Join me today for Episode 952 of Bitcoin And . . .
Topics for today:
- 3-Phase Power, Bitcoin Mining, And You!
- UK to Recognize Bitcoin as Personal Property?
- UAE Central Bank Allows Bitcoin Custody Insurance
- Bitcoin Rocks Yard Signs
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Articles:
https://bitcoinmagazine.com/technical/revolutionizing-bitcoin-mining-the-power-of-three-phase-systems
https://bitcoinmagazine.com/markets/uk-parliament-introduces-bill-to-recognize-bitcoin-and-crypto-as-personal-property
https://cointelegraph.com/news/uae-central-bank-custodial-risk-insurance-product-digital-assets
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https://www.nobsbitcoin.com/opensats-lts-mike-dilger/
https://www.nobsbitcoin.com/lnd-v0-18-3-beta/
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[00:00:00]
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Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 8:59 AM Pacific Daylight Time. It's the 12th day of September 2024, and this is the episode, what, 952?
Is it? Is it really? Yeah. It's 952 of Bitcoin and the Circle P is open for business, this time with a new vendor. But the vendor themselves don't know that I'm putting them into the Circle P because I would rather ask forgiveness than ask permission to tell you all about the BitX. Yes, the BitX. I have seen like just nothing but all kinds of people saying, oh it doesn't matter. It doesn't have enough hash power for Bitcoin mining. It's it's irrelevant. It's this. It's that. Oh bullshit. Stop it. Just stop it. First of all, first of all, have you built anything at all? Have you produced any kind of show? Do you have anything at all to offer the masses, other than your criticism on something that somebody else built? If the answer is no, then shut the fuck up.
Seriously. And this goes out to even people that I love and adore. It's not me just standing on a soapbox pointing my finger at people that I think suck. I don't think these people suck. I do think that they're misguided. So what am I on about? Well, this is all about the BitX. What is a BitX? It's a solo Bitcoin miner. It's a very small miner. It's not a S19 from, you know, Bitmain. It's not like any of these great big massive boxes that you get that you can run dehydrators with with the excess heat. It doesn't have that much power at all. It's a tiny single board miner.
Like think of Raspberry Pi except it's a little bit bigger than that but not by much think of 2 raspberry 2 raspberry or rpi4s right and put them side by you know put them together And that's about the size of a Bittaxe, except it's got a pretty big fan on it to cool down the single mining chip that is on there. Because what are they doing? They're they're pulling apart miners. They're buying like an s 19. They're buying s 21s. They buy these things, whether, you know, usually I think used but maybe in surplus or sometimes brand new. I'm not exactly sure. I've got a schedule I've got to figure out a way to get Scott, who's behind the Biddex, onto the show so that we can talk more about this. And on Nostr, I've been on about this for a while.
Right? I've been talking about bit I've been talking about BIDX. I've been, you know, renoting there, you know, some of the BIDX stuff that I see. Because there's something fascinating about this thing. Now why? Sure. I mean, of course, it doesn't have enough hash power to want a shotgun. This is true. When people criticize the BitX because it doesn't have enough hash power to wad a shotgun, I'm not saying that they're lying. I'm saying that they're I am definitely agreeing with them. It doesn't. And they never will because I don't think that's the point. Now, I'm not going to get into the guys that are behind BitX. I'm not going to get into their head as to what they think BitX is. All I can talk intelligibly about is what I think BitX is. And that you as a listener might consider thinking along these same lines okay so why why sync let's see how much are these things I'm gonna go over here I'm on bitaxe.org.
That's bitaxe.org. And I can go over to where to buy. And there's bitaxe legit, which is just part of this same website. So I'm gonna go over here and who sells these things? Well, there's a lot of them. And a lot of them are there's some in let's see if I can no, I can't sort. There's a like BitX Shop in Turkey. There's Altair in the United States. There's 32 Bitcoins in Australia. There's a lot of there's oh, if you're in Germany, there's Copario, COPIARO. There's Bitsaga in Belgium. There's Europe. There's the Netherlands. There's Spain. There's France. There's Germany again. There's Argentina. There's even somebody in China by the name of tinychiphub.com that is selling these things, right? So you're covered on almost every continent in the world to get one of these very small according to everybody that hates them, completely underpowered and completely worthless mining units. So why is it that I don't think it's useless?
I told you yesterday about somebody else hitting a solo block using a solo miner. I think on something called cksolopool. And sure, what are your chances of buying a bidax and getting your very mining your very own block? Being the validator of that one single block that will net you 3.125 Bitcoin and then some fees. Not not very much. You probably got as much chance of hitting, you know, like a $100,000 or a couple of $1,000,000 lottery ticket than you do of actually mining a block. So why spend the $250? In fact, let me go I'm gonna go over here to Altair, which sells them for the in the United States.
And okay. So I've got a bit axe single ASIC miner that goes from anywhere, depending on the chip that's involved, $99 to $299 Okay. $299 that's a fair amount of bread. And for a lot of people, $99 is probably something you should think about before you, you know, be ripping off $99 from your wallet and sending it on over to Altair. Was it altairtech.i0? Altairtech.io. Look. Here's the reason. And it's it it's not because of decentralization. It's not because you have a chance of winning a solo block. It's not for any of those reasons. It certainly isn't for the heat output so that you can run a dehydrator or heat up a hot tub. Okay? It doesn't produce that much heat because it's got almost minuscule hash power.
So why? To learn about mining That's it That's my only reason How does this work? You know, I was like, what what does it mean to to be attached to a mining pool? And how do you do that? How do you attach a miner to a mining pool? Fuck, I don't know. I don't have a miner. I don't have an S19 sitting around to play with. And I'm not gonna buy one. I don't want something that big making that much noise in my house. Okay. So many of you do but then you're you're not the audience for this particular Circle P vendor. That's okay. There's nothing wrong with that. But I would still like to understand how do I attach a miner to a pool because maybe one of these days I get into a different house and I want to get an actual big ass set of miners for whatever reason I do.
Well, if I've got a bid ax and I've learned how to attach to a pool, I already know how to do it. I don't have to go learn. I don't have to go look up a I don't have to go look anymore. I already learned how to do that. How do I jump miners? Or rather, how do I jump from one pool to another for whatever reason I might want to do that? I don't know because I don't have an s 19 chilling out that I'm practicing with. Right? When you bought like, let's look at it this way. When you when your kid comes up to you and says, hey, dad, I want to learn how to play guitar. And they're like, I don't know. 9.
Do you really think I'm gonna run out to the guitar store and drop, you know, $5,000 on a Gibson Les Paul Goldtop reissue? Do you think I'm going to do that? No. I'm not going to do that for various reasons. Even if it was like, I don't want an electric guitar, I want an acoustic guitar, or I want to learn how to play a violin. Do you think I'm gonna go buy, like, a $10,000 violin? You're out of your mind. I'm going to be looking for a $200 rig. Why? I want to make sure that this little dude wants to actually learn how to play violin first. Right?
And then you move up. Then you move up to the to the big leagues or to the bigger leagues. That's what the bid ax is. It's not designed to get you rich. It's designed to get you in the mindset of how do you function as a miner? How does this entire thing work? That's, for me, that's what I think the real value of this is. Now, other people will say it's also valuable because if we have enough of them in the field operating in different places it helps to decentralize mining. And if you get the numbers up to the point where you've got quite a bit of, like, hash power percentage, like whole unit whole number units of percentage points of hash power represented by solo mining all of a sudden the game changes it it does so I just want to let you guys know that go over to bitaxe.orgbitaxe.org and just look.
Just ask yourself some questions. Is this something that I would like to learn how to do on the cheap? If the answer is yes, then you're probably going to learn how to attach to a mining pool. How to jump to a different mining pool. Maybe how to use, was it Stratus or Stratum version 2? And all of a sudden, like, now the question of, can I construct my own templates? What the hell does that mean? Does it do me any good? What the fuck is a template in the first place? I think a lot of these mining questions can be answered in sort of what we would call a practice session.
And the bit axe represents that practice session so I wanted to make sure that everybody understood that most of us understand that when we go to solo mining that we're not doing it to get the block reward we don't think we're going to get the block reward and anybody who says that that's what we think either doesn't know what the fuck they're talking about or is lying through their teeth the other people that say well you're doing it because you think you're going to decentralize mining, but that's not the case. I'm not doing it because I think I'm going to be the decentralization catalyst for Bitcoin mining. I'm not here to save Bitcoin. Bitcoin doesn't need me to save shit.
Right? I want to learn how to do mining and I don't want to spend 1500 freaking dollars on how to do it. If that's you, then think about a bitaxe. Alright. Sorry to start that off with a with a rant, but bitaxe.org is where you want to go. Now, let's get into the news: revolutionizing Bitcoin mining the power of 3 phase systems. Now, this really surprised me Because of the sheer amount of power being sucked down by mining at the professional scale across the globe, I would never, ever, ever have thought that these miners hadn't been refitted for 3 phase power.
What is 3 phase power? We're gonna get into it. Out of Bitcoin Magazine Christian Lucas is gonna tell us what 3 phase power is versus the kind of electricity that you're getting out of your wall socket when you charge your phone. Bitcoin mining has seen exponential growth since the very first ASIC miner was shipped back in 2013, improving hardware efficiency from 1200 joules per terahash to just 15 joules per terahash. While these advancements were driven by better chip technology we're now reaching the limits of silicon based semiconductors as further efficiency gains plateau the focus must now shift to optimizing other aspects of Bitcoin operations or rather Bitcoin mining operations particularly the power setup.
3 phase power has emerged as a superior alternative to single phase power in Bitcoin mining. With more ASICs being designed for 3 phase voltage input, future mining infrastructure should consider adopting a uniform 480 volt 3 phase system, especially given its abundance and scalability across North America. Understanding single phase and three phase power. To comprehend the significance of 3 phase power in Bitcoin mining, it's essential first to understand the basics of single phase and 3 phase power systems. Single phase power is the most common type of power supply used in residential settings. It consists of only 2 wires.
One live wire and one neutral wire. The voltage in a single phase system oscillates in a sine wave providing power that reaches a peak and then drops to 0 twice during each cycle. Imagine you're pushing a person on a swing. With each push the swing moves forward and then it comes back reaching a peak height and then descending back to the lowest point before you push again. Just like the swing, a single phase power system has periods of maximum and zero power delivery. This can lead to inefficiencies especially when consistent power is required although this inefficiency is negligible in residential applications.
