Earn more than 400 bitcoins by stop working

An eventful week. People again became more optimistic about the bitcoin price. In the meantime, a lot has happened again: when the race is not going well, many interesting things often happen.

You can read all about it in this free Friday edition of Bitcoin Focus. Also read yesterday’s article on bitcoin vs cash!

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I think bitcoin is a good idea and keep buying. Do you think so? And have you done good research? Good, do your thing. But don’t buy bitcoin because I say/think it’s a good idea, find out for yourself. I do not provide investment or investment advice.

A week with miners, CO2, stack rate, garbage dump and much more

  • Not working and still earning
  • Bitcoin for the grid
  • Finding Bitcoin in the Landfill
  • One and a half million bitcoiners in the Netherlands
  • New Head of Crypto at MicroStrategy
  • Support your developer: better mining!
  • The general public is introduced to the bitcoin maximalist
  • Dollars on lightning
  • A CO2 limit on your account? Rabobank and ING are working on it

Hundreds of bitcoin do not work

It’s hot in Texas. They have been in the news several times this year due to high temperatures.

In May, for example, six power plants went down due to the high temperatures, so there were 2900 megawatts less available on the grid.

Last July it got even crazier. In Salt Lake City it was 87.3°F or 30.7 degrees Celsius. If you think: it’s not so bad; it was average [!] temperature.

The energy system is not really designed for that. At the same time, there are a few big bitcoin miners in Texas. For example, there is Riot Blockchain Inc. They have “factories” that mine bitcoin and use 750 megawatts of energy for it.

The company has contracts for this with energy companies, and they must therefore use this power. 750 megawatts is about as much electricity as a coal-fired power station.

During such a heat wave, prices rise considerably, and this is where the opportunities lie. Riot grabbed them and kicked out their miners. Thereby they gave “power back” to the grid. The boss explains that she is one of a kind To kiss is that mutes the question.

They sold their capacity back because they didn’t use it themselves. They got $9.5 million for it, or 439 bitcoin. In the same month they earned 318 bitcoin. An excellent production! Their numbers are all online.

Collecting top tax with bitcoin

The power grid is becoming more and more unpredictable. Due to more green energy such as solar panels and wind turbines, supply and demand must be handled more and more dynamically.

I recommend reading this article from de Volkskrant about the control room in the Dutch electricity grid.

They are turning off and “selling back” the power in Texas through an initiative called the “4 Coincident Peak Program”. The umbrella energy agency (Electric Reliability Council of Texas) created this program to absorb the peaks during the four summer months.

Last Tuesday news came about the new “water battery” in the Swiss Alps, also to absorb peaks and save energy in case of overproduction.

The problems are also piling up in the Netherlands. We have previously read about the problems in Brabant and Limburg. Yesterday grid operator Liander said there are also problems in Amsterdam, Flevoland, Friesland, Gelderland and North Holland: companies cannot expand there.

On August 17th there will be a new De Bitcoin Meetup in Amsterdam. At the previous meeting I spoke to someone who (already) uses miners to help with the energy grid: the grid operator installs a box that they inform him when he needs to use less.

It’s easy for miners: you can put them in a slow mode within a second and they use less energy. Or turn it off, no problem for the machines either.

I also heard about a tender in the Netherlands to find a solution to this on a larger(er) scale. I’m not very familiar with land supply, if anyone knows: marnix@bitcoinmagazine.nl and I’ll put it in next week.

Previously, you could read about Bert de Groot, who reduces gas consumption in a flower greenhouse with his bitcoin miners in North Holland. You can read his story here. Bitcoin is about energy and electricity!

7500 bitcoins in the trash

It will happen to you, you throw your computer with your wallet on it. You read about it on bitcoin magazine more than a year ago.

James Howell threw away his hard drive in 2013 and was regularly in the news. You may have seen it pass by in recent years.

Now he wants to use robotic arms and a robotic dog to find his (turnover) 170 million euros. One investor was crazy (or smart?) to put in $11 million.

Not much more to say about it… I don’t think he’ll find it. And that’s fine, it means there are fewer bitcoins in circulation and mine (and yours?) are worth more too!

15 million people, 2 million crypto owners

We have already passed the 15 million from the song, now we are already with 17.7 million people.

What is also growing is the number of people with cryptocurrencies. The research company Multiscope conducts annual surveys and after talking to 4000 people concludes that there are 1.9 million people in the Netherlands with crypto coins.

