Rebuttal: Earthjustice report on Bitcoin Mining, Feb 2025

Original report: https://earthjustice.org/experts/mandy-deroche/how-much-do-we-subsidize-cryptocurrency-minings-electricity-use-no-one-knows This post argues that Earthjustice’s latest report on Bitcoin mining is significantly disconnected from both the scientific consensus and real-world evidence. By failing to engage with the latest research and developments, Earthjustice risks undermining efforts to leverage Bitcoin mining as a tool that benefits the environmental across a range of metrics. This rebuttal examines the inaccuracies in their report and highlights the growing body of evidence supporting Bitcoin mining’s environmental benefits. For context: in recent times, Bitcoin has emerged as arguably the most important form of climatetech in enabling not one but four critical areas of climate justice. A large volume of peer reviewed research now confirms what Bitcoin mining companies, grid operators, energy experts, and the Bitcoin mining industry have been saying for some time: Bitcoin mining is essential to progress on these four critical areas 1. Remove bottlenecks to getting more renewable energy onto the grid 2. Replace Fossil fuel based heat with electrically based heat 3. Increase the speed and profitability of R&D into new renewable energy projects 4. Urgently end three carbon-intensive practices (gas peaker plant proliferation, natural gas flaring, venting of landfill gas) source These are no longer theoretical benefits, as they were when Earthjustice first started reporting on Bitcoin mining: Finland is now supplying 2% of all district heat through recycled Bitcoin mining heat, replacing fossil fuel-dependent sources such as the burning of coal and peat. 29 Bitcoin mining operations use carbon negative sources such as flared gas or landfill gas for power. OTEC, a forgotten form of renewable energy has had a new lease of life. Finally, since Bitcoin mining moved onto the Texas grid, blackouts have been prevented, $18Billion of new gas peaker plant costs were averted, inflation adjusted electricity prices were kept stable (a rare phenomenon for jurisdictions with rapidly increasing renewable penetration), while solar/wind rose from 80 GW to 130 GW of generation capacity. source Heat recycled from Bitcoin mining rigs running on Finland’s 92% fossil-free grid is increasingly replacing 54.6% fossil-fuel dependent existing district heating sources in Finland The world has changed, leaving Earthjustice behind Earthjustice published their first anti-Bitcoin report in 2022. Since then, the world of Bitcoin mining has fundamentally changed in five major ways: 1. Scientific community puts its weight behind Bitcoin mining’s environmental benefits Bitcoin mining has been shown to accelerate the renewable energy transition (Lal et al, 2023) obviate the need for gas peaker plants (Bruno et al, 2023) stabilize the grid (Rudd et al, 2023) halve the payback time for solar farms (Hakimi et al, 2024) accelerate renewable microgrid development (Moghimi et al 2024) reduce methane emissions from landfills (Sechrest et al, 2024) avert the need for expensive grid upgrades (Norris et al, 2025) with 14 out of the last 16 peer reviewed papers on Bitcoin and energy (87.5%) showing clear positive environmental externalities. 2. Sustainability media gets behind Bitcoin mining’s environmental benefits Of the ten climate-focused media that are commenting on Bitcoin mining and energy, nine of them found strong environmental benefits (90%). 3. 180° turnaround in mainstream media reporting on Bitcoin mining Of the 14 media outlets still covering Bitcoin and energy, 12 are covering Bitcoin’s environmental benefits (85.7%) 4. Bitcoin’s sustainable energy proportion has increased from 49.1% to 56.7% source: Digital Assets Research Institute 5. Source findings of Earthjustice’s 2022 report debunked The work of Alex de Vries and authors who relied on his findings, which formed the basis of Earthjustice’s 2022 findings, has been discredited due to fundamental flaws in both data-gathering techniques and methodology. source: Sai & Vranken, 2023 Earthjustice has responded by spreading even more misinformation Earthjuistice has not revisited their 2022 position on Bitcoin mining. Rather, their approach mirrors tactics that disregard scientific consensus, which is concerning given the volume of peer-reviewed research supporting Bitcoin mining’s environmental benefits. They have either ignored the scientific consensus, or dismissed the entire body of research as being the work of “vest interest groups” But not only has Earthjustice ignored the undisputed evidence of Bitcoin mining’s environmental benefits, they have put out more misinformation. The misinformation in Earthjustice’s 2025 report falls into three categories The very widely debunked claim that Bitcoin mining destabilizes grids The more recently debunked claim that Bitcoin mining increases power prices The more recently debunked claim that Bitcoin mining does not offer community benefits Let’s address each in turn. 1. Bitcoin and grid stability This claim demonstrates considerable ignorance about the large body of evidence showing that Bitcoin mining stabilizes grids. The claim also reveals a severe lack of awareness about what Earthjustice’s peers in the environmental movement have been writing in climate media for some time. The key point is: Bitcoin does not destabilize grids. In fact, a mountain of peer-reviewed and real-world evidence shows that Bitcoin mining stabilizes grids, enabling grid operators to integrate higher concentrations of variable renewable energy. For example: Lai et al states that Bitcoin mining can “balance the electrical grid”. source Ibañez et al concludes “PoW mining emerges as an alternative that can provide additional income and ancillary services (auxiliary services designed to provide stability to the energy grid)”. source Menati et al found that “the flexibility of cryptocurrency mining loads plays a pivotal role in the reliability of electricity systems and the stability of electricity markets” and “cryptocurrency mining …is shown not to be detrimental to power grid reliability even with significant amounts at certain locations.” source A whitepaper from Energy Experts at Duke University concluded that Controllable Load Resources (aka: Bitcoin mining) help to stabilize grids, and decarbonize grids. source These findings correspond precisely to Texas’ grid operators own direct observations. “[Bitcoin mining operations] have found a way to come into the market and take some of that excess wind in offpeak periods. Then it can turn down whenever we need the power for other customers… And if a generator trips off line can very quickly respond to that frequency disruption and allow us to balance our grid more efficiently.” source: Brad Jones, Former Interim CEO, ERCOT. The early misinformation that bitcoin destabilizes grids is rarely recycled any more, with both mainstream and sustainability-focsed journalists increasingly reporting on how Bitcoin mining in fact has a stabilizing impact on Grids. 2. Bitcoin and electricity prices The Earthjustice report shows an eye-opening level of naivety about the relationship between Bitcoin mining electricity prices and the cost that other users pay for electricity, the argument basically runs like this “We found out that Bitcoin miners pay a low cost for electricity, so we postulate that this means other users are subsidizing them.” To anyone with a basic understanding of wholesale electricity markets, this demonstrates the risks of non-domain experts commenting outside their area of expertise. Not only is there no evidence, either real-world or in the academic literature for this claim, but there is a significant body of evidence to the contrary. For example, Brad Jones, Former CEO of Texas’ grid ERCOT observed that by creating a more competitive market for ancillary services and by finding a home for otherwise wasted wind energy, Bitcoin was “helping keep the cost of electricity low for all Texans” In September 2024, Norwegian residents realized that Bitcoin mining had for years been keeping their power prices 20% lower. After the Bitcoin mining operation left the grid, their prices instantly increased to meet the revenue shortfall. As for the claim “There are other types of Demand Response. We don’t need Bitcoin” As energy expert Tom Algie puts it “Turning off and providing demand response isn’t straightforward. Compensation for traditional DR assets; steel works, aluminium smelters etc, is astronomical. Bitcoin mining revenue is on par with electricity prices, so we don’t need much additional incentive to turn off. This coupled with the ability to be located anywhere, the Bitcoin mining load is one of the most cost effective ways to provide DR, FCAS and System Strength services. It also incentivises overbuild of renewables. Bitcoin miners are also building plenty of energy assets globally.” Further, Inflation-adjusted figures show no statistically significant rise or fall in either electricity or gas prices since Bitcoin mining came onto the ERCOT grid in Texas, giving support for ERCOT CEO Brad Jones’ observation that Bitcoin mining in fact “Helped keep the price of power low for all Texans.” The claim therefore seems to be a false attribution of the impact of high inflation from 2021-2023, to Bitcoin mining. There are now not one but five ways that Bitcoin mining has been shown to keep residential power prices low Creating a more competitive market for Demand Response services (Mitch Klee) Providing more revenue to the grid operators, thereby decreasing the cost burden to other users (Dan Roberts) Reducing costly curtailment payouts to VRE generators (MARA) Helping grid operators to delay the need for cost-prohibitive grid upgrades (Norris et al) Obviating the need for multi-billion dollar Gas peaker plant investment (Rian Dewhurst) Earthjustice’s habit of indulging in domain-naive speculative inference over consulting the existing large body of literature on Bitcoin mining should be viewed as a red flag to environmentalists, policymakers, regulators and others in the climate industry. All should give Earthjustice’s articles on Bitcoin mining a wide berth until there is a substantial improvement in their awareness of both the domain, and the prior body of literature germane to the subject they are addressing. 3. Bitcoin and community benefits While Earthjustice claims that Bitcoin mining fails to deliver significant community benefits, evidence from the Perryman Group and testimonials from local officials like Mayor Ward Roddam of Rockdale, Texas, demonstrate the opposite. Perryman’s report found that in the US alone, Bitcoin mining has created 31,000 jobs brought $4.1 billion in annual U.S. gross product helped stabilize the grid while offering a range of other direct community benefits Community benefits were found to be significant, and included strengthening local public services boosting school funding improving community well-being expanding career opportunities in high-tech fields Improving community infrastructure In Rockdale, one of the major Bitcoin mining hubs in Texas, the mayor confirmed these benefits were being observed: “Bitcoin miners are deeply invested in the communities where they work. [They] are among the largest taxpayers in … our local school district. These companies donate to local causes, including scholarships, police and fire departments, youth sports and … community events.” ~ Ward Roddam. Mayor, Rockdale Conclusion In this paper, two lawyers from Earthjustice have advanced the implausible theory that they know more about community impacts of Bitcoin mining than the residents and mayor of the town of Rockdale benefitted, more about the grid stabilization impacts of Bitcoin than five separate teams of energy experts who published peer reviewed research on this subject, and more about the impact of Bitcoin on cost to other grid users than the Grid operator himself. They have ignored the scientific consensus, the environmental consensus and even the media reporting in the liberal media on Bitcoin mining. While the Earthjustice report of 2022 was arguably forgivable, as none of these five shifts had occurred in our understanding of Bitcoin mining, to write such a report in 2025 reflects a lack of engagement with recent research and real-world evidence, which calls into question its credibility on this issue. But Earthjustice’s report is not just misguided, its irresponsible. As a climatetech investor, I am continually looking for landfill operators where bitcoin mining operations can be set up, because bitcoin mining is usually the only way to profitably mitigate landfill gas methane (a horrendous greenhouse gas). We face considerable pushback on an almost daily basis because landfill owners have read factually incorrect accounts of bitcoin mining’s environmental impact. Such uncritical appraisals slow down our efforts to mitigate methane. I also travel around the world encouraging renewable operators to use bitcoin mining for their otherwise wasted renewable energy, so that they can become more profitable, and pour that profit back into expanding their renewable operation faster. Unfortunately, my efforts to do this are severely compromised by the misinformation they have heard about Bitcoin mining that was circulated widely by Alex de Vries from 2018-2022, and which unfortunately you are still recirculating, and which despite your good intentions actually slow down the efforts of those seeking pragmatic solutions to advancing the green energy transition. By promoting misinformation, Earthjustice risks delaying the adoption of innovative solutions like Bitcoin mining, which have been shown to accelerate the transition to renewable energy and reduce greenhouse gas emissions. Specifically, they risk delaying the point at which we will be able to phase out gas peaker plants, while increasing the chances that retail users of electricity will have to pay a premium for their power. It is important that anyone who chances upon Earthjustice’s report should know that they are an outlier in the environmental movement in that they are still publishing misinformation on Bitcoin mining in 2025. We urge Earthjustice to revisit its stance on Bitcoin mining in light of the latest scientific research and real-world evidence. By doing so, they can align their advocacy with the most effective strategies for achieving climate justice.

