Bitcoin Magazine Freedom of Mind and Freedom of Money: Inside Costa Rica’s Growing Bitcoin Circular Economy The embryo of each Bitcoin Circular Economy is unique. The purposes of Bitcoin Circular Economies are diverse and, as they grow, the projects develop their own identity: education, P2P, payments, wallets etc. The quests of their protagonists often shape the origin of each, with characteristics and needs that define them. The founders, who decide to pursue this social, technological and economic adventure, define the spirit of the project. The Bitcoin Jungle project was born in the heart of the Costa Rican jungle, where a vibrant community of expatriates and digital nomads from all over the world is trying to develop a more conscious way of living in harmony with nature. Two men lit the spark that gave birth to Bitcoin Jungle. Over time, others joined the fire, but two were the energies that aligned to start this project. One a developer and serial entrepreneur; the other a journalist, retired teacher and democracy activist. Both shared two deeply rooted beliefs in their hearts. First, Costa Rica is the best place in the world to live. Second, Bitcoin is an enlightening technology that can lead humanity to a more peaceful and evolved lifestyle. Richard Scotford lived in Hong Kong for more than 20 years. He worked as a teacher and freelance reporter for various media outlets, always as a political analyst. Richard witnessed firsthand the peaceful protests that began there in 2014 with the “Umbrella Movement,” which later became a symbol of resistance. Without mincing words, Richard supported Hong Kong’s democratic struggle against the Chinese Communist Party, which imposed an election system where the people could only choose among candidates selected by the party. Through his articles, Richard became part of Hong Kong’s political scene, and when his friends and colleagues began to be imprisoned, he decided it was time to take a new direction in life. At the time, Richard knew nothing about Bitcoin and admits that he crossed off the list of all the mistakes that cryptocurrency users usually make before coming into Bitcoin. “We were scammed, we lost money until mid-2018 when we started to understand the differences between Bitcoin and the other cryptocurrencies.” The realization about Bitcoin and the profound impact it could have on the world came at a very special time in the lives of Richard and his wife. “We were in the middle-class trap, where we had everything we needed. All we could do was have more or better stuff. A better car, a fancier boat, a bigger house or join a better club. I call it a trap because there was nothing extra to own. It was clear that our happiness was not going to change by having more or better things. We wanted to do something radically different and that’s how we ended up in Costa Rica.” At first, the couple explored the diverse climates and landscapes of the country. They found many similarities with the jungles of Hong Kong, enjoyed the volcanic beaches of the Pacific Ocean as well as those of the Caribbean. It was not easy to impress the new visitors, who knew the Asian beaches by heart. It wasn’t until Christmas 2019 when Richard would find a new meaning to his purpose in Costa Rica. “We participated in an ayahuasca ceremony in the jungle. Suddenly, three different ideas connected in my mind. On the one hand, I felt a call to dive deep into jungle medicine, which is central to Costa Rican culture. On the other hand, all the ideas I had about Bitcoin connected. At the time, I was precisely falling down the rabbit hole, studying and learning as much as possible.” “It all connected with conversations about the best way to school our daughter.” “It all came together: I was a teacher in Hong Kong, so naturally it came up for me to get involved with a local elementary school. Then the idea of building our own secondary school in 2020 would come up.” Before long, the dream of opening his own school came to life. “I told my wife: ‘We are going to create the first school in Costa Rica that accepts bitcoin. And we’re going to teach their kids and our kids about Bitcoin.’ The only thing I could think of was to send out a tweet to the Bitcoin community that said, ‘We are a school in Costa Rica, we want to accept Bitcoin. How can we do it?’” Many people responded to Richard’s request for help, including Nicholas Burtey, co-founder of Galoy and the Bitcoin Beach wallet, currently called Blink. Nicholas suggested that the best way to start accepting small payments was through a Bitcoin Lightning wallet and offered to help. He encouraged them to create a fork of their own wallet, based on the open source repository of the Bitcoin Beach wallet. That was the first moment Richard realized he wasn’t alone. “That’s where things started to take shape. We wanted to develop our own wallet to simplify payments at school, and at the same time also facilitate Bitcoin adoption in Uvita, the town we chose to live in. The problem was that we didn’t have the technical skills needed to fork the Galoy repository and build it.” The universe manages to cross the paths of people who need each other. Just when Richard was stymied by his lack of technical skills to launch a local version of the wallet tailored to Uvita’s needs, he met Lee Salminen, a software engineer and serial entrepreneur from Boulder, Colorado. Lee is a cheerful, positive person who sees opportunity in every challenge. The combination of his technical skills, his passion for Bitcoin and his purpose in life made him the perfect candidate to start a Bitcoin Circular Economy. Richard and Lee fit together like pieces of a puzzle.” “Lee is another core founder of Bitcoin Jungle. He was able to bring the project to life. He copied Galoy’s wallet over a weekend, without any support. Even the guys at Galoy couldn’t believe we had done it so fast,” Richard recalls. “Bitcoin is a tool to change the world, to raise the awareness of humanity.” Just at that time, the first edition of the Adopting Bitcoin conference was taking place in El Salvador. Richard traveled to the neighboring country, while Lee stayed in Costa Rica working on the wallet. “Going on that trip to El Salvador was eye-opening. No one knew who I was. Just a simple English guy walking down the halls, trying to make friends, saying, ‘Hi, we want to do something like Bitcoin Beach in Costa Rica — can you help us?'” The Sats Were Already in This Circular Economy Seen from the outside, Bitcoin Jungle’s approach seemed impossible. Copying the source code of a wallet over a weekend, without technical support from the original developers, was a huge challenge. Then launching an adoption campaign without a significant amount of sats to donate and start the process. However, Richard knew that a Bitcoin Circular Economy in Costa Rica had potential for one simple reason. “The sats were already there! I knew Costa Rica was different. There were a lot of people around me who owned bitcoin. It was full of expats. All we needed was to create the payment rails to get them moving. The money was already here, we just needed places to spend it.” Richard doesn’t beat around the bush and gets straight to the point because he feels he has a message to share: “You have to know your community. Understand and provide the services they need. It’s important to learn from other circular economies, but many times the keys to success are in the differences.” When Richard returned from El Salvador, Lee already had his wallet working. The excitement within the volcanoes of the Costa Rican jungle was beginning to stir the first tremors. The Circular Economy Plan: Start Small From the beginning, the founders of Bitcoin Jungle decided to keep the efforts concentrated in a relatively small area called The Golden Triangle, demarcated by the towns of Dominical, Uvita and Tinamaste. Instead of spreading the efforts throughout the country, they decided to focus on this particular region, characterized by spiritual seekers, surfers and people with a deep connection to nature. “Although Bitcoin Jungle is spilling all over Costa Rica, in the beginning we had no plans to go out massively and try to adopt the whole country. It has always been about keeping it small, local, within our personal connections. The area between Dominical, Uvita and Tinamaste has a lot of healers, natural medicine practitioners and alternative people. It has this unique energy that is hard to explain, but easy to feel. It is a very large area, full of foreigners, who receive income from their countries and need to spend it in Costa Rica.” Govinda wears yoga attire and whispers in a calm voice, which conveys the vibe of much of this community of foreigners who chose Costa Rica as their new home. Govinda is another key member of Bitcoin Jungle: He runs the holistic center Awake, a sustainable hotel with activities related to yoga and meditation. Awake is also the place where many Bitcoin meetings are held, as well as training sessions on the Bitcoin Jungle wallet. This center is also the location where the Nostrica conference was held in 2023. This unique community has adopted Bitcoin as another tool to seek the elevation of human consciousness and harmony with nature. In pursuit of contributing to this balance, gaining trust within the community was key to integrating this innovative technology into their daily lives. “It was key to the success of the project to have founders like Lee and Richard,” Govinda explains. “When the project started, there were several cryptocurrency scams going around and they were able to explain in Spanish to the store owners the differences with Bitcoin, as well as the technical aspects of the wallet in very simple terms. They were key to developing confidence in the project and the team of people behind it.” Being scarce, digital and transparent, bitcoin begins to demonstrate its advantages, solving problems for multiple types of people. It is worth looking at the profile of the main users of Bitcoin Jungle. They face a different problem than the exiled families in El Salvador who send remittances back home. It is true that both projects coincide in the way they defined their target influence area, seeking to concentrate the amount of Bitcoin payments per store, nurture their user experience and economic revenues, with the aim of maintaining a stable relationship between the number of visitors and the length of the store network. However, the Golden Triangle population had something in common that other Bitcoin Circular Economies did not. As Richard likes to say, “Most of the people in the Bitcoin Jungle community have already done the work.” He refers to the fact that many of the people in Uvita and Dominical already understood how to hold virtual currencies and many even used bitcoin as a store of value. The team just needed to give them a direct payment system to ignite the virtuous circular cycle. Instead of paying with high-fee credit cards and constantly needing to transfer money into the country from abroad, users could simply load their Bitcoin Lightning wallet and buy whatever they needed. “Our main goal was pretty simple, we were focused on reducing the friction of using bitcoin for people visiting and living in Costa Rica,” Richard expounds the conclusion he came to some time after processing the purpose that had distilled his spiritual journey. All that remained was to design an adoption strategy and encourage Bitcoiner tourism. Bitcoin Circular Economies are New Social Contracts Costa Rica is known worldwide for its paradisiacal beaches, misty jungles, exotic animals, volcanoes and surfing. It tends to be a very attractive spot for tourism in the Central American corridor. Add its political stability, its high security standards, its motto “Pura vida” (pure life), as a declaration of respect for nature and the abolition of its army. The result not only caught the attention of tourism within the ecosystem, but also of the community of digital nomads, who began to take it as one of their permanent residencies. The community continues to expand, with a growing percentage of visitors and families who decide to settle. Most are foreigners from the United States, Canada and Europe, some seeking to escape excessive surveillance and increasing government oppression. “Many came here looking for a new social contract, one that works for everyone and is not imposed from a top-down approach,” Govinda stresses before pausing, taking a breath, and clarifying the unwritten but community-adopted manifesto. “We believe in freedom, peace and prosperity, which are values that are deeply aligned with Bitcoin. We don’t want to be told what to do. This is why I have high hopes for the rapid growth of the Bitcoin Jungle community.” However, the first years of these projects, which grow into a Bitcoin Circular Economy, are not easy. Founders often delimit the boundaries. There are multiple ways to get involved in the Bitcoin ecosystem and, given the characteristics of the Costa Rican community, different models were discussed in the early days. Having a large community of tech-savvy expats, with bitcoin available to spend, represents either a temptation or an opportunity — depending on your point of view — to develop a profitable business. One of the early contributors to the project was interested in pursuing this line, while