Is something brewing behind the scenes for one of my favorite cryptocurrencies?
I’m talking about billions of dollars flooding its ecosystem throughout the rest of this
year, putting it in the perfect position to rocket into the next bull run!?
Well you know we have the research…but are you going to listen?
Well perk up those ears, because it’s time for Chico Crypto!!
If you didn’t realize, decarbonizing Bitcoin mining is going to be the most valuable thing
in this industry, due to the rising hashrate of BTC.
Over the past 3 years, the hashrate has exploded from 100 million terahashes to a whopping
375 million today, even though we have went through a brutal bear market where the price
crashed and burned…
And this hashrate??
Don’t expect it to slow down…with the introduction of ordinals and brc20 assets
on Bitcoin, the miners have a new source of revenue besides just mining blocks…they
are now also making bank on transaction fees due to the demand for the block space…
As we can see, transaction fees pre-ordinals was averaging about 250k USD per day given
to the miners in transaction fees, at the peak of the ordinals hype, this was about
10 million per day…but even with the initial hype gone, this number is still way up, over
2 million per day, or an 8x increase from pre-ordinals days…
BRC20 and ordinals are still in their infancy, just wait until this ecosystem develops with
bridges over to ethereum, swappers like Uniswap, and perpetual DEX’s like GMX??
It’s coming and I would expect most of this to happen by the end of the year…
This means higher transaction fees, which means more miners jumping on board to capture
this value, which means a higher hashrate, which means the need for sustainable mining
becomes that more important…
Why is sustainable mining going to become a hot topic?
Well regulators across the globe are looking to heavily TAX miners who aren’t mining
sustainably.
Per example, the United States.
Bitcoin miners in the US got lucky and dodged a new tax on their operations…from the Barron’s
article on this it says “Congress’ draft debt-ceiling bill doesn’t include a heavy
crypto tax that the White House had proposed.
It would have imposed an excise tax on crypto miners equal to 30% of the cost of electricity
they use…
Yeah, the tax on BTC and crypto miners was scrapped..but it isn’t dead.
From the article, Issac Boltansky, head of policy research at BTIG said “Any suggestion
that the industry is safe from future taxation efforts just because the DAME tax was excluded
from the debt-ceiling deal is detached from reality”
Yes, it didn’t come today, but it might come tomorrow and the smart miners and the
smart crypto companies are preparing for the inevitable.
The government taxing dirty Bitcoin mining.
Aka mining that doesn’t come from sustainable sources…
Sooo, my friends there are some mining companies that are extremely worried about the proposed
crypto tax, and some that aren’t….as we can see from the Barron’s article It says
“Such a tax would have cut severely into the profits of miners such as Marathon Digital
Holdings and Riot Platforms.”
Why Riot Platforms?
Well just last month, the New York Times put out an article “The Real-World Costs of
the Digital Race for Bitcoin” where they identified the 34 most dirty operations putting
immense pressure on the power grids around them.
And guess who was identified as the dirtiest?
Riot..where 96 percent of their operations were done with fossil fuels resulting in almost
2 million tons of C02 emissions per year.”
As we can see, the NY Times tweeted this article, and Riot jumped in to say, BTC mining has
“Zero” carbon emissions….
Well guess who decided to put them on the spot?
The CEO of Energy Web…Jesse Morris jumped in and said.
“Right, well if you'd like to decarbonize the electricity powering your mining units
and prove it to the public, give us a ping”
That’s because Energy Web just last week publicly launched a solution for sustainably
mining Bitcoin alongside 5 mining firms, called Green Proofs for Bitcoin, or GP4BTC…
From the launch article we can see it says “GP4BTC will provide transparency into the
decarbonization efforts of Bitcoin miners and hosting companies.
As part of the solution, certifications will be issued to Bitcoin miners based on their
clean energy use and contributions to grid stability via demand response.”
As we can see one of those miners was the publicly traded Hive Blockchain Technologies….
Hive wasn’t mentioned in the New York Times article…because they are sticking to a sustainable
path to mining bitcoin, and mine sustainably now provable with GP4BTC, and any legislation
punishing dirty mining with taxes?
It doesn’t bother them one bit…
Although I’m sure many of you were drawn to this video because I said billions could
be flooding a certain crypto’s ecosystem soon, well that crypto is Energy Web and let
me explain what’s about to happen…
Back in 2020, when Energy Web was carving out their strategic partners, they joined
hands with a certain one…from this July 2020 post, we can see they partnered with
the Grid Operator of Uruguay, the UTE…
Together they would pursue blockchain-based solutions that would enable UTE to innovate
and evolve under a variety of potential future scenarios & as part of the partnership, UTE
will become an Energy Web member and host an EW Chain validator node.
Well this was no bullshit, January of last year it was announced Uraguay’s “UTE,
and The Ministry of Industry, Energy & Mining had developed a Renewable Energy Certification
system leveraging the Energy Web Decentralized Operating System and as we can see from the
release it says “The service will be made available to an increasing number of customers
through June 2022”
Well for the longest time we had no idea what was being built, but in February of this year,
the Uruguayan government presented it, it was the SCER platform, their Renewable Energy
Certification System and they even explained in the presentation that this was built on
Energy Web Chain..
Seems to be pretty important, when you have an entire country building it’s energy certification
platform on Energy Web… but what about those billions?
Where is this coming from?
Well if you didn’t hear the news from a couple days ago, Tether…even though I don’t
like them, announced they were investing “billions” into an unnamed company to launch mining operations
within the country of Uruguay, of who Energy Web is tight with….
And if we go into Tether’s release on this, it’s all about sustainable Bitcoin mining,
and using sustainable resources…I’m almost 100 percent sure Energy Web is involved with
this…
But really start to see the importance when you see this.
Back in 2022, when the Uruguay and Energy Web news was dripping out, guess who retweeted
the partnership, with probably nothing??
Ed Hesse,….and guess who retweeted Ed…Gavin Wood of Polkadot…
They knew something big was brewing with this Uruguay partnership, but something even bigger
is coming, and it comes from the mouth of Ed, with Gavin on stage…speaking about Energy
Web…let’s listen in…
Did you hear it?
Energy Web and Polkadot will eventually merge together, DOT is going to purchase EWT eventually….do
you know what that will do to the EWT price?
Ma Ma Moon it.
Cheers I’ll see you next time!