However, it becomes significant in high demand industrial scale operations like Bitcoin mining. Three phase power, on the other hand, is commonly used in industrial and commercial settings. It consists of 3 live wires providing a more constant and reliable power flow. In the same swing analogy imagine you have 3 people pushing the swing but each person person is pushing at different intervals one person pushes the swing just as it starts to slow down from the first push another pushes it a third of the way through the cycle and the third person pushes it 2 thirds of the way through the cycle The result is a swing that moves much more smoothly and consistently because it's being pushed continuously from different angles maintaining a constant motion.
Similarly, a 3 phase power system ensures a constant and balanced power flow resulting in higher efficiency and reliability particularly beneficial for high demand applications like bitcoin mining. Bitcoin mining has come a long way since its inception with significant changes in power requirements over the years. Before 2013, miners relied on CPUs and then GPUs to mine bitcoin. The real game changer came with the development of the ASIC the Application Specific Integrated Circuit. Those miners, as the Bitcoin network grew and competition increased.
These devices are specifically designed for the purpose of mining Bitcoin, offering unparalleled efficiency and performance. However, the increased power requirements of these machines necessitated advancements in power supply systems. In 2016 a top of the line miner was capable of computing 13 terahashes per second with a power consumption of approximately 1300 watts. While considered highly inefficient by today's standards, mining with this rig was profitable due to the low network competition at that time. However, to generate meaningful profits in today's competitive landscapes, institutional miners now rely on rigs that demand around 3,510 watts.
The limitations of single phase power systems has come to the fore as the power requirements of ASIC and the efficiency demands of high performance mining operation grows. The transition to 3 phase power became a logical step to support the growing energy needs of the industry. 480 volt, three phase power has long been the standard in industrial settings across North America, South America and other regions. This widespread adoption is due to its numerous benefits in terms of efficiency, cost savings and scalability. The consistency and reliability of 480 volt 3 phase power makes it ideal for operations that demand greater operational uptime and fleet efficiency, especially in a post halving world.
One of the primary benefits of 3 phase power is its ability to deliver higher power density, which reduces energy loss and ensures that mining equipment operates at optimal performance levels. Additionally, implementing a 3 phase power system can lead to significant savings in electrical infrastructure costs, fewer transformers, smaller wiring and reduced need for voltage stabilization equipment contribute to lower installation and maintenance expenses. For example, a load requiring 17.3 kilowatts of power at 208 volt 3 phase would need a current of 48 amps.
However, if the same load is supplied by a 480 volt source, the current requirement drops to just 24 amps, or half as much. This halving of the current not only reduces power loss, but also minimizes the need for thicker, more expensive wiring. As mining operations expand, the ability to easily add more capacity without major overhauls to the power infrastructure is crucial the high availability of systems and components designed for 480 volt 3 phase power makes it easier for miners to scale up their operations efficiently As the Bitcoin mining industry evolves, there is a clear trend toward the development of more 3 phase compliant ASICs.
Designing mining facilities with a 480 volt 3 phase configuration not only addresses current inefficiencies, but also future proofs the infrastructure. And this allows miners to seamlessly integrate newer technologies that are likely to be designed with 3 phase power compatibility in mind. As shown in the table below the immersion cooling and hydro cooling techniques are superior methods in scaling up Bitcoin mining operations in terms of reaching higher hashrate output. But to support such a much higher computation capacity the configuration of 3 phase power becomes necessary for maintaining a similar level of power efficiency.
In short, this will lead to higher operational profits with the same profit margin percentage. Transitioning to a 3 phase power system requires careful planning and execution. Here are the key steps involved in implementing 3 phase power in Bitcoin mining. The first step in implementing a 3 phase power system is to assess the power requirements of the mining operation. This involves calculating the total power consumption of all mining equipment and determining the appropriate capacity for the power system. Upgrading the electrical infrastructure to support a 3 phase power system may involve installing new transformers wiring and circuit breakers.
It's essential to work with qualified electrical engineers to ensure that the installation meets safety and regulatory standards. Many modern ASIC miners are designed to operate on a 3 phase power system. However, older models may require modifications or the use of power conversion equipment. Configuring the miners to run on 3 phase power is a critical step in maximizing efficiency. To ensure uninterrupted mining operations it's essential to implement redundancy and backup systems this includes installing backup generators uninterruptible power supplies and redundant power circuits to protect against power outages and equipment failures.
Once the 3 phase power system is operational, continuous monitoring and maintenance are crucial to ensure optimal performance. Regular inspections, load balancing and proactive maintenance can help identify and address potential issues before they impact operations. In conclusion, the future of Bitcoin mining lies in the efficient utilization of power resources. As advancements in chip processing technologies reach their limits, focusing on power setups become increasingly critical. Three phase power particularly 480 volt systems offer numerous advantages that can revolutionize mining operations and by providing higher power density improved efficiency reduced infrastructure cost and scalability 3 phase power systems can support the growing demand of the mining industry. Implementing such a system requires careful planning and execution but the benefits far outweigh the challenges.
As the Bitcoin mining industry continues to evolve, embracing 3 phase power can pave the way for more sustainable and profitable operations. With the right infrastructure in place, miners can harness the full potential of their equipment and stay ahead of the competitive world of Bitcoin mining. Again, authored by Christian Lucas for Bitcoin Magazine, I think this is one of the honestly, this is one of the more informative articles that I've read in, you know, in a while as far as Bitcoin mining is concerned. I am surprised that it took this long for me to hear about 3 phase power in Bitcoin mining. I kinda already assumed it was there.
Right? But now that I'm reading this article, I realize it ain't there. And it ain't just because of the people that are racking, you know, thousands of Bitcoin miners into a climate controlled environment. Because the power supplies of each individual miner themselves is not 3 phase. Now according to this article, there are, I guess, plans and maybe a couple of models out there that are 3 phase power at the power supply unit part of the Bitcoin miner but right now you can bet that 99% of all Bitcoin mining is single phase power And I had no idea that this was actually the case.
That's because I'm not in mining. I don't know these things because I'm not in mining. How might I learn how to go get into mining? Oh, I know. It's the bit ax from bitax.org. Go get yours today. Make sure you heard about them from the circle p on the Bitcoin and podcast. Even though they don't know that I'm doing this, you never know. Maybe they'll make a sale from it. Maybe they'll cut me some satoshis. I don't know. But I just have to reiterate. Mining is a huge part of Bitcoin. It's not the only part. It ain't the only stakeholder.
But I think that node runners, not knowing anything about being a user of Bitcoin or a miner of Bitcoin are doing themselves a disservice. I think that miners of Bitcoin that don't know a damn thing about being a user of Bitcoin or a node runner don't know is really doing themselves a disservice although that's that can't be true. Miners have to run a node to be able to mine so that one but users of Bitcoin like if you're just like buying a Amazon gift card off of a bit refill to buy some stuff, you are a user of Bitcoin. And if you know nothing about node running and nothing about mining at all, I really think we're doing ourselves a disservice.
So that's why I'm harping on this one so bad today. Now, on to across the pond where Bitcoin Magazine's Nick Hoffman tells us about the United Kingdom Parliament's introduction of a bill to recognize Bitcoin and crypto as personal property. I did not expect this. I really didn't. The UK parliament has introduced the property the property bill. Oh, it's called the property bill today To officially and legally recognize Bitcoin, cryptocurrency, and other digital assets as personal property. With this legislation, for the first time, British law would officially protect digital holdings such as Bitcoin and shitcoins, sadly, non fungible tokens, sadly, and God forbid, carbon credits.
Oh my God. Quote, it is essential that the law keeps pace with the evolving technologies, and this legislation will mean that the sector can maintain its position as a global leader in crypto assets and bring clarity to complex property cases. Our world leading legal services form a vital part of our economy, helping to drive forward growth and keep Britain at the heart of the international legal industry suit speak provided by justice minister Heidi Alexander. How is it that business speak and government speak sound exactly the same? Forward looking at the end of the day.
I it's just what what else what is our world leading? What what other bullshit is in here? Global leader. Let's see. Brings clarity to complex issues. What that it means nothing. Stop. I stop with the suit speak. Anyway, okay. Whatever. Whatever. The bill aims to address a long standing legal gap where digital assets were previously excluded from English and Welsh property law. And as a result, owners of digital assets had little recourse if their holdings were interfered with, leaving them in a legal gray area. Under the new bill, digital assets will be classified as a third category of property, allowing owners to benefit from stronger legal protections against fraud and theft. The legislation will also assist courts in resolving complex disputes such as those arising in divorce settlements or business agreements involving digital assets. Quote, gotta hope it's not suit speak. The bill will also ensure Britain maintains its poll position in the emerging global crypto race by being one of the first countries to recognize these assets into law, stated the announcement.
Yeah, so to speak. The UK government further explained that with this new legislation, their legal sector will be better equipped to respond to these new technologies and attract more business and investment to the legal services industry. Quote, the UK has passed a new bill that will allow crypto and other digital assets to be recognized as personal property, stated the UK Ministry of Justice's Twitter account. That means owners of digital assets will gain legal protection against fraud and scams. Okay. I did not expect that coming out of the UK.
My question is, what's going on here? Why are they being nice? Why is the UK of of because honestly, the UK is like a mirror image of the United States government. They're both as stupid. They're just as retarded as each other and they both hate any instance at which they lose power and Bitcoin seeks to lose their ass power, pull their teeth, declaw them. And yet they're playing nice over here across the pond. Why? I don't trust this. I don't trust this as far as I can throw Big Ben. I don't trust this as far as I could throw the entire parliamentary building or the Tower of London.
I don't trust these people. I don't trust them. And I expect you not to trust them, too. Start asking yourself the question: Why do they want to make it actual personal property? Is it possible that you can attach legal liability to the personnel or the person that owns the property of something that the property facilitates. I don't know. I'm just spitballing here. But I don't trust these bastards as far as I can throw them. So I'm just gonna be very very cautious just like I am with the UAE because their central bank has approved custodial risk insurance products for digital assets.
It just gets better and better. Although I guarantee you, I trust these guys more than I trust the guys over at the UK. Why? Because they are motivated by getting any amount of money they possibly can. That's why. Cointelegraph Ezra Raguera is writing the Central Bank of the United Arab Emirates has approved a new product allowing an issuer to provide digital asset custodial risk insurance. The Hong Kong based insurance provider, One Degree and the UAE's Dubai Insurance announced that they started providing digital asset custodial risk insurance to UAE customers.