Original report: [https://earthjustice.org/experts/mandy-deroche/how-much-do-we-subsidize-cryptocurrency-minings-electricity-use-no-one-knows](https://earthjustice.org/experts/mandy-deroche/how-much-do-we-subsidize-cryptocurrency-minings-electricity-use-no-one-knows)

This post argues that Earthjustice’s latest report on Bitcoin mining is significantly disconnected from both the scientific consensus and real-world evidence. By failing to engage with the latest research and developments, Earthjustice risks undermining efforts to leverage Bitcoin mining as a tool that benefits the environmental across a range of metrics. This rebuttal examines the inaccuracies in their report and highlights the growing body of evidence supporting Bitcoin mining’s environmental benefits.

For context: in recent times, Bitcoin has emerged as arguably the most important form of climatetech in enabling not one but four critical areas of climate justice. A large volume of peer reviewed research now confirms what Bitcoin mining companies, grid operators, energy experts, and the Bitcoin mining industry have been saying for some time: Bitcoin mining is essential to progress on these four critical areas

**1\. Remove bottlenecks to getting more renewable energy onto the grid**

**2\. Replace Fossil fuel based heat with electrically based heat**

**3\. Increase the speed and profitability of R&D into new renewable energy projects**

**4\. Urgently end three carbon-intensive practices** (gas peaker plant proliferation, natural gas flaring, venting of landfill gas)

[source](https://batcoinz.com/why-climate-action-doesnt-just-benefit-from-bitcoin-mining-it-requires-it/)

These are no longer theoretical benefits, as they were when Earthjustice first started reporting on Bitcoin mining:

Finland is now supplying [2% of all district heat](https://x.com/DSBatten/status/1872740512555315559) through recycled Bitcoin mining heat, replacing fossil fuel-dependent sources such as the burning of coal and peat. 29 Bitcoin mining operations use carbon negative sources such as flared gas or landfill gas for power. OTEC, a forgotten form of renewable energy has had a new lease of life. Finally, since Bitcoin mining moved onto the Texas grid, blackouts have been prevented, $18Billion of new gas peaker plant costs were averted, inflation adjusted electricity prices were kept stable (a rare phenomenon for jurisdictions with rapidly increasing renewable penetration), while solar/wind rose from 80 GW to 130 GW of generation capacity.

[source](https://batcoinz.com/why-climate-action-doesnt-just-benefit-from-bitcoin-mining-it-requires-it/)

![](https://batcoinz.com/wp-content/uploads/2025/02/Screen-Shot-2025-02-23-at-8.56.17-PM-1024x726.png)

Heat recycled from Bitcoin mining rigs running on [Finland’s 92% fossil-free grid](https://www.treasuryfinland.fi/investor-relations/sustainability-and-finnish-government-bonds/data-and-facts-energy-transition/#:~:text=Finland's%20energy%20mix%20is%20well,second%20highest%20in%20the%20EU.) is increasingly
replacing [54.6% fossil-fuel dependent](https://www.statista.com/statistics/660023/finland-type-of-fuels-used-for-district-heating/) existing district heating sources in Finland

The world has changed, leaving Earthjustice behind
--------------------------------------------------

Earthjustice published their first anti-Bitcoin report in 2022. Since then, the world of Bitcoin mining has fundamentally changed in five major ways:

**1\. Scientific community puts its weight behind Bitcoin mining’s environmental benefits**

Bitcoin mining has been shown to

*   accelerate the renewable energy transition ([Lal et al](https://pubs.acs.org/doi/10.1021/acssuschemeng.3c05445), 2023)
*   obviate the need for gas peaker plants ([Bruno et al](https://www.sciencedirect.com/science/article/pii/S0928765523000313), 2023)
*   stabilize the grid ([Rudd et al](https://www.mdpi.com/2078-1547/14/4/47), 2023)
*   halve the payback time for solar farms ([Hakimi et al](https://www.cell.com/heliyon/fulltext/S2405-8440\(24\)15796-9), 2024)
*   accelerate renewable microgrid development ([Moghimi et al](https://www.sciencedirect.com/science/article/pii/S0142061524001364) 2024)
*   reduce methane emissions from landfills ([Sechrest et al](https://www.sciencedirect.com/science/article/pii/S0959652624029652?via%3Dihub), 2024)
*   avert the need for expensive [grid upgrades](https://www.linkedin.com/posts/danielsbatten_waited-34-months-for-this-moment-in-march-activity-7296373253453819905-Y2SK?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAAOueQB3LYz-BPTBFwVPl9wJVYdGJiKUow) ([Norris et al](https://nicholasinstitute.duke.edu/sites/default/files/publications/rethinking-load-growth.pdf), 2025)

with [14 out of the last 16](https://www.linkedin.com/posts/danielsbatten_from-mining-to-mitigation-how-bitcoin-can-activity-7280429495679963136-2E-q?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAAOueQB3LYz-BPTBFwVPl9wJVYdGJiKUow) peer reviewed papers on Bitcoin and energy (87.5%) showing clear positive environmental externalities.

**2\. Sustainability media gets behind Bitcoin mining’s environmental benefits**

Of the ten climate-focused media that are commenting on Bitcoin mining and energy, [nine of them](https://www.linkedin.com/posts/danielsbatten_bitcoin-miner-mara-buying-114-mw-wind-farm-activity-7280432749180559360-AaWO/) found strong environmental benefits (90%).

**3\. 180° turnaround in mainstream media reporting on Bitcoin mining**

Of the 14 media outlets still covering Bitcoin and energy, [12 are covering](https://www.linkedin.com/posts/danielsbatten_why-bitcoin-is-key-to-the-future-of-finance-activity-7278907968035700737-9IwO?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAAOueQB3LYz-BPTBFwVPl9wJVYdGJiKUow) Bitcoin’s environmental benefits (85.7%)

**4\. Bitcoin’s sustainable energy proportion has increased from 49.1% to 56.7%**

source: D[igital Assets Research Institute](https://woocharts.com/esg-bitcoin-mining-sustainability/)

![](https://batcoinz.com/wp-content/uploads/2025/02/Screen-Shot-2025-02-23-at-4.14.23-PM-1024x638.png)

**5\. Source findings of Earthjustice’s 2022 report debunked**

The work of Alex de Vries and authors who relied on his findings, which formed the basis of Earthjustice’s 2022 findings, has been discredited due to fundamental flaws in both data-gathering techniques and methodology.

source: [Sai & Vranken](https://www.sciencedirect.com/science/article/pii/S2096720923000441?via%3Dihub), 2023

Earthjustice has responded by spreading even more misinformation
----------------------------------------------------------------

Earthjuistice has not revisited their 2022 position on Bitcoin mining. Rather, their approach mirrors tactics that disregard scientific consensus, which is concerning given the volume of peer-reviewed research supporting Bitcoin mining’s environmental benefits. They have either ignored the scientific consensus, or dismissed the entire body of research as being the work of “vest interest groups”

But not only has Earthjustice ignored the undisputed evidence of Bitcoin mining’s environmental benefits, they have put out more misinformation.

The misinformation in Earthjustice’s 2025 report falls into three categories

1.  The very widely debunked claim that Bitcoin mining destabilizes grids
2.  The more recently debunked claim that Bitcoin mining increases power prices
3.  The more recently debunked claim that Bitcoin mining does not offer community benefits

Let’s address each in turn.

### 1\. Bitcoin and grid stability

This claim demonstrates considerable ignorance about the large body of evidence showing that Bitcoin mining stabilizes grids. The claim also reveals a severe lack of awareness about what Earthjustice’s peers in the environmental movement have been writing in climate media for some time.

The key point is: Bitcoin does not destabilize grids. In fact, a mountain of peer-reviewed and real-world evidence shows that Bitcoin mining stabilizes grids, enabling grid operators to integrate higher concentrations of variable renewable energy.

For example:

1.  [Lai et al](https://pubs.acs.org/doi/10.1021/acssuschemeng.3c05445) states that Bitcoin mining can “balance the electrical grid”. [source](https://pubs.acs.org/doi/10.1021/acssuschemeng.3c05445)
2.  [Ibañez et al](https://www.mdpi.com/2078-1547/14/3/35) concludes “PoW mining emerges as an alternative that can provide additional income and ancillary services (auxiliary services designed to provide stability to the energy grid)”. [source](https://www.mdpi.com/2078-1547/14/3/35)
3.  [Menati et al](https://www.sciencedirect.com/science/article/pii/S266679242300015X) found that “the flexibility of cryptocurrency mining loads plays a pivotal role in the reliability of electricity systems and the stability of electricity markets” and “cryptocurrency mining …is shown not to be detrimental to power grid reliability even with significant amounts at certain locations.” [source](https://www.sciencedirect.com/science/article/pii/S266679242300015X)
4.  A whitepaper from Energy Experts at Duke University concluded that Controllable Load Resources (aka: Bitcoin mining) help to [stabilize grids](https://www.linkedin.com/posts/danielsbatten_waited-34-months-for-this-moment-in-march-activity-7296373253453819905-Y2SK?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAAOueQB3LYz-BPTBFwVPl9wJVYdGJiKUow), and decarbonize grids. [source](https://nicholasinstitute.duke.edu/sites/default/files/publications/rethinking-load-growth.pdf)
5.  These findings correspond precisely to Texas’ grid operators own direct observations.

###### **“\[Bitcoin mining operations\] have found a way to come into the market and take some of that excess wind in offpeak periods. Then it can turn down whenever we need the power for other customers… And if a generator trips off line can very quickly respond to that frequency disruption and allow us to balance our grid mor


![KYC Bitcoin: Individuals are on Lists](https://www.discreetlog.com/content/images/2023/02/binancekycleak.webp)

**_What is KYC/AML?_**

*   The acronym stands for Know Your Customer / Anti Money Laundering.
*   In practice it stands for the surveillance measures companies are often compelled to take against their customers by financial regulators.
*   Methods differ but often include: Passport Scans, Driver License Uploads, Social Security Numbers, Home Address, Phone Number, Face Scans.
*   Bitcoin companies will also store all withdrawal and deposit addresses which can then be used to track bitcoin transactions on the bitcoin block chain.
*   This data is then stored and shared. Regulations often require companies to hold this information for a set number of years but in practice users should assume this data will be held indefinitely. Data is often stored insecurely, which results in frequent [hacks and leaks](https://www.newsweek.com/binance-hack-telegram-kyc-data-extortion-changpeng-zhao-cryptocurrency-bitcoin-1452989?ref=discreetlog.com).
*   KYC/AML data collection puts all honest users at risk of theft, extortion, and persecution while being ineffective at stopping crime. Criminals often use [counterfeit, bought, or stolen](https://www.coindesk.com/policy/2021/10/19/for-200-you-can-trade-crypto-with-a-fake-id/?ref=discreetlog.com) credentials to get around the requirements. Criminals can buy "verified" accounts for as [little as $200](https://www.coindesk.com/policy/2021/10/19/for-200-you-can-trade-crypto-with-a-fake-id/?ref=discreetlog.com). Furthermore, billions of people are excluded from financial services as a result of KYC/AML requirements.

