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“Ditch the pronouns and hit the gym, then you’ll realize the importance of Proof of Work.”
“Starting today we are reviewing if and how our current policy on crypto donations fits with our climate goals. And as we conduct our review, we will pause the ability to donate cryptocurrency.”
“Talking about building this city beside a volcano is like thinking you are rich because you live next to a bank.”
In an attempt to become the “Singapore of Latin America,” President Nayib Bukele announces El Salvador will bootstrap an entire city around Bitcoin’s economic prospects. Building on the country’s recent recognition of the leading cryptocurrency as legal tender, the so-called “Bitcoin city” will be located along the Gulf of Fonseca near the base of Conchagua volcano, the geothermal energy of which will be harnessed to power the city and an industrial-scale Bitcoin mining operation. Honouring the libertarian ethos that is common amongst Bitcoin-boosters “the city will have no income, property, capital gains, or payroll taxes.”
“The lifespan of bitcoin mining devices remains limited to just 1.29 years. As a result, we estimate that the whole bitcoin network currently cycles through 30.7 metric kilotons of equipment per year.”
“At any time, the finance industry could have suggested or demanded design changes. It didn’t. Artists did,” writes Charlotte Kent in an op-ed on how NFT creators force a debate about blockchain tech and the environment. Surveying key works including Memo Akten’s Cryptoart.wtf and John Gerrard’s Crystalline Work (Arctic) (image), Kent rejects the notion that crypto art is beholden to an (energy-intensive) Ethereum- and Bitcoin-rich collector class. “Diversifying is in the spirit of the distributed ledger.”
Authorities in the city of Miri in Sarawak, Malaysia seized 1,069 rigs from Bitcoin miners alleged to have stolen $2 million USD worth of electricity. “The electricity theft for mining Bitcoin activities has caused frequent power outages, and in 2021, three houses were razed due to illegal electricity supply connections,” explains Miri police chief ACP Hakemal Hawari. Six individuals were arrested, fined, and jailed in the sting; the police then proceeded to crush the hardware, worth an estimated $1.25 million USD, with a steamroller.
“China is rolling its own cryptocurrency and has every incentive to have as little competition as possible. I think we will see miners leaving China and relocate where there is spare or cheap energy.”
“Flare gas could just as well power carbon capture machines, water desalination plants, or data centres that support more widely used applications. There’s a social value in those things that I don’t see for Bitcoin.”
“There is no comparable asset to Bitcoin. You have another category, let’s call it ‘unicorns.’ I’d put Ethereum in there, it’s a unicorn like Airbnb or Uber, it’s big … it’s complicated and compelling, there are a lot of people enthusiastic about it.”
“Almost 70,000 bitcoins stored in the account which, like all bitcoin wallets, is visible to the public, had lain untouched since April 2013. The website was shut down by an FBI raid six months after they were deposited, and they have not moved since.”
“In Indonesia, 60% of people under 30 don’t have a bank account and use their phones to pay for goods and services—that’s the direction we’re going. I think companies that innovate by melding precious metals and cryptocurrencies are going to lead the way.”
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