The companies, collaborating on a brand called One Infinity, said that they got approval from the Central Bank of UAE to offer the product. Custodial risk insurance is part of the risk management strategy for custodians, exchanges and other digital asset service providers. According to One Degree, many regulators worldwide require the product. Robin Scott, the general manager of One Degree in the Middle East explained that this type of insurance enables crypto service providers to give their clients peace of mind. Against the risk of losing their assets, Scott explained, quote, custodial risk insurance covers web 3 exchanges, custodians, asset managers, etcetera, against the risk of losing access to customers' digital assets.
This may be caused by hacking, physical damage to the storage media, or internal fraud. Scott also explained that the custodial risk custodial risk insurance is Web 3's version of public deposit protection schemes which are used in traditional banking. Quote, for the Web 3 industry mandatory insurance acts as a private sector solution to achieve similar aims. End quote. The executive also told Cointelegraph that regulators worldwide required this product because their primary focus is customer protection. The insurance executive said regulators want to ensure that business and individuals using digital asset platforms that they provide licenses to are protected in case of asset losses the insurance professional also said that the CBUAE approving their insurance product means that companies in the UAE can finally acquire this insurance within the country.
Quote, this means that companies inside the UAE will be able to buy custodial risk insurance onshore in the UAE for the very first time. Scott added that One Degree and Dubai Insurance have already started writing custodial risk insurance for UAE based clients. The executive said that they are expecting a large number of firms to require the insurance product as more companies get licensed in the UAE. So there is insurance. It exists. It's existed forever. And maybe, just maybe, this might actually be a key clue into why the UK is doing what they're doing with the listing Bitcoin as personal property.
Maybe it has something to do with the fact that they know they can't escape the jaws of Bitcoin. They need to make themselves, oh I don't know, either invisible to Bitcoin's wrath so it doesn't eat them, or become mightily untasty to Bitcoin insofar as they go, look, well I'll tell you what, we'll give you this insurance that way if you lose all your shit somehow or another you're gonna get your money back. I personally don't I I'm trying to figure out what happens if you lose a $100,000,000,000 of Bitcoin and you've got per you you have personal, property rights on this particular Bitcoin. You can prove it got hacked or something. Do you think that the British government is just gonna hand over a $100,000,000,000?
I don't think so. So I'm I again, I don't trust them. But this particular insurance product in the United Arab Emirates does something else for me in my mind. It makes me think that these guys really are serious about doing what they say they're gonna do. We've had people in Britain say, oh, we wanna be the center for crypto operations. We wanna we wanna be the Bitcoin leader of the world. And they're just not doing enough. But all of a sudden, we've got these guys at the central bank, a central bank a world central bank this is a central banking partner of all the other central banks it's not it's not a Podunk bank it is a real live honest God central bank And they just provided insurance on Bitcoin Holdings to the people that custody Bitcoin for other retail people.
It just I can't this one that my gut my gut feeling on the UK story was I don't trust them. My gut feeling on this story, these guys are serious. They are becoming even more serious every single day. And the UAE is probably going to end up being one of the world leaders in Bitcoin banking, Bitcoin central banking, for lack of a better term, Bitcoin insurance products, The usage and ability and availability of Bitcoin. I think the UAE is not blowing smoke up anyone's ass any longer. They're getting serious. Let's run the numbers. Breaking.
Stocks making the biggest moves midday is Kroger, Moderna, Roku, and Petco. Petco coming off of, I guess, you know, the the debate of eating pets. Maybe maybe they're getting a boost in their stock because Trump. I don't know. But oil is doing well again today. 3.12% to the upside brings us back up to 6942. Brent Norsey is up 2.6% to 725. Natural gas is up 3 3 quarters of a point, and gasoline is up 2 points to a buck 93 a gallon. Good luck finding that price. And all your shiny metal rocks are gleaming in the sun. Gold is up 1 and a quarter to $25.74.20. Silver is up, wow, almost 4 points.
Platinum is up 2.3. Copper is up just over 1, and palladium is up 3 and a half points. Ag, looking mostly green today. Biggest loser is chocolate. 1.86 to the downside. Biggest winner is gonna be sugar. 2.3 to the upside. And live cattle is up 2 thirds of a point. Lean hogs are down a quarter. Feeder cattle are up a half. Equity markets, mostly in the green, but Dow, it's point one one percent of the downside. S and P is up the same amount. Nasdaq is up a quarter of a point, and the S and P Mini is up a third. Now on to our favorite asset, $57,760 per 1 Bitcoin.
And there is a $1,14,000,000,000 market cap given that. Now we can buy 22.7 ounces of shiny metal rocks with our one bitcoin of which there are 19,753,014.87 of, and average fees per block remain low. 0.06 BTC taken in fees on a per block basis. There are now only 108 blocks carrying 200,000 unconfirmed transactions waiting to clear at high priority rates of 3 satoshis per vbyte. Low priorities are gonna get you in at 3 satoshis per vbyte. Hash rate chilling out at 650 exahashes per second. From Sam Altman fried Bitcoin and episode 951.
Why do I some people ask me if I spelled the name wrong. They're thinking that I might have been talking about Sam Bankman fried. Maybe. I don't know. There's something about Sam Bankman fried. And then when I hear Sam Altman's name mentioned, I just think of Sam Altman fried. I think they're both scammers. I think that they're the lowest form of humanity that that was ever scraped up off the bottom of a fucking pond, but we have to deal with them. So I dealt with some of the Sam Altman stuff yesterday, so I just named the episode Sam Altman fried. Okay. So letter 6173, haven't seen you around, buddy.
Good to see you again and good to see your 5000 satoshis and your hand clap emojis. Slow slow. Actually didn't say anything at all other than me and then gave me a nostril event. But that nostril event isn't rendering inside a fountain. I'm on fountain. Fm looking at the boost and stuff. So it's not Oscar Mary. If you can get Nostra notes to render inside of this particular page, that would kinda be awesome. I understand if you don't wanna do that because of branding and all that. I don't know if that's an issue, but I can't see this Noster event. So slow slow. I'm sorry. I don't know what you're talking about in this format. Pies to Club has come back, but he's coming back from Breeze. With 420, he says, thank you, sir. No. Thank you.
I'm listening on Breeze and boosting on fountain. Still not functioning properly. And he's talking about the fountain app. Again, Oscar, if you're listening to the show, please help Pies De Pleb. Use fountain. It's broken for him. It's not broken for me, although it is a little wonky sometimes. But I understand that you're going through growing pains. I do not begrudge you that. Pies, please be patient with these guys. They will fix the little red wagon. I just don't know when. I see one with 500 says fabric of finance. No shit. Just like more suits speak. Wartime with 333 says boost.
Matt, frl with a 100 says thank you, sir. No. Thank you. Nostragerang with a 100 says, Thank you, sir. May I have another? Yes, you may. And this is it today. Alright. That's the weather report. Welcome to part 2 of the news that you can use free Bitcoin signs from Bitcoin dot rocks. Now, you've probably heard me talk about bitcoin. Rocks before, aka Bitcoin Rocks. They provide free stickers so that you can go put them up around areas of high traffic that all of them that I've ever seen has a QR code on it. But there's different artwork, they say different things, but they're usually stickers that you put up like on a light pole in a parking lot, you know, as close to the McDonald's as you can get, right? That's a high traffic area because you want you want people to see the message. Well, now they've got a new sign out. It says got inflation, save in Bitcoin, and of course, it's got a big massive QR code right in the middle. It's all white on black. It's a gorgeous sticker, but it's not a sticker.
It's a yard sign. They're moving up. So, you know, those, like, like, vote for Harris. Harris is gonna, you know, take your money. Or no. Well, actually, that's probably not a campaign slogan. Vote for Trump. Make America great again. Right? You see these signs. They got you know, it's like I don't know. They're probably about, like, 3 foot, you know, or 2 foot wide by, you know, maybe, you know, foot and a half tall, somewhere around there. Not ultra gargantuan, but definitely, like, 5 or 6 to 10 times bigger than a bumper sticker. Right? Really that that's what you see on every corner in America right now is all these campaign signs. For every idiot running for mayor, for every grifter running for senate, for every jackass running for, you know, like the, house of representatives, and for for for the the people that are running for president. This is it oh, and county commissioner. Can't forget county commissioner and God forbid the school board. There's like a pile of signs on every corner of every major intersection in every city in the United States. Why not put this particular bitcoin dot rock sign, which you stick in the ground? It's got I mean, it's like this big sign just like the campaign signs, except it's basically saying, do you have inflation?
You might want to consider saving in Bitcoin. Here's a massive QR code that you can scan that will take you to wherever it is that that QR code wants to take you. I assume it's somewhere in bit you know, the bitcoin. Rocks's URL or whatever. You know, they're they're somewhere like a page in their website. It doesn't matter. It's just that it's a great big sign. If you are going oh, and they're free as far as I can tell that I mean, bitcoin.rocks has always provided my stickers for free. Not sure about the sign, but I signed up, gave them my address, which they dispose of your because they gotta physically send you shit in the mail. Right? They they say they dispose of the addresses after, like, after they've completed the order.
I have I've never I'm never gonna be able to confirm this. I would literally have to be at this person's place and watch how they do their shit to confirm that and be 100% sure that they've actually disposed of the data. At one point or another, you gotta trust people. I think these guys are above board. I think they do I think they do a good service for the Bitcoin industry. And I would recommend at least going to bitcoin. Rocks, r o c k s bitcoin dot rocks and looking at this yard sign. If you're going to put the yard sign up, there's a couple of things that you might want to consider doing.
Let's see. Here's the good sign spots. Neutral space, like road medians and the grass near curves. And I want to say something about that. I would not go put this on somebody else's property even if you put it what's called out in the buffer area, or what is also known in city speak as the setback. Generally speaking, you do not own if you've got a sidewalk in front of your house, you do not own that sidewalk even though that you're responsible for cleaning it off if there's ice. I know. I get it. It's it's it's insane. But you also don't own technically 3 and this depends on the city, county, state, and all that. But in Texas it was 3 foot from the inside edge of that, of that sidewalk. You also didn't own, although you were responsible to mow it. So, technically, somebody could put a sign there and it's not your property.
Even though it's your front yard, if it's within that setback, that's actually city land. Even though it's technically that, don't do that. Go look for a public space, a neutral space, like parks, in the sidewalks, in parking lots. Although a Walmart parking lot? Technically owned by Walmart. Okay, so you've got to be judicious where you put it. Otherwise, this sign, which is going to cost them quite a bit of money to print and then, you know, ship and then if they're not charging you, it would be a shame to have these these signs lifted up. If you put them, like, at the corner along, you know, maybe not alongside, but kind of next to all of the propaganda signs for the most important election ever in the world in the history of mankind, then nobody can really technically pick that up.