During the early days of bitcoin most services did not require this sensitive user data, but as adoption increased so did the surveillance measures. At this point, **most large bitcoin companies are collecting and storing massive lists of bitcoiners, our sensitive personal information, and our transaction history.**

**Lists of Bitcoiners**

KYC/AML policies are a direct attack on bitcoiners. Lists of bitcoiners and our transaction history will inevitably be used against us.

Once you are on a list with your bitcoin transaction history that record will always exist. Generally speaking, tracking bitcoin is based on probability analysis of ownership change. Surveillance firms use various heuristics to determine if you are sending bitcoin to yourself or if ownership is actually changing hands.  You can obtain better privacy going forward by using collaborative transactions such as coinjoin to break this probability analysis.

Fortunately, you can buy bitcoin without providing intimate personal information. Tools such as [peach](https://peachbitcoin.com/?ref=discreetlog.com), [hodlhodl](https://hodlhodl.com/?ref=discreetlog.com), [robosats](https://learn.robosats.com/?ref=discreetlog.com), [azteco](https://azte.co/?ref=discreetlog.com) and [bisq](https://bisq.network/?ref=discreetlog.com) help; mining is also a solid option: anyone can plug a miner into power and internet and earn bitcoin by mining privately.

You can also earn bitcoin by providing goods and/or services that can be purchased with bitcoin. Long term, circular economies will mitigate this threat: most people will not buy bitcoin - they will earn bitcoin - most people will not sell bitcoin - they will spend bitcoin.

**There is no such thing as KYC or No KYC bitcoin, there are bitcoiners on lists and those that are not on lists.**

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![KYC Bitcoin: Individuals are on Lists](https://werunbtc.com/donate.png)


> !['The Lightning Network' Does Not Exist](https://www.discreetlog.com/content/images/2023/03/lightningnetwork.webp)
>
> The former seems to have found solid product market fit. Expect significant volume, adoption, and usage going forward.
>
> The latter's future remains to be seen. Dependence on Tor, which has had massive reliability issues, and lack of strong privacy guarantees put it at risk.
>
> — ODELL (@ODELL) [October 27, 2022](https://twitter.com/ODELL/status/1585633149815377922?ref_src=twsrc%5Etfw&ref=discreetlog.com)

**The Basics**

*   Lightning is a protocol that enables cheap and fast native bitcoin transactions.
*   At the core of the protocol is the ability for bitcoin users to create a payment channel with another user.
*   These payment channels enable users to make many bitcoin transactions between each other with only two on-chain bitcoin transactions: the channel open transaction and the channel close transaction.
*   Essentially lightning is a protocol for interoperable batched bitcoin transactions.
*   It is expected that on chain [bitcoin transaction fees will increase](https://www.discreetlog.com/utxos/) with adoption and the ability to easily batch transactions will save users significant money.
*   As these lightning transactions are processed, liquidity flows from one side of a channel to the other side, on chain transactions are signed by both parties but not broadcasted to update this balance.
*   Lightning is designed to be trust minimized, either party in a payment channel can close the channel at any time and their bitcoin will be settled on chain without trusting the other party.

**There is no 'Lightning Network'**

*   Many people refer to the aggregate of all lightning channels as 'The Lightning Network' but this is a false premise.
*   There are many lightning channels between many different users and funds can flow across interconnected channels as long as there is a route through peers.
*   If a lightning transaction requires multiple hops it will flow through multiple interconnected channels, adjusting the balance of all channels along the route, and paying lightning transaction fees that are set by each node on the route.

**Example:** You have a channel with Bob. Bob has a channel with Charlie. You can pay Charlie through your channel with Bob and Bob's channel with User C.

*   As a result, it is not guaranteed that every lightning user can pay every other lightning user, they must have a route of interconnected channels between sender and receiver.

**Lightning in Practice**

*   Lightning has already found product market fit and usage as an interconnected payment protocol between large professional custodians.
*   They are able to easily manage channels and liquidity between each other without trust using this interoperable protocol.
*   Lightning payments between large custodians are fast and easy. End users do not have to run their own node or manage their channels and liquidity. These payments rarely fail due to professional management of custodial nodes.
*   The tradeoff is one inherent to custodians and other trusted third parties. Custodial wallets can steal funds and compromise user privacy.

**Sovereign Lightning**

*   Trusted third parties are [security holes](https://nakamotoinstitute.org/trusted-third-parties/?ref=discreetlog.com).
*   Users must run their own node and manage their own channels in order to use lightning without trusting a third party. This remains the single largest friction point for sovereign lightning usage: the mental burden of actively running a lightning node and associated liquidity management.
*   Bitcoin development prioritizes node accessibility so cost to self host your own node is low but if a node is run at home or office, Tor or a VPN is recommended to mask your IP address: otherwise it is visible to the entire network and represents a privacy risk.
*   This privacy risk is heightened due to the potential for certain governments to go after sovereign lightning users and compel them to shutdown their nodes. If their IP Address is exposed they are easier to target.
*   Fortunately the tools to run and manage nodes continue to get easier but it is important to understand that this will always be a friction point when compared to custodial services.

**The Potential Fracture of Lightning**

*   Any lightning user can choose which users are allowed to open channels with them.
*   One potential is that professional custodians only peer with other professional custodians.
*   We already see nodes like those run by CashApp only have channels open with other regulated counterparties. This could be due to performance goals, liability reduction, or regulatory pressure.

[!['The Lightning Network' Does Not Exist](https://www.discreetlog.com/content/images/2023/03/cashapp-2.webp)](https://mempool.space/lightning/node/02e1221434a21b8ce5818e92c6ec76301824dc87ed94b4628242e4b1f4a6ff445f?ref=discreetlog.com)

*   Fortunately some of their peers are connected to non-regulated parties so payments to and from sovereign lightning users are still successfully processed by CashApp but this may not always be the case going forward.

**Summary**

*   Many people refer to the aggregate of all lightning channels as 'The Lightning Network' but this is a false premise. There is no singular 'Lightning Network' but rather many payment channels between distinct peers, some connected with each other and some not.
*   Lightning as an interoperable payment protocol between professional custodians seems to have found solid product market fit. Expect significant volume, adoption, and usage going forward.
*   Lightning as a robust sovereign payment protocol has yet to be battle tested. Heavy reliance on Tor, which has had massive reliability issues, the friction of active liquidity management, significant on chain fee burden for small amounts, interactivity constraints on mobile, and lack of strong privacy guarantees put it at risk.

* * *

_If you have never used lightning before, use_ [_this guide_](https://werunbtc.com/phoenix?ref=discreetlog.com) _to get started on your phone._

* * *

**_If you found this post helpful support my work with_** [**_bitcoin_**](https://geyser.fund/project/citadel?ref=discreetlog.com)**_._**

!['The Lightning Network' Does Not Exist](https://werunbtc.com/donate.png)


Bitcoin transaction fees limit network abuse by making usage expensive. There is a cost to every transaction, set by a dynamic free market based on demand.

![High Fees? Bitcoin is Working As Designed](https://www.discreetlog.com/content/images/2023/05/mempoolspace.png)

There must be a limit to how much data is transferred across the bitcoin network in order to keep the ability to run and use your own node accessible. **A node is required to interact with the global bitcoin network - if you do not use your own node then you must trust someone else's node.** If nodes become inaccessible to run then the network will centralize around the remaining entities that operate them - threatening the censorship resistance at the core of bitcoin's value prop. **The bitcoin protocol uses three main mechanisms to keep node operation costs low - a fixed limit on the amount of data in each block, an automatic difficulty adjustment that regulates how many blocks are produced based on current mining hash rate, and a robust dynamic transaction fee market.**

Bitcoin transaction fees limit network abuse by making usage expensive. There is a cost to every transaction, set by a [dynamic free market](https://www.discreetlog.com/utxos/) based on demand for scarce block space. It is an incredibly robust way to prevent spam without relying on centralized entities that can be corrupted or pressured.

After the 2017 bitcoin fee spike we had six years of relative quiet to build tools that would be robust in a sustained high fee market. Fortunately our tools are significantly better now but many still need improvement. Most of the pain points we see today will be mitigated.

**The reality is we were never going to be fully prepared - pressure is needed to show the pain points and provide strong incentives to mitigate them.**

**It will be incredibly interesting to watch how projects adapt under pressure. Optimistic we see great innovation here.**

* * *

_If you are willing to wait for your transaction to confirm you can pay significantly lower fees. Learn best practices for reducing your fee burden [**here**](https://www.discreetlog.com/utxos/).

My guide for running and using your own bitcoin node can be found **[here](https://werunbtc.com/bitcoincore?ref=discreetlog.com)**._

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![High Fees? Bitcoin is Working As Designed](https://werunbtc.com/donate.png)


There are going to be many more bank failures as this ponzi system unravels. Unlike 2008, we have the ability to opt out of these broken and corrupt institutions by using bitcoin.

![More Banks Will Fail](https://www.discreetlog.com/content/images/2023/05/bankfailures.jpg)

People forget Bear Stearns failed March 2008 - months of denial followed before the public realized how bad the situation was under the surface.

Similar happening now but much larger scale. They did not fix fundamental issues after 2008 - everything is more fragile.

The Fed preemptively bailed out every bank with their BTFP program and First Republic Bank still failed. The second largest bank failure in history.

There will be more failures. There will be more bailouts. Depositors will be "protected" by socializing losses across everyone.

Our President and mainstream financial pundits are currently pretending the banking crisis is over while most banks remain insolvent. There are going to be many more bank failures as this ponzi system unravels.

**Unlike 2008, we have the ability to opt out of these broken and corrupt institutions by using bitcoin.** Bitcoin [held in self custody](https://werunbtc.com/coldcard?ref=discreetlog.com) is unique in its lack of counterparty risk - you do not have to trust a bank or other centralized entity to hold it for you. Bitcoin is also incredibly difficult to change by design since it is not controlled by an individual, company, or government - the supply of dollars will inevitably be inflated to bailout these failing banks but bitcoin supply will remain unchanged. **I do not need to convince you that bitcoin provides value - these next few years will convince millions.**

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![More Banks Will Fail](https://werunbtc.com/donate.png)


![Patriot Act 2.0](https://www.discreetlog.com/content/images/2023/03/restrictact.webp)

The newly proposed RESTRICT ACT - is being advertised as a TikTok Ban, but is much broader than that, carries a $1M Fine and up to 20 years in prison! It is unconstitutional and would create massive legal restrictions on the open source movement and free speech throughout the internet.

