Humble Bitcoiners!
What is a morning without Bitcoin content? Sit down and get ready for your daily dose of Bitcoin signal! |
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Today's Rundown: - Taproot: The major upgrade to bitcoin is set to arrive this weekend.
- Airdrop: Miami to give bitcoin to its citizens.
- Hydro Farm: Bitfarms enters the U.S. bitcoin mining scene.
- Legalize: Russia proposes bill to legalize bitcoin mining.
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Taproot Is Coming To Bitcoin: How It Works, Its History And Implications
By Shinobi Taproot and Schnorr signatures are going live on Bitcoin block 709,632. This will likely take place this Saturday, and it is a the biggest change since Segregated Witness went live on the network. The idea behind this new implementation was brought up in 2012, with the objective being making node validation less computationally expensive.
Some of the importances of usng Schnorr signatures are that the signature caps at 64 bytes, instead of an ECDSA signature of 72 bytes. The reduction of size makes fees cheaper, but also benefits people not using it by requiring less data to be stored in the blockchain.
Schnorr brings also a massive improvement in: - Multisignature scripts
- Simplification of adapter signatures
The improvement in multisignature is directly applicable to Lightning, which makes the opening and closing of channels less obvious adding a factor of privacy to the user as the transaction becomes undistinguishable from a non-multisignature one.
"It really is a win in so many ways for the scalability and utility of the Bitcoin protocol that it is hard to convey because of how subtle and “un-sexy” some of them are." - Shinobi |
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Miami To Give Bitcoin To Its Citizens, Allow Usage For Payments
By Namcios Miami Mayor Francis Suarez announced in a CoinDesk interview that the city of Miami will soon start giving bitcoin to its citizens. He confirms that his goal is to achieve a complete integration of the bitcoin ecosystem together with the U.S. dollar ecosystem in his city, where people would be able to: - Use bitcoin to pay taxes
- Hold bitcoin as an invesment
- Receive bitcoin as salary
Francis Suarez recently blew up in the news by announcing he is to receive his entire salary in bitcoin from now on, incentivizing other politicians to do similar moves.
"I do see very quickly a world where the Satoshi system is what is used to make payments; we need to make that leap, We need people to understand that bitcoin is increasing in value and yes, we want you holding bitcoin. But at the same time we need to increase the utility of Bitcoin which increases the value even more and also creates more functionality so people can be in a better currency, frankly." - Francis Suarez |
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Click the links:
1.If an unrealized capital gains tax is enacted, it could have major ramifications for the economy and create a dangerous precedent.
2. Aaron Segal dissects Bitcoin using the laws of thermodynamics and the concept of monetary entropy.
3. As attention on inflation heightens, public companies look to a solid store of value to protect their profits.
4. Even though burglars managed to steal the victim’s hardware wallet, his funds were still safe because of his multisig setup.
5. With the U.S. CPI continuing its accelerating trend, bitcoin offers a critical hedge against money printing.
6. This guide takes you step by step to successfully mining bitcoin from your apartment. |
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Bitfarms Enters US Bitcoin Mining Market With 24 MW Hydropower Farm By Namcios
Bitfarms, the canadian based bitcoin mining company, has now entered the American market by acquiring a 24-megawatt (MW) facility in the state of Washington. With a plan to house over 6,000 Bitmain S19j Pro rigs fed by hydroelectric power, the company will be generating around 620 petahashes per second of hashrate capacity.
“We prioritize locations with cost-effective electricity that allow for further growth and expansion, The Washington farm meets all these criteria. With this acquisition, we enter the United States and continue our global expansion to 10 farms in operation or under development in four countries.” - Emiliano Grodzki, CEO of Bitfarms
Capitalizing on cheap renewable energy in distributed locations seems to be the way to go forward for bitcoin mining corporations. Distributing locations serves as a manner of mitigating risk, especially in case of changes in countrys' political structure. |
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Russian Deputy Proposes Bill To Legalize Bitcoin Mining, Forms Working Group
By Namcios
The State Duma, has proposed the legalization of bitcoin mining as the country becomes a prominent nation in the industry. As bitcoin appreciates and bitcoin mining grows all over the world, delivering millions of dollars in revenue for many countries, Russian government agencies have not been taking advantage of the moment since regulatory clarity is lacking.
By regulating and opening doors to foreign investment, Russia could become one of the leaders of the space, as it has an abundance of stranded hydroelectric power, which could make it an attractive destination of choice for environmentally conscious miners.
China has currently lost much of its mining hashrate since the ban there, but if they work on the regulatory side, there is potential to return to glory.
"When it comes to proof of work mining, there's nowhere better suited than Russia's Siberia Irkutsk region, where most mining in Russia takes place" - Jesse Willms
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BITCOIN MAGAZINE is back in print! |
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By Eric Balchunas
The U.S. stock market is now $54T, up from $9T in 2008 and up from $27T just 20 months ago.
In other words, the stock market is up 6x, while wages are only up ~3% per year on average over the same period.
Knowing that about 40% of the existent US dollars were created in the last 12 months, it seems obvious where the money is going.
Save yourself — buy bitcoin. |
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