Circle P:

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:01):
It is 08:20AM
Pacific Daylight Time. It is the July
2025,
and this is episode eleven twenty eight
of Bitcoin.
And strategy stopped buying Bitcoin,
at least for today.
Elon Musk has announced something that's pissing a whole bunch of people off. You know what it is,

(00:22):
but there's a small twist to it.
We've got a gold explorer or mining company that is throwing their weight into
Bitcoin treasury,
so they actually produce something. They produce gold,
and even these guys
are gonna start buying some Bitcoin. And Jack Dorsey has launched

(00:42):
a chat app that
doesn't need the Internet,
which is at least gonna be
the first use case of a technology that I have just really come to appreciate over the last few years.
And seeing it used outside
of what it's
the what the technologies

(01:03):
aim for
is
finally kind of refreshing.
People in Bitcoin have been talking about mesh networks for a while.
It looks like Jack has actually done something with it, like I said, outside of its
general purview.
And then
prayers go out to the people down in Central Texas.

(01:24):
It's affected quite a bit of items, including Bitcoin mining.
Speaking of, somebody has found a block, and there are a couple of announcements of yet more Bitcoin buys. But first,
strategy
didn't buy Bitcoin this morning.
After, what, three weeks or, like, I it's, like, three straight months or something like that of Bitcoin buys every Monday morning or at least

(01:50):
the announcement of
Bitcoin buys every Monday morning.
Today,
it was different. They did not buy any Bitcoin, but they did make an announcement.
It seems that strategy is going to raise another $4,200,000,000,
And at the same time, their second quarter unrealized Bitcoin gains hit $14,000,000,000.

(02:15):
So Helen Partz,
Cointelegraph
starts us off.
Michael Saylor's strategy, the world's largest corporate holder of Bitcoin, reported a $14,000,000,000
unrealized
gain
on its holdings in the second quarter of twenty twenty five.
The company recorded an unrealized gain on its digital asset holdings

(02:37):
of exactly 14,050,000,000.00
along with a deferred tax expense
of 4,040,000,000.00
according to a filing with the US Securities and Exchange Commission
this morning. Quote, as of 06/30/2025,
the company's digital asset carrying value was $64,360,000,000

(03:00):
with a related
deferred tax liability of $6,310,000,000,
the filing stated.
Despite the gains,
strategy paused
its Bitcoin buying spree last week with the company's BTC holdings remaining at 597,325
BTC

(03:20):
following its last
purchase of Bitcoin,
4,980
coins.
Strategy's decision to skip buying Bitcoin came as prices fell to $1.00 $5,400
last Tuesday before briefly surging above 110,000
on Thursday
according to CoinGecko data.

(03:42):
The pause marked the first time since April. Wow. That strategy skipped a weekly Bitcoin purchase.
The company previously paused acquisitions
when Bitcoin fell below $87,000.
And following the previous pause,
strategy resumed with a 3,459
BTC
purchase, which was announced April,

(04:05):
two weeks
after the previous buy of 22,048
Bitcoin on March.
The newly released official strategy figures are slightly above the estimations by Bloomberg analysts
who last week projected the company to report at least
a $13,000,000,000

(04:25):
in unrealized
gains for this second quarter.
In addition to releasing the second quarter results, Strategy announced its latest
$4,200,000,000
at the market
offering on Monday.
The company has entered into a sales agreement under which strategy
may issue

(04:45):
and may sell shares of its 10%
series a perpetual
stride
preferred stock, and the ticker symbol on that is STRD,
at a
price of $0.001
per share.
I'm pretty sure that that's gotta be a typo. I mean, I that doesn't make any sense. But, hey, it could be right. Who knows? I I am not a connoisseur of treasure Bitcoin Treasury Company

(05:15):
preferred offering stocks. Anyway, similar to other strategy offerings, including the $21,000,000,000
strike
ATM.
This new ATM program
is an equity raising mechanism designed to allow the company to gradually sell newly issued shares to buy more Bitcoin.
Yeah. Let's just print the debt.

(05:37):
Why why not? Everybody else is doing it. According to an investor presentation accompanying the new $4,200,000,000
STRD ATM announcement,
strategy has so far issued 477,000,000
worth of strike
and a $163,000,000
worth of STRF or STRF.