It doesn't mean that it won't happen. It just means that your chances are much less likely to have the sign absconded with and you want to put it in the highest traffic areas that you can find. You need to look at places like neutral spaces, public spaces, high traffic spaces, like the curb that has a grass that that does have a grassy curb right next to the road of a parking lot where the wall where one of the Walmart exits empties out to so that every single person exiting the Walmart from that exit sees that sign. And because it's in a it's on the public setback, technically nobody nobody's allowed to actually jack with it. Alright. So, you got to think about this judiciously. But bitcoin.
Rocks, that's bitcoin. Rocks/signs. Bitcoin. Rocks/signs. As far as I know, they will just send them to you for free. If I'm wrong about that, my apologies. But eToro is having to make their own apology. They're having to fall on their sword, ladies and gentlemen. In CoinDesk, Camille oh, sorry. Camille Shamba is gonna tell us all about the Harry Carey of Orte eToro. They have reached a $1,500,000 settlement with the Securities and Exchange Commission, and they agree to stop trading most, but not all, cryptocurrencies. So they got in trouble with our good buddy, Gary Gensler.
Trading platform eToro agreed to pay $1,500,000, which is chump change to settle charges. It operated an unregistered broker, an unregistered clearing agency, and facilitated trading certain crypto assets as securities, the United States Securities and Exchange Commission said in a statement on Thursday. The company has agreed to cease and desist from violating the applicable federal securities laws and will make only a limited set of crypto assets available for trading. I wonder what they will be. Going forward, the only crypto assets available for United States customers to trade on the company's platform will be Bitcoin and for some god awful reason, Bitcoin Cash and, of course, shitcoin number 1. I won't even say the name. The SEC's order found that since at least 2020, eToro let US customers trade crypto assets being offered and sold as securities and did not comply with the registration provisions of federal securities laws.
The eToro case notably doesn't specify what tokens the company was handling that it considers securities. The agency has done so in several past matters, but it hasn't offered a formal crypto specific definition for what tokens stray into the SEC's jurisdiction. Yeah. We've been we've been wondering about that shit forever. The primary point of legal contention between the regulator and the industry is what the hell it constitutes an illegal security and far as far as shitcoins are concerned. Personally, all of them. Every single one of them. But in August, a federal judge ruled that Ripple should pay a $125,000,000 after finding that the company violated federal securities laws.
And then the SEC also brought in an enforcement action against crypto exchange Coinbase, we know. And then in 2023, the SEC also sued another exchange, Binance, for violating securities laws. And that decision led to Changpeng Zhao stepping down after pleading guilty to criminal charges and Richard Tang, replacing him. ETH remains an open point of dispute. Yes. I know. It's a security, but here's what's going to happen. The SEC is not going to ever say that ETH is a security. Why? Because they're being bought off by enough people that made enough money already that they can lobby and say, we're we're not going to take this. You're not going to take our money away. Here's some campaign contributions.
Here's some here we'll we'll we'll make you look good. We'll do whatever the hell it is. Just leave us alone and let us sell this this garbage pile of shit to to retail so that we can inflate our bags, so that we can take that inflated bag and shove it in your face and see and say, see how much money I got? We want your favor. That's how it works, ladies and gentlemen. That's how it's always worked. We have one chance to get out of this and that's Bitcoin. Maybe, just maybe, well, maybe Nostra. Actually, it is noster too. Bitcoin, noster, e cash, lightning network, arc, Fedimans, the whole that this this this whole sphere is expanding exponentially.
And you know what helps expand this fear exponentially? People like OpenSats who have announced long term support for Mike Dilger. Could be pronounced Dilger, d I l g e r. You be the judge. Open Sats is excited to announce long term support for Mike Dilger or Dilger, a dedicated contributor in the Nostra ecosystem, announced the organization. Mike is the lead developer of Gossip, a secure privacy focused Nostra client using Rust. Gossip is a reference for the outbox model, a design enabling more scalable Nostra message distribution. Mike also contributes to Nostra tools and libraries like Chorus Relay, Relay Tester, and NIP discussions.
With this long term support grant, Mike plans to improve support for replying to versions of replaceable events and NIP 96 file uploads, implement Blossom support, webs of trust and search at the relay level and enhance reporting and labeling, which is nip56 and nip32. Never in my life. And this is an important statement. I saw this yesterday in Noster on the announcement. I want you to, like, just take a deep breath and listen to this sentence. You ready? Never in my life has something so important fallen into my lap. And I feel responsible to the future of humanity to get this right. End quote.
Mike Dilger. I think it's important to read it again. Never in my life has something so important fallen into my lap. And I feel responsible to the future of humanity to get this right. There's many people in this space that feel that way. And I want to say this, for all the for when you were like in school, you were younger, or even if, you know, even if today you end up saying something you wax poetic in public. You do something like, say, you know, really express your feelings about a piece, like a piece of art affecting you at the level of your soul and somebody looks at you like you're a fucking alien. Or God forbid somebody goes, I want you to tell us how you really feel.
I don't know. Maybe we should all shut up, not say anything ever for any reason under any circumstances about how anything affects us either negatively or positively. How about we do that and see how much humanity advances? And the reason I'm getting on my soapbox on this one is because I'm really tired of just seeing the same trash crap come out of everybody's mouth. Nobody wants to tell anybody how they really feel. How something really affected them. Not supposed to express emotion. This shit was driven out of us in our childhood public school experience.
That's where it was driven out of us from. We have no sense of wonderment. We have no sense of excitement. We have no sense of fucking anything. Because every single time we try to tell somebody else in a in a language that is more than 6th grade textbook speak. We want to go further than that. Be just a hair poetic about it. We get either laughed at, pointed at. There are very few people who will look at you and go, damn son, that was an eloquent sentence. That's what I like about this sentence from Mike Dilger. He's actually saying it. And somebody will do it like, you know, I could I could hear one of the admonitions now. Mike Nasser is not that important. Yes, it is.
And I'm sick of people just saying no, Twitter's gonna beat it. This isn't a race. It's not a competition. It's a public relief valve that we have to have. Otherwise, Musk and governments and the rest of the slime that crawls upon the face of this planet pretending to be humanity or have a part of it is going to control everything. Everything that you say, everything that you everybody that you can say it to and they're going to control what you hear. So Nostra is this important. And good good on you, Mike, for actually writing the sentence down and saying that you felt that something was so important to the future of humanity, instead of being a little bitch about it and saying, I'm glad that I got support for this because I think it's kind of important.
See the difference? If you feel something, if you get emotional about something, check your 6 and make sure that you're not holding your tongue because you're afraid that if you say what you really mean to say, that somebody's either gonna laugh at you, get mad at you, be offended by you. If that's the case, stop hanging around those fucking people. Open Sats is a 501c3 nonprofit organization, by the way, and all gifts and donations are tax deductible. Consider donating and you can donate where? Opensats.org/donate. On to LND version 18.3 beta route blinding with bolt 11.
The last time I talked about this, they were doing bolt 12, right? Or bolt 12 I was talking about bolt 12. This is route blinding with bolt 11, right? So they can do the same thing with bolt 12, the route blinding. However, this is not with bolt 12. This is with a different technique of sending sats over the lightning network called bolt 12, and there's some bug fixes and this thing is super massive. The lightning network daemon, lnd, is a complete implementation of the lightning network node developed by lightning labs and the release complements some of the features launched with version 0.18.0 and also addresses bugs which were encountered and reported after that launch. Some of the highlights include the ability to receive and pay via blinded paths with Bolt 11 invoices that's important Blinded path just makes it very very it kind of obfuscates where it's going and where it comes to. And I thought that that was only ever really associated with bolt 12s, but I was wrong. I am wrong a lot. I don't mind. You gotta learn this shit somehow.
UTXO selection support for Sendcoin RPC enabling simple coin selection. We're talking about lightning coin selection. We're talking about lightning coin selection. I'm not exactly sure I get the feeling that this might only have to do with when you're opening a channel, what kind of coins you can do that with. But something in the back of my head says, no, no, no, no. You can select which transaction of, like, let's say I got a 1,000 satoshis because somebody loved me and gave me a boostagram. I can see that transaction in my lightning node because I run my own lightning node and everything that you guys send me via boostograms and streaming sats go directly to my lightning node.
So I know what was sent to me. And I know, generally speaking, that it came from like a boostogram. So let's say somebody boosts this particular episode a 1000 sats. If I'm looking at UTXO selection support for Sendcoins, RPC enabling simple coin selection, maybe just maybe, I might be able to select the satoshis that I send to somebody else from this from this particular boost that I got. However, when I read this again, it says UTXO selection support. So I'm now 99% sure that this means when you're opening a lightning channel that in LND or LND supported interfaces that allow you to work with your LND node, that you can select which UTXO or coin selection on on what you're going to open a channel with, which is actually an on chain transaction.
One of these days I would like to see the ability for LND to tell me actually, this brings up an issue for me that I've been thinking about for a lot. When you guys boost me, when you guys send me satoshis, I've got a lightning though, but I can't really see what channel those satoshis go into. I would like that. There I have no way I mean, it's like and I'm using LND and I'm using ride the lightning and I've also used, what is it? What is it? What is it? Because I haven't used it in a while. Thunderhub. Alright? So both of those are LND, client implementations that allow me to interact with my Lightning node because my Lightning node is LND. It's not c n CLN or anything less anything else.
I have never been able to identify what channels received the satoshis that I get off of a boostagram and I've never been able to see where when I send satoshis what channel those come out of, right? I think that this is important. And if this if I'm able to do this and I'm just not I'm not seeing it, if I'm just blind or something like that, please please please tell me how I can see where the Satoshis coming into my node went, as in what channel are they in? And if I'm sending Satoshis out of my lightning network node, can you is there a way for me to see what channels those satoshis came out of?
I really want that. And I don't know why it's not already here, which leads me to believe that I'm missing something. So if you know what I'm missing, for the love of God, tell me so I don't embarrass myself any further. Notable bug fixes include invoices generated with the SQLite database have an incorrect expiry date. The existing invoices will be migrated to an updated 24 hour expiration. This will be a database migration. There is also a bump force closure fee RPC has been fixed and the fee limit for payments is now compatible with the inbound fee. Okay. So there it is. That's all the news we got for the day.
