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In our Friday articles, we take a deep dive into the current state of Bitcoin. Every Friday we will continue to publish brief State of Bitcoin newsletters to keep subscribers up to date on news from the Bitcoin industry. For full disclosure, Brandon and Daniel are strong believers in Bitcoin and both have allocated portions of their portfolios to BTC (HODL baby).
Dan’s top 3 stories from the week:
We were wrong about Intel: Last week, we detailed the technical specs of Intel’s first generation Bonanza Mine bitcoin mining system. Based on those specs, it seemed Intel was well-behind competitors like Bitmain. This week, specs for their second generation miner were released via an SEC filing from GRIID, one of Intel’s first bitcoin mining customers. The second generation Bonanza Mine apparently provides 135 TH/s at 3510W, with an efficiency of 26 J/THs. The miner is priced at nearly half the cost of a Bitmain S19 Pro and is 15% more efficient. Big of me to admit that I was wrong - good job, Dan.
Flexport says they have BTC on the balance sheet: In a Twitter thread posted over the weekend, Ryan Petersen, CEO of digital freight forwarder Flexport, hinted that the company’s $1.6B balance sheet held bitcoin. Flexport provides a logistics platform to help businesses manage, trade, transport, and store goods across the globe and, after a recent round of funding, has a valuation of nearly $8B. Amongst those who help fund the company are SoftBank and Canadian e-commerce platform Shopify. An $8B company has bitcoin on the balance sheet…if I were a betting man, I’d bet that this news is not ‘probably nothing.’
Bitfarms inks financing deal with BlockFi: FULL DISCLOSURE, I OWN STOCK IN BITFARMS. Last Friday, bitcoin mining company Bitfarms announced a $32M financing deal with BlockFi, a popular crypto-lending platform. The two-year, 14.5% interest rate, equipment loan covers the purchase of 6,100 Bitmain S19j Pro miners and allows Bitfarms to allocate growth capital into other ventures. In January, the company expanded their global footprint from Canada and the U.S. into Paraguay. They plan to have a mining facility fully operational in Argentina by the end of 2022, a venture that would increase their power capacity from 116MW to over 300MW. With a growing global footprint, Bitfarms protects itself from potential geopolitical instability and/or unfavorable regulatory environments within a single country.
Brandon’s top 3 stories from the week:
City of Lugano to make Bitcoin Legal Tender: The city of Lugano, Switzerland announced a collaboration with Tether to make the city a hub for blockchain adoption in Europe. Lugano plans to allow citizens to pay their annual taxes and goods and services in bitcoin and other cryptocurrency including Tether and CHF-based stablecoins. Lugano is known for as being a very tech friendly city and continues that with this announcement. After seeing the success in El Salvador it seems cities, states, and countries around the globe are starting to take note.
Blockchain Company ConsenSys: This is a wild story that there should be a movie or documentary about in the future. A brief summary is a partner Kavita Gupta helped bring a fund from $13.5 million to $300 million and is now suing ConsenSys to get her money. Gupta has alleged misogyny, drug use, and fraud while ConsenSys has filed a counter suit claiming that Gupta lied about her space tech patents and previous work experience which includes NASA. Wait, it gets better. ConsenSys illegally transferred funds to a subsidiary all while delaying a shareholders meeting in order to keep the transfer to a subsidiary and not allowing the shareholders to vote. Overall a wild story and it happen with a company that is all about shitcoins, makes you think.
Bitcoiners Helping Ukraine in every way: Millions have been donated by Bitcoiners and hashrate has been supplied by Braiins by creating a Slushpool. Bitcoiners are fully backing Ukraine and helping them fund their efforts to remain a sovereign nation. Bitcoiners historically have been very generous donating sats and this is another instance. I fully support anyone willing to donate money whether in sats or any other way to help a cause they stand behind. Good on everyone donating and lets keep it up!
Quick word about stacking tax-advantaged sats!
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A quick look on chain:
Current price: $42,253 (last week 10.2%; last month 9.1%; last year -16.3%)
Market Cap: $805B
Spent Output Profit Ratio: 1.002
Current block height: 725800
Mean block interval: 10min. 43sec.
Meme of the week
What would the BTC community do without memes? Every week on State of the Coin, we feature our favorite meme of the previous week. If you create or see a meme that you like and want us to consider featuring it, tag us on Twitter or instagram (both @Greencandleit)! This week we’re featuring a meme we came across on the @TheBitcoinConf page:
Video Version!
For our complete rip, check us out on the pod:
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Happy Friday everyone - get after it this weekend!
Dan and Brandon
Disclosure: The authors of this writing hold positions in cryptocurrency mentioned in this article. That cryptocurrency is Bitcoin. The article was written by Daniel Kuhman, Brandon Keys, and occasionally a guest writer; it expresses the author's own opinions. They are not receiving compensation for it. The information presented in this article is for informational purposes only and in no way should be construed as financial advice or recommendation to buy or sell any stock or cryptocurrency. None of the authors of this article are financial advisors. We encourage all readers to do further research and do your own due diligence before making any investments.