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Coinbase On Thin Ice, NYT Attacks Mining, IMF Unveils CBDC - Week 33
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News
Coinbase Contemplates Moving Outside the US
Coinbase's CEO, Brian Armstrong, has acknowledged the possibility of relocating the company from the US amid increasing regulatory scrutiny and a less friendly environment for cryptocurrencies.
According to a Bloomberg report published on April 18, 2023, Armstrong mentioned Switzerland and Singapore as potential locations for the company due to their supportive regulatory frameworks.
However, the decision to move would not be made lightly, and the company would prefer to remain in the US if possible.
NYT Hit Piece on Bitcoin Mining
The New York Times article from April 9, 2023, highlighted the environmental impact of Bitcoin mining due to its high energy usage and carbon emissions.
The article discusses potential solutions to reduce its environmental impact, including using renewable energy sources and more energy-efficient mining equipment.
Although this has come out from the NYT, a supposed mainstream source for facts, many prominent Bitcoiners and pro-environmental researchers, including Riot, have said the information is misleading and blatantly false.
The NYT will not release their data suggesting 89% fossil fuel energy mix and claim Bitcoin miners are raising electricity prices for everyday citizens. Riot responded to the accusations with this video, comparing miners to data centers and electric vehicles, being “100% electric.”
All New Macs Have The Bitcoin Whitepaper
Apple has included Bitcoin’s whitepaper, a seminal document outlining Bitcoin's concept and technical details, in the latest macOS version, according to MacRumors.
The whitepaper, titled "Bitcoin: A Peer-to-Peer Electronic Cash System," was written by the pseudonymous creator of Bitcoin, Satoshi Nakamoto, in 2008.
Including the whitepaper in macOS is seen as a recognition of Bitcoin's growing importance and mainstream adoption and suggests that Apple is taking a more positive view of the technology.
Intel Discontinues Its ASIC
Intel has discontinued its Bitcoin mining Blockscale chips and will not release any future generations of the product, according to Tom's Hardware.
The Blockscale chips were designed specifically for Bitcoin mining and were launched in 2021. The decision to discontinue the product was reportedly made due to changes in the Bitcoin mining market, including increased competition and the rise of new, more efficient mining equipment. This disappointed much of the community as there is a much-needed competition for both Antminer and Whatsminer.
Arkansas Signed Bill Protecting “Right to Mine”
“TO CREATE THE ARKANSAS DATA CENTERS ACT OF 2023; AND TO CLARIFY THE REGULATION OF THE DIGITAL ASSET MINING BUSINESS”
Price
Bitcoin continues its sideways journey as the price has jumped over 70% year-to-date.
The asset has outperformed almost all other assets this year compared to the traditional market. The halving is estimated to be 352 days away.
Long-term vs. Short-term holder supply is used to compare the previous bull and bear markets. Looking specifically at LTH Loss, it seems that the price is rising and therefore pulling out of the bottom of the bear market. The price rise has historically shown the end of the bear market.
Tweets
Thread on Bitcoin mining in Kyrgyzstan
“Everything Will Be Centralized”
SEC Chair Gary Gensler Dodges Questions on ETH
Bitcoin’s Monetary Inflation Visualized
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What to read
IMF Unveils New Global Currency Known As The "Universal Monetary Unit" To "Transform" World Economy - Zerohedge