• Bitcoin Minimalist
  • Posts
  • Russia Mining, Unregistered Securities, El Salvador and Texas - Week 27

Russia Mining, Unregistered Securities, El Salvador and Texas - Week 27

To catch the weekly synopsis, consider subscribing to The Bitcoin Minimalist!


Operation Checkpoint 2.0

The SEC is going after unregistered securities and targeting staking first. A lot of news over the last week has been released, with one of the biggest stories being Kraken.

Kraken was targeted for allowing staking and not disclosing proper guidance to users. They have since settled with the SEC for $30 million USD. Many other unregistered securities could be next, given that any crypto built with the anticipation of profit, a pre-mine, or an ICO could pass the Howey test.

Strike Announces Open API

Strike, a platform that allows users to send USD internationally over the Lightning Network, has announced its open API.

This means that any business that would like to lower its international or national transaction fees would be able to do so and pay a much smaller fee. Money transmission is very lucrative, but it seems Bitcoin and Strike have blown the doors off this business, making Bitcoin's incentives and network effects much stronger.

El Salvador Opens Embassy In Texas

El Salvador is the first country to support Bitcoin as legal tender, and Texas is one of the most supportive states for Bitcoin and Bitcoin mining. This past week, El Salvador announced it would be opening an Embassy in Texas.

Bitcoin Magazine covers the full story here.

Russia Builds Fleet Of 30,000 Miners

A government-affiliated company in Russia has announced it will start bitcoin mining utilizing 30,000 miners in a 100 MW facility.

This is important, considering Russia is one of the largest energy suppliers in the world and could trade that energy for an uncensorable currency. If Russia makes more bitcoin by selling energy surplus, the country could be more incentivized to use it as a trading mechanism.


After the CPI announcements on Tuesday, Bitcoin rose to its relative high of ~$23,000 as the CPI numbers were higher than expected.

Today, Bitcoin hit its year-to-date high of $24,365.92 USD and is currently holding above the $24k level.

“Illiquid supply” has hit an all-time high at 78%. This metric measures the number of total bitcoins being held outside of exchanges.

It is relative, considering users of Bitcoin can easily send BTC back to exchanges at any time. However, it does show the current sentiment, which is that users are taking control of their keys and putting BTC into cold storage.



Adam Back Thread on Bitcoin Adoption

Macro Market Talk

Rich Dad Poor Dad on Bitcoin

Fundamental Bitcoin Supply Chart


To DCA or Buy the Dip?


We have recently launched Bitcoinjobs.com! Looking for a job in the Bitcoin space? Visit Bitcoinjobs.com for more job openings.

What to read

Toward A Node World Order - Bitstein

Thanks for reading The Bitcoin Minimalist! Subscribe for free to receive new posts and support my work.