The [Bill](https://www.warner.senate.gov/public/_cache/files/3/f/3f2eaae6-09ad-49e1-b254-46289cf20cca/843D73B1823EA0D4122B4365262410D6.restrict-act-final-text.pdf?ref=discreetlog.com) was proposed by: Senator Warner, Senator Thune, Senator Baldwin, Senator Fischer, Senator Manchin, Senator Moran, Senator Bennet, Senator Sullivan, Senator Gillibrand, Senator Collins, Senator Heinrich, and Senator Romney. It has broad support across Senators of both parties.

Corrupt politicians will not protect us. They are part of the problem. We must build, support, and learn how to use censorship resistant tools in order to defend our natural rights.

> The RESTRICT Act, introduced by Senators Warner and Thune, aims to block or disrupt transactions and financial holdings involving foreign adversaries that pose risks to national security. Although the primary targets of this legislation are companies like Tik-Tok, the language of the bill could potentially be used to block or disrupt cryptocurrency transactions and, in extreme cases, block Americans’ access to open source tools or protocols like Bitcoin.

> The Act creates a redundant regime paralleling OFAC without clear justification, it significantly limits the ability for injured parties to challenge actions raising due process concerns, and unlike OFAC it lacks any carve-out for protected speech. [COINCENTER ON THE RESTRICT ACT](https://www.coincenter.org/the-restrict-act-creates-blanket-authority-with-few-checks-to-ban-just-about-anything-linked-to-a-foreign-adversary/?ref=discreetlog.com)

[**Full Text of Bill**](https://www.warner.senate.gov/public/_cache/files/3/f/3f2eaae6-09ad-49e1-b254-46289cf20cca/843D73B1823EA0D4122B4365262410D6.restrict-act-final-text.pdf?ref=discreetlog.com)

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![Patriot Act 2.0](https://werunbtc.com/donate.png)


Wealth requires freedom: the ability to make decisions without coercion. Freedom requires privacy: the ability to selectively reveal yourself to the world. Rights are not granted: they are earned through struggle and defended through sacrifice.

* * *

![No Privacy? No Freedom. No Freedom? No Wealth.](https://www.discreetlog.com/content/images/2023/04/freedom-1.webp)

_"Privacy is necessary for an open society in the electronic age. Privacy is not secrecy.  A private matter is something one doesn't want the whole world to know, but a secret matter is something one doesn't want anybody to know. Privacy is the power to selectively reveal oneself to the world."_ **\- Eric Hughes, [A Cypherpunk's Manifesto](https://www.activism.net/cypherpunk/manifesto.html?ref=discreetlog.com), 1993**

* * *

**Privacy is essential to freedom.** Without privacy, individuals are unable to make choices free from surveillance and control. Lack of privacy leads to loss of autonomy. When individuals are constantly monitored it limits our ability to express ourselves and take risks. Any decisions we make can result in negative repercussions from those who surveil us. Without the freedom to make choices, individuals cannot truly be free.

**Freedom is essential to acquiring and preserving wealth.** When individuals are not free to make choices, restrictions and limitations prevent us from economic opportunities. If we are somehow able to acquire wealth in such an environment, lack of freedom can result in direct asset seizure by governments or other malicious entities. At scale, when freedom is compromised, it leads to widespread economic stagnation and poverty. Protecting freedom is essential to economic prosperity.

The connection between **privacy, freedom, and wealth** is critical. Without privacy, individuals lose the freedom to make choices free from surveillance and control. While lack of freedom prevents individuals from pursuing economic opportunities and makes wealth preservation nearly impossible. **_No Privacy? No Freedom. No Freedom? No Wealth._**

_**Rights are not granted. They are taken and defended.**_ Rights are often misunderstood as permission to do something by those holding power. However, if someone can give you something, they can inherently take it from you at will. People throughout history have necessarily fought for basic rights, including privacy and freedom. These rights were not given by those in power, but rather demanded and won through struggle. Even after these rights are won, they must be continually defended to ensure that they are not taken away. **Rights are not granted - they are earned through struggle and defended through sacrifice.**

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![No Privacy? No Freedom. No Freedom? No Wealth.](https://werunbtc.com/donate.png)


> ![Nostr: A Revolutionary Communication Protocol](https://www.discreetlog.com/content/images/2023/04/nostr.webp)
>
> [@matt\_odell](https://twitter.com/MATT_ODELL?ref_src=twsrc%5Etfw&ref=discreetlog.com) don't you even dare not ask about nostr!
>
> — Kukks (Andrew Camilleri) (@MrKukks) [May 18, 2021](https://twitter.com/MrKukks/status/1394638825675177986?ref_src=twsrc%5Etfw&ref=discreetlog.com)

Nostr first hit my radar spring 2021: created by fellow bitcoiner and friend, [fiatjaf](https://twitter.com/fiatjaf?ref=discreetlog.com), and [released](https://github.com/nostr-protocol/nostr?ref=discreetlog.com) to the world as free open source software. I was fortunate to be able to host a [conversation with him on Citadel Dispatch](https://www.podpage.com/citadeldispatch/cd63-building-nostr-a-censorship-resistant-alternative-to-twitter-with-fiatjaf-jb55-and-mrkukks/?ref=discreetlog.com) in those early days, capturing that moment in history forever. Since then, the protocol has seen explosive viral organic growth as individuals around the world have contributed their time and energy to build out the protocol and the surrounding ecosystem due to the clear need for better communication tools.

_**nostr is to twitter as bitcoin is to paypal**_

As an intro to nostr, let us start with a metaphor:

_**twitter is paypal** - a centralized platform plagued by censorship but has the benefit of established network effects_

_**nostr is bitcoin** - an open protocol that is censorship resistant and robust but requires an organic adoption phase_

**Nostr is an open communication protocol that can be used to send messages across a distributed set of relays in a censorship resistant and robust way.
** - Anyone can run a relay.
 - Anyone can interact with the protocol.
 - Relays can choose which messages they want to relay.
 - Users are identified by a simple public private key pair that they can generate themselves.

Nostr is often compared to twitter since there are nostr clients that emulate twitter functionality and user interface but that is merely one application of the protocol. **Nostr is so much more than a mere twitter competitor.** Nostr clients and relays can transmit a wide variety of data and clients can choose how to display that information to users. The result is a revolution in communication with implications that are difficult for any of us to truly comprehend.

Similar to bitcoin, nostr is an open and permissionless protocol. **No person, company, or government controls it.** Anyone can iterate and build on top of nostr without permission. Together, bitcoin and nostr are incredibly complementary freedom tech tools: censorship resistant, permissionless, robust, and interoperable - money and speech protected by code and incentives, not laws.

As censorship throughout the world continues to escalate, freedom tech provides hope for individuals around the world who refuse to accept the status quo. This movement will succeed on the shoulders of those who choose to stand up and contribute. We will build our own path. A brighter path.

* * *

**My Nostr Public Key:** [npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx](https://primal.net/odell?ref=discreetlog.com)

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![Nostr: A Revolutionary Communication Protocol](https://werunbtc.com/donate.png)


> ![Life is Complicated - Bitcoin is Simple](https://www.discreetlog.com/content/images/2023/05/mothers.jpg)
>
> I often hear "bitcoin doesn't interest me, I'm not a finance person."
>
> Ironically, the beauty of sound money is you don't have to be. In the current system you're expected to manage a diversified investment portfolio or pay someone to do it. Bitcoin will make that optional.
>
> — ODELL (@ODELL) [September 16, 2018](https://twitter.com/ODELL/status/1041358813482364928?ref_src=twsrc%5Etfw&ref=discreetlog.com)

At first glance bitcoin often appears overwhelming to newcomers. It is incredibly easy to get bogged down in the details of how it works or different ways to use it. Enthusiasts, such as myself, often enjoy going down the deep rabbit hole of the potential of bitcoin, possible pitfalls and theoretical scenarios, power user techniques, and the developer ecosystem. If your first touch point with bitcoin is that type of content then it is only natural to be overwhelmed. While it is important that we have a thriving community of bitcoiners dedicated to these complicated tasks - the true beauty of bitcoin lies in its simplicity. Bitcoin is simply better money. It is the best money we have ever had.

**Life is complicated. Life is hard. Life is full of responsibility and surprises.** Bitcoin allows us to focus on our lives while relying on a money that is simple. A money that is not controlled by any individual, company, or government. A money that cannot be easily seized or blocked. A money that cannot be devalued at will by a handful of corrupt bureaucrat who live hundreds of miles from us. A money that can be easily saved and should increase in purchasing power over time without having to learn how to "build a diversified stock portfolio" or hire someone to do it for us.

**Bitcoin enables all of us to focus on our lives - our friends and family - doing what we love with the short time we have on this earth. Time is scarce. Life is complicated. Bitcoin is the most simple aspect of our complicated lives.** If we spend our scarce time working then we should be able to easily save that accrued value for future generations without watching the news or understanding complicated financial markets. Bitcoin makes this possible for anyone.

Yesterday was Mother's Day. Raising a human is complicated. It is hard, it requires immense personal responsibility, it requires critical thinking, but mothers figure it out, because it is worth it. Using and saving bitcoin is simple -  [simply install an app on your phone](https://werunbtc.com/phoenix?ref=discreetlog.com). Every mother can do it. Every person can do it.

**Life is complicated. Life is beautiful. Bitcoin is simple.**

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![Life is Complicated - Bitcoin is Simple](https://werunbtc.com/donate.png)


PacWest is the first of many small regional banks that will go under this year. Most will get bought by the big four in gov orchestrated sales. This has been the playbook since 2008.

> ![Bank Consolidation Then CBDC](https://www.discreetlog.com/content/images/2023/05/banks-1.jpg)
>
> Bank run on every crypto bank then bank run on every "real" bank.
>
> — ODELL (@ODELL) [December 14, 2022](https://twitter.com/ODELL/status/1602838429447999491?ref_src=twsrc%5Etfw&ref=discreetlog.com)

Good morning.

It looks like PacWest will fail today. It will be both the fifth largest bank failure in US history and the sixth major bank to fail this year. It will likely get purchased by one of the big four banks in a government orchestrated sale.

**March 8th - Silvergate Bank
March 10th - Silicon Valley Bank
March 12th - Signature Bank
March 19th - Credit Suisse
May 1st - First Republic Bank
May 4th - PacWest Bank?**

PacWest is the first of many small regional banks that [will go under](https://www.discreetlog.com/banking-crisis/) this year. Most will get bought by the big four in gov orchestrated sales. This has been the playbook since 2008. Follow the incentives. Massive consolidation across the banking industry. PacWest gonna be a drop in the bucket compared to what comes next.

First, a hastened government led bank consolidation, then a public/private partnership with the remaining large banks to launch a surveilled and controlled digital currency network. We will be told it is more convenient. We will be told it is safer. We will be told it will prevent future bank runs. All of that is marketing bullshit. **The goal is greater control of money. The ability to choose how we spend it and how we save it. If you control the money - you control the people that use it.**

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![Bank Consolidation Then CBDC](https://werunbtc.com/donate.png)


Good Morning, Bitcoin is your latest news roundup delivering key stories, project updates, new releases, guides, research, and all things related to Bitcoin and freedom tech.