(05:59):
The total remaining ATM capacity
across the programs
is $44,800,000,000
including
$18,100,000,000
for
the common stock MSTR,
four point two billion for STRD,
20,500,000,000.0
for STRK,
and 1,900,000,000.0

(06:19):
for STRF
strategy reported.
So the
debt instrumentation
is just at an all time high
even though
strategy themselves did not buy any Bitcoin last week.
But the big news is Elon Musk.

(06:40):
He's announcing
the America party.
Oh, for god's sakes. This is probably not going to go the way that anybody expects it to go.
But in a twist,
Elon Musk confirms
that the new America party will embrace Bitcoin.
I'm pausing to simply say this.

(07:00):
Bullshit.
He's lying.
He's lying.
I hope I'm wrong. I don't think I am. I think he's lying. I think he's talking out of the side of his head.
But Tesla CEO and tech entrepreneur Elon Musk has confirmed
that his newly formed political party, the America party,
will accept Bitcoin. Quote, Fiat is hopeless.

(07:23):
So, yes, Musk replied
to an ex user who asked
if his new party would embrace Bitcoin.
Elon Musk is no stranger to Bitcoin as Tesla was an early adopter holding BTC in its treasury.
Under
Elon Musk, as Tesla CEO,
Tesla bought $1,500,000,000

(07:45):
worth of Bitcoin in early early twenty twenty one,
making it one of the first publicly traded companies to hold Bitcoin in its treasure treasury reserves.
Currently, Tesla holds a piddly
amount of 11,509
BTC,
which is worth approximately
1,260,000,000.00,
with the

(08:05):
EV maker being the ninth largest publicly traded company to hold Bitcoin in its treasury
according to Bitbo.
The Tesla CEO has also supported Dogecoin over the years. Yes. We know. I don't give a shit. Jan third or Jan three founder, Samson Moe, said embracing Bitcoin
could give Musk an edge over Trump in their ongoing feud.

(08:29):
Moe stated
that Tesla should once again start accepting Bitcoin as payment and that Musk's SpaceX
should give discounts
for those who pay in Bitcoin.
In 2024,
Musk rejected the idea of using the Bitcoin network as a form of payment on Mars. However,
Musk later entertained the idea,

(08:49):
saying that a localized lightning network could solve the issue of slow transactions.
Musk has not always been pro Bitcoin. In 2021, he claimed that the price of Bitcoin was too high,
which led to BTC dropping in price.
You know, there was other things going on at the time, guys. It wasn't just Trump or, Musk.

(09:13):
But speaking of Trump, Musk's relationship with Trump has deteriorated
over Trump's one big beautiful bill with Musk previously calling it utterly insane and destructive
and arguing that it will erode millions of jobs in The United States and cause immense strategic harm to the country.
The One Big Beautiful Bill Act is estimated to add 3,300,000,000,000.0,

(09:37):
that's trillion with a t, dollars
to the national debt over the next decade.
Musk questioned Trump's rationale for creating Doge, an initiative that aimed at reducing The US national debt, if he was going to increase the national debt by trillions of dollars.
He then later hinted that The US needs a new political party that, you know,

(10:00):
actually cares about the people.
Again, pausing to say bullshit.
None of these parties are ever going to care about the people.
It's too late.
It's just it's just too late for all of that.
But on Sunday,
excuse me, Musk announced
that he would be creating the America party after more than 1,240,000

(10:21):
people voted
on his poll
over whether he should create the party with nearly two thirds of voters voting in favor of having a new party.
Quote, when it comes to bankrupting our country with waste and graft, we live in a one party system, not a democracy,
Musk added.
US president Donald Trump has since lashed out at Musk for creating

(10:45):
a third political party.
Trump said that Musk's new party could fracture the Republican vote at the twenty twenty six US midterm elections.
So I don't know.
I'm under the impression that we already had a third political party, and that would be the Libertarian party. I know. It's okay to laugh. I'm just saying that it does exist.

(11:07):
It may be ineffectual.
It may not have ever had any hope in hell of ever having
any kind of efficacy whatsoever,
but the Libertarian Party does exist. It is the third political party in The United States.
So, technically,
and I hate to be
to do the actually guy thing, but, actually,

(11:30):
this is now the fourth
American political party. I'm I'm just saying. And as to his statement that they're going to embrace Bitcoin,
yeah, I'll believe it when I see it.
And even if I see it, if it if it's something like, oh, we bought one Bitcoin. Oh, who cares?
Okay. We're we're gonna take our our political donations in Bitcoin, but we're automatically going to convert it to fiat. I don't

(11:55):
that's not embracing Bitcoin.
So in in what way are you going to embrace Bitcoin?
So I just don't believe him right now. I just I just don't.
After his stunt
with buying a whole bunch of Bitcoin and then immediately flipping and starting to talk about doge all the time and then selling three quarters of the Bitcoin that he had bought, like, I don't know, it was like six, like eight months later or a year later or something like that.

