Cole's Crypto Corner: Bitcoin 2022 Miami, Tesla Energy, and the Latest on Texas Bitcoin

This writing is an opinion piece and does not reflect the views of Texas Innovators. This writing is strictly for educational purposes and is not financial, investment, tax, or any other form of advice.

 

Welcome back to another edition of Cole's Crypto Corner, where I dive into the world of Bitcoin and crypto to shine some light on the future of decentralization and Web3. If you haven't already, check out my past Crypto Corners:

What is Bitcoin?


What is Money, and Why Does Bitcoin Matter?


Coming back from SXSW in Austin, I am inspired and excited for a future where we leverage blockchain technology to alleviate ourselves from having to trust third parties to dictate our economic flow. I'm sure you know by now, but if you don't, SXSW was one of the many catalysts for mainstream discussion of Web3 and the future of creation and ownership.


Texas Bitcoin


In West Texas, CleanSpark, a Nevada-based bitcoin mining company, announced its power agreement with Texas-based Lancium. CleanSpark will add 200 megawatts (with an option to add an additional 300 MW) of renewable power to its bitcoin mining operations to increase its current hashrate capacity up to five times.


Another development for West Texas debuted at Bitcoin 2022 in Miami on the dedicated mining stage. Blockstream CEO Adam Back announced that Blockstream, in partnership with Jack Dorsey's Block Inc (formerly Square), is in the works of leveraging Tesla energy equipment for a 100% renewable, solar-powered bitcoin mining facility.


"The facility will be a proof-of-concept for a 100% renewable energy Bitcoin mine at scale, with the economics of the build-out - including operational costs and returns on investment - made open to the public."


"Bitcoin … can act as a baseload … it can actually make projects more profitable and result in a bigger power infrastructure for the world … basically, Bitcoin should be the funding model to drive expansion of power infrastructure," Adam Back, CEO of Blockstream, said.


If you are interested in learning more about the synergy of bitcoin mining and the electricity grid, check out these posts:


Synergy: Bitcoin Mining and Texas' Power Grid


ERCOT CEO is Pro-Bitcoin, Ted Cruz Sees Mutually Beneficial Relationship Between Energy Grid and BTC


Potential for Reducing Electrical Grid Carbon Emissions in Texas, a White Paper


For those interested in diving into blockchain developments in Texas, I highly suggest you check out the Texas Blockchain Council and the Texas Bitcoin Foundation.


Intel's New ASIC Chip


A significant development in the bitcoin mining space debuted this week on Monday, April 4.


Intel finally announced details behind the new Intel Blockscale ASIC previewed in January. This application-specific integrated circuit (ASIC) will provide energy-efficient hashing for the Bitcoin network and lay the path for continued scalability and sustainability of the industry. This SHA-256 ASIC comes with built-in temperature and voltage sensor capabilities, a hashrate of up to 580 GH/s, and a power efficiency of up to 26 J/TH, making Intel one the most efficient.


Have no fear. Intel says they will be able to supply the new ASIC "in volume without compromising the supply of new CPUs or GPUs."


"Intel is committed to advancing blockchain technology in a responsible way, and we're proud to collaborate with and provide solutions to companies that are creating a more sustainable cryptocurrency ecosystem globally," Jose Rios, General Manager of Blockchain and Business Solutions in the Accelerated Computing Systems and Graphics Groups at Intel, said. "The Intel Blockscale ASIC is going to play a major role in helping bitcoin mining companies achieve both sustainability and hashrate scaling objectives in the years ahead."


Intel's entrance into the ASIC market is enormous for the future of bitcoin mining and solidifies bitcoin's place within the computing industry as a legitimate technology. The future is exciting, and there is no better place to celebrate these advancements than in Texas, the up and coming bitcoin mining capital of the world.


Bitcoin: The Genesis of Blockchain Technology


If you haven't noticed already, I have a particular affinity for Bitcoin, and there is a reason for that. All of the discussions had on Web3, NFTs, and blockchain would not be possible without the philosophical and economic prowess of Satoshi Nakamoto and the team behind the creation of Bitcoin. Bitcoin is celebrated worldwide for its value as a protocol for sound money, self-sovereignty, and, frankly, a way of life.


There is no better place to celebrate these values than the largest Bitcoin conference in the world, Bitcoin 2022, in Miami.


Bitcoin 2022 Miami


Bitcoiners flocked to Miami this week for the world's largest Bitcoin conference, Bitcoin 2022, in Miami at the Miami Beach Convention Center. From April 6-9, Bitcoin legends, athletes, academics, and even a member of Congress are coming together to create a sea of orange and talk about the future of Bitcoin and monetary systems.


From star athletes like Serena Williams, Odell Beckham Jr., and Aaron Rodgers to U.S. Senator Cynthia Lummis, the conference features not your average industry speakers. As far as industry insiders, the speaker lineup is stacked.


The fun doesn't stop there. The world's first bitcoin-centric music festival is debuting this year with a lineup that drives my college-self crazy. The Sound Money Fest features Steve Aoki, K. Flay, Deadmau5, Run the Jewels, San Holo, TokiMonsta, etc.

 

Looking for more information?


Disclosure: Cole currently HODLs Bitcoin (BTC), Tezos (XTZ), and Ethereum (ETH). Cole has been involved with Bitcoin and crypto for eight years and constantly strives to learn more about digital assets. Cole is also currently mining bitcoin.


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