Again, I want to reiterate that there are aspects of mining with a solo miner that do make sense, that do have value. And that is those values and and those senses are different than your go than you're going to, you know, mine 3.125 bitcoin. You got better chance of winning the lottery. And you're really not going to affect the hash rate all that much. Those those 2 are different reasons than wanting to learn how mining works. You can learn how mining works with a bitaxe. So go to bitaxe dot org that's bitaxe.org and if you've got $99 to, you know, I don't know, maybe 250, $300 that you and you think that that's worth learning how to mine and learning this ecosystem, then do it. And make sure that you tell them that you heard about it here. If there's any way that you can do that, that you heard about it here on the circle p in the Bitcoin and podcast, and I'll see you on the other side.
This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 8:59 AM Pacific Daylight Time. It's the 12th day of September 2024, and this is the episode, what, 952?
Is it? Is it really? Yeah. It's 952 of Bitcoin and the Circle P is open for business, this time with a new vendor. But the vendor themselves don't know that I'm putting them into the Circle P because I would rather ask forgiveness than ask permission to tell you all about the BitX. Yes, the BitX. I have seen like just nothing but all kinds of people saying, oh it doesn't matter. It doesn't have enough hash power for Bitcoin mining. It's it's irrelevant. It's this. It's that. Oh bullshit. Stop it. Just stop it. First of all, first of all, have you built anything at all? Have you produced any kind of show? Do you have anything at all to offer the masses, other than your criticism on something that somebody else built? If the answer is no, then shut the fuck up.
Seriously. And this goes out to even people that I love and adore. It's not me just standing on a soapbox pointing my finger at people that I think suck. I don't think these people suck. I do think that they're misguided. So what am I on about? Well, this is all about the BitX. What is a BitX? It's a solo Bitcoin miner. It's a very small miner. It's not a S19 from, you know, Bitmain. It's not like any of these great big massive boxes that you get that you can run dehydrators with with the excess heat. It doesn't have that much power at all. It's a tiny single board miner.
Like think of Raspberry Pi except it's a little bit bigger than that but not by much think of 2 raspberry 2 raspberry or rpi4s right and put them side by you know put them together And that's about the size of a Bittaxe, except it's got a pretty big fan on it to cool down the single mining chip that is on there. Because what are they doing? They're they're pulling apart miners. They're buying like an s 19. They're buying s 21s. They buy these things, whether, you know, usually I think used but maybe in surplus or sometimes brand new. I'm not exactly sure. I've got a schedule I've got to figure out a way to get Scott, who's behind the Biddex, onto the show so that we can talk more about this. And on Nostr, I've been on about this for a while.
Right? I've been talking about bit I've been talking about BIDX. I've been, you know, renoting there, you know, some of the BIDX stuff that I see. Because there's something fascinating about this thing. Now why? Sure. I mean, of course, it doesn't have enough hash power to want a shotgun. This is true. When people criticize the BitX because it doesn't have enough hash power to wad a shotgun, I'm not saying that they're lying. I'm saying that they're I am definitely agreeing with them. It doesn't. And they never will because I don't think that's the point. Now, I'm not going to get into the guys that are behind BitX. I'm not going to get into their head as to what they think BitX is. All I can talk intelligibly about is what I think BitX is. And that you as a listener might consider thinking along these same lines okay so why why sync let's see how much are these things I'm gonna go over here I'm on bitaxe.org.
That's bitaxe.org. And I can go over to where to buy. And there's bitaxe legit, which is just part of this same website. So I'm gonna go over here and who sells these things? Well, there's a lot of them. And a lot of them are there's some in let's see if I can no, I can't sort. There's a like BitX Shop in Turkey. There's Altair in the United States. There's 32 Bitcoins in Australia. There's a lot of there's oh, if you're in Germany, there's Copario, COPIARO. There's Bitsaga in Belgium. There's Europe. There's the Netherlands. There's Spain. There's France. There's Germany again. There's Argentina. There's even somebody in China by the name of tinychiphub.com that is selling these things, right? So you're covered on almost every continent in the world to get one of these very small according to everybody that hates them, completely underpowered and completely worthless mining units. So why is it that I don't think it's useless?
I told you yesterday about somebody else hitting a solo block using a solo miner. I think on something called cksolopool. And sure, what are your chances of buying a bidax and getting your very mining your very own block? Being the validator of that one single block that will net you 3.125 Bitcoin and then some fees. Not not very much. You probably got as much chance of hitting, you know, like a $100,000 or a couple of $1,000,000 lottery ticket than you do of actually mining a block. So why spend the $250? In fact, let me go I'm gonna go over here to Altair, which sells them for the in the United States.
And okay. So I've got a bit axe single ASIC miner that goes from anywhere, depending on the chip that's involved, $99 to $299 Okay. $299 that's a fair amount of bread. And for a lot of people, $99 is probably something you should think about before you, you know, be ripping off $99 from your wallet and sending it on over to Altair. Was it altairtech.i0? Altairtech.io. Look. Here's the reason. And it's it it's not because of decentralization. It's not because you have a chance of winning a solo block. It's not for any of those reasons. It certainly isn't for the heat output so that you can run a dehydrator or heat up a hot tub. Okay? It doesn't produce that much heat because it's got almost minuscule hash power.
So why? To learn about mining That's it That's my only reason How does this work? You know, I was like, what what does it mean to to be attached to a mining pool? And how do you do that? How do you attach a miner to a mining pool? Fuck, I don't know. I don't have a miner. I don't have an S19 sitting around to play with. And I'm not gonna buy one. I don't want something that big making that much noise in my house. Okay. So many of you do but then you're you're not the audience for this particular Circle P vendor. That's okay. There's nothing wrong with that. But I would still like to understand how do I attach a miner to a pool because maybe one of these days I get into a different house and I want to get an actual big ass set of miners for whatever reason I do.
Well, if I've got a bid ax and I've learned how to attach to a pool, I already know how to do it. I don't have to go learn. I don't have to go look up a I don't have to go look anymore. I already learned how to do that. How do I jump miners? Or rather, how do I jump from one pool to another for whatever reason I might want to do that? I don't know because I don't have an s 19 chilling out that I'm practicing with. Right? When you bought like, let's look at it this way. When you when your kid comes up to you and says, hey, dad, I want to learn how to play guitar. And they're like, I don't know. 9.
Do you really think I'm gonna run out to the guitar store and drop, you know, $5,000 on a Gibson Les Paul Goldtop reissue? Do you think I'm going to do that? No. I'm not going to do that for various reasons. Even if it was like, I don't want an electric guitar, I want an acoustic guitar, or I want to learn how to play a violin. Do you think I'm gonna go buy, like, a $10,000 violin? You're out of your mind. I'm going to be looking for a $200 rig. Why? I want to make sure that this little dude wants to actually learn how to play violin first. Right?
And then you move up. Then you move up to the to the big leagues or to the bigger leagues. That's what the bid ax is. It's not designed to get you rich. It's designed to get you in the mindset of how do you function as a miner? How does this entire thing work? That's, for me, that's what I think the real value of this is. Now, other people will say it's also valuable because if we have enough of them in the field operating in different places it helps to decentralize mining. And if you get the numbers up to the point where you've got quite a bit of, like, hash power percentage, like whole unit whole number units of percentage points of hash power represented by solo mining all of a sudden the game changes it it does so I just want to let you guys know that go over to bitaxe.orgbitaxe.org and just look.
Just ask yourself some questions. Is this something that I would like to learn how to do on the cheap? If the answer is yes, then you're probably going to learn how to attach to a mining pool. How to jump to a different mining pool. Maybe how to use, was it Stratus or Stratum version 2? And all of a sudden, like, now the question of, can I construct my own templates? What the hell does that mean? Does it do me any good? What the fuck is a template in the first place? I think a lot of these mining questions can be answered in sort of what we would call a practice session.
And the bit axe represents that practice session so I wanted to make sure that everybody understood that most of us understand that when we go to solo mining that we're not doing it to get the block reward we don't think we're going to get the block reward and anybody who says that that's what we think either doesn't know what the fuck they're talking about or is lying through their teeth the other people that say well you're doing it because you think you're going to decentralize mining, but that's not the case. I'm not doing it because I think I'm going to be the decentralization catalyst for Bitcoin mining. I'm not here to save Bitcoin. Bitcoin doesn't need me to save shit.
Right? I want to learn how to do mining and I don't want to spend 1500 freaking dollars on how to do it. If that's you, then think about a bitaxe. Alright. Sorry to start that off with a with a rant, but bitaxe.org is where you want to go. Now, let's get into the news: revolutionizing Bitcoin mining the power of 3 phase systems. Now, this really surprised me Because of the sheer amount of power being sucked down by mining at the professional scale across the globe, I would never, ever, ever have thought that these miners hadn't been refitted for 3 phase power.
What is 3 phase power? We're gonna get into it. Out of Bitcoin Magazine Christian Lucas is gonna tell us what 3 phase power is versus the kind of electricity that you're getting out of your wall socket when you charge your phone. Bitcoin mining has seen exponential growth since the very first ASIC miner was shipped back in 2013, improving hardware efficiency from 1200 joules per terahash to just 15 joules per terahash. While these advancements were driven by better chip technology we're now reaching the limits of silicon based semiconductors as further efficiency gains plateau the focus must now shift to optimizing other aspects of Bitcoin operations or rather Bitcoin mining operations particularly the power setup.
3 phase power has emerged as a superior alternative to single phase power in Bitcoin mining. With more ASICs being designed for 3 phase voltage input, future mining infrastructure should consider adopting a uniform 480 volt 3 phase system, especially given its abundance and scalability across North America. Understanding single phase and three phase power. To comprehend the significance of 3 phase power in Bitcoin mining, it's essential first to understand the basics of single phase and 3 phase power systems. Single phase power is the most common type of power supply used in residential settings. It consists of only 2 wires.
One live wire and one neutral wire. The voltage in a single phase system oscillates in a sine wave providing power that reaches a peak and then drops to 0 twice during each cycle. Imagine you're pushing a person on a swing. With each push the swing moves forward and then it comes back reaching a peak height and then descending back to the lowest point before you push again. Just like the swing, a single phase power system has periods of maximum and zero power delivery. This can lead to inefficiencies especially when consistent power is required although this inefficiency is negligible in residential applications.
However, it becomes significant in high demand industrial scale operations like Bitcoin mining. Three phase power, on the other hand, is commonly used in industrial and commercial settings. It consists of 3 live wires providing a more constant and reliable power flow. In the same swing analogy imagine you have 3 people pushing the swing but each person person is pushing at different intervals one person pushes the swing just as it starts to slow down from the first push another pushes it a third of the way through the cycle and the third person pushes it 2 thirds of the way through the cycle The result is a swing that moves much more smoothly and consistently because it's being pushed continuously from different angles maintaining a constant motion.
