Hello Humble Bitcoiners!
The week starts with a recovery — but regardless of the price, the signal only goes up. |
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📝 Today's Rundown - Miners Accumulate: Hut 8 added 330 BTC to its balance sheet in July as it continues to hold 100% of the bitcoin it mines, while most public miners capitulate.
- New York, PoW And Free Speech: Supreme Court precedent shows that New York’s moratorium on Proof-of-Work mining violates Bitcoin miners’ First Amendment rights.
- Pepe And Bitcoin: Both represent systems of value forged in stark opposition to the one surrounding them.
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Hut 8 Maintains HODL Strategy, Adds 330 BTC To Treasury In July
By Shawn Amick Hut 8 Mining Corp released its bitcoin mining and production update for July showcasing its continued long-term HODL strategy and increasing their bitcoin holdings by 330 BTC, worth around $7.5 million at press time.
The company continues to hold 100% of its mined bitcoin, which speaks to the firm's conviction, as recently the broader trend among miners has been to sell portions of their bitcoin reserves to maintain operations and acquire new rigs.
With 7,736 bitcoin on their balance sheet, Hut 8 Mining has the second largest bitcoin reserve of public miners after Marathon, which has not yet sold bitcoin either. Marathon is still yet to report their operations for July 2022. |
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📜 NEW YORK, POW & FREE SPEECH |
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New York’s Proof-Of-Work Ban Violates Bitcoin Miners’s Right To Free Speech
By Aaron Daniel Bitcoin miners do not only produce valid transactions and make sure that the network remains decentralized and secure. By participating in the Bitcoin network, they also exercise their right to free speech under the First Amendment by publishing blocks of data to an immutable and shared database.
Since the Supreme Court has long held “that the creation and dissemination of information are speech within the meaning of the First Amendment,” every time a miner finds a valid block to publish into the Bitcoin blockchain, it should be legally considered as free speech. After all, Proof-of-Work is just another way to communicate.
Therefore, laws such as the moratorium in New York Assembly Bill A7389C, which target Proof-of-Work miners based on the content of their speech, violate miners’ First Amendment rights and should be invalidated. |
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| What do Pepe The Frog and Bitcoin have in common? A lot more than what you might think.
They both represent a system of value established in evident resistance against the norm and both protect that value through a mutually reinforcing consensus of its worth.
This is the tale of Pepe The Frog, a humanoid frog cartoon character who became a popular internet meme in the early 2000s. By 2014, Pepe became so popular that meme creators started to post Pepes with watermarks saying “Rare Pepe — Do Not Steal” or similar messages as a tongue-in-cheek way of combating the spread of their memes to other platforms. As a result, different users would create Rare Pepes and offer them up for sale or exchange to other users. First for internet points, then for a few dollars, then for thousands. In the end, Pepes were trading directly on the blockchain.
Like Bitcoin, Rare Pepes quickly found that their abstract communal value was finding footholds in the real world. Pepe and Bitcoin work under a community consensus. |
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By Frieda
Orange-pilling is definitely an art. Many of us might find it hard to synthesize and share the condensed knowledge we have acquired through hours of reading articles and listening to podcasts.
But practice makes perfect, so the more we share, the more we learn to read what motivates certain people. By knowing our audience, we can always target specific features where Bitcoin properties could shine brighter.
Stack harder,
Bam |
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Today's email was brought to you with ♥ by Bam.
Keep on reading, keep on stacking. |
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