the other founders wanted to build a nonprofit community endeavor. “There was an interesting situation at the beginning, because one of the early founders tried to turn it into a commercial project and make money from it. All the other founding members were more interested in it remaining a community-driven thing. This led to a very healthy split around 2021 and what is now known globally as Bitcoin Jungle is the nonprofit project that we decided to continue,” Govinda clarifies, inviting reflection with raised eyebrows. There are multiple Bitcoin businesses around the world that follow conscious efforts of social responsibility. However, there is a reason why Bitcoin Circular Economies are deeply rooted as nonprofit community projects. Govinda converses while touching the air with his hands. The more he shares his thoughts, the closer he comes to the image of a shaman who can observe the inner self of people who cross his path. “People can sense it. The energy is completely different if there is someone behind it who wants to make profit or if it comes from a sincere and genuine interest in the good of people and humanity. These subtle energies create projects with a very different spirit. We were not doing this for the money.” Govinda speaks confidently of ideals. When the goal is to prove that a new social contract is possible, the words do not waver. “We believe in Bitcoin and we believe in Costa Rica. We want it to be a union between technology and nature to raise the level of consciousness. We are ready to dedicate some of our time and energy to make this happen as a gift to our community and the world.” “Bitcoin aims to change power dynamics of money, to break free from abusive forces that enslave us, and to reclaim our sovereignty to choose freely.” Nostr in the Bitcoin Jungle Bitcoin Jungle was able to build its own identity. Another unique feature of this Bitcoin Circular Economy is its link with Nostr, the open source communications protocol that’s ideal for developing decentralized social networks. These platforms can easily integrate with the Bitcoin Lightning Network and implement micro-donations, called “zaps,” for content creators. Given its unrestricted access design and resistance to censorship, Nostr is ideal for promoting freedom of expression in the face of social control and government censorship. Jack Dorsey, the original founder of Twitter, has been living in Costa Rica for a long time and has been closely following and supporting the growth of Bitcoin Jungle. He is one of the big promoters of Nostr, has funded several projects in the ecosystem and was instrumental in creating the first international conference on this technology. “Jack was one of the first people to follow our Twitter account, but we had no personal contact. One day, he tweeted that a Nostr conference should be organized in Costa Rica and that he was willing to fund it if the community organized it.” Pride covers Richard’s face as he describes the backstage of Nostrica, the event they organized together. After all, Richard had experienced first-hand the social control during his years in Hong Kong. “We all loved the idea because decentralized social networks are very much needed today. So we reached out to him and offered our entire infrastructure and business ecosystem to simplify payments for attendees.” The combination of the world’s first Nostr conference with the possibility of powering the Bitcoin Jungle circular economy seemed like a perfect match. Jack Dorsey gave the green light. The Nostr protocol has multiple philosophical similarities with Bitcoin and, consequently, there is significant overlap between their communities. Govinda, as expected, holds space for individual freedoms alongside its inner peace. “This new communications protocol has the potential to enable social networking with complete freedom of expression — we could build a decentralized Twitter or Facebook! We can talk and share ideas or images without surveillance. It’s cryptographic and decentralized, like Bitcoin.” Since its creation by anonymous user @fiatjaf in 2020, the Nostr protocol has seen a rapid increase in usage driven primarily by the Bitcoin community. The team insisted to Jack that the event be held in Uvita to leverage and stimulate the Bitcoin circular economy. As it happened, the Nostrica conference was a success. With over 50 speakers and 300 participants, it significantly increased international awareness of Bitcoin Jungle. “It really put us on the map as a destination for many Bitcoiners,” Richard recalls. “We already had one of the best user experiences for spending sats and enjoying Bitcoin, but many of them still hadn’t heard of us before the event.” The circular economy that Nostr has its strongest relationship with today is Bitcoin Jungle, and that has had many good consequences. Not only did it increase the endogenous tourism of the ecosystem, the unexpected success of the conference also generated the first economic gain for Bitcoin Jungle. “Up until this event, everything has been self-funded. The devices we deliver to the stores, the cost to support the users, the training, the node on which the wallet runs, and so on. We don’t charge anyone, not on transactions within the node, everything is completely free,” Richard humbly shares. “Going forward, we plan to continue doing festivals every year to further advance our community mission, so everyone is invited to the Freedom Festival in February 2025!” The Spiritual Connection: Why Bitcoin and Costa Rica Were Made For Each Other Costa Rica is a very special place. Many people who dream of making a positive contribution to the world, for some reason, are attracted to this country. The connection between these international spiritual seekers and Costa Rica has created a unique community in the world, combining innovation, yoga, nature, ayahuasca and technology. In retrospect, it is understandable why this environment became fertile ground for the birth for perhaps the most important Bitcoin Circular Economy in the world. This transcendental aspect is present in the minds and hearts of those who make Bitcoin Jungle. Richard, who used to be a reporter clinging to the truth and transparency of democracy, continues to go through a personal transformation, though without losing his essence. “I would say my main goal is the spiritual elevation of consciousness about Bitcoin. I think Bitcoin is a fundamental part of this new world we are trying to build, that’s why we created Bitcoin Jungle. It’s our contribution to a more conscious and free future for humanity.” Those who are deeply connected to Gaia tend to perceive the cyclical nature of all processes in our universe. Human evolution has also been shown to follow recurring patterns. Many Bitcoiners have been pointing out for over a decade that we may be on the verge of a major paradigm shift. This sense of hope is palpable throughout the Bitcoin Jungle community. There is a deep shared belief there that after the inevitable collapse of fiat currencies under the weight of their own debt, there will be a new beginning. “There is a large community of international seekers here. They believe in freedom, peace and prosperity. Values that are deeply aligned with Bitcoin’s culture. They understand how money printing and inflation create poverty and inequality. They understand how traditional institutions and governments extract value from working people. All of us believe in the sovereignty of individuals and the power of decentralized communities. This is why Bitcoin and Costa Rica are made for each other.” Govinda no longer sounds like a shaman; he now speaks like the leader of a movement. He probably has a little bit of each. Either way, both he and Richard are very clear in their motivations. “We’re not just doing this because we love Bitcoin. We’re doing this because we want to change the world. But to do that, it’s important that we also change inwardly. It’s a fusion between our spiritual quest, a new philosophy of life and a technology that facilitates it. There is no way we can sustainably raise human consciousness unless we liberate the way we store and transfer value between us,” Richard concludes. When people cannot control the soundness and ownership of their money, their vital energy can be abused and manipulated. This also applies to sovereign countries when they see their foreign currency reserves being diluted by the issuers of those fiat currencies. With Bitcoin, individuals and nation-states become truly sovereign entities, with the ability to protect their wealth from potential confiscation. “Bitcoin protects your energy in a way that no one can mess with,” Govinda enthuses. “Before Bitcoin, we were truly free only in our souls. We have energy sovereignty as spiritual beings, but on a physical level we were completely controlled by the elites, their politicians and their armies. Now Bitcoin has extended our freedom to the physical world — that changes everything! It also enables sovereignty, celebration of life and healing on a global scale.” “Bitcoin is the liberation of humanity from ancestral abuse.” Yoga, meditation and nature are fundamental axes of the project’s philosophy. There, Bitcoin is understood as a tool to lower people’s time preference and raise human consciousness. A Circular Economy Network In the case of Bitcoin Jungle, as in all other Bitcoin Circular Economies, their first contact at the beginning of the project was with the friends of Bitcoin Beach. In addition to that first inspiring trip to El Salvador and the opportunity to use their wallet code, both teams have a permanent communication channel to collaborate and share ideas. On the educational side, Bitcoin Jungle has also received support from My First Bitcoin. “We have a very good relationship with Mike and the Bitcoin Beach team. We are also very grateful to Napoleon from My First Bitcoin,” Richard punctuates his mental list of collaborations. “I myself dictate his materials to the kids here at school. Whenever we meet at any conference we try to organize a dinner between the circular economies. Thankfully, that table is getting bigger and bigger every time. Bitcoin is very powerful.” The Bitcoin Circular Economies play a unique role in the ecosystem because they demonstrate on a small scale how global Bitcoin adoption can benefit people and communities with different needs. “I’m a big fan of the Bitcoin Ekasi team,” Richard sums up, in a demonstration of the strength that traces the invisible thread. “How a poor village in South Africa has been able to create a Bitcoin Circular Economy that is becoming known around the world.” Richard even dreams of the day when we have conferences totally dedicated to studying these early adopter case studies. “I would love to see a conference totally dedicated to Bitcoin Circular Economies. With projects from all over the world coming together to share their experiences, their stories and their lessons learned.” What role will a Bitcoin Circular Economy play in the future? Will these early communities be the birth of a new way of organizing society? Will we see an exponential growth of pari passu BCEs with the mass adoption of Bitcoin? If today’s overcrowded cities continue their decline along with fiat governments drowning in debt, is it possible that a decentralized way of living could offer a better quality of life, greater community livelihood and deeper connection with nature? For years, the Bitcoin community has predicted the emergence of luxurious Bitcoin citadels in the future. Can a Bitcoin Circular Economy be a more heterogeneous and inclusive alternative to those citadels? “To me, a circular economy is the lifeblood of Bitcoin, even if many bitcoiners haven’t yet realized it. Bitcoin strongholds will be elitist places, designed from the top down and only for a lucky few. The great thing about a Bitcoin circular economy is that we have not been designed out of luxury,” Richard expounds. “We have simply emerged from social, not-for-profit efforts, with the goal of improving the lives of everyone in our communities.” Gabriel Kurman is a blockchain entrepreneur with more than a decade of corporate finance experience. A co-founder of several projects such as Rootstock, La Bitcoineta and Blockchain4Humanity, he dedicates his life to Bitcoin innovation and education. His first book, Bitcoin Circular Economies, is out this month by Bitcoin Magazine Books. Bitcoin Jungle can be found on IG, or via www.bitcoinjungle.app and the festival website. Donations are welcome via: www.bitcoinjungle.app/donate BM Big Reads are weekly, in-depth articles on some current topic relevant to Bitcoin and Bitcoiners. Opinions expressed are those of the authors and do not necessarily reflect those of BTC Inc or Bitcoin Magazine. If you have a submission you think fits the model, feel free to reach out at editor[at]bitcoinmagazine.com. Discover more in Bitcoin Circular Economies This excerpt is just the beginning. Dive deeper into how Bitcoin is transforming communities worldwide in Bitcoin Circular Economies. The e-book is available now, and the paperback is open for pre-order for only $21 for a limited time. Order your copy here This post Freedom of Mind and Freedom of Money: Inside Costa Rica’s Growing Bitcoin Circular Economy first appeared on Bitcoin Magazine and is written by Gabriel Kurman.