Similarly, a 3 phase power system ensures a constant and balanced power flow resulting in higher efficiency and reliability particularly beneficial for high demand applications like bitcoin mining. Bitcoin mining has come a long way since its inception with significant changes in power requirements over the years. Before 2013, miners relied on CPUs and then GPUs to mine bitcoin. The real game changer came with the development of the ASIC the Application Specific Integrated Circuit. Those miners, as the Bitcoin network grew and competition increased.
These devices are specifically designed for the purpose of mining Bitcoin, offering unparalleled efficiency and performance. However, the increased power requirements of these machines necessitated advancements in power supply systems. In 2016 a top of the line miner was capable of computing 13 terahashes per second with a power consumption of approximately 1300 watts. While considered highly inefficient by today's standards, mining with this rig was profitable due to the low network competition at that time. However, to generate meaningful profits in today's competitive landscapes, institutional miners now rely on rigs that demand around 3,510 watts.
The limitations of single phase power systems has come to the fore as the power requirements of ASIC and the efficiency demands of high performance mining operation grows. The transition to 3 phase power became a logical step to support the growing energy needs of the industry. 480 volt, three phase power has long been the standard in industrial settings across North America, South America and other regions. This widespread adoption is due to its numerous benefits in terms of efficiency, cost savings and scalability. The consistency and reliability of 480 volt 3 phase power makes it ideal for operations that demand greater operational uptime and fleet efficiency, especially in a post halving world.
One of the primary benefits of 3 phase power is its ability to deliver higher power density, which reduces energy loss and ensures that mining equipment operates at optimal performance levels. Additionally, implementing a 3 phase power system can lead to significant savings in electrical infrastructure costs, fewer transformers, smaller wiring and reduced need for voltage stabilization equipment contribute to lower installation and maintenance expenses. For example, a load requiring 17.3 kilowatts of power at 208 volt 3 phase would need a current of 48 amps.
However, if the same load is supplied by a 480 volt source, the current requirement drops to just 24 amps, or half as much. This halving of the current not only reduces power loss, but also minimizes the need for thicker, more expensive wiring. As mining operations expand, the ability to easily add more capacity without major overhauls to the power infrastructure is crucial the high availability of systems and components designed for 480 volt 3 phase power makes it easier for miners to scale up their operations efficiently As the Bitcoin mining industry evolves, there is a clear trend toward the development of more 3 phase compliant ASICs.
Designing mining facilities with a 480 volt 3 phase configuration not only addresses current inefficiencies, but also future proofs the infrastructure. And this allows miners to seamlessly integrate newer technologies that are likely to be designed with 3 phase power compatibility in mind. As shown in the table below the immersion cooling and hydro cooling techniques are superior methods in scaling up Bitcoin mining operations in terms of reaching higher hashrate output. But to support such a much higher computation capacity the configuration of 3 phase power becomes necessary for maintaining a similar level of power efficiency.
In short, this will lead to higher operational profits with the same profit margin percentage. Transitioning to a 3 phase power system requires careful planning and execution. Here are the key steps involved in implementing 3 phase power in Bitcoin mining. The first step in implementing a 3 phase power system is to assess the power requirements of the mining operation. This involves calculating the total power consumption of all mining equipment and determining the appropriate capacity for the power system. Upgrading the electrical infrastructure to support a 3 phase power system may involve installing new transformers wiring and circuit breakers.
It's essential to work with qualified electrical engineers to ensure that the installation meets safety and regulatory standards. Many modern ASIC miners are designed to operate on a 3 phase power system. However, older models may require modifications or the use of power conversion equipment. Configuring the miners to run on 3 phase power is a critical step in maximizing efficiency. To ensure uninterrupted mining operations it's essential to implement redundancy and backup systems this includes installing backup generators uninterruptible power supplies and redundant power circuits to protect against power outages and equipment failures.
Once the 3 phase power system is operational, continuous monitoring and maintenance are crucial to ensure optimal performance. Regular inspections, load balancing and proactive maintenance can help identify and address potential issues before they impact operations. In conclusion, the future of Bitcoin mining lies in the efficient utilization of power resources. As advancements in chip processing technologies reach their limits, focusing on power setups become increasingly critical. Three phase power particularly 480 volt systems offer numerous advantages that can revolutionize mining operations and by providing higher power density improved efficiency reduced infrastructure cost and scalability 3 phase power systems can support the growing demand of the mining industry. Implementing such a system requires careful planning and execution but the benefits far outweigh the challenges.
As the Bitcoin mining industry continues to evolve, embracing 3 phase power can pave the way for more sustainable and profitable operations. With the right infrastructure in place, miners can harness the full potential of their equipment and stay ahead of the competitive world of Bitcoin mining. Again, authored by Christian Lucas for Bitcoin Magazine, I think this is one of the honestly, this is one of the more informative articles that I've read in, you know, in a while as far as Bitcoin mining is concerned. I am surprised that it took this long for me to hear about 3 phase power in Bitcoin mining. I kinda already assumed it was there.
Right? But now that I'm reading this article, I realize it ain't there. And it ain't just because of the people that are racking, you know, thousands of Bitcoin miners into a climate controlled environment. Because the power supplies of each individual miner themselves is not 3 phase. Now according to this article, there are, I guess, plans and maybe a couple of models out there that are 3 phase power at the power supply unit part of the Bitcoin miner but right now you can bet that 99% of all Bitcoin mining is single phase power And I had no idea that this was actually the case.
That's because I'm not in mining. I don't know these things because I'm not in mining. How might I learn how to go get into mining? Oh, I know. It's the bit ax from bitax.org. Go get yours today. Make sure you heard about them from the circle p on the Bitcoin and podcast. Even though they don't know that I'm doing this, you never know. Maybe they'll make a sale from it. Maybe they'll cut me some satoshis. I don't know. But I just have to reiterate. Mining is a huge part of Bitcoin. It's not the only part. It ain't the only stakeholder.
But I think that node runners, not knowing anything about being a user of Bitcoin or a miner of Bitcoin are doing themselves a disservice. I think that miners of Bitcoin that don't know a damn thing about being a user of Bitcoin or a node runner don't know is really doing themselves a disservice although that's that can't be true. Miners have to run a node to be able to mine so that one but users of Bitcoin like if you're just like buying a Amazon gift card off of a bit refill to buy some stuff, you are a user of Bitcoin. And if you know nothing about node running and nothing about mining at all, I really think we're doing ourselves a disservice.
So that's why I'm harping on this one so bad today. Now, on to across the pond where Bitcoin Magazine's Nick Hoffman tells us about the United Kingdom Parliament's introduction of a bill to recognize Bitcoin and crypto as personal property. I did not expect this. I really didn't. The UK parliament has introduced the property the property bill. Oh, it's called the property bill today To officially and legally recognize Bitcoin, cryptocurrency, and other digital assets as personal property. With this legislation, for the first time, British law would officially protect digital holdings such as Bitcoin and shitcoins, sadly, non fungible tokens, sadly, and God forbid, carbon credits.
Oh my God. Quote, it is essential that the law keeps pace with the evolving technologies, and this legislation will mean that the sector can maintain its position as a global leader in crypto assets and bring clarity to complex property cases. Our world leading legal services form a vital part of our economy, helping to drive forward growth and keep Britain at the heart of the international legal industry suit speak provided by justice minister Heidi Alexander. How is it that business speak and government speak sound exactly the same? Forward looking at the end of the day.
I it's just what what else what is our world leading? What what other bullshit is in here? Global leader. Let's see. Brings clarity to complex issues. What that it means nothing. Stop. I stop with the suit speak. Anyway, okay. Whatever. Whatever. The bill aims to address a long standing legal gap where digital assets were previously excluded from English and Welsh property law. And as a result, owners of digital assets had little recourse if their holdings were interfered with, leaving them in a legal gray area. Under the new bill, digital assets will be classified as a third category of property, allowing owners to benefit from stronger legal protections against fraud and theft. The legislation will also assist courts in resolving complex disputes such as those arising in divorce settlements or business agreements involving digital assets. Quote, gotta hope it's not suit speak. The bill will also ensure Britain maintains its poll position in the emerging global crypto race by being one of the first countries to recognize these assets into law, stated the announcement.
Yeah, so to speak. The UK government further explained that with this new legislation, their legal sector will be better equipped to respond to these new technologies and attract more business and investment to the legal services industry. Quote, the UK has passed a new bill that will allow crypto and other digital assets to be recognized as personal property, stated the UK Ministry of Justice's Twitter account. That means owners of digital assets will gain legal protection against fraud and scams. Okay. I did not expect that coming out of the UK.
My question is, what's going on here? Why are they being nice? Why is the UK of of because honestly, the UK is like a mirror image of the United States government. They're both as stupid. They're just as retarded as each other and they both hate any instance at which they lose power and Bitcoin seeks to lose their ass power, pull their teeth, declaw them. And yet they're playing nice over here across the pond. Why? I don't trust this. I don't trust this as far as I can throw Big Ben. I don't trust this as far as I could throw the entire parliamentary building or the Tower of London.
I don't trust these people. I don't trust them. And I expect you not to trust them, too. Start asking yourself the question: Why do they want to make it actual personal property? Is it possible that you can attach legal liability to the personnel or the person that owns the property of something that the property facilitates. I don't know. I'm just spitballing here. But I don't trust these bastards as far as I can throw them. So I'm just gonna be very very cautious just like I am with the UAE because their central bank has approved custodial risk insurance products for digital assets.
It just gets better and better. Although I guarantee you, I trust these guys more than I trust the guys over at the UK. Why? Because they are motivated by getting any amount of money they possibly can. That's why. Cointelegraph Ezra Raguera is writing the Central Bank of the United Arab Emirates has approved a new product allowing an issuer to provide digital asset custodial risk insurance. The Hong Kong based insurance provider, One Degree and the UAE's Dubai Insurance announced that they started providing digital asset custodial risk insurance to UAE customers.
The companies, collaborating on a brand called One Infinity, said that they got approval from the Central Bank of UAE to offer the product. Custodial risk insurance is part of the risk management strategy for custodians, exchanges and other digital asset service providers. According to One Degree, many regulators worldwide require the product. Robin Scott, the general manager of One Degree in the Middle East explained that this type of insurance enables crypto service providers to give their clients peace of mind. Against the risk of losing their assets, Scott explained, quote, custodial risk insurance covers web 3 exchanges, custodians, asset managers, etcetera, against the risk of losing access to customers' digital assets.
