Quiet Before the Storm for Bitcoin - Weekly Update - E367
Aug 30, 2023
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This podcast covers topics such as the current state of Bitcoin, its technical analysis, the significance of the end of Q3 for the economy, and the importance of consensus in Bitcoin. The hosts also discuss the potential impact of a lightning fund on Bitcoin and promote upcoming content.
BlackRock's investment in Bitcoin mining companies signals significant industry interest.
Reliable energy sources are crucial for Bitcoin mining operations to ensure uninterrupted power supply.
Deep dives
BlackRock's involvement in Bitcoin mining companies
BlackRock has invested in and is the second-largest shareholder in four of the five largest publicly traded Bitcoin mining companies, indicating their serious interest in the industry.
Laos suspends electricity supply to Bitcoin mining operations
Laos state-owned electricity distribution company has halted electricity supply to Bitcoin mining operations due to the struggle to generate enough power amid drought conditions. This incident highlights the importance of reliable energy sources for Bitcoin mining.
Bitcoin's record high difficulty level
Bitcoin's difficulty has reached an all-time high, demonstrating the confidence and investment put into the network's security. However, the hash rate growth has slowed down, and the next estimated difficulty adjustment is expected to be negative by 6%.
The concept of a Lightning Fund
The idea of a Lightning Fund has emerged, allowing investors to gain exposure not only to Bitcoin's price but also to its utility as a medium of exchange. Investors would purchase shares of Bitcoin held within a Lightning-capable infrastructure and help provide liquidity for Lightning adoption while earning fees for their clients.