(12:25):
I'm just I'm I'm done with this guy.
I I I'm just done. I don't believe him. I can't trust him.
It
but it is what it is. So we'll we'll we'll see,
but I I wouldn't hold I wouldn't hold your breath. Right? Okay. So
now let's move on to this gold explorer.

(12:46):
They've joined the Bitcoin treasury bandwagon. Vince De Aquino from Decrypt has it.
Habakk Gold,
which is an early stage mineral exploration company focused on discovering
orogenic
and greenstone
hosted gold hosted gold deposits in Liberia,

(13:07):
West Africa,
is shifting part of its treasury into Bitcoin.
It's listed on the London Stock Exchange and has been since 2022,
and the company announced on Thursday that it had raised £2,470,000
sterling through a share placement,
though it didn't specify
when those funds were secured.

(13:29):
This injection of new capital makes Hammack Gold
well positioned to pursue two core objectives in parallel,
Nick Thurlow, its newly appointed chairman, said in a statement.
Those objectives include, quote, maximizing our existing gold exploration and development opportunities

(13:49):
and seizing the transformative
opportunity to lead The United Kingdom in Bitcoin treasury management, Thurlow said.
While it remains pre revenue and has no active mining operations oh oh god. Oh,
Okay. So they don't produce anything yet.
Alright. So, yeah, caveat, not producing anything yet.

(14:11):
No revenue
yet, and they're already jumping into Bitcoin treasury.
Red flag.
Just saying. But
according to this,
Hamak Gold holds licenses
across more than 1,700
square kilometers of perspective terrain.
Bitcoin treasury pivots have become increasingly familiar strategies.

(14:34):
And then they talk about Michael Saylor, and then they talk about GameStop,
and then they talk about Opal, which is an Australian biotech firm with less than one month's runway in cash
moving into Bitcoin, a big red flag. And then we have Vinati Coffee,
the Spanish cafe chain with only six locations,

(14:55):
and it appears to be working from the same playbook.
So
this is,
like I said, this is a big red flag.
This is something that we should be very, very aware of when
as we move forward in this brave new world that we find ourselves in of Bitcoin treasury companies,

(15:16):
These guys don't have any revenue.
They hold leases
of 1,700
kilometers of perspective terrain, but, you know,
a prospect is a prospect is a prospect. It's either gonna yield gold or it doesn't, but they haven't put shovel one
to a single patch of dirt yet. They got no revenue,

(15:37):
and they have no active mining operations whatsoever,
and they're raising money to buy Bitcoin in the treasury.
This
again sounds like the hail Mary of a company that was probably never going to go anywhere anyway.
I mean,
yeah, sure. You can get
you can get licenses,

(15:59):
I guess, or and
leases. You see, this this doesn't even say lease. This says license.
So
that's not a lease.
Everything about this stinks.
Everything about Hammock Gold at this point stinks.
But if you want real gold,

(16:20):
if you want real gold, you need to go over to oshigood.us.
That's oshigood.us,
0shigood.us.
You can get some of his huddle butter, which he's actually I'm looking at it now.
It's this pecan butter that he makes, and it's
everybody I have I've tasted his hollow bars. I have not tasted the pecan butter yet, but the hollow bars are made with this pecan butter. And it's these hollow bars are so freaking good. And he's got he actually has the banana chocolate chip huddle bar in stock right now.

(16:59):
Again,
its ingredient list is such dates,
pecan butter, which has pecans, maple syrup, cinnamon, sea salt, and black pepper.
It's got dark chocolate chips. It's got banana powder. It's got peanut flour. It's cacao,
powder, vanilla extract cinnamon, and sea salt.
These things pack

(17:21):
a caloric
punch.
If you need something in your backpack when you're on a hike or you've
you just
this is not a snack bar.
This bar has extreme utility
when it comes to I'm starving to death and I got I I literally have this this little bar. That little bar,

(17:42):
the these little huddle bars,
they're they're gonna take care of you. They're gonna get you through that last push up that that that hiking trail. Right? So
go get them and pay for them in Bitcoin.
Yes.
He takes Bitcoin
because if you're not taking Bitcoin for your goods and services, you're not in the circle p where I bring plebs with goods and services for sale

(18:07):
to you, other plebs who might actually want to buy said goods and services from another pleb.
All these people
all of these people that are in the circle p, all my vendors,
they love doing this stuff.
So help support them because when you support them
and you use the the code Bitcoin and

(18:28):
with any of these vendors, then they know that I made a sale for them. That's how they know.
It's a metric that me and our my vendors use so that we can figure out was the
sale worth something to the vendor. And if so, the vendor gets to decide how much to compensate me.

