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BITCOIN MINING COMPANY CLEANSPARK PRODUCED 312 BTC IN RECENT UPDATE | by heidi mukhtar

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  CleanSpark, a sustainable bitcoin mining company, released its mining production update for the month of May. While bitcoin production marginally increased, operational capacity showed a large improvement from a month-over-month perspective. Currently the company holds 1,523 BTC ($46.1 million) in custody. CleanSpark Inc. (Nasdaq: CLSK), a sustainable bitcoin mining company, has released its mining and production update for last month via a press release sent to Bitcoin Magazine. In the month of May, CleanSpark produced 312 BTC currently valued at $9.4 million and year-to-date (YTD) has produced a total of 1,523 BTC worth $46.1 million. This is slightly up from the previous month’s 311 BTC produced. As of May 31, the company holds 550 BTC worth over $16.6 million in custody and converted 210 BTC at an average price of $32,639 per BTC for overhead. The converted BTC is worth $6.3 million at the time of writing, but generated the company $6.8 million at the time of sale. Currently, the
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BITCOIN DEVELOPERS HAVE TECHNICAL EXPERTISE THAT USERS DON’T | by heidi mukhtar

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  Bitcoin is ultimately defined by its users, by the people actually running nodes and enforcing the protocol rules to verify the payments they receive over the network. This is a fundamental and inescapable property of the Bitcoin network, so long as users choose to engage in this activity. This does not however mean that users deeply understand how the protocol works, the different effects that proposed changes would make or the most efficient way on a strictly technical level to handle a problem or improvement. Users absolutely can understand these things if they take the time to do their research and actually learn about the protocol on a strictly technical level, but to assume you as a user understand these things simply because of the reality that users are the ultimate arbiters of how the protocol works based on what software they choose to run is pure hubris. Just because you drive a car does not mean you understand the deep and nuanced engineering trade-offs as well as the eng
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HOW BITCOIN PIZZA DAY RESEMBLES FESTIVUS | by heidi

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Bitcoin Pizza Day. The fabulous event that takes place once each year on May 22. I won't bore you with all the details. Laszlo Hanyecz paid 10,000 BTC for two Papa John’s pizzas in what’s widely believed to be the first transaction of bitcoin for a physical good. Let's put some dollar value on this transaction. The two pizzas together were roughly valued at $41 at the time based on the amount of bitcoin paid. The bitcoin price hit an all-time high of $68,990. At 10,000 BTC, that's a $689,000,000 windfall at an all-time high. That's an astonishing $43,000,000 (approximately) per pizza slice (assuming 16 slices)! How many of you are willing to tell your partner or family that you could have made it, but you ate a $43-million-per-slice Papa John’s pizza instead to make history. "Fuhgeddaboudit!" Anyway, it's a joyous time in the community to come together and celebrate the strides Bitcoin has made. The day feels like our Festivus. We begin with the “airing of
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SWISS BANK JULIUS BAER TO OFFER BITCOIN, CRYPTO SERVICES | by heidi

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  Julius Baer Group, a Swiss private bank, will begin offering bitcoin and other cryptocurrency products to high-net-worth individuals. Julius Baer explained we are likely witnessing a bubble similar to the dot-com burst which birthed a new industry. The bank originally partnered with cryptocurrency bank SEBA in 2019 as the institution became more familiarized with the industry. Julius Baer Group, a private bank based in Zurich, Switzerland announced that it is creating a proprietary digital wealth management system focused on bitcoin and other cryptocurrencies exclusively tailored to high-net-worth clients. The private bank noted its goal to position itself at the intersection where bitcoin and other cryptocurrencies meet the fiat world while acknowledging the volatility of the space. Julius Baer plans to keep a watchful eye on the growing asset class, monitoring its evolution and any opportunities that may present themselves. “It could well be that at this very instant we are witness
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FTX CEO sees no future in Bitcoin payments, community fires back | by heidi

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  Sam Bankman-Fried, the founder of crypto exchange FTX, has criticized the efficiency of Bitcoin (BTC) as a payment network, only to meet heavy backlash from the crypto community. During an interview with the Financial Times, Bankman-Fried fueled environmental concerns associated with the Bitcoin network’s mining consensus, proof-of-work (PoW), and claimed it's not scalable enough to accommodate millions of transactions. He advocated for the use of proof-of-stake mining consensus instead and claimed it is better suited for blockchain payment networks. He said: “Things that you’re doing millions of transactions a second with have to be extremely efficient and lightweight and lower energy cost. Proof of stake networks are." Bankman-Fried comments resonated with the recent calls for a complete ban on PoW by a group of billionaire lobbyists comprising Ripple co-founder and several other environmental groups. However, Bitcoin proponents have been actively fighting against the ongo
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AN OPEN LETTER TO A BITCOIN-DOUBTING FRIEND ON WALL STREET | by heidi

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  Dear Wall Street friend,  I write this letter because I like you. I know we have our differences, especially in terms of how we view the financial institutions that dominated the last century of history, but I understand where you're coming from. You are a smart and communicative person, banks and managers have identified your potential, offered you a well-paid career and a financial education along the lines of the fiduciary system. Suddenly I appear with an obsessed gaze, telling you that an anonymous individual has created digital money that, in addition to being an unparalleled investment, is a technology that will revolutionize humanity and turn everything you've learned from your successful billionaire employers upside-down. At first glance, I must seem like a crazy person, but be patient and read this letter until the end. I write it from the bottom of my heart. This is not a definitive article to convince you that bitcoin is the best investment at your disposal or why
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WITHDRAW YOUR BITCOIN OFF EXCHANGES | by heidi

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  Coinbase dropped an earnings report today and with it came new language in their 10-Q about the legal claims retail users have in the event of a bankruptcy event. Reacting to new regulations from the SEC, Coinbase had to add language that communicated that retail users of their platform could have their assets held on the exchange rendered as property of the bankruptcy estate, in the event of a bankruptcy. Brian Armstrong, the CEO of Coinbase, just hit the Twittersphere with a lengthy thread reassuring the world that this clause was added to the disclosure because of the new SEC rule, they hope to give retail clients the same assurances that their Prime and Custody customers enjoy, and that nothing like this has been tried in the court of law and that it is unlikely that the government would deem user property as the property of Coinbase. Maybe your Uncle Marty is a bit crazy, but I don't find the argument very convincing. Especially when you consider the fact that the government
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