There is also a lot of nonsense in it: coins like dogecoin, ripple and ethereum. I’m not a fan of it to say the least.

Good news: Bitcoin is clearly the biggest currency. 9% of all Dutch people have Bitcoin, or one and a half million people.

2% of people borrow money to buy bitcoin. 41% use savings, and most do it from a checking account. I myself use savings (I see bitcoin as savings).

MicroStrategy boss changes role

I have often written about Michael Saylor, the head of the company with his own largest bitcoin balance. I always added that it was the head of the company MicroStrategy. As a boss bought for almost 130 thousand bitcoin.

When news broke that he was stepping down as CEO, some bitcoiners were worried: Could there be a price change? Would MicroStrategy Start Selling Bitcoin?

It turns out exactly the opposite. Saylor appoints a new chief executive (CEO) and takes up the position of Executive Chairman himself. It all sounds the same to me, but we can’t call him “boss” anymore.

Saylor says:

“As Executive Chairman, I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives”. Simple: I will focus more on the bitcoin strategy.

Should I call Saylor bitcoin boss instead of boss for now? Anyway, I think it’s a boss act!

Mining better

In Bitcoin Focus 37 I already wrote about Stratum V2, a better way to mine. It gives miners more power over the bitcoin they mine and takes power away from the managers of mining pools.

So does major bitcoin miner Foundry Digital LLC. In particular, better efficiency, better security and more decentralization are reasons why they want to support Stratum V2.

They will support that by sponsoring developer 4ss0 they give 1 bitcoin to the developer!

In addition, the company will play a coordinating role, bringing developer 4ss0 into contact with the rest of the company.

These kinds of “grants” (sponsorships) are quite important for the continued development of bitcoin. Good that companies do it!

We just keep buying!

Bitcoin crash? No problem. People who have been involved in the bitcoin world for a few years have certainly seen it more often.

Roughly speaking, if you have bitcoin and see the price drop, you can do two things: panic and sell, or think: “that’s a good price, I’ll buy some more”.

The people who like it and still see a bright future continue to buy. So am I. Give me bitcoin instead of (savings) money that is significantly depreciating in value due to inflation.

It is not yet clear to everyone. Enough people think that bitcoin has crashed and then they stop thinking about it, or write it off. That’s why it’s nice when major mainstream newspapers show the other story.

The New York Times ran a piece on the maximalists this week. The general public has thus been able to know what “we maximalists” think about it: bitcoin is going to change the financial system.

The article also makes a good distinction between bitcoin and crypto: bitcoin is hard money without a maker, but in the “crypto-economy” around it there is a lot of nonsense, scams and scams.

It’s important to continue to clarify the difference between bitcoin and “the rest” for me. All too easily it gets mixed up and bitcoin gets tossed into the trash heap…

Stack rate, dollars on Lightning

In El Salvador, the Bitcoin Beach wallet is used. That wallet is released by Galloy. The same developers now have something new.

This week they announced Stack rate. It allows users to hold “dollars” backed by bitcoin.

whose user this means you can also keep dollars in your wallet in addition to your bitcoins. These dollars always remain (in terms of value) the same amount: if there is $100 today, it will also be there tomorrow. And the value is (so) attached to the dollars we know.

We know that bitcoin can fluctuate quite a bit in price. It has to be handled somehow.

They use perpetual inverse swaps for this. That’s one way to hedge exchange rate differences: absorb them. The bitcoin in the wallet is used as collateral for these swaps.

A YouTube video shows how it works as users. What it is not clear to me yet, what it costs, they only say that the fees are low. M curious!

Your payment card limits your spending (and not because you run out of money)

The director of Rabo Carbon Bank, Barbara Baarsma, was a guest of BNR. She proposed that each household should receive a limited amount of CO2 allowances.

Your banking app will then indicate how much CO2 you have “used” and then stop working if you have too much.

That’s pretty much how I envision CBDCs: the central bank money that’s also being talked about. Your money no longer stands alone (and is certainly no longer truly yours), but several conditions can be placed on it, such as a CO2 limit.

After an immediate uproar, Rabobank backed down. The spokesman said it was just a thought experiment.

Not only Rabobank, but also ING is working on such plans.

I don’t like it all. I’d rather have free money that’s really mine. Give me bitcoins!

Read more such articles at bitcoinfocus.nl.

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