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[Freedom of Mind and Freedom of Money: Inside Costa Rica’s Growing Bitcoin Circular Economy](https://bitcoinmagazine.com/culture/bitcoin-circular-economy-awake-costa-rica)

The embryo of each Bitcoin Circular Economy is unique.

The purposes of Bitcoin Circular Economies are diverse and, as they grow, the projects develop their own identity: education, P2P, payments, wallets etc. The quests of their protagonists often shape the origin of each, with characteristics and needs that define them. The founders, who decide to pursue this social, technological and economic adventure, define the spirit of the project. The Bitcoin Jungle project was born in the [heart of the Costa Rican jungle](https://bitcoinmagazine.com/print/bitcoin-jungle-lightning-to-fiat-payments), where a vibrant community of expatriates and digital nomads from all over the world is trying to develop a more conscious way of living in harmony with nature.

Two men lit the spark that gave birth to Bitcoin Jungle. Over time, others joined the fire, but two were the energies that aligned to start this project. One a developer and serial entrepreneur; the other a journalist, retired teacher and democracy activist.

Both shared two deeply rooted beliefs in their hearts. First, Costa Rica is the best place in the world to live. Second, Bitcoin is an enlightening technology that can lead humanity to a more peaceful and evolved lifestyle.

Richard Scotford lived in Hong Kong for more than 20 years. He worked as a teacher and _freelance_ reporter for various media outlets, always as a political analyst. Richard witnessed firsthand the peaceful protests that began there in 2014 with the “Umbrella Movement,” which later became a symbol of resistance. Without mincing words, Richard supported Hong Kong’s democratic struggle against the Chinese Communist Party, which imposed an election system where the people could only choose among candidates selected by the party. Through his articles, Richard became part of Hong Kong’s political scene, and when his friends and colleagues began to be imprisoned, he decided it was time to take a new direction in life.

At the time, Richard knew nothing about Bitcoin and admits that he crossed off the list of all the mistakes that cryptocurrency users usually make before coming into Bitcoin.

> “We were scammed, we lost money until mid-2018 when we started to understand the differences between Bitcoin and the other cryptocurrencies.”

The realization about Bitcoin and the profound impact it could have on the world came at a very special time in the lives of Richard and his wife.

“We were in the middle-class trap, where we had everything we needed. All we could do was have more or better stuff. A better car, a fancier boat, a bigger house or join a better club. I call it a trap because there was nothing extra to own. It was clear that our happiness was not going to change by having more or better things. We wanted to do something radically different and that’s how we ended up in Costa Rica.”

At first, the couple explored the diverse climates and landscapes of the country. They found many similarities with the jungles of Hong Kong, enjoyed the volcanic beaches of the Pacific Ocean as well as those of the Caribbean. It was not easy to impress the new visitors, who knew the Asian beaches by heart. It wasn’t until Christmas 2019 when Richard would find a new meaning to his purpose in Costa Rica.

“We participated in an ayahuasca ceremony in the jungle. Suddenly, three different ideas connected in my mind. On the one hand, I felt a call to dive deep into jungle medicine, which is central to Costa Rican culture. On the other hand, all the ideas I had about Bitcoin connected. At the time, I was precisely falling down the rabbit hole, studying and learning as much as possible.”

> “It all connected with conversations about the best way to school our daughter.”

“It all came together: I was a teacher in Hong Kong, so naturally it came up for me to get involved with a local elementary school. Then the idea of building our own secondary school in 2020 would come up.”

Before long, the dream of opening his own school came to life. “I told my wife: ‘We are going to create the first school in Costa Rica that accepts bitcoin. And we’re going to teach their kids and our kids about Bitcoin.’ The only thing I could think of was to send out a tweet to the Bitcoin community that said, ‘We are a school in Costa Rica, we want to accept Bitcoin. How can we do it?’”

Many people responded to Richard’s request for help, including Nicholas Burtey, co-founder of Galoy and the [Bitcoin Beach wallet](https://bitcoinmagazine.com/business/bitcoin-beach-wallet-renamed-to-blink), currently called [Blink](https://bitcoinmagazine.com/business/bitcoin-beach-wallet-renamed-to-blink). Nicholas suggested that the best way to start accepting small payments was through a Bitcoin Lightning wallet and offered to help. He encouraged them to create a fork of their own wallet, based on the open source repository of the Bitcoin Beach wallet.

That was the first moment Richard realized he wasn’t alone. “That’s where things started to take shape. We wanted to develop our own wallet to simplify payments at school, and at the same time also facilitate Bitcoin adoption in Uvita, the town we chose to live in. The problem was that we didn’t have the technical skills needed to fork the Galoy repository and build it.”

The universe manages to cross the paths of people who need each other. Just when Richard was stymied by his lack of technical skills to launch a local version of the wallet tailored to Uvita’s needs, he met Lee Salminen, a software engineer and serial entrepreneur from Boulder, Colorado. Lee is a cheerful, positive person who sees opportunity in every challenge. The combination of his technical skills, his passion for Bitcoin and his purpose in life made him the perfect candidate to start a Bitcoin Circular Economy. Richard and Lee fit together like pieces of a puzzle.”

“Lee is another core founder of Bitcoin Jungle. He was able to bring the project to life. He copied Galoy’s wallet over a weekend, without any support. Even the guys at Galoy couldn’t believe we had done it so fast,” Richard recalls.

> “Bitcoin is a tool to change the world, to raise the awareness of humanity.”

Just at that time, the first edition of the [Adopting Bitcoin conference](https://adoptingbitcoin.org/) was taking place in El Salvador. Richard traveled to the neighboring country, while Lee stayed in Costa Rica working on the wallet. “Going on that trip to El Salvador was eye-opening. No one knew who I was. Just a simple English guy walking down the halls, trying to make friends, saying, ‘Hi, we want to do something like Bitcoin Beach in Costa Rica — can you help us?'”

The Sats Were Already in This Circular Economy
----------------------------------------------

Seen from the outside, Bitcoin Jungle’s approach seemed impossible. Copying the source code of a wallet over a weekend, without technical support from the original developers, was a huge challenge. Then launching an adoption campaign without a significant amount of sats to donate and start the process.

However, Richard knew that a Bitcoin Circular Economy in Costa Rica had potential for one simple reason. “The sats were already there! I knew Costa Rica was different. There were a lot of people around me who owned bitcoin. It was full of expats. All we needed was to create the payment rails to get them moving. The money was already here, we just needed places to spend it.” Richard doesn’t beat around the bush and gets straight to the point because he feels he has a message to share:

> “You have to know your community. Understand and provide the services they need. It’s important to learn from other circular economies, but many times the keys to success are in the differences.”

When Richard returned from El Salvador, Lee already had his wallet working. The excitement within the volcanoes of the Costa Rican jungle was beginning to stir the first tremors.

The Circular Economy Plan: Start Small
--------------------------------------

From the beginning, the founders of Bitcoin Jungle decided to keep the efforts concentrated in a relatively small area called The Golden Triangle, demarcated by the towns of Dominical, Uvita and Tinamaste. Instead of spreading the efforts throughout the country, they decided to focus on this particular region, characterized by spiritual seekers, surfers and people with a deep connection to nature.

“Although Bitcoin Jungle is spilling all over Costa Rica, in the beginning we had no plans to go out massively and try to adopt the whole country. It has always been about keeping it small, local, within our personal connections. The area between Dominical, Uvita and Tinamaste has a lot of healers, natural medicine practitioners and alternative people. It has this unique energy that is hard to explain, but easy to feel. It is a very large area, full of foreigners, who receive income from their countries and need to spend it in Costa Rica.”

Govinda wears yoga attire and whispers in a calm voice, which conveys the vibe of much of this community of foreigners who chose Costa Rica as their new home. Govinda is another key member of Bitcoin Jungle: He runs the holistic center [Awake, a sustainable hotel](https://www.awake.cr/bitcoin) with activities related to yoga and meditation.

Awake is also the place where many Bitcoin meetings are held, as well as training sessions on the Bitcoin Jungle wallet. This center is also the location where the [Nostrica conference](https://nostrica.com/) was held in 2023. This unique community has adopted Bitcoin as another tool to seek the elevation of human consciousness and harmony with nature. In pursuit


