Autor Cointelegraph By Joseph Hall

Water great idea! Bitcoin mining heats this swimming pool

Water great idea! Bitcoin mining heats this swimming pool

Uverejnil používateľ | apr 8, 2022 |

A Bitcoiner has “pooled” off another mining innovation. The ‘waste’ heat generated by mining Bitcoin (BTC) is used to warm his swimming pool. Bitcoin enthusiast Jonathan Yuan had kids who “love swimming, but the year before [he started using waste heat], they barely ever did it because it was always too cold for them.” Fortunately, he was interested in Bitcoin mining and understood that Bitcoin mining emits a lot of heat. Yuan told Cointelegraph that he purchased a “heat exchanger and setup some ASICs,”  (application-specific integrated circuits), and subsequently managed to keep “the pool above 90F all summer.” The process works by immersion,  which simultaneously cools the ASICs while “reclaiming that waste heat and putting it to practical applications such as heating living/working spaces, pools, or anything that could benefit from up to 60C/140F of heat.”The immersed ASICs underneath the swimming pool. Source: BitcointvHowever, “when the China ban happened” and the difficulty adjustment dropped, Yuan made a tricky decision. Do I mine less Bitcoin or turn the swimming pool into a bathtub?“When [the] difficulty dropped like a rock, I actually pushed all the ASICs to the limit, which brought the pool temp above 110F, so the kids had to not swim for about month or two. lol. Yes, I had to say “sorry kids, the pool is too hot, you can’t swim today””The difficulty adjustment has since risen to new highs, and his kids are able to swim again. Plus, Yuan has “made money” mining and interestingly: “the best part is the pool acted as a perfect heat buffer.” In fact, using Bitcoin miners to heat his swimming pool is more effective than traditional methods: it keeps “temperature swings over a 24 hour period down to only 1F to 2F despite ambient temps swinging over 40F on some days.” Yuan’s pool. Warm water from Bitcoin mining comes through the yellow hose. Source:Bitcointv Based in Minnesota, the upper Midwestern United States, Yuan has kept the pool “toasty” even in cold temperatures:-21F this morning here in Minnesota. The pool (blue line) is nice and toasty warm at 92F. pic.twitter.com/eq5b3OLFjV— Coin Heated (@CoinHeated) January 7, 2022Related: Gas heater broke down? I’ll just heat my caravan with a Bitcoin minerYuan recommends anyone with a pool to do the same, as it’s the “perfect use case scenario” for waste heat. Now that his home mining setup has gone swimmingly, Yuan is now building a pool-specific tank that will be rated to run pool water through the heat exchanger directly.ASICs now heat Yuan’s home, and he has turned a passion project into a profession. His Bitcoin mining company, CoinHeated is “dedicated to turning Bitcoin miner waste heat into productive heat.” The plan now is to bring pool heating projects to other homes, and he’s in conversation with “manufacturers of heat exchangers that will be able to make something that won’t corrode with the chemically treated pool water.” In the meantime, the kids are able to enjoy his home swimming pool, warmed courtesy of Proof of Work. Here’s some kiddo’s enjoying the nice, warm pool. I don’t swim in it myself though. Not really a fan of swimming. pic.twitter.com/MHRW86D6Me— Coin Heated (@CoinHeated) January 28, 2022

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Grayscale CEO pleads Bitcoin spot ETF as SEC backs third BTC Futures ETF

Grayscale CEO pleads Bitcoin spot ETF as SEC backs third BTC Futures ETF

Uverejnil používateľ | apr 7, 2022 |

Institutional investors rejoice, there is one more way to gain exposure to Bitcoin (BTC). The United States Securities and Exchange Commission (SEC) announced overnight the approval of a fourth Bitcoin futures exchange-traded fund (ETF).Fund group Teucrium is behind the most recently approved Bitcoin Futures ETF. The ETF joins a growing number of approved futures ETFs, complementing ProShares, Valkyrie, and VanEck Bitcoin Futures ETFs.The SEC filing for the Teucrium ETF. Source: SEC.govEvery Bitcoin spot ETF has been rejected to date, however, for one invested observer, the way in which the approval was made could be a boon for expectant spot investors.The plot thickens on the path to $GBTC’s spot #Bitcoin #ETF conversion…— Sonnenshein (@Sonnenshein) April 7, 2022In a Tweet thread, Grayscale CEO Michael Sonnenshein once again banged the drum for a Bitcoin spot ETF. 71st on the list of Cointelegraph’s Top 100, Sonnenshein manages the Grayscale Bitcoin Trust (GBTC) Trust, one of the main avenues for buying Bitcoin in the traditional world. Grayscale CEO Michael Sonnensheinin tweeted that “if the SEC is comfortable with a Bitcoin futures ETF, they must also be comfortable with a spot Bitcoin ETF.”His argument surmises that as “all Bitcoin futures ETFs are created equal,” and that the Teucrium falls under a 1933 act, not the 1940 act which the other three ETFs fall under, then the argument for filing a Bitcoin spot ETF becomes “stronger.”Therefore, if the SEC is comfortable with a #Bitcoin futures #ETF, they must also be comfortable with a spot Bitcoin ETF. And they can no longer justifiably cite the ‘40 Act as being the differentiating factor.— Sonnenshein (@Sonnenshein) April 7, 2022

