are industry participants in plenty of other jurisdictions who are keen to get involved


If there's one metric that seems completely indifferent to the latest financial tightening and market crashes, it's bitcoin's hash rate. That's because, despite the price declines, mining bitcoin is still insanely profitable. 


Here we can see that the total hash rate contributing to the security of bitcoin's network has been rising steadily since China banned all mining activity nearly a year ago in June of 2021.


Now we're getting reports that some miners are still operating in the country even though doing so against the government's wishes could result in severe penalties

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TradingView has a rather interesting function that shows the cutoff profitability price for some of the most popular mining machines in the market.


Here we can see that some of the older models like the S9i and the S15 are now mining at a loss but the newer ones are still quite profitable at these levels.

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Best Regards,


Mati Greenspan

Analysis, Advisory, Money Management

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The first known bitcoin transaction helps illustrate how far this digital currency has come in terms of building value.

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This Bitcoin Pizza Day, won't you adopt this crypto kitten?

Bitcoin Market Journal is a daily newsletter that makes you a better crypto investor. It is created by Evamarie Augustine, Charles Bovaird, Mati Greenspan, John Hargrave, and Alexandre Lores.


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