Bitcoin Magazine Bitcoin Price Drops Below $112,000 As Metaplanet Announces To Buy $11.7M Worth Of Bitcoin Bitcoin’s price retreated below $112,000 as Japan’s Metaplanet announced the purchase of an additional 103 BTC worth approximately $11.7 million, bringing its total holdings to 18,991 BTC valued at roughly $2.2 billion. The announcement comes as FTSE Russell confirmed Metaplanet’s inclusion in the FTSE Japan Index, upgrading the company from small-cap to mid-cap status in its September 2025 semi-annual review. The index inclusion, set to take effect after market close on September 19, marks a significant milestone for corporate Bitcoin treasury strategies. “Another important milestone on our journey as Japan’s leading Bitcoin treasury company,” Metaplanet CEO Simon Gerovich wrote on X (formerly Twitter). The company’s aggressive Bitcoin acquisition strategy aims to accumulate 210,000 BTC. The latest purchase was partially funded through the exercise of 49,000 stock acquisition rights between August 18-22, which added 4.9 million shares to the company’s total outstanding shares, now reaching 722 million. This financing mechanism, while diluting existing shareholders, enables continued Bitcoin accumulation without depleting cash reserves. Metaplanet’s inclusion in the FTSE Japan Index creates a regulated route for BTC exposure and paves the way for other Bitcoin-forward companies to join major benchmarks. Passive flows into the FTSE indices could channel institutional capital into Metaplanet, offering indirect Bitcoin exposure. The company’s transformation from a traditional hotel group to Asia’s most active Bitcoin treasury firm reflects a broader trend of corporate Bitcoin adoption. In the past month alone, five public companies have announced significant Bitcoin treasury initiatives, including Ming Shing Group’s $483 million purchase and KindlyMD’s $679 million acquisition. The integration of Bitcoin-heavy companies into traditional equity indices presents new challenges for institutional investors. While passive inflows through index inclusion could boost liquidity and long-term stability, large movements in Bitcoin prices could create unexpected volatility for passive investors. Eric Trump, who joined Metaplanet as a strategic adviser in March, is expected to attend the company’s next shareholder meeting in Tokyo in September. His involvement highlights the growing intersection between traditional finance and Bitcoin treasury strategies. As more corporations adopt Bitcoin treasury strategies, the line between traditional equity investments and Bitcoin exposure continues to blur. Metaplanet’s FTSE inclusion may serve as a template for other companies looking to balance Bitcoin treasury operations with mainstream market participation. The trend of corporate Bitcoin adoption shows no signs of slowing, with analysts expecting more companies to announce Bitcoin treasury initiatives in the coming months. This growing institutional acceptance, coupled with innovative financing structures, suggests that corporate Bitcoin holdings could become an increasingly significant factor in both equity and Bitcoin markets. This post Bitcoin Price Drops Below $112,000 As Metaplanet Announces To Buy $11.7M Worth Of Bitcoin first appeared on Bitcoin Magazine and is written by Vivek Sen.

[Bitcoin Magazine](https://bitcoinmagazine.com)
![](https://bitcoinmagazine.com/wp-content/uploads/2025/05/Metaplanet-Hits-New-All-Time-High-As-Bitcoin-Hits-Record-Price.jpg)
[Bitcoin Price Drops Below $112,000 As Metaplanet Announces To Buy $11.7M Worth Of Bitcoin](https://bitcoinmagazine.com/markets/bitcoin-price-drops-below-112000-as-metaplanet-announces-to-buy-11-7m-worth-of-bitcoin)

[Bitcoin’s price](https://bitcoinmagazine.com/bitcoin-price) retreated below $112,000 as Japan’s [Metaplanet](https://bitcoinmagazine.com/tags/metaplanet) announced the [purchase](https://contents.xj-storage.jp/xcontents/33500/7239e443/dba5/4993/9b81/f848fb2c99f2/140120250824546395.pdf) of an additional 103 BTC worth approximately $11.7 million, bringing its total holdings to 18,991 BTC valued at roughly $2.2 billion.

The announcement comes as FTSE Russell confirmed [Metaplanet’s](https://bitcoinmagazine.com/tags/metaplanet) inclusion in the FTSE Japan Index, upgrading the company from small-cap to mid-cap status in its September 2025 semi-annual review. The index inclusion, set to take effect after market close on September 19, marks a significant milestone for corporate Bitcoin treasury strategies.

“Another important milestone on our journey as Japan’s leading Bitcoin treasury company,” Metaplanet CEO Simon Gerovich [wrote on X](https://x.com/gerovich/status/1959800012398796935) (formerly Twitter). The company’s aggressive Bitcoin acquisition strategy aims to accumulate 210,000 BTC.

The latest purchase was partially [funded through](https://contents.xj-storage.jp/xcontents/33500/7239e443/dba5/4993/9b81/f848fb2c99f2/140120250824546395.pdf) the exercise of 49,000 stock acquisition rights between August 18-22, which added 4.9 million shares to the company’s total outstanding shares, now reaching 722 million. This financing mechanism, while diluting existing shareholders, enables continued Bitcoin accumulation without depleting cash reserves.

[Metaplanet’s](https://bitcoinmagazine.com/tags/metaplanet) inclusion in the FTSE Japan Index creates a regulated route for BTC exposure and paves the way for other Bitcoin-forward companies to join major benchmarks. Passive flows into the FTSE indices could channel institutional capital into Metaplanet, offering indirect Bitcoin exposure.

The company’s transformation from a traditional hotel group to Asia’s most active Bitcoin treasury firm reflects a broader trend of corporate Bitcoin adoption. In the past month alone, five public companies have announced significant Bitcoin treasury initiatives, including Ming Shing Group’s $483 million purchase and KindlyMD’s $679 million acquisition.

The integration of Bitcoin-heavy companies into traditional equity indices presents new challenges for institutional investors. While passive inflows through index inclusion could boost liquidity and long-term stability, large movements in Bitcoin prices could create unexpected volatility for passive investors.

Eric Trump, who joined [Metaplanet](https://bitcoinmagazine.com/tags/metaplanet) as a strategic adviser in March, is expected to attend the company’s next shareholder meeting in Tokyo in September. His involvement highlights the growing intersection between traditional finance and Bitcoin treasury strategies.

As more corporations adopt Bitcoin treasury strategies, the line between traditional equity investments and Bitcoin exposure continues to blur. Metaplanet’s FTSE inclusion may serve as a template for other companies looking to balance Bitcoin treasury operations with mainstream market participation.

The trend of corporate Bitcoin adoption shows no signs of slowing, with analysts expecting more companies to announce Bitcoin treasury initiatives in the coming months. This growing institutional acceptance, coupled with innovative financing structures, suggests that corporate Bitcoin holdings could become an increasingly significant factor in both equity and Bitcoin markets.

This post [Bitcoin Price Drops Below $112,000 As Metaplanet Announces To Buy $11.7M Worth Of Bitcoin](https://bitcoinmagazine.com/markets/bitcoin-price-drops-below-112000-as-metaplanet-announces-to-buy-11-7m-worth-of-bitcoin) first appeared on [Bitcoin Magazine](https://bitcoinmagazine.com) and is written by [Vivek Sen](https://bitcoinmagazine.com/authors/vivek-sen-bitcoin).


Bitcoin Magazine 200 Days of the Bitcoin President — Is Donald Trump’s Second Term Cause for Celebration or Concern? Donald Trump has held office as the 47th president of the United States since January 20, 2025. At a little over 200 days, it seems a good time to recap where the “Bitcoin President” has paved the way to make the United States the proclaimed “crypto capital of the world,” and where we will go from here. First, under Trump’s second presidency, many prominent industry actors have seen favorable outcomes to the legal troubles they had faced under previous administrations. Terra/Luna founder Do Kwon reached a plea agreement with the Department of Justice, finding him guilty of just two of the total nine charges for losing investors over $40 billion over the course of days. The second circuit overturned the conviction of former OpenSea product manager Nathan Chastain for insider trading. The SEC dropped its cases against the cryptocurrency exchanges Gemini and Coinbase, paused its lawsuit against Binance and reportedly ended its investigations into Consensys, Robinhood, and Uniswap. Meanwhile, Tron founder Justin Sun, who didn’t just face charges by the SEC over offering unregistered securities but was reportedly also subject to a DOJ investigation, now dines with the president. On the regulatory side, things are also looking up, with everybody and their mother announcing plans to issue stablecoins, from Ripple to the state of Wyoming, thanks to the only legislature that has so far made it into law: the so-called GENIUS Act. And while we still have no idea how much bitcoin the U.S. Government holds, as 200-plus days are apparently not enough to round up a comprehensive audit, the cheer for the bitcoin strategic reserve continues — except that the government appears to have no plans to actually buy the bitcoin, but will rather pivot to seizing it from, well, you. Everybody Is A Money Transmitter What’s most notable is that each one of the aforementioned industry players relies heavily on the development of open source technologies. Without open source, not a single one of the mentioned platforms would have anything to trade, let alone to build. And for the developers of open source technologies, the president’s plans seem more than grim. In July, Samourai Wallet developers Keonne Rodriguez and William Hill pleaded guilty to conspiracy to operate an unlicensed money transmitting business, facing up to five years in federal prison. A week later, Tornado Cash developer Roman Storm was found guilty by a jury in the Southern District of New York of the same offense. Both prosecutions proceeded despite a memo issued by Deputy Attorney General Todd Blanche in April, which was widely celebrated to put an end to the DOJ’s attempts to make new laws through prosecutions explicitly calling on the DOJ to no longer charge developers of software for the actions of their users. While widely celebrated, the memo left so much room to continue exactly such prosecutions that it was about as reliable as the Trump administration’s promises to release the Epstein list. Regulatory clarity for developers has since been at an all-time low. According to the outcomes in Samourai Wallet and Tornado Cash, noncustodial software developers may no longer be charged for not having a money transmission license, but they may be charged for the transmission of illicit proceeds. So, are noncustodial software developers money transmitters that could face criminal charges in the U.S.? Your guess is as good as mine. What’s clear is that the verdict against Roman Storm has set a so-called persuasive precedent, meaning that anyone building non-custodial tools could be charged with a federal offense at the DOJ’s discretion. Bringing the PATRIOT Act to Digital Assets In terms of digital asset legislation, the last months have also been turbulent. While the GENIUS Act was much anticipated — though arguably more so by those who wear suits and those who pay for them — it also opened the door to the application of the Bank Secrecy Act, a law that mandates anti-money laundering and KYC requirements. While the GENIUS Act officially codifies certain rules for stablecoin issuers as financial institutions, the Treasury has since requested public comment on the application of digital identities to so-called DeFi services in relation to the GENIUS Act that would require non-custodial service providers to check a user’s identity credentials before executing transactions. Overall, the Treasury’s idea is that it’s acting in accordance with one of Trump’s first executive orders on Strengthening American Leadership in Digital Financial Technology, which aims to promote the “responsible growth and use of digital assets, blockchain technology, and related technologies” — keyword being “responsible.” What is meant by such “responsible” growth was finally revealed in the first White House Digital Assets Report last month, tasking Congress to create new sub-categories in the Bank Secrecy Act for digital assets, as well as asking FinCEN to consider next steps in the Biden-era mixer rule: This regulation that would outlaw pretty much any chance at transactional privacy, including the use of new, non-KYC addresses. If this may sound unconstitutional to you — since, you know, code is speech in this country — I regret to inform you that where we are going, we won’t need a Constitution. The majority of ideas floated by the president are governed under the PATRIOT Act, which the White House has asked Congress to specifically expand to digital assets — and the PATRIOT Act trumps the Constitution every time, pun very much intended. In short, the Bitcoin Presidency may sound great on paper, but in reality, the environment to develop code in the U.S. has never been more hostile. The Trump administration must drastically change course if it aims to actually fulfill its promises to Bitcoin users. Until then, it seems we would be well advised to issue caution when the government invites us to “come home” to build our services in the crypto capital of the world, as you may only get to see it from the inside of a prison cell. This post 200 Days of the Bitcoin President — Is Donald Trump’s Second Term Cause for Celebration or Concern? first appeared on Bitcoin Magazine and is written by L0La L33Tz.