(18:49):
There's a that's a handshake deal. I don't make contracts with these people. I ask them if they wanna be in the circle p. They, you know, say, sure,
what do I do?
I say basically nothing. Give me your story.
I'll read it on the air.
And if anybody buys anything from you and they use the code, sir,
sorry, Bitcoin and

(19:11):
then you get a you get to make the decision as to how much that sale was worth to you and then you just throw me some satoshis on the other end either through zaps or boostograms
or whatever.
It's
it's value for value advertising.
So many people, they just they hate commercials. And I mean, I get it.
But there's got to be a better way to present

(19:35):
really good products.
And the banana chocolate chip huddle bar from oshigood.us
is an
an
a great product. I'm I'm I'm having one I'm having one of these days today where I've got, I don't know,
anaphasia. I can't think of words. I've been struggling all morning long. In either event, this is an outstanding product,

(19:59):
and I wouldn't say that if I didn't actually try that.
The banana chocolate chip huddle bar is freaking awesome.
Go to oshigood.us.
Pick up some bars. Make sure you tell Oshi that you heard about it here on the circle p by using code
Bitcoin
and BitChat.

(20:20):
Jack Dorsey launches BitChat.
It's a decentralized
messaging
messaging system without the Internet.
Atlas twenty one bringing it to you.
Jack Dorsey,
CEO of Block and cofounder of Twitter, has officially released
the beta version of a peer to peer decentralized
mess messaging service

(20:41):
that operates via Bluetooth technology.
Over the
weekend, Dorsey dedicated his time to an in-depth study of Bluetooth
mesh networks,
relays,
and store and forward models,
message encryption models, and a few other things before officially
introducing BitChat on x.

(21:04):
The Bluetooth mesh chat system evokes the early days
of web based messaging in the late nineteen nineties,
reminiscent
of IRC
or Internet Relay Chat as Dorsey himself pointed out.
So how does it work?
Well, according to the white paper,
BitChat operates through Bluetooth low energy

(21:26):
mesh networks.
The system enables encrypted communications without relaying on Internet infrastructure, making it resistant to network outages
and censorship.
The BitChat network
is designed to be fully decentralized,
removing the need for central servers, accounts, email addresses, phone numbers for registration, or any infrastructure it dependencies

(21:52):
the technical document states.
The system implements
ephemeral
messaging
where messages exist only in the device's memory by default and aren't saved in central databases.
The mesh network networking setup allows for automatic multi hop message forwarding

(22:12):
while room based chats can be configured as group chats
named via hashtags
with optional password protection.
A store and forward system
temporarily saves messages for offline peers for preset durations.
Each device
acts as both a client and a node

(22:33):
creating a self organizing
mesh network
where messages can hop between devices
to reach distant peers.
The system uses a Bluetooth range of 30 meters with bridge nodes linking separate clusters.
Messages are encrypted based on type.
Private
pro is it a private,

(22:54):
message? Is it a room message? Is it for broadcast?
And large messages
are split into smaller
500 byte chunks.
Future plans include enabling messages over Wi Fi
to increase bandwidth for heavier messages.
The system is designed for various scenarios such as conferences,

(23:15):
protests,
disaster stricken areas like in Texas,
or any situation where Internet infrastructure
is
infrastructure is unavailable,
unreliable,
or untrustworthy.
The document concludes that BitChat demonstrates how secure and private messaging is possible without centralized infrastructure

(23:35):
stating, quote,
By combining Bluetooth mesh networking,
end to end encryption,
and privacy preserving protocols,
BitChat
provides resilient communications
that works anywhere that people gather, regardless of Internet availability.
I'm

(23:55):
rather excited about this,
but understand
that the 30 meter distance
between nodes, like if you've got BitChat on your phone, your phone's acting as a node and a client.
Right?
You need to be 30 meters away from the next person that also has the BitChat client and whose phone or device or whatever you wanna call it is acting as a node.

