Texas v Miners 🤼♀️
Texas v Miners 🤼♀️
Texans fight Bitcoin mine’s noisy machines. Bitcoin will be valued at over $500,000 in 5 years? Coinbase, a16z take SEC to court. Reddit to go public. FTX to sell Anthropic share.
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Imagine living next to a non-stop freeway.
That's the reality for residents of Granbury, Texas, thanks to a booming Bitcoin mine that's turning their lives upside down.
Who's that? Marathon Digital, Bitcoin mining powerhouse.
Holdover 15,000 BTC, worth over $1 billion.
Valued (MARA) over $5 billion on the stock exchange.
The culprit? 80,000 fan-cooled computers churning away, day and night, generating a deafening hum that's causing headaches, sleepless nights, and even health concerns like vertigo.
The solution? A 24-foot sound barrier. Unfortunately, it's like putting a band-aid on a broken dam. Residents say it's made things worse, with the noise bouncing off and amplifying in other directions.
Desperate for relief, residents are resorting to white noise machines and even medication. But their pleas for a peaceful life seem to fall on deaf ears.
Marathon Digital, despite receiving citations, is dragging its feet on finding a real solution.
The stakes are high. With Bitcoin's value soaring, more mines are likely to pop up, bringing the noise nightmare to other communities.
Will their pleas be heard? Will Marathon finally step up and silence the roar? But one thing's clear: Granbury residents are tired of living in a Bitcoin-fueled nightmare and won't back down until their peace is restored.
Read: Angry Texans fight Bitcoin mine’s 80,000 noisy machines
Bitcoin Mining In The US
The US, Canada, China, Russia, and Kazakhstan are among the countries with the largest shares in Bitcoin mining.
US is favoured for easy access to the technical equipment and infrastructure.
Kazakhstan and China are in demand due to their affordable electricity costs.
US Bitcoin mining companies
All companies are among top 20 around the world by market capitalisation.
Block That Quote 🎙️
Thomas Lee, Fundstrat Global Advisors’ managing partner and head of research
“Pirates were the first people that liked gold, so we knew gold was a good store of value … Criminals don’t trust anybody, but they trust Bitcoin.”
On CNBC’s “Squawk Box” Lee estimated that Bitcoin will be valued at over $500,000 over the next five years.
Key points
Lee thinks Bitcoin will be valued at over $500,000 over the next five years.
Bitcoin to skyrocket to $150,000 in 2024 alone.
The Fed's easing monetary policy? Lee believes it'll further fuel the rally.
Halving: The upcoming supply cut is expected to push prices even higher.
Forget pirates and criminals: Lee shrugs off concerns, highlighting Bitcoin's security and value as a store of value.
Spot Bitcoin ETFs are pouring fuel on the fire.
Are retail investors driving the crypto rally?
JPMorgan analysts believe the recent crypto surge is fuelled by retail investor "FOMO" rather than institutional players.
The Evidence
On-chain analysis: Shows small wallet activity (retail) increasing, suggesting buying sprees.
ETF adjustments: Retail holdings shifting to ETFs count as "institutional," but investors are still retail.
AI & Memecoin popularity: Rising interest in these speculative tokens aligns with retail trends.
Brokerage reports: Increased trading activity on Robinhood, Block, PayPal points to retail participation.
Coinbase, a16z Take SEC to Court
The crypto industry is making its voice heard in Washington.
A coalition of crypto giants is suing the SEC over its regulatory authority, while crypto companies are also donating millions of dollars to super PACs.
A coalition of crypto giants, including Coinbase and Andreessen Horowitz (a16z), is suing the SEC in Texas.
The lawsuit argues that the SEC does not have the authority to regulate most digital asset transactions.
This is the first time a crypto company has proactively sued the SEC.
Fairshake, a crypto-focused super PAC
Aims to support candidates dedicated to fostering innovation in the United States and combating over-regulation of the crypto industry by endorsing crypto-friendly candidates from both political parties.
Major donors to Fairshake in 2024 include Payward (Kraken crypto exchange), Electric Capital Partners, Blockchain Capital, Marc Andreessen, Ben Horowitz, Jump Crypto, Coinbase, and Ripple Labs.,
Received $4.9 million from the Winklevoss twins, with each contributing $2.45 million.
Fairshake reported having $72.8 million in cash on hand at the end of the reporting period.
The 2024 US election is set for November, with Fairshake playing a significant role in supporting crypto-friendly candidates amidst increased scrutiny of the industry by lawmakers and regulators.
The affiliated super PACs, Fairshake, Protect Progress, and Defend American Jobs, have raised a total of $84.8 million in 2023.
Where’s ETF?🚨
Coinbase endorses Grayscale's Ethereum ETF, planning to convert its existing Ethereum Trust if approved; urges SEC to allow listing, citing growing interest and maturity within crypto markets - read the thread👇
Reddit to go public
Reddit, crypto's favourite social media ( after X), is about to go public.
Here's the key takeaway
Reddit is filing for an IPO (Initial Public Offering) under the ticker RDDT.
They've invested "excess cash reserves" in Bitcoin and Ethereum, further legitimising these cryptocurrencies.
This move aligns with Reddit's past explorations in the crypto space, including NFTs and blockchain-based rewards.
It is expected to seek a sale of nearly 10% of its shares in the IPO.
What valuation the company will aim for during its share sale? Reddit was valued at $10 billion in a funding round in 2021.
They've also revealed they're holding Bitcoin and Ethereum in their company coffers.
What stands to take home the most?
OpenAI CEO Sam Altman.
Shareholding: Altman's holdings will give him 9.2% voting power, more than even CEO Steve Huffman.
Investment: Sam Altman invested $50 million in Reddit in the first half of 2021. He invested another $10 million in the second half of 2021.
Board membership: Sam Altman was previously on Reddit's board, but stepped down in January 2022.
Good news for FTX creditors
A judge has approved the sale of their 8% stake in AI startup Anthropic, potentially bringing in over $1 billion.
Judge John Dorsey gave the thumbs up to the sale motion filed earlier this month.
Anthropic's latest reported valuation was as high as $18 billion in December 2023, which would give FTX's stake a value of around $1.4 billion.
FTX invested $500 million in Anthropic back in 2021, and it's now worth significantly more.
Some details to remember
Valuation uncertainties: Initial reports estimated a $1.4 billion haul, but recent news suggests Anthropic's valuation might be lower.
Grayscale GBTC sale: FTX already sold $1 billion worth of Grayscale's Bitcoin ETF shares.
Creditor payouts: Lawyers remain optimistic about full repayment, despite scrapped exchange reboot plans.
The Surfer 🏄
Paris Saint-Germain becomes a validator for the Chiliz blockchain to explore Web3 and SportFi.
Axie Infinity co-founder Jeff “Jiho” Zirlin's Ronin Wallets were hacked and lost 9.5 million Ethereum.
Venture capital firm Andreessen Horowitz (a16z) has invested $100 million in EigenLayer, a protocol focused on blockchain data availability.
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