Sonnenshein has been a proponent and protagonist for the creation of a Bitcoin spot ETF for some time; the company shared plans to convert the GBTC Trust into an ETF in October 2021. With over $35 billion in assets under management, the GBTC Trust is the largest in the legacy finance world–the conversion to a spot ETF would be consequential. A Bloomberg analyst, Eric Balchunas shares his view that it’s a “good sign for spot”, meaning a Bitcoin spot ETF. JUST IN: SEC Approves Teucrium Bitcoin Futures ETF. Notable bc it was filed under the 33 Act, which Genz has said doesn’t have enough inv protections vs 40 Act. So poss this is good sign for spot, altho we still think exchanges need regs bf he will green light. h/t @CoinDesk pic.twitter.com/SZMkuMrASc— Eric Balchunas (@EricBalchunas) April 6, 2022

Related: SEC rejects ARK 21Shares spot Bitcoin ETF applicationHowever, while investors wait with bated breath for a Bitcoin Spot ETF, analyst Doomberg suggests that the issue may not relate to different acts but due to the fact that futures contracts are “settled in cash.”Gary Gensler, the Chairperson for the SEC may in fact be blocking the spot ETFs because “as long as funds flow into spot ETFs faster than they are redeemed, the net effect provides US dollar exit liquidity to those looking to cash out their Bitcoin.”In the meantime, ProShares recently filed with the SEC for its Short Bitcoin Strategy ETF. The Bitcoin spot ETF saga continues.

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Building businesses in the ‘spirit of Bitcoin’: The Bitcoin Hostel

