Week in BTX: Proof of Work in the Legislative Arena
"It is not the (twitter) critic who counts; not the man who points out how the strong man stumbles....the credit belongs to the man who is actually in the arena."
Welcome to the "Week in BTX" newsletter, your weekly source for all things Bitcoin and Texas.
Shoutout to Dennis Porter and Eric Peterson with the Satoshi Action Fund for exemplifying proof of work by effectively advocating for Bitcoin and Bitcoin mining on a state and federal level. These guys are everywhere.
Yesterday they testified in Montana, last week they were educating lawmakers and congressional staff in Washington, DC, including Senator Ted Cruz, and before that testifying in Mississippi. Today Dennis, Eric and I briefed a statewide elected official in Texas on how Bitcoin mining can help mitigate orphaned oil & gas wells, while cleaning the environment and creating jobs in rural Texas!
If you will be in Houston for the Empower: Energizing Bitcoin conference in March consider supporting Satoshi Action Funds efforts by attending their dinner on Thursday, March 9th at Georgia James Tavern.
In closing, cheers to another man in the arena, Giga Chad Everett, who is departing Riot Platforms after successfully shepherding the largest Bitcoin mine in North America into existence and for being one of the best Bitcoin mining advocates out there. Its all about providing jobs and rural economic development, thanks for your efforts Chad and we look forward to whats next.
Digital Wildcatter’s Empower Bitcoin is the only bitcoin mining event with a focus on energy — bringing together energy, mining, finance, and other professionals in the city that powers the world. Empower Bitcoin is March 8-9, 2023 in Houston. Use “BTX” for 10% off all tickets.
General
Bear Market Vibes: Traditional gold mining stocks vastly outperformed Bitcoin mining stocks in 2022, Tom Brady retired for real this time, Bitcoin miner Marathon sold Bitcoin for the first time in two years.
Texas faced another winter storm and Bitcoin miners once again curtailed their operations, sending electricity back to the local grid, while more than a quarter million people lost power. The ERCOT grid remained stable.
Public Policy/Politics/Regulatory
Texas State Rep. Giovanni Capriglione filed House Bill 1666 that would require digital asset exchanges to verify they have enough funds on reserve to pay customers when they ask for their money. The bill would also prohibit exchanges from commingling consumer funds with corporate assets.
The Texas Senate Business & Commerce Committee hearing on Tuesday February 7th will have Public Utility Commission Chairman Peter Lake testifying on the PUC’s decision to endorse changing the state’s competitive electric market to a market design plan (over the objections of the committee).
The Texas Attorney General’s Office, lead by AG Ken Paxton, announced an investigation into FTX for “violations in connection with their transaction of business in Texas and with Texas account holders.”
The Texas State Securities Board is leading a multi-state effort to ask the federal bankruptcy court judge to appoint a third-party examiner of FTX’s finances due “the magnitude and history of mismanagement” by FTX and Alameda’s previous leadership.
The Mississippi House of Representatives is advancing pro Bitcoin legislation, no pressure Texas….
Mining
Apparently the ACLU is opposed to Bitcoin mining because it is “killing people” and you can “pass out and die” from miner heat exhaust.
Marathon sold some of its Bitcoin holdings for the first time during this bear market. The firm sold 1,500 Bitcoin in January and the firm “may continue to sell a portion of its Bitcoin holdings in future periods to support monthly operations, manage its treasury, or for general corporate purposes.”
Marathon produced a record 687 Bitcoin in January 2023, a 45% increase from December 2022 thanks to improved efficiencies with their new hosting provider in McCamey, Texas at the King Mountain data center.
Core Scientific will hand over about 18% of its Bitcoin mining rigs (27,403 ASICs), to lender NYDIG in exchange for extinguishing $38.6 million in debt, according to a Feb. 2 filing with the bankruptcy court for the southern district of Texas.
Events
North Houston Bitcoin Club Feb. 7, 2023 in Tomball
BitBlockBoom Fort Worth Bitcoin Meetup Feb. 8, 2023
Midland Bitcoin Meetup Feb. 9, 2023
Dallas Bitcoin Meetup Feb. 9 2023
Round Rock Bitcoiners Meetup Feb. 9, 2023
Austin BitDevs Feb. 16, 2023
Fort Bitcoin Feb. 21, 2023 in Fort Worth
Digital Wildcatter’s Empower Bitcoin March 8-9, 2023 in Houston. Use “BTX” for 10% off all tickets.
Satoshi Action Fund Dinner March 9, 2023 in Houston
Dallas Bitcoin Meetup March. 9 2023
Austin BitDevs March 16, 2023
SXSW Bitcoin Takeover March 17, 2023 at the Bitcoin Commons in Austin
Bitcoin 2023 May 18-20, 2023 in Miami. Use “TEXASBITCOIN” for 10% off all tickets.
Mining Disrupt July 26-27, 2023 in Miami. Use “TEXASBITCOINALLIANCE” for 20% off tickets. applied.
BitBlockBoom August 24-27, 2023, in Austin. Use “WeekInBTX” for 10% off all tickets.
Texas Blockchain Council’s Texas Blockchain Summit Nov. 15-16 in Fort Worth.
East Texas Bitcoin Alliance Meetup (Join the facebook group for details)
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
Compass Mining is hiring a facility technician in Dallas
Bitcoin miner outside of Lubbock, Tx is hiring General Labor Teammates
Riot is hiring for a 10-week internship program designed to empower the next generation of innovators by giving them first-hand experience in solving real-world problems
Riot is hiring Operations Manager, Electrical Field Engineer and IT Technician in Rockdale and Corsicana
Giga Energy is hiring a Director of Manufacturing and EPG Shop Technician in the Beaumont area
Poolin is hiring IT Technicians in Pecos
Core is hiring Finance, accounting and operations positions in Austin
The Blockchain Association’s job board shows 21 Texas based jobs
Bitcoiner Jobs shows 2 Texas based Bitcoin jobs
People on the Move
Giga Chad Everett, Executive Vice President/Chief Commercial Officer of Riot Platforms, has departed the company.
Alex Appleton, CFO of Argo Blockchain, has departed the company.
Chris McIntyre joined Voltus, a company that helps combat the energy shortage by enrolling large energy consumers in demand response programs
Bitcoin Marketplace
I am considering adding a “Bitcoin Marketplace” section to the newsletter. 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 79 acre Jackson County Ranch is on the market for about 30 Bitcoin. The heavily wooded ranch is less than 2 hours from Houston and has abundant wildlife, including deer, dove, turkey, and hogs.
To Ponder While You Wander
“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.” - President Theodore Roosevelt