Square CEO, Jack Dorsey, has interest in developing an open and collaborative bitcoin mining system

Square CEO, Jack Dorsey, has interest in developing an open and collaborative bitcoin mining system

Table of Contents

Mining News Brief

  • Jack Dorsey, Square and Bitcoin Mining
  • BOEM Offshore Wind Project Proposal
  • Putin Could Tolerate Cryptocurrencies
  • Largest Airport in Venezuela Accepts Bitcoin from Tourists

Network Health and Hash Rate

  • Fundamental Bitcoin Mining Metrics
  • Bitcoin Price Nears All-Time High
  • The U.S. Leads The World In Bitcoin Mining

Mining Media

  • TikTok: Using Bitcoin to Mitigate Carbon Emissions
  • Video: Senator Ted Cruz Discusses Bitcoin Mining in Texas

Mining News Brief

Square CEO, Jack Dorsey, tweeted about his interest in developing an open and collaborative bitcoin mining system. (Jack’s Tweet) “Square holds approximately 8,027 #bitcoin, acquired at an aggregate purchase price of $220,000,000 and an average price per bitcoin of $27,407.” (BTC Magazine)

The U.S. Federal Government Plans To Lease And Develop Offshore Wind Farms

In Executive Order 14008, President Biden authorized the Department of the Interior to partner with the Bureau of Ocean Energy Management (BOEM) on a commitment to deploy 30GW of offshore wind by 2030. (Tackling the Climate Crisis at Home and Abroad)

The Biden Administration now looks to jumpstart offshore energy projects by leasing and developing wind offshore wind farms. (White House Fact Sheet)  

The government plans to lease seven wind farms in the Gulf of Maine, New York Bight, Central Atlantic, and the Gulf of Mexico, as well as offshore the Carolinas, California, and Oregon by 2030. (BOEM Secretary Haaland’s Announcement)

This ambitious project would meet the 30GW production capacity criteria contained in Executive Order 14008 and generate enough power for more than 10 million homes. (Forbes Breaking News)

According to the BOEM’s offshore wind proposed leasing schedule, the projects will create as many as 80,000 jobs from Q1 2022 – Q3 2024. (BOEM Proposal)

Putin Acknowledges Crypto As Russia Drops USD From Its Sovereign Wealth Fund

Russia has announced that it will drop U.S. dollar assets from its sovereign wealth fund. (CNBC) Vladimir Putin and the Russian government have been considering alternatives to trading in dollars since the U.S. levied sanctions in 2014. (Bloomberg) 

This past week, Putin stated that cryptocurrency “has the right to exist and can be used as a means of payment” indicating a potential tolerance for bitcoin or other cryptocurrencies. (Putin’s Interview)

Venezuela’s Largest Airport Accepts Bitcoin

Russian and European tourists to Venezuela have sought to pay with digital currencies. (Invezz) In response to that demand, Venezuela’s largest airport has revealed plans to allow the purchase of airline tickets using digital assets. (Venezuela News Source)

Notably, Venezuela has the largest oil reserves in the world. (Wikipedia) But the 2014 oil crisis resulted in hyperinflation, supply shortages, and an exodus of human capital from Venezuela. (The GeGaLo Index)

Considering Venezuela’s history of monetary instability, it will be interesting to see whether the government will use these vast oil reserves to power bitcoin mining operations in the future.

Network Health and Hash Rate

Fundamental Bitcoin Mining Metrics

Bitcoin Price Nears An All-Time High

U.S. Topples China As The Top Bitcoin Mining Country

China has dominated BTC mining for the majority of the past decade, representing more than 70% of the total network hash rate at some times. However, sources have reported that more than 95% of the mining capacity left mainland China following the series of bitcoin and cryptocurrency bans. (BTC Warrior)

According to the Cambridge Bitcoin Electricity Consumption Index, the U.S.’s hash rate share has increased from 4.20% to 35.40% from July 2020 to June 2021. (CBEC Index)

Mining Media

TikTok: Bitcoin Mining Can Reduce Carbon Emissions

Watch how an oil producer in Utah is using otherwise wasted gas to mine bitcoin! Rather than burning the gas like usual, they reduced carbon emissions and increase profits. (TikTok)

Video: Cruz Discusses Bitcoin Mining In Texas

In a recent video, Senator Ted Cruz joined Bitcoiner, Jimmy Song, to discuss ESG concerns and the future of bitcoin mining in Texas. (Bitcoinist)

“In five years I expect to see a dramatically different terrain with Bitcoin mining playing a significant role as strengthening and hardening the resistance of the grid.” (Statement by Ted Cruz)

 

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