This may be caused by hacking, physical damage to the storage media, or internal fraud. Scott also explained that the custodial risk custodial risk insurance is Web 3's version of public deposit protection schemes which are used in traditional banking. Quote, for the Web 3 industry mandatory insurance acts as a private sector solution to achieve similar aims. End quote. The executive also told Cointelegraph that regulators worldwide required this product because their primary focus is customer protection. The insurance executive said regulators want to ensure that business and individuals using digital asset platforms that they provide licenses to are protected in case of asset losses the insurance professional also said that the CBUAE approving their insurance product means that companies in the UAE can finally acquire this insurance within the country.
Quote, this means that companies inside the UAE will be able to buy custodial risk insurance onshore in the UAE for the very first time. Scott added that One Degree and Dubai Insurance have already started writing custodial risk insurance for UAE based clients. The executive said that they are expecting a large number of firms to require the insurance product as more companies get licensed in the UAE. So there is insurance. It exists. It's existed forever. And maybe, just maybe, this might actually be a key clue into why the UK is doing what they're doing with the listing Bitcoin as personal property.
Maybe it has something to do with the fact that they know they can't escape the jaws of Bitcoin. They need to make themselves, oh I don't know, either invisible to Bitcoin's wrath so it doesn't eat them, or become mightily untasty to Bitcoin insofar as they go, look, well I'll tell you what, we'll give you this insurance that way if you lose all your shit somehow or another you're gonna get your money back. I personally don't I I'm trying to figure out what happens if you lose a $100,000,000,000 of Bitcoin and you've got per you you have personal, property rights on this particular Bitcoin. You can prove it got hacked or something. Do you think that the British government is just gonna hand over a $100,000,000,000?
I don't think so. So I'm I again, I don't trust them. But this particular insurance product in the United Arab Emirates does something else for me in my mind. It makes me think that these guys really are serious about doing what they say they're gonna do. We've had people in Britain say, oh, we wanna be the center for crypto operations. We wanna we wanna be the Bitcoin leader of the world. And they're just not doing enough. But all of a sudden, we've got these guys at the central bank, a central bank a world central bank this is a central banking partner of all the other central banks it's not it's not a Podunk bank it is a real live honest God central bank And they just provided insurance on Bitcoin Holdings to the people that custody Bitcoin for other retail people.
It just I can't this one that my gut my gut feeling on the UK story was I don't trust them. My gut feeling on this story, these guys are serious. They are becoming even more serious every single day. And the UAE is probably going to end up being one of the world leaders in Bitcoin banking, Bitcoin central banking, for lack of a better term, Bitcoin insurance products, The usage and ability and availability of Bitcoin. I think the UAE is not blowing smoke up anyone's ass any longer. They're getting serious. Let's run the numbers. Breaking.
Stocks making the biggest moves midday is Kroger, Moderna, Roku, and Petco. Petco coming off of, I guess, you know, the the debate of eating pets. Maybe maybe they're getting a boost in their stock because Trump. I don't know. But oil is doing well again today. 3.12% to the upside brings us back up to 6942. Brent Norsey is up 2.6% to 725. Natural gas is up 3 3 quarters of a point, and gasoline is up 2 points to a buck 93 a gallon. Good luck finding that price. And all your shiny metal rocks are gleaming in the sun. Gold is up 1 and a quarter to $25.74.20. Silver is up, wow, almost 4 points.
Platinum is up 2.3. Copper is up just over 1, and palladium is up 3 and a half points. Ag, looking mostly green today. Biggest loser is chocolate. 1.86 to the downside. Biggest winner is gonna be sugar. 2.3 to the upside. And live cattle is up 2 thirds of a point. Lean hogs are down a quarter. Feeder cattle are up a half. Equity markets, mostly in the green, but Dow, it's point one one percent of the downside. S and P is up the same amount. Nasdaq is up a quarter of a point, and the S and P Mini is up a third. Now on to our favorite asset, $57,760 per 1 Bitcoin.
And there is a $1,14,000,000,000 market cap given that. Now we can buy 22.7 ounces of shiny metal rocks with our one bitcoin of which there are 19,753,014.87 of, and average fees per block remain low. 0.06 BTC taken in fees on a per block basis. There are now only 108 blocks carrying 200,000 unconfirmed transactions waiting to clear at high priority rates of 3 satoshis per vbyte. Low priorities are gonna get you in at 3 satoshis per vbyte. Hash rate chilling out at 650 exahashes per second. From Sam Altman fried Bitcoin and episode 951.
Why do I some people ask me if I spelled the name wrong. They're thinking that I might have been talking about Sam Bankman fried. Maybe. I don't know. There's something about Sam Bankman fried. And then when I hear Sam Altman's name mentioned, I just think of Sam Altman fried. I think they're both scammers. I think that they're the lowest form of humanity that that was ever scraped up off the bottom of a fucking pond, but we have to deal with them. So I dealt with some of the Sam Altman stuff yesterday, so I just named the episode Sam Altman fried. Okay. So letter 6173, haven't seen you around, buddy.
Good to see you again and good to see your 5000 satoshis and your hand clap emojis. Slow slow. Actually didn't say anything at all other than me and then gave me a nostril event. But that nostril event isn't rendering inside a fountain. I'm on fountain. Fm looking at the boost and stuff. So it's not Oscar Mary. If you can get Nostra notes to render inside of this particular page, that would kinda be awesome. I understand if you don't wanna do that because of branding and all that. I don't know if that's an issue, but I can't see this Noster event. So slow slow. I'm sorry. I don't know what you're talking about in this format. Pies to Club has come back, but he's coming back from Breeze. With 420, he says, thank you, sir. No. Thank you.
I'm listening on Breeze and boosting on fountain. Still not functioning properly. And he's talking about the fountain app. Again, Oscar, if you're listening to the show, please help Pies De Pleb. Use fountain. It's broken for him. It's not broken for me, although it is a little wonky sometimes. But I understand that you're going through growing pains. I do not begrudge you that. Pies, please be patient with these guys. They will fix the little red wagon. I just don't know when. I see one with 500 says fabric of finance. No shit. Just like more suits speak. Wartime with 333 says boost.
Matt, frl with a 100 says thank you, sir. No. Thank you. Nostragerang with a 100 says, Thank you, sir. May I have another? Yes, you may. And this is it today. Alright. That's the weather report. Welcome to part 2 of the news that you can use free Bitcoin signs from Bitcoin dot rocks. Now, you've probably heard me talk about bitcoin. Rocks before, aka Bitcoin Rocks. They provide free stickers so that you can go put them up around areas of high traffic that all of them that I've ever seen has a QR code on it. But there's different artwork, they say different things, but they're usually stickers that you put up like on a light pole in a parking lot, you know, as close to the McDonald's as you can get, right? That's a high traffic area because you want you want people to see the message. Well, now they've got a new sign out. It says got inflation, save in Bitcoin, and of course, it's got a big massive QR code right in the middle. It's all white on black. It's a gorgeous sticker, but it's not a sticker.
It's a yard sign. They're moving up. So, you know, those, like, like, vote for Harris. Harris is gonna, you know, take your money. Or no. Well, actually, that's probably not a campaign slogan. Vote for Trump. Make America great again. Right? You see these signs. They got you know, it's like I don't know. They're probably about, like, 3 foot, you know, or 2 foot wide by, you know, maybe, you know, foot and a half tall, somewhere around there. Not ultra gargantuan, but definitely, like, 5 or 6 to 10 times bigger than a bumper sticker. Right? Really that that's what you see on every corner in America right now is all these campaign signs. For every idiot running for mayor, for every grifter running for senate, for every jackass running for, you know, like the, house of representatives, and for for for the the people that are running for president. This is it oh, and county commissioner. Can't forget county commissioner and God forbid the school board. There's like a pile of signs on every corner of every major intersection in every city in the United States. Why not put this particular bitcoin dot rock sign, which you stick in the ground? It's got I mean, it's like this big sign just like the campaign signs, except it's basically saying, do you have inflation?
You might want to consider saving in Bitcoin. Here's a massive QR code that you can scan that will take you to wherever it is that that QR code wants to take you. I assume it's somewhere in bit you know, the bitcoin. Rocks's URL or whatever. You know, they're they're somewhere like a page in their website. It doesn't matter. It's just that it's a great big sign. If you are going oh, and they're free as far as I can tell that I mean, bitcoin.rocks has always provided my stickers for free. Not sure about the sign, but I signed up, gave them my address, which they dispose of your because they gotta physically send you shit in the mail. Right? They they say they dispose of the addresses after, like, after they've completed the order.
I have I've never I'm never gonna be able to confirm this. I would literally have to be at this person's place and watch how they do their shit to confirm that and be 100% sure that they've actually disposed of the data. At one point or another, you gotta trust people. I think these guys are above board. I think they do I think they do a good service for the Bitcoin industry. And I would recommend at least going to bitcoin. Rocks, r o c k s bitcoin dot rocks and looking at this yard sign. If you're going to put the yard sign up, there's a couple of things that you might want to consider doing.
Let's see. Here's the good sign spots. Neutral space, like road medians and the grass near curves. And I want to say something about that. I would not go put this on somebody else's property even if you put it what's called out in the buffer area, or what is also known in city speak as the setback. Generally speaking, you do not own if you've got a sidewalk in front of your house, you do not own that sidewalk even though that you're responsible for cleaning it off if there's ice. I know. I get it. It's it's it's insane. But you also don't own technically 3 and this depends on the city, county, state, and all that. But in Texas it was 3 foot from the inside edge of that, of that sidewalk. You also didn't own, although you were responsible to mow it. So, technically, somebody could put a sign there and it's not your property.
Even though it's your front yard, if it's within that setback, that's actually city land. Even though it's technically that, don't do that. Go look for a public space, a neutral space, like parks, in the sidewalks, in parking lots. Although a Walmart parking lot? Technically owned by Walmart. Okay, so you've got to be judicious where you put it. Otherwise, this sign, which is going to cost them quite a bit of money to print and then, you know, ship and then if they're not charging you, it would be a shame to have these these signs lifted up. If you put them, like, at the corner along, you know, maybe not alongside, but kind of next to all of the propaganda signs for the most important election ever in the world in the history of mankind, then nobody can really technically pick that up.
It doesn't mean that it won't happen. It just means that your chances are much less likely to have the sign absconded with and you want to put it in the highest traffic areas that you can find. You need to look at places like neutral spaces, public spaces, high traffic spaces, like the curb that has a grass that that does have a grassy curb right next to the road of a parking lot where the wall where one of the Walmart exits empties out to so that every single person exiting the Walmart from that exit sees that sign. And because it's in a it's on the public setback, technically nobody nobody's allowed to actually jack with it. Alright. So, you got to think about this judiciously. But bitcoin.