![Good Morning, Bitcoin - Tuesday, April 22nd, 2025](https://www.nobsbitcoin.com/content/images/2025/04/1gm40.jpg)

_**Good morning** (good night?)!_ The No Bullshit Bitcoin [news feed](https://www.nobsbitcoin.com/rss-feeds/) is now available on [Moody's Dashboard](https://dashboard.clarkmoody.com/)! A huge shoutout to sir [_Clark Moody_](https://njump.me/nevent1qqspy9hy5pxfza4tuhk5zx7zls3t6dd6nppp2v3l9ead53tx0x2a0mgpz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs7amnwvaz7tmwdaehgu3wd4hk6q3q5n94rarp3n7dz6edx9cugeshn0kcuxtugwu9nzprkpx7yekw7ygq27sgqj) for integrating our feed.

[![Good Morning, Bitcoin - Tuesday, April 22nd, 2025](https://www.nobsbitcoin.com/content/images/2025/04/a35b533e45a4fa2edbd0818cd6d0402fe007df98ac6c29c9262ff44aefcb6e20.jpg)](https://dashboard.clarkmoody.com/)

Headlines
---------

*   **Spiral welcomes _Ben Carman_.** The developer [will work](https://xcancel.com/spiralbtc/status/1914334079387914435) on the LDK server and a new SDK designed to simplify the onboarding process for new self-custodial Bitcoin users.

[![Good Morning, Bitcoin - Tuesday, April 22nd, 2025](https://www.nobsbitcoin.com/content/images/2025/04/image-35.png)](https://xcancel.com/spiralbtc/status/1914334079387914435)

*   **The Bitcoin Dev Kit Foundation announced new corporate members for 2025**, including [AnchorWatch](https://www.anchorwatch.com/), [CleanSpark](https://www.cleanspark.com/), and [Proton Foundation](https://proton.me/foundation). The annual dues from [these corporate members](https://bitcoindevkit.org/blog/_2025q1-new-foundation-members/) fund the small team of open-source developers responsible for maintaining the core BDK libraries and related free and open-source software (FOSS) projects.
*   **Strategy increases Bitcoin holdings to 538,200 BTC.** In the [latest purchase](https://www.coindesk.com/markets/2025/04/21/strategy-buys-usd555m-of-bitcoin-increases-total-stash-to-538-200-btc), the company has spent more than $555M to buy 6,556 coins through proceeds of two at-the-market stock offering programs.
*   **Spar supermarket experiments with Bitcoin payments in Zug, Switzerland.** The store [has introduced](https://bitcoinnews.com/adoption/spar-supermarket-switzerland-bitcoin/) a new payment method powered by the Lightning Network. The implementation was facilitated by DFX Swiss, a service that supports seamless conversions between bitcoin and legacy currencies.

[![Good Morning, Bitcoin - Tuesday, April 22nd, 2025](https://www.nobsbitcoin.com/content/images/2025/04/image-36.png)](https://www.linkedin.com/feed/update/urn:li:activity:7318277304881709057/)

*   **The Bank for International Settlements (BIS) wants to contain 'crypto' risks.** A report titled _"_[_Cryptocurrencies and Decentralised Finance: Functions and Financial Stability Implications_](https://www.bis.org/publ/bppdf/bispap156.htm)_"_ calls for expanding research into "how new forms of central bank money, capital controls, and taxation policies can counter the risks of widespread crypto adoption while still fostering technological innovation."
*   **"Global Implications of Scam Centres, Underground Banking, and Illicit Online Marketplaces in Southeast Asia."** According to the United Nations Office on Drugs and Crime (UNODC) [report](https://www.unodc.org/roseap/uploads/documents/Publications/2025/Inflection_Point_2025.pdf), criminal organizations from East and Southeast Asia are swiftly extending their global reach. These groups are moving beyond traditional scams and trafficking, creating sophisticated online networks that include unlicensed cryptocurrency exchanges, encrypted communication platforms, and stablecoins, fueling a massive fraud economy on an industrial scale.
*   **Slovenia is considering a 25% capital gains tax on Bitcoin profits for individuals.** The Ministry of Finance [has proposed](https://www.gov.si/novice/2025-04-17-v-javni-obravnavi-zakonska-predloga-s-podrocja-kriptosredstev-in-izvedenih-financnih-instrumentov/) legislation to impose this tax on gains from cryptocurrency transactions, though exchanging one cryptocurrency for another would remain exempt. At present, individual 'crypto' traders in Slovenia are not taxed.
*   **Circle, BitGo, Coinbase, and Paxos plan to apply for U.S. bank charters or licenses.** According to a [report](https://archive.is/dxbWM) in _The Wall Street Journal_, major crypto companies are planning to apply for U.S. bank charters or licenses. These firms are pursuing limited licenses that would permit them to issue stablecoins, as the U.S. Congress deliberates on legislation mandating licensing for stablecoin issuers.

> "Established banks, like Bank of America, are hoping to amend the current drafts of \[stablecoin\] legislation in such a way that nonbanks are more heavily restricted from issuing stablecoins," people familiar with the matter [told](https://www.theblock.co/post/351402/circle-bitgo-to-apply-for-bank-charters-coinbase-paxos-may-follow-suit-wsj) The Block.

*   **Charles Schwab to launch spot Bitcoin trading by 2026.** The financial investment firm, managing over $10 trillion in assets, [has revealed](https://riabiz.com/a/2025/4/19/rick-wurster-puts-harder-date-on-schwab-spot-bitcoin-launch-after-key-hire-and-400-surge-in-visits-to-its-crypto-site-but-isnt-pulling-down-crypto-red-flags-quite-yet) plans to introduce spot Bitcoin trading for its clients within the next year.

Use the tools
-------------

*   [**Bitcoin Safe v1.2.3**](https://github.com/andreasgriffin/bitcoin-safe/releases/tag/1.2.3) expands QR SignMessage compatibility for all QR-UR-compatible hardware signers (SpecterDIY, KeyStone, Passport, Jade; already supported COLDCARD Q). It also adds the ability to import wallets via QR, ensuring compatibility with Keystone's latest firmware (2.0.6), alongside other improvements.
*   [**Minibits v0.2.2-beta**](https://github.com/minibits-cash/minibits_wallet/releases), an ecash wallet for Android devices, packages many changes to align the project with the planned iOS app release. New features and improvements include the ability to lock ecash to a receiver's pubkey, faster confirmations of ecash minting and payments thanks to WebSockets, UI-related fixes, and more.
*   [**Zeus v0.11.0-alpha1**](https://github.com/ZeusLN/zeus/releases/tag/v0.11.0-alpha1) introduces Cashu wallets tied to embedded LND wallets. Navigate to Settings > Ecash to enable it. Other wallet types can still sweep funds from Cashu tokens. Zeus Pay now supports Cashu address types in Zaplocker, Cashu, and NWC modes.
*   [**LNDg v1.10.0**](https://github.com/cryptosharks131/lndg/releases/tag/v1.10.0), an advanced web interface designed for analyzing Lightning Network Daemon (LND) data and automating node management tasks, introduces performance improvements, adds a new metrics page for unprofitable and stuck channels, and displays warnings for batch openings. The Profit and Loss Chart has been updated to include on-chain costs. Advanced settings have been added for users who would like their channel database size to be read remotely (the default remains local). Additionally, the AutoFees tool now uses aggregated pubkey metrics for multiple channels with the same peer.
*   [**Nunchuk Desktop v1.9.45**](https://github.com/nunchuk-io/nunchuk-desktop/releases) release brings the latest bug fixes and improvements.
*   [**Blockstream Green iOS v4.1.8**](https://github.com/Blockstream/green_ios/releases) has renamed L-BTC to LBTC, and improves translations of notifications, login time, and background payments.
*   [**Blockstream Green Android v4.1.8**](https://github.com/Blockstream/green_android/releases) has added language preference in App Settings and enables an Android data backup option for disaster recovery. Additionally, it fixes issues with Jade entry point PIN timeout and Trezor passphrase input.
*   [**Torq v2.2.2**](https://github.com/lncapital/torq/releases/tag/v2.2.2), an advanced Lightning node management software designed to handle large nodes with over 1000 channels, fixes bugs that caused channel balance to not be updated in some cases and channel "peer total local balance" not getting updated.
*   [**Stack Wallet v2.1.12**](https://github.com/cypherstack/stack_wallet/releases/tag/build_226), a multicoin wallet by _Cypher Stack_, fixes an issue with Xelis introduced in the latest release for Windows.
*   [**ESP-Miner-NerdQAxePlus v1.0.29.1**](https://github.com/shufps/ESP-Miner-NerdQAxePlus/releases), a forked version from the NerdAxe miner that was modified for use on the [NerdQAxe+](https://github.com/shufps/qaxe), is now available.
*   [**Zark**](https://gitlab.com/1440000bytes/zark) enables sending sats to an npub using [Bark](https://codeberg.org/ark-bitcoin/bark).

![Good Morning, Bitcoin - Tuesday, April 22nd, 2025](https://www.nobsbitcoin.com/content/images/2025/04/image-37.png)

*   [**Erk**](https://blog.second.tech/erk-update/) is a novel variation of the Ark protocol that completely removes the need for user interactivity in rounds, addressing one of Ark's key limitations: the requirement for users to come online before their VTXOs expire.
*   [**Aegis v0.1.1**](https://nostr.band/note1ljdczm267y648fv3jwv2jwn3mu4ae6jyzzpq4v0h8cthf020lyyss9ymde) is now available. It is a Nostr event signer app for iOS devices.
*   [**Nostash**](https://github.com/tyiu/nostash) is a NIP-07 Nostr signing extension for Safari. It is a fork of [Nostore](https://github.com/ursuscamp/nostore) and is maintained by [_Terry Yiu_](https://njump.me/nevent1qqsx028h0k8vfqge897kcapvgplymm8grx8wchhssza4gm4csrj3wggzyqnhnu7e7sk8mmsh7rnteh8cn28e6kfdr83mrw7j0mcullg607vdz7ytpj2)_._ Available on iOS [TestFlight](https://testflight.apple.com/join/8TFMZbMs).
*   [**Amber v3.2.8**](https://github.com/greenart7c3/Amber/releases/tag/v3.2.8), a Nostr event signer for Android, delivers the latest fixes and improvements.
*   [**Nostur v1.20.0**](https://github.com/nostur-com/nostur-ios-public), a Nostr client for iOS, adds


![Big Tech 🤝 Bitcoin Miners: Energy Freedom](https://www.discreetlog.com/content/images/2023/09/mscloud.jpg)

For years American bitcoin miners have argued for more efficient and free energy markets. It benefits everyone if our energy infrastructure is as efficient and robust as possible. Unfortunately, broken incentives have led to increased regulation throughout the sector, incentivizing less efficient energy sources such as solar and wind at the detriment of more efficient alternatives.

The result has been less reliable energy infrastructure for all Americans and increased energy costs across the board. This naturally has a direct impact on bitcoin miners: increased energy costs make them less competitive globally.

Bitcoin mining represents a global energy market that does not require permission to participate. Anyone can plug a mining computer into power and internet to get paid the current dynamic market price for their work in bitcoin. Using cellphone or satellite internet, these mines can be located anywhere in the world, sourcing the cheapest power available.

