Bitcoin is showing bullish signs. It rallied during the recent bank collapses. The hash rate is through the roof. The number of long-term holders is increasing. Some countries recognize it as a legal currency (shout out to El Salvador). Sentiment on crypto Twitter is extremely favorable toward Bitcoin. The halving is only a year away. People are waking up to the benefits of decentralized networks as governments around the world push for CBDCs. Simply put, Bitcoin (and decentralized blockchains) just make sense. This is the way.
Another bullish indicator is the rise of multiple Bitcoin mining firms that are seeing record profits while vowing to operate in a zero-carbon manner. One of those firms is called TeraWulf. They just reported a 146% increase in revenue for Q4 2022. Amm, that’s a lot of profit in one quarter – probably because TeraWulf represents the future of Bitcoin mining. They currently have two facilities in New York and Pennsylvania operating nearly carbon-free. That isn’t carbon-neutral…that’s carbon-free.
Lake Mariner Facility, NY
- 100% owned by TeraWulf
- A combination of hydroelectric and nuclear power
- Currently online and mining (started in March 2022)
- Utilizes 91%+ zero-carbon energy
- Targets for Q2 2023 include hitting 110 MegaWatts of power, a hash rate of 3.6 (EH/s), and a total miner capacity of 34,000.
Nautilus Cryptomine, PA
- A 25% Joint Venture with Talen Energy
- Nuclear powered
- Currently online and mining (began in February 2023)
- Utilizes 100% zero-carbon energy
- Targets for Q2 2023 include hitting 50 MW of power, a hash rate of 1.9 (EH/s), and a total miner capacity of 16,000.
TeraWulf knows that the future of energy will be focused on renewable sources. As much as we might not like it, that is where things are headed. As far as Bitcoin mining is concerned, this is actually very bullish. Zero-carbon Bitcoin mining means that the environment as a whole becomes cleaner which helps reduce any negative pushback while still profitably mining freedom coins. Winner winner chicken dinner.
Another impact of Bitcoin mining is job creation. According to TeraWulf’s website, “A 2017 report from the US Chamber of Commerce found they could create up to 1,688 local jobs during the average 24-month construction phase and around 157 local jobs in the subsequent operation phase.” This is interesting because when politicians like Elizabeth Warren come out and say they’re forming an anti-crypto Army, what they’re really saying is they don’t support workers and local economies.
Further, “The Chamber of Commerce also found these jobs could bring in millions of dollars in wages, local economic activity, and state and local taxes.” This is really weird because you’d think the government would be all about some additional tax revenue.
Anyway, the government needs to figure out what time it is. They have the chance to embrace crypto and in doing so they can help offset carbon emissions, create jobs, support local economies, and even make some money off of taxes to repay the $31T debt they’ve gotten us into. That’s about all.
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