Building businesses in the ‘spirit of Bitcoin’: The Bitcoin Hostel

Uverejnil používateľ | apr 6, 2022 |

A Bitcoin (BTC) hostel is coming to Portugal’s shores. As it’s Europe’s first Bitcoin-only hostel, Cointelegraph spoke with the founders to find out how Bitcoin shapes the business model, from planning to architecture to the community. The Bitcoin Hostel is a homestay and hangout where Bitcoin (Lighting or on-chain) is the only acceptable payment method — a space where “the spirit of Bitcoin” shapes the decision-making process.The hostel was founded by Berliners Albert Wolframm and his girlfriend, Valeria Padimiglio. “She’s the business part, and I’m the architecture part, but I’m also more into Bitcoin,” he jokes. The Bitcoin Hostel combines Wolframm’s skills and hobbies: “traveling, Bitcoin and architecture.” The Bitcoin Hostel shares developments with the Bitcoin community at every stage, taking into account Bitcoiners’ requests and advice in an “open-source style” of governance.For example, when it comes to raising money, the hostel followed Tiago Vasconcelos’ advice to use Tallycoin. Vasconcelos is the Portuguese Bitcoiner behind the artificial intelligence trading bot that told readers to hodl, and a co-founder of Portugal’s A Seita Bitcoin, which is a Portuguese pun translating to “the Bitcoin Cult,” accepted. What is the best way to accept #Bitcoin donations?— Bitcoin Hostel⚡️ (@bitcoin_hostel) April 4, 2022Vasconcelos told Cointelegraph that running a business through Bitcoin principles is “really disruptive.” He explained that businesses such as Bitcoin Hostel show:“The true Bitcoin spirit, decentralized, community-driven, open-source! I think it’s the start of a new way of doing business that will start to catch on in the future!”Indeed, the Bitcoin approach to building a business is gaining traction, from Jack Dorsey’s ₿Trust, which takes zero direction from its overseers to Bitcoin podcaster Peter McCormack’s football club, which he intends to run on a Bitcoin standard. For examples of the Bitcoin spirit guiding entrepreneurial but grassroots endeavors, Paco De La India is traveling the globe with only a Bitcoin seed phrase in his pocket, while “Nourou” in West Africa strives to put Bitcoin-based decisions at the heart of the Senegalese restoration community. The Bitcoin Hostel Portugal. Source: Bitcoin HostelThe hostel is hosting a competition to choose the design of the hostel while participating in Twitter Spaces and updating Bitcoiners and interested parties in real time. Regarding the design competition, although Wolframm’s professional architecture skills will come in handy, the website jokes that the design “with the most Hash… eh sorry, Design-Power will win!”In line with Bitcoin philosophy, Wolframm champions autonomy and “giving power back to the people.” Taking inspiration from his master’s degree, in which he learned that people are happier and more prosperous when equipped with greater autonomy and a vision for the future, he muses that Bitcoin is the tool to allow greater freedoms. To date, the Bitcoin Hostel has received an “amazing response from the Bitcoin community,” as Bitcoiners around the world are keen to lend a hand. “We got more than 1,000 followers and, like, so many private messages also from people asking if where we are at, what status we have, and if they can support us in any way.”The Bitcoin Hostel couple has secured a fiat loan — “we don’t want to sell any Bitcoin” — and have begun scouting locations in Portugal to construct the building. Wolframm shared that he has received a tremendous amount of value from Bitcoiners in the space, and the encouragement spurs him on to continue building out the business in a Bitcoin-centric way. Related: US grassroots adoption: The Bitcoin Lightning party in Portland“MTC,” the founder of Sats Ledger — a Bitcoin savings book for kids — told Cointelegraph that he was similarly overwhelmed by the spirited response from the Bitcoin community when he began his Bitcoin side hustle. MTC also told Cointelegraph that the Bitcoin community reaction was “phenomenal,” sharing this advice: “If people have an itch to contribute something or to do a side project in this space, I would say ‘Throw your heart into it’ because you’re going to get feedback and connections and insights and experiences from it that you just wouldn’t have dreamt of.”The Bitcoin Hostel camper complete with laser eyes. Source: TwitterFor the Bitcoin Hostel, the architecture competition is en route, the campervan is secured, and construction should begin in early 2023.

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Bitcoin transaction fees hit decade lows, here's why

Bitcoin transaction fees hit decade lows, here's why

Uverejnil používateľ | apr 6, 2022 |

It’s a great time to move Bitcoin (BTC) between wallets and exchanges. Bitcoin transaction fees have hit all-time lows in BTC, according to research by Galaxy Digital. #bitcoin fees are at all-time lows. the craziest thing? fall 2021 was the first bull run not accompanied by a major spike in fees.how is that possible? what does it mean? here’s a thread explaining the most confounding (and awesome) chart in bitcoin. (remember june 2021) pic.twitter.com/gnWssTckX2— Alex Thorn (@intangiblecoins) April 5, 2022As shown on the graph below, the Bitcoin mean transaction fee has plummeted to 0.00004541 Bitcoin ($2.06) in 2022, while the median is 0.00001292 Bitcoin ($0.59) which is the lowest of any year except 2011, according to the report.Graph to show the fees trending down since 2013. Source: Galaxy DigitalAccording to Alex Thorn, head of firmwide research at Galaxy Digital, a combination of growing Segwit adoption, batching transactions, growth in the Lightning Network, a collapse in miners selling and the “reduced OP_Return usage” have caused the drop in fees not seen for over a decade. Lead on-chain analyst at Glassnode, James Check, agreed with Thorn, explaining to Cointelegraph that “batching and Segwit are certainly part of the mix,” because the combination will increase the number of transactions that fit in a block, and thus increase throughput and decrease fee pressure.He shared the following graph to show that Segwit adoption “increased significantly at the May-July lows.”Source: GlassnodeNonetheless, Check continues, “This is not the whole story…”:“The number one reason I believe fees are low is we had a 50% collapse in price in May which absolutely decimated retail interest.”He suggests that “all three [fees, active addresses and transaction counts] collapsed after the May sell-off.” Fees (orange), active addresses (blue), transaction counts (purple), and BTC price (gray). Source: Glassnode.”This, in my view was the likely commencing of a bear market and even with the price run-up, we saw a great many people financially burned, and thus out of the market.”Eric Yakes, the author of The 7th Property: Bitcoin and the Monetary Revolution, told Cointelegraph, “We’re witnessing a structural change in the market dynamics and historical correlations maintain little value.” Regarding the future of the network, the “$70M raised by lighting labs to build a stablecoin and asset protocol,” is a key development for the Bitcoin protocol. He added that “it’s important for transaction fees to trend lower as they are the primary limitation to scaling a network in a decentralized manner.”Related: Bitcoin Lightning Network growth capacity plateaus at 3,400 BTCUltimately, while transaction fees are a boon for wallet admin and opening lightning channels, it could be a sign that retail interest has dried up. For Check, “look no further than ye olde Google trends to see just how popular the orange coin is right now,” suggesting that “there is near zero inflow of new users.” Google trends search interest for Bitcoin has trended lower since the April/May peak.Yakes has the last word regarding the emergence of Bitcoin: “Bitcoin needs the lightning network to continue its pace of growth and a thriving network of smart contract development to emerge.”