Absent of regulation, bitcoin mining naturally incentivizes the build out of highly efficient and robust energy infrastructure. Unfortunately that world does not exist and burdensome regulations remain the biggest threat for US based mining businesses. Jurisdictional arbitrage gives miners the option of moving to a friendlier country but that naturally comes with its own costs.

Enter AI. With the rapid development and release of AI tools comes the requirement of running massive datacenters for their models. Major tech companies are scrambling to secure machines, rack space, and cheap energy to run full suites of AI enabled tools and services. **The most valuable and powerful tech companies in America have stumbled into an accidental alliance with bitcoin miners: THE NEED FOR CHEAP AND RELIABLE ENERGY.**

Our government is corrupt. Money talks. These companies will push for energy freedom and it will greatly benefit us all.

* * *

_Microsoft Cloud hiring to "implement global small modular reactor and microreactor" strategy to power data centers:_ [https://www.datacenterdynamics.com/en/news/microsoft-cloud-hiring-to-implement-global-small-modular-reactor-and-microreactor-strategy-to-power-data-centers/](https://www.datacenterdynamics.com/en/news/microsoft-cloud-hiring-to-implement-global-small-modular-reactor-and-microreactor-strategy-to-power-data-centers/?ref=discreetlog.com)

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![Big Tech 🤝 Bitcoin Miners: Energy Freedom](https://werunbtc.com/donate.png)


The blue check is the first step in Elon's plan to bring the chinese social credit score system to the west. If you cannot resist the temptation of the blue check in its current form you have already lost - what comes next will be much darker.

> Will not live in a pod.
> Will not eat the bugs.
> Will not get the chip.
> Will not get a blue check.
> Will not use CBDCs.
>
> Live Free or Die.

![Blue Check Manifesto](https://www.discreetlog.com/content/images/2023/06/authenticate-1.png)

Why did Elon buy twitter for $44 Billion? What value does he see in it besides the greater influence that undoubtedly comes with controlling one of the largest social platforms in the world? **We do not need to speculate - he made his intentions incredibly clear in his first meeting with twitter employees after his takeover - WeChat of the West.**

[![Blue Check Manifesto](https://www.discreetlog.com/content/images/2023/06/wechatofthewest.png)](https://www.businessinsider.com/elon-musk-says-twitter-could-be-western-wechat-china-superapp-2022-6?ref=discreetlog.com)

To those that do not appreciate freedom, the value prop is clear - WeChat is incredibly powerful and successful in China.

[![Blue Check Manifesto](https://www.discreetlog.com/content/images/2023/06/wechat2.png)](https://www.businessinsider.com/chinese-superapp-wechat-best-feature-walkthrough-2019-12?ref=discreetlog.com)

To those that do appreciate freedom, the concern is clear - WeChat has essentially become required to live in China, has surveillance and censorship integrated at its core, and if you are banned from the app your entire livelihood is at risk. Employment, housing, payments, travel, communication, and more become extremely difficult if WeChat censors determine you have acted out of line.

[![Blue Check Manifesto](https://www.discreetlog.com/content/images/2023/06/wechat.png)](https://restofworld.org/2022/handwritten-wechat-apology-letters/?ref=discreetlog.com)

![Blue Check Manifesto](https://www.discreetlog.com/content/images/2023/06/socialcreditscore_.jpg)

The blue check is the first step in Elon's plan to bring the chinese social credit score system to the west. Users who verify their identity are rewarded with more reach and better tools than those that do not. **Verified users are the main product of Elon's twitter - an extensive database of individuals and complete control of the tools he will slowly get them to rely on - it is easier to monetize cattle than free men.**

![Blue Check Manifesto](https://www.discreetlog.com/content/images/2023/06/bluecheck.png)

If you cannot resist the temptation of the blue check in its current form you have already lost - what comes next will be much darker. If you realize the need to resist - [freedom tech provides us options](https://www.discreetlog.com/nostr/).

* * *

_**If you found this post helpful support my work with [bitcoin](https://geyser.fund/project/citadel?ref=discreetlog.com).**_

![Blue Check Manifesto](https://werunbtc.com/donate.png)


[![Good Morning, Bitcoin - Saturday, April 26th, 2025](https://www.nobsbitcoin.com/content/images/2025/04/image-50.png)](https://mempool.space/)

Headlines
---------

*   **Spiral renews support for Dan Gould and Joschisan.** The organization has renewed support for _Dan Gould_, who is developing the [Payjoin Dev Kit (PDK)](https://payjoindevkit.org/2025/03/18/the-evolution-of-payjoin), and [_Joschisan_](https://xcancel.com/spiralbtc/status/1914363508126515567), a [Fedimint](https://github.com/fedimint/fedimint) developer focused on simplifying federations.
*   **Metaplanet buys another 145 BTC.** The Tokyo-listed company [has purchased](https://www.coindesk.com/markets/2025/04/24/metaplanet-hits-5-000-btc-mark-amid-strategic-treasury-expansion) an additional 145 BTC for $13.6 million. Their total bitcoin holdings now stand at 5,000 coins, worth around $428.1 million.
*   **Semler Scientific has increased its bitcoin holdings to 3,303 BTC.** The company acquired an additional 111 BTC at an average price of $90,124. The purchase was funded through proceeds from an at-the-market offering and cash reserves, as stated in a [press release](https://www.prnewswire.com/news-releases/semler-scientific-announces-updated-btc--atm-activity-purchased-additional-111-btc-now-holds-3-303-btc-ytd-btc-yield-of-23-5-302438131.html).
*   **The Virtual Asset Service Providers (VASP) Bill 2025 introduced in Kenya.** The [new legislation](https://bitcoinke.io/2025/04/the-vasp-kenya-license-requirements/) aims to establish a comprehensive legal framework for licensing, regulating, and supervising virtual asset service providers (VASPs), with strict penalties for non-compliant entities.
*   **Russian government to launch a cryptocurrency exchange.** The country's Ministry of Finance and Central Bank [announced](https://bitcoinmagazine.com/news/russias-finance-ministry-and-central-bank-to-launch-crypto-exchange-for-super-qualified-investors) plans to establish a trading platform for "highly qualified investors" that "will legalize crypto assets and bring crypto operations out of the shadows."
*   **All virtual asset service providers expect to be fully compliant with the Travel Rule by the end of 2025.** A survey by financial surveillance specialist [Notabene](https://www.coindesk.com/business/2025/04/23/travel-rule-compliance-surges-on-new-regs-stablecoin-payments-notabene-says) reveals that 90% of virtual asset service providers (VASPs) expect full Travel Rule compliance by mid-2025, with all aiming for compliance by year-end. The survey also shows a significant rise in VASPs blocking withdrawals until beneficiary information is confirmed, increasing from 2.9% in 2024 to 15.4% now. Additionally, about 20% of VASPs return deposits if originator data is missing.
*   **UN claims Bitcoin mining is a "powerful tool" for money laundering.** _The Rage_'s [analysis](https://www.therage.co/un-mining-money-laundering/) suggests that the recent United Nations Office on Drugs and Crime report on crime in South-East Asia makes little sense and hints at the potential introduction of Anti-Money Laundering (AML) measures at the mining level.
*   **Riot Platforms has obtained a $100 million credit facility from Coinbase Credit**, using bitcoin as collateral for short-term funding to support its expansion. The firm's CEO, _Jason Les,_ [stated](https://www.riotplatforms.com/riot-platforms-announces-100-million-credit-facility-with-coinbase/) that this facility is crucial for diversifying financing sources and driving long-term stockholder value through strategic growth initiatives.
*   **Bitdeer raises $179M in loans and equity amid Bitcoin chip push.** _The Miner Mag_ [reports](https://www.theminermag.com/news/2025-04-22/bitdeer-bitcoin-loan-sealminer) that Bitdeer entered into a loan agreement with its affiliate Matrixport for up to $200 million in April, as disclosed in its [annual report](https://ir.bitdeer.com/static-files/fd6af83f-6142-48aa-b15d-5bc3bc83de96) filed on Monday.
*   **Federal Reserve retracts guidance discouraging banks from engaging in 'crypto.'** The U.S. Federal Reserve [withdrew](https://www.theblock.co/post/351943/federal-reserve-retracts-guidance-discouraging-banks-from-engaging-in-crypto) guidance that discouraged banks from crypto and stablecoin activities, as [announced](https://www.federalreserve.gov/newsevents/pressreleases/bcreg20250424a.htm) by its Board of Governors on Thursday. This includes rescinding a 2022 supervisory letter requiring prior notification of crypto activities and 2023 stablecoin requirements.

> "As a result, the Board will no longer expect banks to provide notification and will instead monitor banks' crypto-asset activities through the normal supervisory process," reads the FED statement.

*   **UAE-based Islamic bank ruya launches Shari’ah-compliant bitcoin investing.** The bank has become the world’s first Islamic bank to provide direct access to virtual asset investments, including Bitcoin, via its mobile app, [per](https://bitcoinmagazine.com/news/ruya-becomes-first-islamic-bank-to-offer-bitcoin-and-virtual-asset-investments) _Bitcoin Magazine._
*   **U.S. 'crypto' scam losses amounted to $9.3B in 2024.** The US The Federal Bureau of Investigation (FBI) [has reported](https://www.ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf) $9.3 billion losses in cryptocurrency-related scams in 2024, noting a troubling trend of scams targeting older Americans, which accounted for over $2.8 billion of those losses.

![Good Morning, Bitcoin - Saturday, April 26th, 2025](https://www.nobsbitcoin.com/content/images/2025/04/image-49.png)

Source: [FBI.](https://www.ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf)

*   **North Korean hackers establish fake companies to target 'crypto' developers.** Silent Push researchers [reported](https://www.silentpush.com/blog/contagious-interview-front-companies/) that hackers linked to the Lazarus Group created three shell companies, two of which are based in the U.S., with the objective of spreading malware through deceptive job interview scams aimed at individuals seeking jobs in cryptocurrency companies.
*   **Citrea deployed its Clementine Bridge on the Bitcoin testnet.** The bridge [utilizes](https://www.coindesk.com/tech/2025/04/23/bitcoin-rollup-citrea-deploys-bridge-to-tackle-collateral-bottleneck-of-using-btc-in-defi) the BitVM2 programming language to inherit validity from Bitcoin, allegedly providing "the safest and most trust-minimized way to use BTC in decentralized finance."
*   **Hesperides University offers a Master’s degree in Bitcoin.** _Bitcoin Magazine_ [reports](https://bitcoinmagazine.com/news/university-of-the-hesperides-launches-first-spanish-language-masters-program-focused-exclusively-on-bitcoin) the launch of the first-ever Spanish-language Master’s program dedicated exclusively to Bitcoin. Starting April 28, 2025, this fully online program will equip professionals with technical, economic, legal, and philosophical skills to excel in the Bitcoin era.
*   **BTC in D.C. event** is set to take place on September 30 - October 1 in Washington, D.C. Learn more about this initiative [here](https://btcindc.com/).

