Hello Humble Bitcoiners!

Monday, a day of humble beginnings and rejuvenation. Let's kick off the week with some Bitcoin signal! 
📝 Today's Rundown
  • Mesh Nets: It’s time we stop asking for permission. Bitcoiners should build a mesh net and make Bitcoin unstoppable.
  • Mining Profitability: Bitcoin mining is an incredibly difficult industry to start out in and all of its complexities may be lost on those unaware.
  • Difficulty Adjustment: This was the third downward mining difficulty adjustment in a row with four downward adjustments over the course of the last five difficulty epochs.
Learn More

📡  MESH NETS

Making Bitcoin Unstoppable Part One: Mesh Nets
By L0la L33tz

Contrary to what most people might think, shutting down access to the internet is a fairly simple task for governments to accomplish. There are literally hundreds of examples where citizens of a certain region suffered from internet shutdowns and access limitations. In the last few years, for example, 196 incidents of internet shutdowns were reported in 2018, 213 in 2019, 155 in 2020 and 182 in 2021.

Bitcoin runs on top of the internet and because of that, we must concern ourselves with the consequences of accessing a decentralized monetary network via inherently centralized and attackable infrastructure. Here is where the concept of “mesh networks” starts to become crucial to Bitcoin’s success.

A mesh network is a form of intranet in which every node in the network acts as an internet service provider (ISP) and a relay for information. In times of social unrest and government crackdowns, mesh networks offer a lifeline to uphold communication. 
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💻 MINING PROFITABILITY

The Proof Of Work Behind Proof-Of-Work – Bitcoin Mining Profitability Doesn’t Come Easy
By Kaboomracks Alex

Bitcoin mining is by no means an easy task. The amount of work necessary to build the infrastructure needed to process a Bitcoin transaction is astronomical. Even though there are options to just plug in a machine and wait for it to begin hashing, there are countless factors that most newcomers are unaware of and that could make the difference between profitability and total failure.

In this article, Kaboomracks Alex, a consultant and miner deployer at Kaboomracks, discusses all you need to know about the hidden aspects and factors that bitcoin mining involves. He writes about Proof-of-Work, logistics, hardware, manpower, hosting, estimating profitability, power generation, electrical infrastructure, aftermarket firmware, regulatory and geopolitical risks and more.
Read Full Article

📰 THE DAILY BITS
1. China’s banks face insolvency risks with widespread mortgage boycotts. The U.S. dollar is strengthening and bringing bitcoin down in the process.

2. Developing a tough mind and a tender heart is a strong foundation for Bitcoin Maximalists to become peaceful warriors on the path to hyperbitcoinization.

3. Drivechains, like softchains, are another sidechain implementation with two-way peg functionality.

4. A Bitcoin VPN allows two or more parties to discover each other and to communicate privately over the public internet without trust.

5. Toxic Bitcoin Maximalism can serve an important purpose to ward off newcomers from scams and altcoins — but are there times when the toxicity is too much?

6. While bitcoin itself is difficult to confiscate or censor, U.K. courts have labeled bitcoin as property which aids in recovery when scammers try to cash out.
⚙️ DIFFICULTY ADJUSTMENT

Three Bitcoin Mining Downward Difficulty Adjustments In A Row
By Marty Bent

July brought a downward difficulty adjustment of 5.01%, which is the:

  • third consecutive downward adjustment and
  • the fourth over the course of the last five difficulty epochs. 
This is a remarkable event which hasn't happened since last years's great hash migration out of China. As the global macro outlook has a grim picture, and the bitcoin market experienced a mass deleveraging, the downward pressure of bitcoin price has put public miners on a bit of a rough spot.

With the responsibility to cover expenses and debt obligations, miners have been forced to sell a big part of their bitcoin holdings, and even some of their machines. In addition to this, energy prices are on the rise, and many machines are sitting on the sidelines, generating a massive discount on some top-of the-line mining gear.

"We'll look back on late summer 2022 as one of the best times in bitcoin's history to get into mining." – Marty Bent
 
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MEME OF THE DAY 
By Documenting da Chateau

We often hear how bitcoin "uses too much energy" as if it was a bad thing, but it could actually be seen as a feature. Bitcoin is the energy buyer of last resort, and it incentivizes the utilization of stranded energy.

It is likely that the future of mining lies in spare capacity, wasted and stranded energy sources at a very low cost, allowing humanity to generate infrastructure for an energy abundant future.

With love,
Bam
Today's email was brought to you with ♥ by Bam.
Keep on reading, keep on stacking.
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