BTC 2024 Recap
"American will be a Bitcoin mining powerhouse"
The 6th official Bitcoin Conference took place in Nashville, TN, this last weekend.
Simple Mining was located in the back of the mining village and gave away 1,000,000 sats daily to the most powerful punch.
It was a pleasure to meet with our hosting clients and so many Bitcoiners.
Here are some highlights from the conference:
The speaker lineup at the conference was stacked with presidential candidates and senators.
RFK Jr. announced that he would like to sign an executive order directing the US Treasury to purchase 550 Bitcoin daily until the US has built a reserve of at least 4 million Bitcoin:
Very bullish of course, but not necessarily feasible.
A 4,000,000 BTC acquisition at 550 BTC per day would take ~ 20 years (200,000 BTC / year).
For the next four years, the U.S. would need to buy the entire newly mined supply (450/day) and then 100 more.
The following four years would be even more than that because of the halving (~ 325 BTC more than the issuance PER DAY)
This would continue through ~ 5 halving cycles.
This strategy involves the U.S. buying the entire mined supply for the next 20 years. And that only accounts for about 1.3M BTC.
The remaining 2.7M BTC would have to be purchased from existing holders, which is the entire supply currently sitting on all exchanges.
If this playbook were to be implemented, it would also influence other countries and corporations to follow suit, initiating a tidal wave of demand with an increasingly minuscule supply.
Long story short, it is an admirable initiative, yet not fully plausible.
The RFK speech was sprinkled with bullish statements and was definitely tailored to Bitcoiners.
Trump also had some nice things to say about Bitcoin/Bitcoiners, including:
“Bitcoin will probably overtake gold”
“Bitcoiners are high IQ”
“I will fire Gary Gensler” (SEC chairman who dislikes Bitcoin)
“Never sell your Bitcoin”
“Bitcoiers saw inflation before anyone else”
“U.S. to create a BTC stockpile.”
“Cheap energy” (Good for Bitcoin miners)
“America will be a Bitcoin mining powerhouse”
“US to be Bitcoin capital of the world”
Overall, politicians will appeal to the wants/needs of their audience, which in this case was a bunch of Bitcoiners.
Nonetheless, it is favorable for the publicity, public reputation, and global adoption of Bitcoin.
The orange coin may very well be the spark for a digital renaissance and restructuring of the American economy and monetary system.
Simple Mining has some hosting availability.
If you are looking for 5 MW or more of hosting, reach out to nick@simplemining.io
We are planning to add 30+ MW by the end of the year.
If you are on the fence about whether mining is profitable, be sure to check out last week's letter outlining a comparison analysis on Mine vs DCA👇
Have a good week🤝