[![Good Morning, Bitcoin - Saturday, April 26th, 2025](https://www.nobsbitcoin.com/content/images/2025/04/image-44.png)](https://xcancel.com/PavelTheCoder/status/1915592501546619163)

Use the tools
-------------

*   [**Bitcoin Keeper**](https://medium.com/bitbees/bitcoin-keeper-rebrand-new-logo-same-commitment-6009a88f7b49) just got a new look. [Version 2.2.0](https://github.com/bithyve/bitcoin-keeper/releases) of the mobile multisig app brought a new branding design, along with a [Keeper Private](https://medium.com/bitbees/introducing-keeper-private-where-wealth-meets-sovereignty-278e93332b32) tier, testnet support, ability to import and export [BIP-329](https://github.com/bitcoin/bips/blob/master/bip-0329.mediawiki) labels, and the option to use a Server Key with multiple users.
    *   Earlier this month the project also announced [Keeper Learn](https://medium.com/bitbees/introducing-keeper-learn-your-simple-expert-guided-path-to-understanding-bitcoin-be53470be069) service, offering clear and guided Bitcoin learning sessions for both groups and individuals.
*   [**Keeper Desktop v0.2.2**](https://github.com/bithyve/keeper-desktop/releases/tag/keeper-desktop-v0.2.2), a companion desktop app for Bitcoin Keeper mobile app, received a renewed branding update, too.

![Good Morning, Bitcoin - Saturday, April 26th, 2025](https://www.nobsbitcoin.com/content/images/2025/04/image-45.png)

The evolution of Bitcoin Keeper logo. Source: [BitHyve blog](https://medium.com/bitbees/bitcoin-keeper-rebrand-new-logo-same-commitment-6009a88f7b49).

*   [**Blockstream Green Desktop v2.0.25**](https://github.com/Blockstream/green_qt/releases) updates GDK to v0.75.1 and fixes amount parsing issues when switching from fiat denomination to Liquid asset.
*   [**Lightning Loop v0.31.0-beta**](https://github.com/lightninglabs/loop/releases/tag/v0.31.0-beta) enhances the `loop listswaps` command by improving the ability to filter the response.
*   [**Lightning-kmp v1.10.0**](https://github.com/ACINQ/lightning-kmp/releases), an implementation of the Lightning Network in Kotlin, is now available.
*   [**LND v0.19.0-beta.rc3**](https://github.com/lightningnetwork/lnd/releases/tag/v0.19.0-beta.rc3), the latest beta release candidate of LND is now ready for testing.
*   [**ZEUS v0.11.0-alpha2**](https://github.com/ZeusLN/zeus/releases/tag/v0.11.0-alpha2) is now available for testing, too. It's nuts.
*   [**JoinMarket Fidelity Bond Simulator**](https://m0wer.github.io/joinmarket-fidelity-bond-simulator/) helps potential JoinMarket makers evaluate their competitive position in the market based on fidelity bonds.
*   [**UTXOscope**](https://github.com/Drew72-ita/UTXOscope) is a text-only Bitcoin blockchain analysis tool that visualizes price dynamics using only on-chain data. The


News. Updates. Research. Stats. Everything Important You Need to Know.

News
----

*   **Bitcoin mining centralization in 2025.** According to a [blog post](https://b10c.me/blog/015-bitcoin-mining-centralization/) by _b10c_, Bitcoin mining was at its most decentralized in May 2017, with another favorable period from 2019 to 2022. However, starting in 2023, mining has become increasingly centralized, particularly due to the influence of large pools like Foundry and the use of proxy pooling by entities such as AntPool.

![Block 893376: Important News of the Week](https://www.nobsbitcoin.com/content/images/2025/04/image-21.png)

Source: [b10c's blog.](https://b10c.me/blog/015-bitcoin-mining-centralization/)

*   **OpenSats announces the eleventh wave of Nostr grants.** The [five projects in this wave](https://www.nobsbitcoin.com/opensats-unveils-the-eleventh-wave-of-nostr-grants/) are the mobile live-streaming app [Swae](https://github.com/suhailsaqan/swae), the Nostr-over-ham-radio project [HAMSTR](https://github.com/LibertyFarmer/hamstr), [Vertex](https://www.nobsbitcoin.com/vertex-web-of-trust-as-a-service/)—a Web-of-Trust (WOT) service for Nostr developers, [Nostr Double Ratchet](https://github.com/mmalmi/nostr-double-ratchet) for end-to-end encrypted messaging, and the [Nostr Game Engine](https://ngengine.org/) for building games and applications integrated with the Nostr ecosystem.
*   **New Spiral grantee:** [**_l0rinc_**](https://xcancel.com/spiralbtc/status/1912176891609362505)**.** In February 2024, _l0rinc_ transitioned to full-time work on Bitcoin Core. [His efforts](https://github.com/l0rinc/bitcoin/tree/l0rinc/work?tab=readme-ov-file#bitcoin-core-contributions) focus on performance benchmarking and optimizations, enhancing code quality, conducting code reviews, reducing block download times, optimizing memory usage, and refactoring code.
*   **Project Eleven offers 1 BTC to break Bitcoin's cryptography with a quantum computer.** The quantum computing research organization [has introduced](https://bitcoinmagazine.com/news/project-eleven-to-award-1-btc-to-tackle-bitcoins-quantum-vulnerability) the [Q-Day Prize](https://www.qdayprize.org/), a global challenge that offers 1 BTC to the first team capable of breaking an elliptic curve cryptographic (ECC) key using Shor’s algorithm on a quantum computer. The prize will be awarded to the first team to successfully accomplish this breakthrough by April 5, 2026.
*   **Unchained has launched the Bitcoin Legacy Project.** The initiative [seeks](https://www.unchained.com/blog/introducing-the-bitcoin-legacy-project) to advance the Bitcoin ecosystem through a bitcoin-native [donor-advised fund platform](https://www.unchained.com/blog/bitcoin-donor-advised-funds) (DAF), investments in community hubs, support for education and open-source development, and a commitment to long-term sustainability with transparent annual reporting.
    *   In its first year, the program will provide support to Bitcoin hubs in Nashville, Austin, and Denver.
    *   Support also includes $50,000 to the Bitcoin Policy Institute, a $150,000 commitment at the University of Austin, and up to $250,000 in research grants through the Bitcoin Scholars program.

> "Unchained will **match grants 1:1** made to partner organizations who support Bitcoin Core development when made through the Unchained-powered bitcoin DAF, up to 1 BTC," was stated in a blog post.

*   **Block launched open-source tools for Bitcoin treasury management.** These [include](https://block.xyz/inside/block-releases-open-source-tools-for-bitcoin-treasury-management) a dashboard for managing corporate bitcoin holdings and provides a real-time BTC-to-USD price quote API, released as part of the [Block Open Source initiative](https://github.com/block/bitcoin-treasury). The company’s own instance of the bitcoin holdings dashboard is available [here](https://bitcoin.block.xyz).

[![Block 893376: Important News of the Week](https://www.nobsbitcoin.com/content/images/2025/04/image-14.png)](https://bitcoin.block.xyz/)

Source: block.xyz

*   **Bull Bitcoin expands to Mexico,** [enabling](https://www.bullbitcoin.com/blog/bull-bitcoin-launches-in-mexico) anyone in the country to receive pesos from anywhere in the world straight from a Bitcoin wallet. Additionally, users can now buy Bitcoin with a Mexican bank account.

> _"Bull Bitcoin strongly believes in Bitcoin’s economic potential in Mexico, not only for international remittances and tourism, but also for Mexican individuals and companies to reclaim their financial sovereignty and protect their wealth from inflation and the fragility of traditional financial markets," said Francis Pouliot, Founder and CEO of Bull Bitcoin._

*   **Corporate bitcoin holdings hit a record high in Q1 2025.** According to [Bitwise](https://bitcoinmagazine.com/news/corporate-bitcoin-holdings-hit-record-high-in-q1-2025-as-public-companies-accelerate-accumulation), public companies' adoption of Bitcoin has hit an all-time high. In Q1 2025, these firms collectively hold over 688,000 BTC, marking a 16.11% increase from the previous quarter. This amount represents 3.28% of Bitcoin's fixed 21 million supply.

![Block 893376: Important News of the Week](https://www.nobsbitcoin.com/content/images/2025/04/image-29.png)

Source: [Bitwise.](https://xcancel.com/BitwiseInvest/status/1911843925943337203)

*   **The Bitcoin Bond Company for institutions has launched** with the [aim of acquiring](https://xcancel.com/BitcoinPierre/status/1909229920447840602) $1 trillion in Bitcoin over 21 years. It utilizes secure, transparent, and compliant bond-like products backed by Bitcoin.
*   **The U.S. Senate confirmed Paul Atkins as Chair of the Securities and Exchange Commission (SEC).** At his confirmation hearing, _Atkins_ [emphasized](https://cryptoslate.com/paul-atkins-confirmed-to-chair-sec-as-gary-genslers-long-term-replacement/) the need for a clear framework for digital assets. He aims to collaborate with the CFTC and Congress to address jurisdiction and rulemaking gaps, aligning with the Trump administration's goal to position the U.S. as a leader in Bitcoin and blockchain finance.
*   **Ethereum developer Virgil Griffith has been released from custody.** _Griffith_, whose sentence [was reduced](https://atlas21.com/former-ethereum-developer-virgil-griffith-released-from-custody/) to 56 months, is now seeking a pardon. He was initially sentenced to 63 months for allegedly violating international sanctions laws by providing technical advice on using cryptocurrencies and blockchain technology to evade sanctions during a presentation titled 'Blockchains for Peace' in North Korea.
*   **No-KYC exchange eXch to close down under money laundering scrutiny.** The privacy-focused cryptocurrency trading platform [said](https://bitcointalk.org/index.php?topic=577207.msg65286839#msg65286839) it will cease operations on May 1. This decision follows allegations that the platform was used by North Korea's Lazarus Group for money laundering. eXch revealed it is the subject of an active "transatlantic operation" aimed at shutting down the platform and prosecuting its team for "money laundering and terrorism."
*   **Blockstream combats ESP32 FUD concerning Jade signers.** The company [stated](https://xcancel.com/Blockstream/status/1912468478025433244) that after reviewing the vulnerability disclosed in early March, Jade was found to be secure. Espressif Systems, the designer of the ESP32, has since [clarified](https://developer.espressif.com/blog/2025/03/esp32-bluetooth-clearing-the-air/?ref=btctimes.com) that the "undocumented commands" do not constitute a "backdoor."