Rocks, that's bitcoin. Rocks/signs. Bitcoin. Rocks/signs. As far as I know, they will just send them to you for free. If I'm wrong about that, my apologies. But eToro is having to make their own apology. They're having to fall on their sword, ladies and gentlemen. In CoinDesk, Camille oh, sorry. Camille Shamba is gonna tell us all about the Harry Carey of Orte eToro. They have reached a $1,500,000 settlement with the Securities and Exchange Commission, and they agree to stop trading most, but not all, cryptocurrencies. So they got in trouble with our good buddy, Gary Gensler.
Trading platform eToro agreed to pay $1,500,000, which is chump change to settle charges. It operated an unregistered broker, an unregistered clearing agency, and facilitated trading certain crypto assets as securities, the United States Securities and Exchange Commission said in a statement on Thursday. The company has agreed to cease and desist from violating the applicable federal securities laws and will make only a limited set of crypto assets available for trading. I wonder what they will be. Going forward, the only crypto assets available for United States customers to trade on the company's platform will be Bitcoin and for some god awful reason, Bitcoin Cash and, of course, shitcoin number 1. I won't even say the name. The SEC's order found that since at least 2020, eToro let US customers trade crypto assets being offered and sold as securities and did not comply with the registration provisions of federal securities laws.
The eToro case notably doesn't specify what tokens the company was handling that it considers securities. The agency has done so in several past matters, but it hasn't offered a formal crypto specific definition for what tokens stray into the SEC's jurisdiction. Yeah. We've been we've been wondering about that shit forever. The primary point of legal contention between the regulator and the industry is what the hell it constitutes an illegal security and far as far as shitcoins are concerned. Personally, all of them. Every single one of them. But in August, a federal judge ruled that Ripple should pay a $125,000,000 after finding that the company violated federal securities laws.
And then the SEC also brought in an enforcement action against crypto exchange Coinbase, we know. And then in 2023, the SEC also sued another exchange, Binance, for violating securities laws. And that decision led to Changpeng Zhao stepping down after pleading guilty to criminal charges and Richard Tang, replacing him. ETH remains an open point of dispute. Yes. I know. It's a security, but here's what's going to happen. The SEC is not going to ever say that ETH is a security. Why? Because they're being bought off by enough people that made enough money already that they can lobby and say, we're we're not going to take this. You're not going to take our money away. Here's some campaign contributions.
Here's some here we'll we'll we'll make you look good. We'll do whatever the hell it is. Just leave us alone and let us sell this this garbage pile of shit to to retail so that we can inflate our bags, so that we can take that inflated bag and shove it in your face and see and say, see how much money I got? We want your favor. That's how it works, ladies and gentlemen. That's how it's always worked. We have one chance to get out of this and that's Bitcoin. Maybe, just maybe, well, maybe Nostra. Actually, it is noster too. Bitcoin, noster, e cash, lightning network, arc, Fedimans, the whole that this this this whole sphere is expanding exponentially.
And you know what helps expand this fear exponentially? People like OpenSats who have announced long term support for Mike Dilger. Could be pronounced Dilger, d I l g e r. You be the judge. Open Sats is excited to announce long term support for Mike Dilger or Dilger, a dedicated contributor in the Nostra ecosystem, announced the organization. Mike is the lead developer of Gossip, a secure privacy focused Nostra client using Rust. Gossip is a reference for the outbox model, a design enabling more scalable Nostra message distribution. Mike also contributes to Nostra tools and libraries like Chorus Relay, Relay Tester, and NIP discussions.
With this long term support grant, Mike plans to improve support for replying to versions of replaceable events and NIP 96 file uploads, implement Blossom support, webs of trust and search at the relay level and enhance reporting and labeling, which is nip56 and nip32. Never in my life. And this is an important statement. I saw this yesterday in Noster on the announcement. I want you to, like, just take a deep breath and listen to this sentence. You ready? Never in my life has something so important fallen into my lap. And I feel responsible to the future of humanity to get this right. End quote.
Mike Dilger. I think it's important to read it again. Never in my life has something so important fallen into my lap. And I feel responsible to the future of humanity to get this right. There's many people in this space that feel that way. And I want to say this, for all the for when you were like in school, you were younger, or even if, you know, even if today you end up saying something you wax poetic in public. You do something like, say, you know, really express your feelings about a piece, like a piece of art affecting you at the level of your soul and somebody looks at you like you're a fucking alien. Or God forbid somebody goes, I want you to tell us how you really feel.
I don't know. Maybe we should all shut up, not say anything ever for any reason under any circumstances about how anything affects us either negatively or positively. How about we do that and see how much humanity advances? And the reason I'm getting on my soapbox on this one is because I'm really tired of just seeing the same trash crap come out of everybody's mouth. Nobody wants to tell anybody how they really feel. How something really affected them. Not supposed to express emotion. This shit was driven out of us in our childhood public school experience.
That's where it was driven out of us from. We have no sense of wonderment. We have no sense of excitement. We have no sense of fucking anything. Because every single time we try to tell somebody else in a in a language that is more than 6th grade textbook speak. We want to go further than that. Be just a hair poetic about it. We get either laughed at, pointed at. There are very few people who will look at you and go, damn son, that was an eloquent sentence. That's what I like about this sentence from Mike Dilger. He's actually saying it. And somebody will do it like, you know, I could I could hear one of the admonitions now. Mike Nasser is not that important. Yes, it is.
And I'm sick of people just saying no, Twitter's gonna beat it. This isn't a race. It's not a competition. It's a public relief valve that we have to have. Otherwise, Musk and governments and the rest of the slime that crawls upon the face of this planet pretending to be humanity or have a part of it is going to control everything. Everything that you say, everything that you everybody that you can say it to and they're going to control what you hear. So Nostra is this important. And good good on you, Mike, for actually writing the sentence down and saying that you felt that something was so important to the future of humanity, instead of being a little bitch about it and saying, I'm glad that I got support for this because I think it's kind of important.
See the difference? If you feel something, if you get emotional about something, check your 6 and make sure that you're not holding your tongue because you're afraid that if you say what you really mean to say, that somebody's either gonna laugh at you, get mad at you, be offended by you. If that's the case, stop hanging around those fucking people. Open Sats is a 501c3 nonprofit organization, by the way, and all gifts and donations are tax deductible. Consider donating and you can donate where? Opensats.org/donate. On to LND version 18.3 beta route blinding with bolt 11.
The last time I talked about this, they were doing bolt 12, right? Or bolt 12 I was talking about bolt 12. This is route blinding with bolt 11, right? So they can do the same thing with bolt 12, the route blinding. However, this is not with bolt 12. This is with a different technique of sending sats over the lightning network called bolt 12, and there's some bug fixes and this thing is super massive. The lightning network daemon, lnd, is a complete implementation of the lightning network node developed by lightning labs and the release complements some of the features launched with version 0.18.0 and also addresses bugs which were encountered and reported after that launch. Some of the highlights include the ability to receive and pay via blinded paths with Bolt 11 invoices that's important Blinded path just makes it very very it kind of obfuscates where it's going and where it comes to. And I thought that that was only ever really associated with bolt 12s, but I was wrong. I am wrong a lot. I don't mind. You gotta learn this shit somehow.
UTXO selection support for Sendcoin RPC enabling simple coin selection. We're talking about lightning coin selection. We're talking about lightning coin selection. I'm not exactly sure I get the feeling that this might only have to do with when you're opening a channel, what kind of coins you can do that with. But something in the back of my head says, no, no, no, no. You can select which transaction of, like, let's say I got a 1,000 satoshis because somebody loved me and gave me a boostagram. I can see that transaction in my lightning node because I run my own lightning node and everything that you guys send me via boostograms and streaming sats go directly to my lightning node.
So I know what was sent to me. And I know, generally speaking, that it came from like a boostogram. So let's say somebody boosts this particular episode a 1000 sats. If I'm looking at UTXO selection support for Sendcoins, RPC enabling simple coin selection, maybe just maybe, I might be able to select the satoshis that I send to somebody else from this from this particular boost that I got. However, when I read this again, it says UTXO selection support. So I'm now 99% sure that this means when you're opening a lightning channel that in LND or LND supported interfaces that allow you to work with your LND node, that you can select which UTXO or coin selection on on what you're going to open a channel with, which is actually an on chain transaction.
One of these days I would like to see the ability for LND to tell me actually, this brings up an issue for me that I've been thinking about for a lot. When you guys boost me, when you guys send me satoshis, I've got a lightning though, but I can't really see what channel those satoshis go into. I would like that. There I have no way I mean, it's like and I'm using LND and I'm using ride the lightning and I've also used, what is it? What is it? What is it? Because I haven't used it in a while. Thunderhub. Alright? So both of those are LND, client implementations that allow me to interact with my Lightning node because my Lightning node is LND. It's not c n CLN or anything less anything else.
I have never been able to identify what channels received the satoshis that I get off of a boostagram and I've never been able to see where when I send satoshis what channel those come out of, right? I think that this is important. And if this if I'm able to do this and I'm just not I'm not seeing it, if I'm just blind or something like that, please please please tell me how I can see where the Satoshis coming into my node went, as in what channel are they in? And if I'm sending Satoshis out of my lightning network node, can you is there a way for me to see what channels those satoshis came out of?
I really want that. And I don't know why it's not already here, which leads me to believe that I'm missing something. So if you know what I'm missing, for the love of God, tell me so I don't embarrass myself any further. Notable bug fixes include invoices generated with the SQLite database have an incorrect expiry date. The existing invoices will be migrated to an updated 24 hour expiration. This will be a database migration. There is also a bump force closure fee RPC has been fixed and the fee limit for payments is now compatible with the inbound fee. Okay. So there it is. That's all the news we got for the day.
Again, I want to reiterate that there are aspects of mining with a solo miner that do make sense, that do have value. And that is those values and and those senses are different than your go than you're going to, you know, mine 3.125 bitcoin. You got better chance of winning the lottery. And you're really not going to affect the hash rate all that much. Those those 2 are different reasons than wanting to learn how mining works. You can learn how mining works with a bitaxe. So go to bitaxe dot org that's bitaxe.org and if you've got $99 to, you know, I don't know, maybe 250, $300 that you and you think that that's worth learning how to mine and learning this ecosystem, then do it. And make sure that you tell them that you heard about it here. If there's any way that you can do that, that you heard about it here on the circle p in the Bitcoin and podcast, and I'll see you on the other side.
This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
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