Hashrate 🚀, Courts Clear Way for Next Dominoes To Fall, and Legislative Progress For Private Keys in WY
W7 '23 | 2.13-2.19.2023 | Issue XV
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W7 ‘23 Vibe Check
The Overview Vibe
Weekly Industry Metrics
Weekly Takeaways
Headlines & News
Energy Corner
The Meme Vibe
The Overview Vibe
Valentine’s Day week brought us quality memes and discounted chocolate on sale this last week, we also saw record highs in Hashrate and YTD BTC price. A light week of operational updates was supplemented by judicial decisions to push through bankruptcy processes across the industry.
Privacy rights celebrated also celebrated a win this week when the legislative body of the State of Wyoming passed a bill to protect its Citizens from forced disclosure of their private keys.

In another step forward in Bitcoin infrastructure, Strike released its Sending API docs. Developers and business can leverage them to send $USD over the ⚡️ Network without having to directly touch bitcoin.


This step alongside other progressions in the construction of payment infrastructure on Bitcoin remains ever important as the crumbling traditional rails of money across the world took big steps back this week.
The Central Bank of Nigeria 🇳🇬 has announced a replacement of all physical cash in circulation, limiting ATM withdrawals to the 20,000 Naira ($4) (Le Monde). As small businesses have shuttered and social unrest mounts, clashes between protesters and security forces continue to escalate. Instead of adopting the domestic CBDC (eNaira), Nigerians have opted for bitcoin, leading to a local premium for satoshis.

Bitcoin/Mining Metrics
BTC price2: ~$24,485.36 @ EOW. +12.18% WOW.
Hash price1: $79.87/PH/Day @ EOW. +11.70% WOW.
Network Hashrate (SMA 7 Day)1: ~323 EH/s @ EOW. +10.62% WOW.
Difficulty1: 39.16 T @ EOW. -0.48% WOW.
ASIC Retail Price (s19/m30 family)1: $15.09/TH/s @ EOW. +1.34% WOW.
Sources: Hashrate Index1, Bitbo2
Weekly Takeaways
Hashrate smashed to a record ATH as BTC and hashrate price reached YTD highs. The 🐔🥚 of whether hashrate follows price or vice-versa is on display. Miners who turned on ASICs during this Epoch will enjoy ~$80/PH/DAY until the expected 11+% expected upward difficulty adjustment kicks this next week.
The progress signaled by the bankruptcy courts for Celsius and Compute North provide both positive sentiment and precedence of the speed restructuring occurs across the industry. Infrastructure that can be cleared to develop under new owners is a productive step forward for the energy-utility counter-parties and hosting clients involved with such sites.
All eyes are on the 88th session of the Texas State Legislature. Texas Blockchain Council has worked with legislators to file bills that incentivize via tax exceptions for miners who off-take flare gas and act as flexible loads to help stabilize the grid. We hope other energy rich states will follow Texas’s proactive strategy!
Headlines & News
Trending
Wyoming passes bill prohibiting the forced disclosure of “private cryptographic keys” - State of Wyoming.
WSJ misses on understanding the open source development processes of Bitcoin.
The Block’s Catarina Moura preview earnings season for the public mining industry.
Over $1M in Ordinal associated transaction fees have been paid to miners - Twitter.
General PubCo Updates
CleanSpark purchases 20k new gen S19j Pro+ ASICs for planned deployment at their 50 MW expansion in GA. After application of coupons, the 122TH ASICS were acquired for $13.25/TH or a net sum of $32.3M - Press Release.
Court filings find Core Scientific bought a $1.65M private jet from a company with personal affiliation to CEO - CoinDesk.
Operational/Site Updates
Capital Markets & M&A
Geroge Soros’ Fund increases exposure to the Bitcoin ecosystem via purchases or additions of MicroStrategy, Marathon Digital, and Silvergate Bank investments - SEC Filing.
Regulatory/Legal Updates
NY court clears Celsius to raise over $7M via sales of Bitmain ASIC coupons (10-30% discount on purchases) as part of bid to reorganize sponsored by NovaWulf - Court Filing.
Bankruptcy court approves Compute North’s plan to reorganize after completing 13 asset sales to cover $250M of secured debt, 11 smaller settlements, and 3 pending holdouts - CoinDesk.
Sustainable Bitcoin Protocol facilities pilot ESG certificate sale to Melanion Digital by CleanSpark - CoinDesk.
Hardware/Tech Updates
PEGA Pool launches ESG incentives for miners, lowering fees to miners that utilize renewable energy - Cointelegraph.
Research/Reports/Newsletters
General Markets
Bitcoin Tech
Bitcoin Mining
Podcasts
Mining Podcast - Controlling Risk with Hive Blockchain | Frank Holmes & Aydin Kilic | The Mining Pod
What Bitcoin Did Podcast -
Rabbit Hole Recap 239 - Bitcoin is the Only True Stablecoin
Energy Corner


The Meme Vibe
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