[![Block 893376: Important News of the Week](https://www.nobsbitcoin.com/content/images/2025/04/image-30.png)](https://xcancel.com/Blockstream/status/1912468476200997138)

*   **Bank of America is lobbying for regulations that favor banks over tech firms in stablecoin issuance.** The bank's CEO _Brian Moynihan_ is working with groups such as the American Bankers Association to advance the issuance of a fully reserved, 1:1 backed "Bank of America coin." If successful, this could limit stablecoin efforts by non-banks like Tether, Circle, and others, [reports](https://www.theblock.co/post/350860/stablecoin-turf-wars-bank-of-america-tether-and-circle-battle-to-shape-us-rules) _The Block._
*   **Tether to back OCEAN Pool with its hashrate.** "As a company committed to financial freedom and open access, we see supporting decentralization in Bitcoin mining as essential to the network’s long-term integrity," [said](https://www.theminermag.com/news/2025-04-14/tether-ocean-pool-bitcoin) Tether CEO _Paolo Ardoino_.
*   **Bitdeer to expand its self-mining operations to navigate tariffs.** The Singapore-based mining company is advancing plans to produce machines in the U.S. while reducing its mining hardware sales. This response is in light of increasing uncertainties related to U.S. trade policy, as reported by [_Bloomberg_](https://www.bloomberg.com/news/articles/2025-04-15/crypto-firm-bitdeer-prioritizes-mining-to-weather-tariff-turmoil).
*   **Tether acquires $32M in Bitdeer shares.** The firm [has boosted](https://www.theminermag.com/news/2025-04-17/tether-bitdeer-acquire-bitcoin) its investment in Bitdeer during a wider market sell-off, with purchases in early to mid-April amounting to about $32 million, regulatory filings reveal.
*   **US Bitcoin miner manufacturer Auradine has raised $153 million** in a Series C funding round as it [expands](https://www.theminermag.com/news/2025-04-17/auradine-mara-bitcoin) into AI infrastructure. The round was led by StepStone Group and included participation from Maverick Silicon, Premji Invest, Samsung Catalyst Fund, Qualcomm Ventures, Mayfield, MARA Holdings, GSBackers, and other existing investors. The firm raised to over $300 million since its inception in 2022.
*   **Voltage has partnered with BitGo** to [enable](https://www.voltage.cloud/blog/bitgo-and-voltage-team-up-to-deliver-instant-bitcoin-and-stabl


[Contribute to keep No Bullshit Bitcoin news going.](https://geyser.fund/project/nobsbitcoin)

News
----

*   **Spiral welcomes _Ben Carman_.** The developer [will work](https://xcancel.com/spiralbtc/status/1914334079387914435) on the LDK server and a new SDK designed to simplify the onboarding process for new self-custodial Bitcoin users.
*   **Spiral renews support for _Dan Gould_ and _Joschisan_.** The organization has renewed support for _Dan Gould_, who is developing the [Payjoin Dev Kit (PDK)](https://payjoindevkit.org/2025/03/18/the-evolution-of-payjoin), and [_Joschisan_](https://xcancel.com/spiralbtc/status/1914363508126515567), a [Fedimint](https://github.com/fedimint/fedimint) developer focused on simplifying federations.
*   **The Bitcoin Dev Kit Foundation announced new corporate members for 2025**, including [AnchorWatch](https://www.anchorwatch.com/), [CleanSpark](https://www.cleanspark.com/), and [Proton Foundation](https://proton.me/foundation). The annual dues from [these corporate members](https://bitcoindevkit.org/blog/_2025q1-new-foundation-members/) fund the small team of open-source developers responsible for maintaining the core BDK libraries and related free and open-source software (FOSS) projects.
*   **The European Central Bank is pushing for amendments to the European Union's Markets in Crypto Assets legislation (MiCA)**, just months after its implementation. According to _Politico_'s [report on Tuesday](https://www.politico.eu/article/european-commission-livid-ecb-warn-crypto-apocalypse-donald-trump/), the ECB is concerned that U.S. support for cryptocurrency, particularly stablecoins, could cause economic harm to the 27-nation bloc.
*   **Slovenia is considering a 25% capital gains tax on Bitcoin profits for individuals.** The Ministry of Finance [has proposed](https://www.gov.si/novice/2025-04-17-v-javni-obravnavi-zakonska-predloga-s-podrocja-kriptosredstev-in-izvedenih-financnih-instrumentov/) legislation to impose this tax on gains from cryptocurrency transactions, though exchanging one cryptocurrency for another would remain exempt. At present, individual 'crypto' traders in Slovenia are not taxed.
*   **The Virtual Asset Service Providers (VASP) Bill 2025 introduced in Kenya.** The [new legislation](https://bitcoinke.io/2025/04/the-vasp-kenya-license-requirements/) aims to establish a comprehensive legal framework for licensing, regulating, and supervising virtual asset service providers (VASPs), with strict penalties for non-compliant entities.
*   **Circle, BitGo, Coinbase, and Paxos plan to apply for U.S. bank charters or licenses.** According to a [report](https://archive.is/dxbWM) in _The Wall Street Journal_, major crypto companies are planning to apply for U.S. bank charters or licenses. These firms are pursuing limited licenses that would permit them to issue stablecoins, as the U.S. Congress deliberates on legislation mandating licensing for stablecoin issuers.

> "Established banks, like Bank of America, are hoping to amend the current drafts of \[stablecoin\] legislation in such a way that nonbanks are more heavily restricted from issuing stablecoins," people familiar with the matter [told](https://www.theblock.co/post/351402/circle-bitgo-to-apply-for-bank-charters-coinbase-paxos-may-follow-suit-wsj) The Block.

*   **Paul Atkins has officially assumed the role of the 34th Chairman of the US Securities and Exchange Commission (SEC).** This is a return to the agency for Atkins, who previously served as an SEC Commissioner from 2002 to 2008 under the _George W. Bush_ administration. He has [committed](https://www.reuters.com/world/us/paul-atkins-sworn-us-sec-chair-2025-04-21/) to advancing the SEC’s mission of fostering capital formation, safeguarding investors, and ensuring fair and efficient markets.
*   **Federal Reserve retracts guidance discouraging banks from engaging in 'crypto.'** The U.S. Federal Reserve [withdrew](https://www.theblock.co/post/351943/federal-reserve-retracts-guidance-discouraging-banks-from-engaging-in-crypto) guidance that discouraged banks from crypto and stablecoin activities, as [announced](https://www.federalreserve.gov/newsevents/pressreleases/bcreg20250424a.htm) by its Board of Governors on Thursday. This includes rescinding a 2022 supervisory letter requiring prior notification of crypto activities and 2023 stablecoin requirements.

> "As a result, the Board will no longer expect banks to provide notification and will instead monitor banks' crypto-asset activities through the normal supervisory process," reads the FED statement.

*   **Russian government to launch a cryptocurrency exchange.** The country's Ministry of Finance and Central Bank [announced](https://bitcoinmagazine.com/news/russias-finance-ministry-and-central-bank-to-launch-crypto-exchange-for-super-qualified-investors) plans to establish a trading platform for "highly qualified investors" that "will legalize crypto assets and bring crypto operations out of the shadows."
*   **Twenty One Capital is set to launch with over 42,000 BTC in its treasury.** This new Bitcoin-native firm, backed by Tether and SoftBank, is [planned to go public](https://www.businesswire.com/news/home/20250423962305/en/Tether-SoftBank-Group-and-Jack-Mallers-Launch-Twenty-One-a-Bitcoin-native-Company-Through-a-Business-Combination-With-Cantor-Equity-Partners) via a SPAC merger with Cantor Equity Partners and will be led by _Jack Mallers_, co-founder and CEO of Strike. According to a [report](http://archive.today/3PoYZ) by the _Financial Times_, the company aims to replicate the model of _Michael Saylor_ with his company, MicroStrategy.
*   **Strategy increases Bitcoin holdings to 538,200 BTC.** In the [latest purchase](https://www.coindesk.com/markets/2025/04/21/strategy-buys-usd555m-of-bitcoin-increases-total-stash-to-538-200-btc), the company has spent more than $555M to buy 6,556 coins through proceeds of two at-the-market stock offering programs.
*   **Metaplanet buys another 145 BTC.** The Tokyo-listed company [has purchased](https://www.coindesk.com/markets/2025/04/24/metaplanet-hits-5-000-btc-mark-amid-strategic-treasury-expansion) an additional 145 BTC for $13.6 million. Their total bitcoin holdings now stand at 5,000 coins, worth around $428.1 million.
*   **Semler Scientific has increased its bitcoin holdings to 3,303 BTC.** The company acquired an additional 111 BTC at an average price of $90,124. The purchase was funded through proceeds from an at-the-market offering and cash reserves, as stated in a [press release](https://www.prnewswire.com/news-releases/semler-scientific-announces-updated-btc--atm-activity-purchased-additional-111-btc-now-holds-3-303-btc-ytd-btc-yield-of-23-5-302438131.html).
*   **Tesla still holds nearly $1 billion in bitcoin.** According to the automaker's [latest earnings report](https://www.sec.gov/Archives/edgar/data/1318605/000162828025018851/exhbit991.htm), the firm reported digital asset holdings worth $951 million as of March 31.
*   **Spar supermarket experiments with Bitcoin payments in Zug, Switzerland.** The store [has introduced](https://bitcoinnews.com/adoption/spar-supermarket-switzerland-bitcoin/) a new payment method powered by the Lightning Network. The implementation was facilitated by DFX Swiss, a service that supports seamless conversions between bitcoin and legacy currencies.

[![Block 894207: Important News of the Week](https://www.nobsbitcoin.com/content/images/2025/04/image-36.png)](https://www.linkedin.com/feed/update/urn:li:activity:7318277304881709057/)

*   **Charles Schwab to launch spot Bitcoin trading by 2026.** The financial investment firm, managing over $10 trillion in assets, [has revealed](https://riabiz.com/a/2025/4/19/rick-wurster-puts-harder-date-on-schwab-spot-bitcoin-launch-after-key-hire-and-400-surge-in-visits-to-its-crypto-site-but-isnt-pulling-down-crypto-red-flags-quite-yet) plans to introduce spot Bitcoin trading for its clients within the next year.
*   **Arch Labs has secured $13 million to develop "ArchVM"** and integrate smart-contract functionality with Bitcoin. The funding round, valuing the company at $200 million, was led by Pantera Capital, as [announced](https://chainwire.org/2025/04/22/arch-labs-announces-13m-funding-round-to-launch-a-native-bitcoin-virtual-machine/) on Tuesday.
*   **Citrea deployed its Clementine Bridge on the Bitcoin testnet.** The bridge [utilizes](https://www.coindesk.com/tech/2025/04/23/bitcoin-rollup-citrea-deploys-bridge-to-tackle-collateral-bottleneck-of-using-btc-in-defi) the BitVM2 programming language to inherit validity from Bitcoin, allegedly providing "the safest and most trust-minimized way to use BTC in decentralized finance."
*   **UAE-based Islamic bank ruya launches Shari’ah-compliant bitcoin investing.** The bank has become the world’s first Islamic bank to provide direct access to virtual asset investments, including Bitcoin, via its mobile app, [per](https://bitcoinmagazine.com/news/ruya-becomes-first-islamic-bank-to-offer-bitcoin-and-virtual-asset-investments) _Bitcoin Magazine._
*   **Solosatoshi.com has sold over 10,000 open-source miners,** adding more than 10 PH of hashpower to the Bitcoin network.

> "Thank you, Bitaxe community. OSMU developers, your brilliance built this. Supporters, your belief drives us. Customers, your trust powers 10,000+ miners and 10PH globally. Together, we’re decentralizing Bitcoin’s future. Last but certainly not least, thank you[@skot9000](https://x.com/skot9000) for not only creating a freedom tool, but instilling the idea into thousands of people, that Bitcoin mining can be for everyone again," [said](https://xcancel.com/SoloSatoshi/status/1912267232006070775) the firm on X.

*   **OCEAN's DATUM has found 100 blocks.** "Over 65% of OCEAN’s miners are using DATUM, and that number is growing every day. This means block template construction is making its way back into the hands of the miners, which is not only the most profitable