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'Green oasis' for Bitcoin mining: Norway has almost 1% of global BTC hash rate

'Green oasis' for Bitcoin mining: Norway has almost 1% of global BTC hash rate

Uverejnil používateľ | apr 4, 2022 |

Bitcoin (BTC) mining in Norway is 100% renewable and “flourishing” according to a report by Arcane Research. “A green oasis of renewable energy,” Norway contributes almost 1% to the global hash rate and is almost entirely powered by hydropower.The report compiled data from the Cambridge Bitcoin Electricity Consumption Index and data from Coinshares to conclude that Norway contributes 0.77% to the Bitcoin total global hashrate. By way of comparison, Norway’s population of 5 million contributes a tenth of that–or 0.07% of the global population.Crucially, according to the Norwegian Water Resources and Energy Directorate (NVE), Norway’s electricity mix is 100% renewable, with 88% hydro and 10% wind. That means Bitcoin miners in Norway are solely using “green” energy.”The most important takeaway for bitcoin miners regarding Norway’s electricity mix is that it’s fully renewable, and will stay like that.”Jaran Mellerud, an analyst for Arcane Research and the author of the report, told Cointelegraph that there will be “huge growth for mining in Northern Norway, where stranded hydropower is abundant, giving miners access to extremely cheap and 100% renewable electricity.”“Heat is very valuable in the cold north, which allows for the repurposing of excess heat from mining operations, which can further benefit both the industry and society.”German company Bluebite has operated data centers in the Norwegian Arctic since 2018. One of its datacentres mines Bitcoin in an area previously known as the “Hell of Lapland” due to its “unpleasant and inhospitable atmosphere,” Conor Davis, CEO of the company told Cointelegraph. Bluebite’s facility in Bodø, Norway (the very far North). Source: NHOThe introduction of Bitcoin mining has rejuvenated the area formerly known for its copper mining industry, as it taps into Norway’s cheap, stranded and renewable resources. Indeed, the land of the midnight sun offers “energy at a cheap price, secondary uses for electricity, 100% sustainable energy, free cooling and it’s an area where people would profit from new jobs,” Davis told Cointelegraph. Bluebite is now investigating whether channeling the heat generated by Bitcoin mining could vertically farm strawberries–or even provide heating to local populations.Nonetheless, Norway’s size and scale mean it’s still “not for everyone” as Norway is small and unattractive to “Chinese investors,” Davis told Cointelegraph. The report suggests that “Norwegian miners are not the biggest,” but Norway remains an attractive country to mine Bitcoin due to its renewable energy credentials and the wealth of interesting and innovative secondary uses for the heat generated by Bitcoin mining. Timber waiting to be dried by Bitcoin miner ‘waste’ heat at Kryptovault’s mining facility. Source: KryptovaultA growing trend, Bitcoiners around the world and finding fresh ways to use the ‘waste’ heat from Bitcoin mining. One Bitcoiner is heating his campervan with an S9, while a Dutch company is growing Bitcoin flowers thanks to Satoshi’s invention.Related: Crypto ownership among Norwegian women doubles, mirroring global trendsThe CEO of Kryptovault, Kjetil Hove Pettersen told Cointelegraph that they plan to “get started with seaweed operations” to complement their existing timber-drying operations thanks to Bitcoin miner heat. Currently, “99% of our electric energy turns into thermal energy” ideal for secondary uses, Pettersen explained.The rather idyllic, 100% renewable Kryptovault facility in Hønefoss. Source: kretslopet.noPettersen agrees with Davis in that while “you need strong nerves and faith in this space to persevere when times are tough,” Norway is an “ideal” location for Bitcoin mining. A final benefit to Bitcoin mining in Norway is that the Scandinavian country has:“Higher production than consumption and very limited capacity to transfer that excess energy to other regions such as mainland Europe.”

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