[Bitcoin Magazine](https://bitcoinmagazine.com)
![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/Trump-legal-L0la-Bitcoin-sitting-at-the-Resolute-Desk-wearing-sunglasses.webp)
[200 Days of the Bitcoin President — Is Donald Trump’s Second Term Cause for Celebration or Concern?](https://bitcoinmagazine.com/legal/recapping-200-days-trump-president)

Donald Trump has held office as the 47th president of the United States since January 20, 2025. At a little over 200 days, it seems a good time to recap where the “Bitcoin President” has paved the way to make the United States the proclaimed “[crypto capital of the world](https://www.youtube.com/watch?v=9UxAUryUKXM),” and where we will go from here.

First, under Trump’s second presidency, many prominent industry actors have seen favorable outcomes to the legal troubles they had faced under previous administrations.

Terra/Luna founder Do Kwon reached a plea agreement with the Department of Justice, finding him guilty of just two of the total nine charges for losing investors over $40 billion over the course of days. The second circuit overturned the conviction of former OpenSea product manager Nathan Chastain for insider trading. The SEC dropped its cases against the cryptocurrency exchanges Gemini and Coinbase, [paused its lawsuit](https://www.google.com/url?q=https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26316&sa=D&source=docs&ust=1756062107444039&usg=AOvVaw3BRC3y23VbA8yRH4PIK7bT) against Binance and [reportedly](https://www.wired.com/story/sec-is-giving-up-biggest-crypto-lawsuits/) ended its investigations into Consensys, Robinhood, and Uniswap.

Meanwhile, Tron founder Justin Sun, who didn’t just face charges by the SEC over offering unregistered securities but was [reportedly](https://www.wsj.com/finance/currencies/justin-sun-trump-crypto-dinner-7efd5367) also subject to a DOJ investigation, now [dines](https://www.nytimes.com/2025/05/23/us/politics/trump-crypto-dinner-attendees.html) with the president.

On the regulatory side, things are also looking up, with everybody and their mother announcing plans to issue stablecoins, from Ripple to the state of Wyoming, thanks to the only legislature that has so far made it into law: the so-called [GENIUS Act](https://bitcoinmagazine.com/news/u-s-house-passes-the-genius-and-anti-cbdc-act). And while we still have no idea how much bitcoin the U.S. Government holds, as 200-plus days are apparently not enough to round up a comprehensive audit, the cheer for the [bitcoin strategic reserve](https://bitcoinmagazine.com/glossary/strategic-bitcoin-reserve) continues — except that the government appears to have no plans to actually buy the bitcoin, but will rather pivot to seizing it from, well, you.

Everybody Is A Money Transmitter
--------------------------------

What’s most notable is that each one of the aforementioned industry players relies heavily on the development of open source technologies. Without open source, not a single one of the mentioned platforms would have anything to trade, let alone to build. And for the developers of open source technologies, the president’s plans seem more than grim.

In July, Samourai Wallet developers Keonne Rodriguez and William Hill pleaded guilty to conspiracy to [operate an unlicensed money transmitting business](https://www.justice.gov/usao-sdny/pr/founders-samourai-wallet-cryptocurrency-mixing-service-plead-guilty), facing up to five years in federal prison. A week later, Tornado Cash developer Roman Storm was [found guilty](https://bitcoinmagazine.com/news/tornado-cash-trial-concludes-roman-storm-found-guilty-of-one-of-three-counts) by a jury in the Southern District of New York of the same offense.

Both prosecutions proceeded despite a [memo issued](https://bitcoinmagazine.com/legal/crypto-privacy-legalized-tornado-cash-and-samourai-cases-suggest-uncertainty-remains) by Deputy Attorney General Todd Blanche in April, which was widely celebrated to put an end to the DOJ’s attempts to make new laws through prosecutions explicitly calling on the DOJ to no longer charge developers of software for the actions of their users. While widely celebrated, the memo left so much room to continue exactly such prosecutions that it was about as reliable as the Trump administration’s promises to release the Epstein list.

Regulatory clarity for developers has since been at an all-time low. According to the outcomes in Samourai Wallet and Tornado Cash, noncustodial software developers may no longer be charged for not having a money transmission license, but they _may_ be charged for the transmission of illicit proceeds. So, are noncustodial software developers money transmitters that could face criminal charges in the U.S.? Your guess is as good as mine.

What’s clear is that the verdict against Roman Storm has set a so-called persuasive precedent, meaning that anyone building non-custodial tools could be charged with a federal offense at the DOJ’s discretion.

Bringing the PATRIOT Act to Digital Assets
------------------------------------------

In terms of digital asset legislation, the last months have also been turbulent. While the GENIUS Act was much anticipated — though arguably more so by those who wear suits and those who pay for them — it also opened the door to the application of the Bank Secrecy Act, a law that mandates anti-money laundering and KYC requirements.

While the GENIUS Act officially codifies certain rules for stablecoin issuers as financial institutions, the Treasury has since requested public comment on the application of digital identities to so-called DeFi services in relation to the GENIUS Act that would require non-custodial service providers to check a user’s identity credentials before executing transactions.

Overall, the Treasury’s idea is that it’s acting in accordance with one of Trump’s first executive orders on [Strengthening American Leadership in Digital Financial Technology](https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/), which aims to promote the “responsible growth and use of digital assets, blockchain technology, and related technologies” — keyword being “responsible.”

What is meant by such “responsible” growth was [finally revealed](https://www.therage.co/white-house-digital-assets-report-financial-privacy-primary-money-laundering/) in the first White House Digital Assets Report last month, tasking Congress to create new sub-categories in the Bank Secrecy Act for digital assets, as well as asking FinCEN to consider next steps in the Biden-era mixer rule: This regulation that would outlaw pretty much any chance at transactional privacy, including the use of new, non-KYC addresses.

If this may sound unconstitutional to you — since, you know, [code is speech](https://www.eff.org/deeplinks/2015/04/remembering-case-established-code-speech) in this country — I regret to inform you that where we are going, we won’t need a Constitution. The majority of ideas floated by the president are governed under the PATRIOT Act, which the White House has asked Congress to specifically expand to digital assets — and the PATRIOT Act trumps the Constitution every time, pun very much intended.

In short, the Bitcoin Presidency may sound great on paper, but in reality, the environment to develop code in the U.S. has never been more hostile. The Trump administration must drastically change course if it aims to actually fulfill its promises to Bitcoin users.

Until then, it seems we would be well advised to issue caution when the government invites us to “come home” to build our services in the crypto capital of the world, as you may only get to see it from the inside of a prison cell.

This post [200 Days of the Bitcoin President — Is Donald Trump’s Second Term Cause for Celebration or Concern?](https://bitcoinmagazine.com/legal/recapping-200-days-trump-president) first appeared on [Bitcoin Magazine](https://bitcoinmagazine.com) and is written by [L0La L33Tz](https://bitcoinmagazine.com/authors/l0la-l33tz).


Bitcoin Magazine Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC The price of Bitcoin has plunged below $110,000 in the past 24 hours, marking one of its steepest corrections in weeks. According to data from Bitcoin Magazine Pro, the world’s largest cryptocurrency dropped to $108,890 and remains below the $110,000 threshold at the time of writing. The decline represents a sharp sell-off from just last Friday, when Bitcoin traded as high as $117,000, before tumbling to $109,894 over the weekend. The downward momentum was accelerated by a massive whale sale. Over the weekend, a single Bitcoin holder offloaded 24,000 BTC worth more than $2.7 billion, sparking additional selling pressure and driving the price lower. The large transaction caused heightened volatility and weighed heavily on market sentiment. This entity liquidated their entire 24k balance, sending all of it to Hyperunite. They transferred 12k just today and are still actively selling, which is likely contributing to the ongoing price drop. https://t.co/HYPBiGzjRf pic.twitter.com/crML9AqvvV — Sani | TimechainIndex.com (@SaniExp) August 24, 2025 Despite the sharp move down, sentiment has not yet tipped fully into fear. The Bitcoin Fear and Greed Index, a widely watched market sentiment tool, currently sits at 48/100, which is categorized as “neutral” but hovers just above “fear.” The Fear and Greed Index is a tool that helps investors and traders analyze the Bitcoin and Crypto market from a sentiment perspective. It identifies the extent to which the market is becoming overly fearful or overly greedy. Hence why it is called the Fear and Greed Index. Bitcoin Magazine Pro explains that the Index helps investors separate their emotions from broader market reactions, offering insights into when assets may be overbought or oversold. Scores near zero reflect “extreme fear,” while scores close to 100 represent “extreme greed.” With Bitcoin currently at 48, sentiment is edging toward concern but has not yet fully entered bearish territory. Meanwhile, underlying network fundamentals remain strong despite price weakness. Bitcoin’s hash rate—a measure of the total computational power securing the network—is approaching a new record high. The current daily value stands at 909,080,589 Th/s, just shy of the all-time high of 1,084,828,947 Th/s set on August 4 when Bitcoin was trading at $115,149. Long-term holders may find reassurance in historical profitability data. Bitcoin Magazine Pro notes that holding Bitcoin has been profitable for 99.1% of its existence: Number of profitable days: 5,437 Total number of days tracked: 5,487 Percent of profitable days: 99.1% While the recent drop below $110,000 has rattled short-term traders, Bitcoin’s track record and network strength suggest resilience. Investors will be closely watching whether the Fear and Greed Index shifts further into fear territory, and if whales continue to unload large holdings, potentially adding more turbulence to the market in the coming days. JUST IN: Holding #Bitcoin has still been profitable for over 99% of its history. HODL pic.twitter.com/Fd6cTxFIMD — Bitcoin Magazine (@BitcoinMagazine) August 26, 2025 This post Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC first appeared on Bitcoin Magazine and is written by Nik.

