Like Core Scientific sweeping their stock price into the trash, the Houston Astros swept the Yankees. Once again, LFG Astros!
The name of the game in a bear market is survival. That applies to Bitcoin miners and HODLers alike. Don’t over extend yourself and do whatever it takes to survive to the next bull market. Stay safe out there!
Election Day is only 10 days away and Early Voting has started and runs till Saturday, October 29. You can find your early voting and election day voting locations here.
Pro Tip, if you early vote you will stop getting those annoying GOTV phone calls, text messages, emails and knocks on your door!
Go early vote for pro Bitcoin candidates like Governor Greg Abbott and Texas Railroad Commissioner Wayne Christian.
General
Bear Market Vibes: Core Scientific implodes, numerous “build during bear markets” pick me up articles, and place your bets on what miners survive the winter.
Kelly Slaughter, an associate professor at Neeley School of Business at Texas Christian University, published an article in Bitcoin Magazine showing that Bitcoin acts as better money for everyone — especially the unbanked — because it responds only to free market forces.
Public Policy/Politics/Regulatory
The liberal US Senator from Massachusetts, Elizabeth Warren, called Texas a “deregulated safe harbor” for Bitcoin miners “…who are drawn to the state’s cheap power and laissez-faire regulation.” Isn’t that the point????
The Crypto Council for Innovation released a nationwide poll showing that 1 in 7 (13%) likely voters hold crypto and say that they are ready to vote for pro-crypto candidates.
Political independents (17%), Hispanics and African Americans (18%), and voters under the age of 45 (20%) are more likely than the public at large to be crypto owners.
More than 50% of Latino and African American respondents have a more favorable view of crypto and credit unions than banks.
1% or less of those polled reported owning NFTs 🤡🤡🤡.
Mckinney, Texas resident Trendon Shavers owes the SEC more than $40 million after pleading guilty in September 2015 to one count of securities fraud for running a Bitcoin ponzi scheme. He now faces imprisonment after failing to pay the SEC.
Mining
Austin based Core Scientific issued bankruptcy warning with the SEC and disclosed that it will not make its debt payments coming due October/November. The stock is down 97% from all time highs.
Aspen Creek Digital Corporation (ACDC) announced a 30MW facility co-located with renewable energy commenced operations in Texas. The facility can host 10,000 ASIC miners, is connected behind-the-meter with a new 87MW solar farm and is in ERCOT. Compass Mining will host 27MW of capacity at the facility to be deployed in Q4 2022.
Lancium and Crusoe Energy Systems announced an agreement to cross-license their respective patented technologies. Under the terms of the agreement, Lancium will share it patented intellectual property directed to the operation of rampable data centers as Controllable Load Resources and Crusoe will share its patented Digital Flare Mitigation solution.
Rhodium continues down path to going public, with a S-4 filing.
Rhodium began mining Bitcoin in September 2020. From September 13, 2020 through June 30, 2022, Rhodium placed approximately 125 MW online to power approximately 33,600 miners and mined 4,959 Bitcoin with a hash rate capacity as of June 30, 2022 of 2.7 EH/s.
Rhodium is “currently operating without a hedged power product (e.g., a power purchase agreement) and purchasing electricity at real-time market rates for the Temple Site.”
Soluna’s Dorothy Project 50 MW facility in Silverton, Tx is still pending ERCOT approval. The project is currently in the planning stage with ERCOT, waiting to advance to the modeling stage and then operations.
Giga Energy’s Matt Lohstroh shared Giga’s story at the 2022 Energy Capital Conference in Dallas. Born in a bear market, there is a lot of bullishness at Giga Energy!
Events
Austin Bitcoin Club Nov. 3, 2022
Fort Bitcoin Meetup Nov. 8, 2022 in Fort Worth
Midland Bitcoin Meetup Nov. 10, 2022
Dallas Bitcoin Meetup Nov. 10, 2022
San Antonio Bitcoin Club Nov. 10, 2022
Austin BitDevs Nov. 17, 2022
Texas Blockchain Summit November 17-18, 2022 in Austin
Houston Bitcoin Meetup Nov. 21, 2022
Midland Bitcoin Meetup Dec. 8, 2022
Dallas Bitcoin Meetup Dec. 8, 2022
Austin BitDevs Dec. 15, 2022
Houston Bitcoin Meetup Dec. 22, 2022
BitBlockBoom August 24-27, 2023, 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
Temporary Bitcoin Mining Deployment Tech in Denton
Marathon is hiring a remote Operations Team Lead
Genesis Digital Assets is hiring a Staff Accountant and Accounts Payable Specialist based in Houston, Inventory Warehouse Specialist in Pyote and Project Engineer-Manager in Odessa.
Deloitte is hiring a Senior Tax Consultant for Blockchain & Cryptocurrency in Dallas
Bitdeer is hiring a electrician in Rockdale
Piper Maddox is hiring an ERCOT Market Manager, ideally with Bitcoin mining experience
Crusoe is hiring an Oil & Gas Field Equipment Mechanic, Field Tech, Warehouse Lead and Field Electrician based in Midland
RIOT is hiring positions in Rockdale and Austin
Unchained Capital is hiring software engineers in Austin
The Blockchain Association’s job board shows 30 Texas based jobs.
Bitcoiner Jobs shows 2 Texas based Bitcoin job
People on the Move
ERCOT announced the hiring of Robert Black as Vice President of Public Affairs. Black brings more than three decades of experience in Texas public policy and more than a dozen years of experience in the Texas electric grid. Black previously worked for AEP, served as Gov. Rick Perry’s Press Secretary and Communications Director, as a senior media advisor for Texas Governor Greg Abbott’s 2014 campaign, and as the communications director for Greg Abbott’s successful 2002 campaign for Attorney General. He has also worked for two Texas Senators and began his career working for Rep. Tom Craddick.
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 20 acre Divide Ranch in Kendall County is on the market for about 37.5 Bitcoin. The ranch has a beautiful Hill Country setting with oak trees and native grasses, with very little cedar. The terrain consists of a gentle roll with a slight elevation change of 40+/- feet and is located 7 miles from historic Luckenbach, Texas.
To Ponder While You Wander
“It is very difficult to estimate our future liquidity requirements. The Company (Core Scientific) anticipates that existing cash resources will be depleted by the end of 2022 or sooner. Depending on the Company’s assumptions regarding the timing and ability to achieve more normalized levels of operating revenue, the estimates of amounts of required liquidity vary significantly. Similarly, it is very difficult to predict when or if bitcoin prices will recover or energy costs will abate……Given the uncertainty regarding the Company’s financial condition, substantial doubt exists about the Company’s ability to continue as a going concern for a reasonable period of time.” - Core Scientific’s SEC Filing