Week in BTX: Friday August 12, 2022
We are Back! And the IRS is coming.....
Bitcoin never stops producing blocks….meanwhile after a brief summer hiatus Week in BTX is back!
Hope y’all are using this bear market to take some time off and reintroduce yourself to your families, friends and interests before Bitcoin took over your life.
General
Bear Market Vibes: Coinbase posts a Q2 loss north of $1 billion. Bitmain reprices bulk S19 XP orders.
Axios Crypto reports that while Bitcoin price is down, data points to a permanent increase in people following Bitcoin/crypto news.
The Texas Tribune’s epic Trib Fest in downtown Austin brings together more than 100 mind-expanding panels, conversations and interviews, but on Bitcoin it is only featuring former OC heartthrob and Bitcoin skeptic Ben McKenzie. Hey Evan Smith, how about getting both sides of the story?
Public Policy/Politics/Regulatory
Governor Greg Abbott has taken a hands on approach to selecting ERCOT’s TBD permanent Executive Director. Current interim Exec. Director Brad Jones is supportive of Bitcoin mining.
Governor Greg Abbott appointed Kathleen Jackson to the Public Utility Commission. The PUC regulates the state's electric, water, wastewater, and telecommunications utility industries and implements respective legislation.
The Texas State Security Board filed a formal objection with the US bankruptcy court overseeing Celsius to block Celsius from selling its mined Bitcoin out of concern how the proceeds would be used due to Celsius’ history of “problematic asset deployment decisions, using the mined bitcoin to repay intercompany loans, potential mismanagement, and a continued failure to comply with state regulatory requirements.”
Mining
Compute North has finally energized 40 MW of a 280MW wind-powered facility in Upton County in West Texas. Marathon is the exclusive client of the site that has been plagued by delays. There are currently 40,000 mining rigs at the Compute North facility, which will be coming online in 20MW chunks, with all expected to be energized by the end of September 2022.
Compass Mining announced its hosting partnership with Compute North at its Granbury, Texas data center for 75 MW. The deployment will begin in August continuing for several months. Compass expects to deploy 25,000 ASICs. Now if Compass could only get my OK2 miner back online at its new home in Texas….😂😂😂
Shaun Connell, Executive Vice President of Power at Lancium joined the Closing the Loop podcast to talk how Bitcoin mining is the “Holy Grail” for power grids.
Texas based miners Argo, Core and Riot released July 2022 production numbers and they continue to sell Bitcoin.
Argo: 2.23 EH/s | 219 BTC mined | 887 BTC sold
Core Scientific: 10.9 EH/s | 1,221 BTC mined | 1,975 BTC sold
Riot: 4.2 EH/s | 500 BTC mined | 275 BTC sold
In July 2022 Riot earned $9.5 million in power credits thanks to its power purchase agreements and curtailing mining operations during the Texas heat wave. Riot earned more money in July via power credits than it did mining Bitcoin….
Steve Kinard, Director of Bitcoin Mining Analytics at the Texas Blockchain Council published an article in NAPE Magazine, Bitcoin mining unearths new opportunities for energy producers.
Events
Texas Blockchain Council San Antonio Meetup Aug. 17, 2022
Mckinney Bitcoin Meetup Aug. 18, 2022
Houston Bitcoin Meetup Aug. 23, 2022
Bitcoin Block Party in Austin on the sidelines of BitBlockBoom Aug 24, 2022
BitBlockBoom August 25-28, 2022, in Austin
Texas Blockchain Council Woodlands Meetup Aug. 30, 2022
Texas Blockchain Council Austin Meetup Aug. 31, 2022
Austin Bitcoin Club Sept. 1, 2022 at Bitcoin Commons
Dallas Bitcoin Meetup Sept 8, 2022. DM @BossHogCapital or @Dallas_Bitcoin for details
Midland Bitcoin Meetup Sept. 8, 2022
Texas Blockchain Council Tax and Securities Regulatory and Enforcement update in Dallas Sept. 21, 2022
Texas Blockchain Council Woodlands Meetup Sept. 27, 2022
Austin Bitcoin Club Oct. 6, 2022 at Bitcoin Commons
Dallas Bitcoin Meetup Oct. 13 2022. DM @BossHogCapital or @Dallas_Bitcoin for details
Midland Bitcoin Meetup Oct. 13, 2022
Midland Bitcoin Meetup Nov. 10, 2022
Texas Blockchain Summit November 17-18, 2022 in Austin
Midland Bitcoin Meetup Dec. 8, 2022
LinkedIn says Bitcoin and crypto job postings grew 395% in 2021: 3x the tech industry. Have a Bitcoin related job you want to promote? Reach out!
Jobs
Bitdeer is hiring Computer Techs and Repair Techs in Rockdale
US Bitcoin Corp is hiring in Abilene
RIOT is hiring positions in Rockdale and Austin
LVL (a Bitcoin bank) is hiring a Backend Engineer II in Austin
Trammell Venture Partners is hiring marketing/communications lead and an Analyst in Austin
Poolin is hiring positions in Pyote
Core Scientific is hiring in Austin, Denton and Pecos
Unchained Capital is hiring positions in Austin
Lancium is hiring positions based in the Houston area
The Blockchain Association’s job board shows 30 Texas based jobs.
Bitcoiner Jobs shows 5 Texas based Bitcoin jobs
People on the Move
Riot hired Pierre Rochard, who has served on Riot's advisory board for over 3 years, as Vice President of Research. Pierre was most recently Product Manager for Bitcoin at Kraken, one of the largest digital asset-focused exchanges.
Bitcoin Marketplace
I am considering adding a “Bitcoin Marketplace” section to the newsletter. Subscribers can offer their Bitcoin related products and services, skills for hire, in search of, etc. Send me your feedback on this idea and what types of products and services you would find valuable. Reach out if you have something you want to list or are in search of.
Bitcoin Citadel: Bear Market Edition
The unnamed 10.6 acre Mills County ranch is on the market for about 5 Bitcoin and is ready for your horses, cattle, new home or hunting opportunity!
To Ponder While You Wander
“As energy demand in ERCOT reached all-time highs this past month, Riot voluntarily curtailed its energy consumption in order to ensure that more power would be available in Texas. Riot curtailed a total of 11,717 megawatt hours in July, enough to power 13,121 average homes for one month. Curtailing the Company’s power consumption reduced BTC production by an estimated 21% in July, but also significantly reduced Riot’s power costs for the month. By providing power back into the ERCOT grid during periods of peak demand, the Company estimates that power credits and other benefits from curtailment activities totaled an estimated $9.5 million, significantly outweighing the reduction in BTC mined.” - Riot