[Bitcoin Magazine](https://bitcoinmagazine.com)
![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/Bitmine-Accumulates-BTC-1.jpg)
[Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC](https://bitcoinmagazine.com/markets/bitcoin-price-crashes-below-110000-after-whale-sold-24000-btc)

The [price of Bitcoin](https://bitcoinmagazine.com/bitcoin-price) has plunged below $110,000 in the past 24 hours, marking one of its steepest corrections in weeks. According to data from [Bitcoin Magazine Pro](https://www.bitcoinmagazinepro.com/bitcoin-price-live/), the world’s largest cryptocurrency dropped to $108,890 and remains below the $110,000 threshold at the time of writing. The decline represents a sharp sell-off from just last Friday, when Bitcoin traded as high as $117,000, before tumbling to $109,894 over the weekend.

![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/AD_4nXc6NxUE_R-JMRpPWpBeaaZ8uyi5RCE4AAfhVLXhAzh7hXdRlb3tGTDmyOzRMI5q7WIMllUs4c1iXdEGPB7jUfJja4pwdIe-XXPlLC4vge_fgY4prUnp3Jh8R1-a522u6wu_DqkhvwkeyR93d1n3fNktaeHVkiBCCfw.png "Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC 12")

The downward momentum was accelerated by a massive whale sale. Over the weekend, a single Bitcoin holder offloaded 24,000 BTC worth more than $2.7 billion, sparking additional selling pressure and driving the price lower. The large transaction caused heightened volatility and weighed heavily on market sentiment.

> This entity liquidated their entire 24k balance, sending all of it to Hyperunite. They transferred 12k just today and are still actively selling, which is likely contributing to the ongoing price drop. [https://t.co/HYPBiGzjRf](https://t.co/HYPBiGzjRf) [pic.twitter.com/crML9AqvvV](https://t.co/crML9AqvvV)
>
> — Sani | TimechainIndex.com (@SaniExp) [August 24, 2025](https://twitter.com/SaniExp/status/1959717227302941109?ref_src=twsrc%5Etfw)

Despite the sharp move down, sentiment has not yet tipped fully into fear. The Bitcoin Fear and Greed Index, a widely watched market sentiment tool, currently sits at 48/100, which is categorized as “neutral” but hovers just above “fear.”

The Fear and Greed Index is a tool that helps investors and traders analyze the Bitcoin and Crypto market from a sentiment perspective. It identifies the extent to which the market is becoming overly fearful or overly greedy. Hence why it is called the Fear and Greed Index.

![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/AD_4nXfYFZ5HVnHN_zkG3nhUu8IwNNqUl9W0f0JVhRVWn1IBZQ8fdNk_zqwihja-Y7BDOO-xQBiRbsl3Nvt0scxIQAc5vYSviFsn9DwB7YHFKKiNiPNPza06RnpV-r5QpQ2m_TNanj8gdAkeyR93d1n3fNktaeHVkiBCCfw.png "Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC 13")

Bitcoin Magazine Pro explains that the Index helps investors separate their emotions from broader market reactions, offering insights into when assets may be overbought or oversold. Scores near zero reflect “extreme fear,” while scores close to 100 represent “extreme greed.” With Bitcoin currently at 48, sentiment is edging toward concern but has not yet fully entered bearish territory.

Meanwhile, underlying network fundamentals remain strong despite price weakness. Bitcoin’s [hash rate](https://bitcoinmagazine.com/tags/hashrate)—a measure of the total computational power securing the network—is approaching a new record high. The current daily value stands at 909,080,589 Th/s, just shy of the all-time high of 1,084,828,947 Th/s set on August 4 when Bitcoin was trading at $115,149.

![](https://bitcoinmagazine.com/wp-content/uploads/2025/08/AD_4nXcPegYkdRyyJhcJMQtZsTRIsC8MDBKXcIeTRlagEn3K55-F6kioBlgMDxq7g-st6HpPQdF58glHulNdZncB8YLD0ugdz7SES48Jrf4iMaf-p6AkS8Q7YUtB5oceTBKqFRMw0HNlCAkeyR93d1n3fNktaeHVkiBCCfw.png "Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC 14")

Long-term holders may find reassurance in historical profitability data. Bitcoin Magazine Pro notes that holding Bitcoin has been profitable for 99.1% of its existence:

*   Number of profitable days: 5,437
*   Total number of days tracked: 5,487
*   Percent of profitable days: 99.1%

While the recent drop below $110,000 has rattled short-term traders, Bitcoin’s track record and network strength suggest resilience. Investors will be closely watching whether the Fear and Greed Index shifts further into fear territory, and if whales continue to unload large holdings, potentially adding more turbulence to the market in the coming days.

> JUST IN: Holding [#Bitcoin](https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw) has still been profitable for over 99% of its history.
>
> HODL ![✊](https://s.w.org/images/core/emoji/16.0.1/72x72/270a.png) [pic.twitter.com/Fd6cTxFIMD](https://t.co/Fd6cTxFIMD)
>
> — Bitcoin Magazine (@BitcoinMagazine) [August 26, 2025](https://twitter.com/BitcoinMagazine/status/1960371138413961267?ref_src=twsrc%5Etfw)

This post [Bitcoin Price Crashes Below $110,000 After Whale Sold 24,000 BTC](https://bitcoinmagazine.com/markets/bitcoin-price-crashes-below-110000-after-whale-sold-24000-btc) first appeared on [Bitcoin Magazine](https://bitcoinmagazine.com) and is written by [Nik](https://bitcoinmagazine.com/authors/nik).


![](https://batcoinz.com/wp-content/uploads/2024/11/Screen-Shot-2024-11-19-at-2.17.17-PM-1024x906.png)

The English word “measure” comes from the Sanskrit word “maya”. Maya refers to illusion, but also the measurable world. Bitcoin is perhaps the most important freedom technology in Maya, but it is still therefore part of the matrix, the world of things, of the measurable. While we talk of “escaping the matrix” in Bitcoin, and this is true that a relative escape is achieved by learning about how a fiat monetary system inhibits freedom across a range of measures, these are not the highest freedoms, because they are still relative freedoms within Maya,

To put it another way, Bitcoin can give many freedoms. And …the highest freedoms, Bitcoin cannot give you.

No asset or technology can.

You can have all the self-custodied Bitcoin, but …

If your mind continually moves from past events, to future plans, and you are unable to have it stay anchored in the present, then you are not free.

If you get triggered, and your emotions are decided by the words of others, then you are not free.

If you get irate and frustrated whenever someone criticises bitcoin then you are not free.

If you have many unrealised desires and ambitions that you believe you need to be fulfilled before you can be content, then you are not free.

If your mind gets unsettled when events do not go the way you want without delays or imperfections etc, then you are not free.

If while maintaining money, you fear losing it in the future, then you are not free.

If you feel fear when you lose some money or resources from your life, then you are not free.

If after realising one financial goal you feel compelled to quickly set a bigger one, then you are not free.

Bitcoin contributes to freedom. But it doesn’t cause freedom Freedom over your own mind is the ultimate self-sovereignty.


One of the paradoxes I noticed about us humans over the last 15 years coaching humans – and being coached myself – is that we live in this information age, yet “lack of information” is clearly not our challenge when it comes to changing the world, or changing our world for the better. Imagine you are offered the option of taking one of a series of pills, all of which have zero side effects. The first pill will boost your IQ by up to 23 points , while also combatting brain degeneration by ensuring that as you enter your 50s and beyond your brain will resemble that of a 20-year old. The second pill will lower your stress hormones by 60% and decrease any insomnia symptoms (if you have any) by 31%. The third pill will measurably increase your amount of gamma waves in the brain by 14% – these are the waves associated with higher cognition, information processing, perception, high alertness and attention. The fourth pill is focused on memory, and it will raise your performance on a memory task 10x. The fifth pill will measurably decrease each of the known psychological factors that weaken and ultimately end romantic relationship, or prevent us from finding one in the first place: including cynicism, criticism, attacking, pessimism, discontent and perfectionism. As a bonus, if you have children, it will also improve both your parenting, and improve your parent-child relationship. Which one would you take? Whatever your answer, now imagine that a smart scientist has devised a way where you can take one pill per day that has all five benefits however it does have one side effect, it will increase the amount of joy that you experience throughout the day, irrespective of outside events. So there is a catch. The pill has an initial consultation charge of $200, where a profession instructs you on when and how to administer this pill. Thereafter, the pill is free. And, it will take 20 minutes each day to administer this pill, during which time you will need to sit down in a comfortable position and relax. Would you still take the pill? Yes, the pill is a combination of meditation and a few simple breathing techniques Let’s break it down a little further: even the breathing techniques by themselves (SKY Breathing, from the Art of Living) has been shown to increase all five types of brain waves (2% higher delta waves, right up to 14%+ increase in gamma waves). Delta waves are associated with the deepest levels of relaxation, and are normally only seen in deep restorative and dreamless sleep. Theta waves are associated with learning and memory. Alpha waves are associated with concentration. There is also evidence that alpha waves have the potential to combat both depression and anxiety Beta waves are associated with a heightened state of alertness, logic and critical reasoning Gamma waves, as mentioned above, are associated with information processing, perception, high alertness and attention. Maybe next time you’re thinking of digesting some information, be it news, a book, or a podcast, you could experiment with swapping that out for some implementation time, by learning breathing and meditation techniques, which allow you to implement so much more of what you know. Disclosure: I am a breathing and meditation teacher, so you could say I’m biased. But then the research is objective, and has been reproduced many times. Also, the reason I started teaching these techniques was not random, it was because I noticed from my own direct experience tremendous benefits. Also, it’s something I do as a volunteer not as my profession, so there’s no financial incentive for me to spent time writing about meditation or teaching it. It does of course give me joy and a sense of higher purpose to see other people reproduce the same benefits I experienced. So it is not without reward. If you are interested in knowing more (ie: you’d like this last 5 minutes of reading time to result in implementation, not information) then flick me a note at @dsbatten on Twitter.

![](https://batcoinz.com/wp-content/uploads/2024/11/Screen-Shot-2024-11-19-at-1.54.52-PM-1024x541.png)

One of the paradoxes I noticed about us humans over the last 15 years coaching humans – and being coached myself – is that we live in this information age, yet “lack of information” is clearly not our challenge when it comes to changing the world, or changing our world for the better.

