Week in BTX: Friday June 17, 2022
Name of the game is to survive and keep stacking.
What. A. Week. Hope y’all are safe out there and didn’t get caught up in the firesale. Times like these are a good reminder of the hard lessons we have all learned (or you just learned for the first time) over the years.
Not Your Keys, Not Your Coins
Is earning interest on your stack really worth the risk?
Leverage is not your friend
DCA. Take emotion out of your buys
Do whatever it takes to survive the bear market and keep stacking sats
What you do these next weeks/months/years (???) will set you up for the next bull run. Remember the game now is to keep building, keep stacking and stay alive!
General
Bear Market Vibes: Celsius implodes, 3AC gets liquidated, BlockFi layoffs + executive pay cut, Bitcoin mining stocks take a beating, Bitcoin miners in the red….
Austin’s Spectrum TV station dives into Pleb Labs and Oshi’s effort to get local businesses like III Forks Steakhouse to accept Bitcoin.
Texas Monthly covers the party scene and personalities (and sports cars) at Consensus, calling it a “Crypto Bacchanalia.”
Public Policy/Politics/Regulatory
The Republican Party of Texas is hosting its biannual State Convention in Houston and is the largest political convention in the world. The Texas GOP Platform Committee added a plank that supports Texans right to keep, exchange and store wealth in digital currency like Bitcoin!
State securities regulators in Alabama, Kentucky, New Jersey, Texas and Washington are investigating crypto lender Celsius Network's decision this week to suspend customer redemptions, Joseph Rotunda, enforcement director at the Texas State Securities Board told Reuters.
Mining
Electricity use soared to an all-time high in Texas amid a searing heat wave. Demand on the ERCOT grid topped 74.9 gigawatts, surpassing a record set in August 2019.
Marathon CEO Fred Thiel talks about how the Texas climate impacts Bitcoin mining.
Local environmentalists oppose RIOT’s new mining facility in Corsicana. Apparently they don’t want hundreds of new jobs and the $1 billion economic impact for the county over 10 years.
RIOT’s Rockdale facility curtailed 17.75 hours from June 6th to June 12th, 2022 to help ERCOT provide stability to the Texas grid.
Bloomberg reporter Mike Smith says that the Everything’s Bigger in Texas ethos applies to Bitcoin mining in the Lonestar state despite a “fragile” power grid.
The City of Fort Worth’s Bitcoin mining pilot project replaced its three antiquated S9s with a donated S19. The S19 will use 18% less energy and mine 147% more bitcoin compared to the S9s.
Events
Mckinney Bitcoin Meetup June 21, 2022
Houston Bitcoin Meetup June 23, 2022
Austin Bitcoin Club July 7, 2022 at Bitcoin Commons
Fort Bitcoin Meetup July 12, 2022 in Fort Worth
Dallas Bitcoin Meetup July 14, 2022. DM @BossHogCapital or @Dallas_Bitcoin for details
Midland Bitcoin Meetup July 14, 2022
Austin Bitdevs July 21, 2022
Houston Bitcoin Meetup July 28, 2022
Austin Bitcoin Club August 4, 2022 at Bitcoin Commons
Dallas Bitcoin Meetup August 11, 2022. DM @BossHogCapital or @Dallas_Bitcoin for details
BitBlockBoom August 25-28, 2022, in Austin
Austin Bitcoin Club Sept. 1, 2022 at Bitcoin Commons
Dallas Bitcoin Meetup Sept 8, 2022. DM @BossHogCapital or @Dallas_Bitcoin for details
Austin Bitcoin Club Oct. 6, 2022 at Bitcoin Commons
Dallas Bitcoin Meetup Oct. 13 2022. DM @BossHogCapital or @Dallas_Bitcoin for details
Texas Blockchain Summit November 17-18, 2022 in Austin
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
SpiderMining Inc is hiring a Mining Farm Site Development Director in Bowie
Fidelity is hiring a numerous positions in Austin and Houston
US Bitcoin Corp is hiring an Office Manager
RIOT has launched a 10-week internship program for junior and senior-level college students
RIOT is hiring positions in Austin and Rockdale
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 Austin, Pyote and Pecos
Compass Mining is hiring numerous positions in Austin
Upstream Data is hiring a Business Developer based in Texas
Core Scientific is hiring in Austin, Denton, Pecos and Barstow
Cormint Data Systems (Fort Bocks) is hiring a Data Center Technician in Fort Stockton
Unchained Capital is hiring for 10 positions based in Austin & Dallas
Lancium is hiring positions based in the Houston area
NYDIG is hiring positions in the Houston area
The Blockchain Association’s job board shows 65 Texas based jobs.
Bitcoiner Jobs shows 9 Texas based Bitcoin jobs
People on the Move
Trammell Venture Partners Matt Snow is stepping up to the responsibility of orchestrating both their overall deal flow and capital formation processes.
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 no name 14 acre ranch in Hamilton County is on the market for about 8 Bitcoin. The ranch offers views, wet weather creek frontage and shinnery.
To Ponder While You Wander
“They can just curtail us and then we shut down for an hour or 2 hours, whatever it is they need, and then we come right back online. You can't do that with food processing industries, you can't do it with steel, you can't do it with most manufacturing — it's a very unique, symbiotic relationship that bitcoin mining and the power industry can have in this regard.” - Marathon CEO Fred Thiel