Imagine you are offered the option of taking one of a series of pills, all of which have zero side effects.

The first pill will boost your IQ by up to [23 points](https://www.inc.com/melanie-curtin/want-to-raise-your-iq-by-23-percent-neuroscience-says-to-take-up-this-simple-hab.html) , while also combatting brain degeneration by ensuring that as you enter your 50s and beyond your brain will resemble that of a 20-year old.

The second pill will lower your stress hormones by 60% and decrease any insomnia symptoms (if you have any) by 31%.

The third pill will measurably increase your amount of [gamma waves in the brain](https://pubmed.ncbi.nlm.nih.gov/32669767/#&gid=article-figures&pid=figure-2-uid-1) by 14% – these are the waves associated with higher cognition, information processing, perception, high alertness and attention.

The fourth pill is focused on memory, and it will raise your performance on a [memory task 10x](https://batcoinz.com/?page_id=2856).

The fifth pill will [measurably decrease](https://www.researchgate.net/publication/333155515_Mindfulness_Meditation_is_Associated_with_Decreases_in_Partner_Negative_Affect_in_Daily_Life) each of the known psychological factors that weaken and ultimately end romantic relationship, or prevent us from finding one in the first place: including cynicism, criticism, attacking, pessimism, discontent and perfectionism. As a bonus, if you have children, it will also improve both your parenting, and [improve your parent-child relationship](https://www.researchgate.net/publication/327796281_Parenting-Focused_Mindfulness_Intervention_Reduces_Stress_and_Improves_Parenting_in_Highly_Stressed_Mothers_of_Adolescents).

Which one would you take?

Whatever your answer, now imagine that a smart scientist has devised a way where you can take one pill per day that has all five benefits however it does have one side effect, it will increase the [amount of joy](https://www.tandfonline.com/doi/abs/10.1080/02699930143000392?journalCode=pcem20) that you experience throughout the day, irrespective of outside events.

So there is a catch. The pill has an initial consultation charge of $200, where a profession instructs you on when and how to administer this pill. Thereafter, the pill is free. And, it will take 20 minutes each day to administer this pill, during which time you will need to sit down in a comfortable position and relax.

Would you still take the pill?

![](https://batcoinz.com/wp-content/uploads/2024/11/Screen-Shot-2024-11-18-at-11.01.10-AM-1024x574.png)

Yes, the pill is a combination of meditation and a few simple breathing techniques

Let’s break it down a little further: even the breathing techniques by themselves (SKY Breathing, from the Art of Living) has been shown to increase all five types of brain waves (2% higher delta waves, right up to 14%+ increase in gamma waves).

Delta waves are associated with the deepest levels of relaxation, and are normally only seen in [deep restorative and dreamless sleep.](https://www.sciencedirect.com/topics/agricultural-and-biological-sciences/brain-waves)

Theta waves are associated with [learning and memory](https://en.wikipedia.org/wiki/Theta_wave).

Alpha waves are associated with concentration. There is also evidence that alpha waves have the potential to combat both [depression and anxiety](https://www.verywellmind.com/what-are-alpha-brain-waves-5113721)

Beta waves are associated with a heightened state of [alertness, logic and critical reasoning](https://m1psychology.com/brain-waves-and-hypnosis/)

Gamma waves, as mentioned above, are associated with information processing, perception, high alertness and attention.

![](https://batcoinz.com/wp-content/uploads/2024/11/Screen-Shot-2024-11-18-at-11.01.49-AM-1.png)

Maybe next time you’re thinking of digesting some information, be it news, a book, or a podcast, you could experiment with swapping that out for some implementation time, by learning breathing and meditation techniques, which allow you to implement so much more of what you know.

**Disclosure:** I am a breathing and meditation teacher, so you could say I’m biased. But then the research is objective, and has been reproduced many times. Also, the reason I started teaching these techniques was not random, it was because I noticed from my own direct experience tremendous benefits. Also, it’s something I do as a volunteer not as my profession, so there’s no financial incentive for me to spent time writing about meditation or teaching it. It does of course give me joy and a sense of higher purpose to see other people reproduce the same benefits I experienced. So it is not without reward. If you are interested in knowing more (ie: you’d like this last 5 minutes of reading time to result in implementation, not information) then flick me a note at @dsbatten on Twitter.


How Ideologically-Driven Environmental NGOs Have Hindered the Phase-Out of Gas Peaker Plants

Gas peaker plants, which fire up during periods of high electricity demand, are a critical yet environmentally damaging component of many energy grids. These plants emit significant amounts of CO2, nitrogen oxides (NOx), and particulate matter, disproportionately impacting low-income communities near their locations. While there is broad consensus on the need to phase them out, progress has stalled. Surprisingly, a key barrier comes from an unexpected source: ideologically driven environmental NGOs. Despite advocating for cleaner energy, these groups have often opposed pragmatic solutions to reduce peaker plant reliance. By dismissing collaborations with utilities and energy companies as “greenwashing” outright, and refusing to engage with transitional technologies, they inadvertently prolong the lifespan of these polluting facilities. The Problem with “All or Nothing” Activism Many environmental NGOs operate under a rigid ideological framework that rejects any solution involving fossil fuel infrastructure, even if it demonstrably reduces emissions in the short term. This stance has led to the dismissal of viable bridge technologies, such as: Retrofitting Peaker Plants with Carbon Capture or Efficiency Upgrades In 2021, Duke Energy proposed retrofitting gas peaker plants in North Carolina with carbon capture systems and hybrid natural gas-battery systems to cut emissions by 50%. However, the Sierra Club and Sunrise Movement labeled the plan a “false climate solution,” arguing it legitimized fossil fuels. The project was shelved, leaving older, higher-emitting peakers in operation (source: Duke Energy Sustainability Report, 2022). Renewable-Natural Gas Hybrid Projects In California, where peaker plants contribute to poor air quality, startups like Mote Hydrogen sought to convert peakers to run on hydrogen-blended natural gas. While this would reduce NOx emissions by 30%, NGOs like 350.org criticized the effort as a “distraction from true renewables,” despite the lack of large-scale battery storage to replace peakers entirely (source: California Air Resources Board, 2023). These examples highlight a pattern: NGOs frequently attack projects that could meaningfully reduce emissions while offering no scalable alternatives. The result? Utilities default to maintaining outdated peaker plants rather than risk reputational damage from NGO backlash. Criticism Without Grid-Scale Alternatives The International Energy Agency (IEA) estimates that even in net-zero scenarios, natural gas will supply 15% of global electricity by 2040 due to grid stability needs (source: IEA World Energy Outlook, 2022). Transitioning away from peaker plants requires bridging solutions, yet NGOs often reject these outright. For instance, when NextEra Energy proposed replacing Florida peaker plants with solar farms paired with gas turbines (to ensure reliability during cloudy periods), the Center for Biological Diversity accused the utility of “greenwashing fossil fuel dependence.” No alternative plan was put forward, leaving aging peakers operational (source: Tampa Bay Times, 2021). Similarly, in New York, the closure of the Astoria peaker plant was delayed after local NGOs opposed a replacement facility using lower-emission turbines, demanding immediate 100% renewables—a goal the grid couldn’t yet support (source: NYISO Reliability Report, 2022). This absolutism ignores grid realities. Battery storage remains costly and limited in duration, leaving peaker plants as a necessary backstop. By blocking incremental improvements, NGOs ensure dirtier status-quo operations persist. Bitcoin Mining: A Pragmatic Alternative to Gas Peaker Plants in Texas While gas peaker plants have long been the default solution for grid stability during peak demand, Bitcoin mining has emerged as a scalable, cost-effective, and environmentally superior alternative—particularly in Texas. By acting as a flexible demand-side resource, Bitcoin mining has already demonstrated its ability to reduce reliance on peaker plants, even as ideologically driven NGOs and fossil fuel interests continue to oppose it. How Bitcoin Mining Replaces Gas Peaker Plants Gas peaker plants are designed to activate only during periods of extreme electricity demand, typically running fewer than 1,500 hours annually. However, their high costs, methane emissions, and environmental harms make them a poor long-term solution. Bitcoin mining, by contrast, provides grid operators with a unique tool: the ability to rapidly curtail energy consumption during peak demand, stabilizing the grid without the need for additional fossil fuel infrastructure. In Texas, this approach was pioneered by ERCOT CEO Brad Jones following the catastrophic 2021 Winter Storm Uri, which exposed the fragility of relying solely on peaker plants. Jones recognized that Bitcoin miners—unlike traditional industrial loads—could shut down operations within seconds, freeing up gigawatts of power for critical needs during emergencies. This flexibility allowed ERCOT to: Avoid building 3 GW of new gas peaker plants proposed by Berkshire Hathaway Energy, saving Texans an estimated $18 billion in infrastructure costs. Integrate more renewables by providing a “buyer of last resort” for excess solar and wind energy, which incentivizes renewable development. Reduce emissions by displacing peaker plants, which emit 0.4–0.6 tons of CO2 per MWh and leak methane even while idling. Peer-reviewed studies validate this strategy. Bruno et al. (2023) found that Bitcoin mining with demand response eliminated the need for gas peaker plants entirely while reducing annual carbon emissions by 48.67 million metric tons compared to baseline scenarios (Table 1). Rhodes et al. (2024) further concluded that Bitcoin mining’s flexibility enables grids to prioritize renewable energy over fossil fuels, accelerating decarbonization. Texas: A Proof of Concept By 2024, Bitcoin mining operations in Texas had grown to 3 GW of flexible load capacity, participating actively in ERCOT’s demand response programs. This resource proved critical during extreme weather events, such as the July 2023 heatwave, when miners voluntarily powered down to free up 1.2 GW of electricity—equivalent to the output of three large peaker plants. ERCOT has since reported zero blackouts despite record demand, crediting Bitcoin mining as a key factor in grid resilience. Dr Rian Dewhurst, of the Digital Assets Research Institute explains “Bitcoin mining doesn’t just stabilize the grid—it helps build a cleaner one. Grid operators no longer need expensive, polluting peaker plants idling on standby.” Opposition from Fossil Fuel Interests Despite its proven benefits, Bitcoin mining faces fierce opposition from entities invested in gas peaker plants. Berkshire Hathaway Energy, which lobbied aggressively for $18 billion in peaker plant contracts, has funded lobbying efforts to discredit Bitcoin mining through proxies like Lt. Gov. Dan Patrick. Patrick has repeatedly claimed Bitcoin “destabilizes grids,” a narrative debunked by ERCOT and academic research. This backlash underscores Bitcoin mining’s disruptive potential. As Dewhurst noted, “When you have 3 GW of flexible load, the business case for peaker plants evaporates.” Texas’ experience demonstrates that Bitcoin mining is not merely a theoretical alternative to gas peaker plants—it is a proven, scalable solution. By prioritizing grid needs over ideology, ERCOT has shown how collaboration with Bitcoin miners can phase out peaker plants while saving costs, cutting emissions, and accelerating the renewable transition. Toward Pragmatism: A Call for NGO Accountability The climate crisis demands urgency, but dogmatism and poor research stifles progress. To phase out peaker plants, NGOs must: Evaluate Collaborations Objectively Assess whether partnerships with utilities or energy firms yield measurable emissions reductions rather than reflexively crying “greenwash.” Engage with Grid Realities Acknowledge the role of transitional technologies until renewables and storage scale sufficiently. Prioritize Outcomes Over Ideology Recognize that the perfect is the enemy of the good — hybrid systems are better than perpetuating outdated peakers, and Bitcoin mining based solutions are better again, because they can accelerate the phasing out of gas peaker plants without any gas-powered backed to compensate for variable renewable energy intermittency. The perfect cannot be the enemy of the good. By clinging to purity tests, NGOs risk becoming unwitting allies of the very fossil fuel systems they seek to dismantle. It’s time to embrace pragmatism—before another decade of peaker plants locks in avoidable emissions.

Gas peaker plants, which fire up during periods of high electricity demand, are a critical yet environmentally damaging component of many energy grids. These plants emit significant amounts of CO2, nitrogen oxides (NOx), and particulate matter, disproportionately impacting low-income communities near their locations. While there is broad consensus on the need to phase them out, progress has stalled. Surprisingly, a key barrier comes from an unexpected source: ideologically driven environmental NGOs.

![](https://batcoinz.com/wp-content/uploads/2025/01/Screen-Shot-2025-01-29-at-9.43.50-AM-1024x742.png)

Despite advocating for cleaner energy, these groups have often opposed pragmatic solutions to reduce peaker plant reliance. By dismissing collaborations with utilities and energy companies as “greenwashing” outright, and refusing to engage with transitional technologies, they inadvertently prolong the lifespan of these polluting facilities.

### **The Problem with “All or Nothing” Activism**

Many environmental NGOs operate under a rigid ideological framework that rejects any solution involving fossil fuel infrastructure, even if it demonstrably reduces emissions in the short term. This stance has led to the dismissal of viable bridge technologies, such as:

1.  **Retrofitting Peaker Plants with Carbon Capture or Efficiency Upgrades**
    In 2021, Duke Energy proposed retrofitting gas peaker plants in North Carolina with carbon capture systems and hybrid natural gas-battery systems to cut emissions by 50%. However, the Sierra Club and Sunrise Movement labeled the plan a “false climate solution,” arguing it legitimized fossil fuels. The project was shelved, leaving older, higher-emitting peakers in operation (source: _Duke Energy Sustainability Report, 2022_).
2.  **Renewable-Natural Gas Hybrid Projects**
    In California, where peaker plants contribute to poor air quality, startups like Mote Hydrogen sought to convert peakers to run on hydrogen-blended natural gas. While this would reduce NOx emissions by 30%, NGOs like 350.org criticized the effort as a “distraction from true renewables,” despite the lack of large-scale battery storage to replace peakers entirely (source: _California Air Resources Board, 2023_).

These examples highlight a pattern: NGOs frequently attack projects that could meaningfully reduce emissions while offering no scalable alternatives. The result? Utilities default to maintaining outdated peaker plants rather than risk reputational damage from NGO backlash.

* * *

### **Criticism Without Grid-Scale Alternatives**

The International Energy Agency (IEA) estimates that even in net-zero scenarios, natural gas will supply 15% of global electricity by 2040 due to grid stability needs (source: _IEA World Energy Outlook, 2022_). Transitioning away from peaker plants requires bridging solutions, yet NGOs often reject these outright.

For instance, when NextEra Energy proposed replacing Florida peaker plants with solar farms paired with gas turbines (to ensure reliability during cloudy periods), the Center for Biological Diversity accused the utility of “greenwashing fossil fuel dependence.” No alternative plan was put forward, leaving aging peakers operational (source: _Tampa Bay Times, 2021_). Similarly, in New York, the closure of the Astoria peaker plant was delayed after local NGOs opposed a replacement facility using lower-emission turbines, demanding immediate 100% renewables—a goal the grid couldn’t yet support (source: _NYISO Reliability Report, 2022_).

This absolutism ignores grid realities. Battery storage remains costly and limited in duration, leaving peaker plants as a necessary backstop. By blocking incremental improvements, NGOs ensure dirtier status-quo operations persist.

### **Bitcoin Mining: A Pragmatic Alternative to Gas Peaker Plants in Texas**

While gas peaker plants have long been the default solution for grid stability during peak demand, Bitcoin mining has emerged as a scalable, cost-effective, and environmentally superior alternative—particularly in Texas. By acting as a flexible demand-side resource, Bitcoin mining has already demonstrated its ability to reduce reliance on peaker plants, even as ideologically driven NGOs and fossil fuel interests continue to oppose it.

![](https://batcoinz.com/wp-content/uploads/2025/01/Screen-Shot-2025-01-29-at-9.44.29-AM-1024x612.png)

#### **How Bitcoin Mining Replaces Gas Peaker Plants**

Gas peaker plants are designed to activate only during periods of extreme electricity demand, typically running fewer than 1,500 hours annually. However, their high costs, methane emissions, and environmental harms make them a poor long-term solution. Bitcoin mining, by contrast, provides grid operators with a unique tool: the ability to rapidly curtail energy consumption during peak demand, stabilizing the grid without the need for additional fossil fuel infrastructure.

In Texas, this approach was pioneered by ERCOT CEO Brad Jones following the catastrophic 2021 Winter Storm Uri, which exposed the fragility of relying solely on peaker plants. Jones recognized that Bitcoin miners—unlike traditional industrial loads—could shut down operations within seconds, freeing up gigawatts of power for critical needs during emergencies. This flexibility allowed ERCOT to:

*   **Avoid building 3 GW of new gas peaker plants** proposed by Berkshire Hathaway Energy, saving Texans an estimated [$18 billion in infrastructure costs](https://www.da-ri.org/articles/how-bitcoin-mining-saved-texans-18-billion).
*   **Integrate more renewables** by providing a “buyer of last resort” for excess solar and wind energy, which incentivizes renewable development.
*   **Reduce emissions** by displacing peaker plants, which emit 0.4–0.6 tons of CO2 per MWh and leak methane even while idling.

Peer-reviewed studies validate this strategy. [Bruno et al](https://www.sciencedirect.com/science/article/pii/S0928765523000313?via%3Dihub). (2023) found that Bitcoin mining with demand response eliminated the need for gas peaker plants entirely while reducing annual carbon emissions by 48.67 million metric tons compared to baseline scenarios (Table 1). [Rhodes et al](https://lancium.com/wp-content/uploads/2022/06/Lancium_Flexible_Data_Center_Whitepaper_4.2022.pdf). (2024) further concluded that Bitcoin mining’s flexibility enables grids to prioritize renewable energy over fossil fuels, accelerating decarbonization.

#### **Texas: A Proof of Concept**

By 2024, Bitcoin mining operations in Texas had grown to 3 GW of flexible load capacity, participating actively in ERCOT’s demand response programs. This resource proved critical during extreme weather events, such as the July 2023 heatwave, when miners voluntarily powered down to free up 1.2 GW of electricity—equivalent to the output of three large peaker plants. ERCOT has since reported zero blackouts despite record demand, crediting Bitcoin mining as a key factor in grid resilience.

Dr Rian Dewhurst, of the [Digital Assets Research Institute](https://www.da-ri.org/) explains “Bitcoin mining doesn’t just stabilize the grid—it helps build a cleaner one. Grid operators no longer need expensive, polluting peaker plants idling on standby.”

#### **Opposition from Fossil Fuel Interests**

Despite its proven benefits, Bitcoin mining faces fierce opposition from entities invested in gas peaker plants. Berkshire Hathaway Energy, which lobbied aggressively for $18 billion in peaker plant contracts, has [funded lobbying efforts to discredit Bitcoin mining](https://www.da-ri.org/articles/how-bitcoin-mining-saved-texans-18-billion) through proxies like Lt. Gov. Dan Patrick. Patrick has repeatedly claimed Bitcoin “destabilizes grids,” a narrative debunked by ERCOT and academic research.

This backlash underscores Bitcoin mining’s disruptive potential. As Dewhurst noted, “When you have 3 GW of flexible load, the business case for peaker plants evaporates.”

Texas’ experience demonstrates that Bitcoin mining is not merely a theoretical alternative to gas peaker plants—it is a proven, scalable solution. By prioritizing grid needs over ideology, ERCOT has shown how collaboration with Bitcoin miners can phase out peaker plants while saving costs, cutting emissions, and accelerating the renewable transition.

### **Toward Pragmatism: A Call for NGO Accountability**

The climate crisis demands urgency, but dogmatism and poor research stifles progress. To phase out peaker plants, NGOs must:

1.  **Evaluate Collaborations Objectively**
    Assess whether partnerships with utilities or energy firms yield measurable emissions reductions rather than reflexively crying “greenwash.”
2.  **Engage with Grid Realities**
    Acknowledge the role of transitional technologies until renewables and storage scale sufficiently.
3.  **Prioritize Outcomes Over Ideology**
    Recognize that the perfect is the enemy of the good — hybrid systems are better than perpetuating outdated peakers, and Bitcoin mining based solutions are better again, because they can accelerate the phasing out of gas peaker plants without any gas-powered backed to compensate for variable renewable energy intermittency.

The perfect cannot be the enemy of the good. By clinging to purity tests, NGOs risk becoming unwitting allies of the very fossil fuel systems they seek to dismantle. It’s time to embrace pragmatism—before another decade of peaker plants locks in avoidable emissions.