(24:23):
Right? So
because there's no Internet,
this is a highly truncated version of messaging, but it makes a lot of sense
simply because
in disaster stricken areas
where you've got a lot of people gathering and there's a lot of people gathering in Texas right now

(24:43):
about these floods. You know, I just I just read a report that even though that I'm from Texas and I live in Eastern Washington,
I get
Washington
state news and a whole bunch of people from Washington state are flying their happy ass down to Texas to go help.
Well, it'd be really nice because that right now down there, there's so much damage. Internet is unreliable.

(25:08):
Telephone lines are screwed up. There's a lot of problems down there. The power is really flaky at this point. So it would be really nice if all these volunteers would be able to
have instant messaging through their phones,
but using mesh network. And since there's gonna be so many of them down there, you would have an extensive mesh network.

(25:29):
And it would probably operate in a way that looks that feels very much normal
as to just sending text messages while you're connected to, I don't know, data over a cell phone tower.
Still,
very excited about this. I'd I I can't wait to see where it goes.
Meanwhile, let's run the numbers.

(25:59):
Futures and commodities. West Texas Intermediate Oil is up point 8%
to $67.59.
Brent North Sea is up one and a third
to $69.18.
Natural gas is up a full point to $3.44
per thousand cubic feet, and gasoline is up 1.15%
to $2.14
a gallon.

(26:20):
Shiny metal rocks are having a bad day. Gold is down a third to 33
and $30
and 7 dimes.
Silver is down three quarters of a point. Platinum is down a quarter. Copper is swinging low, 2.28%
to the downside,
and palladium
is the worst off at 2.67%

(26:40):
in the red.
Ag is mostly in the red. The only thing in the green is chocolate today, point 79% to the upside.
Biggest loser is coffee, 3.4%
to the downside. Meanwhile, live cattle is up point 8%,
lean hogs up a half, feeder cattle up one and a third.
The Dow is down,

(27:00):
point 67%,
and all of the, indices are down today. S and P is down over a half,
and Nasdaq is down point 61%,
and the S and P Mini is down almost three quarters of a full point.
Meanwhile, Bitcoin is holding at a 108,460.
That is a 2,160,000,000,000

(27:21):
market cap, and we can get 32.6
ounces of shiny metal rocks with our one Bitcoin of which there are 19,888,772.7
of.
Average fees per block are really low. 0.02
taking in fees on a per block basis of which there is only one.

(27:43):
There's only one block, and it's carrying 1,100
unconfirmed transactions waiting to clear at high priority rates
of one, Satoshi per v byte. Low priority is is also one.
We have our we're ex I'm expecting a massive drop in hash rate due to what's going on in Texas.

(28:04):
Right now, the hash rate is standing at 895.7
exahashes per second,
but
we are probably going to see a major drop in hash rates.
Don't freak out. This if we do, it's just because of Texas.
Right? So just everybody remain calm.
Remain calm.

(28:24):
From fourth of do it again,
July 4 episode of Bitcoin, and I got Agichute with a thousand says, gee no gimmicks. That's right, Agie.
Hearn 88 with a thousand says, we must declare independence from fiat
and the Federal Reserve. Thank you, sir. No. Thank you because you are correct.

(28:45):
Yodel with five eleven says, happy Monday when you read this.
Thanks, Yodel. I appreciate that. Pies with four twenty says, the circle p, l f g.
Pies with another four twenty says, happy freedom day, my brother. Thank you. I appreciate that. And god's death with 237.
Thank you, sir. No. Thank you. That's the weather report.

(29:15):
Welcome to part two of the news that you can use.
Texas weather crises and grid strain slammed Bitcoin mining in June.
This is out of Bitcoin news written by Alex Larry.
June
2025
was a tough month for Texas. Bitcoin mining is heat waves,
power curtailments, and even flooding combined to take a big bite out of the mining output across the state.

(29:40):
Several major Bitcoin mining companies, including Riot Platforms,
Marathon Digital,
Cipher Mining, and Cango,
saw significant declines in their BTC production.
The drop ranged from 7% to 25%
and was mostly due to weather related power issues and participation

(30:01):
in the Texas grid management programs.
Texas has been a hub for Bitcoin mining due to its low energy cost and friendly policies,
but the summer heat was intense in June and pushed the power grid right to the edge,
forcing companies to take measures to avoid high electricity costs and prevent blackouts.
To do this,

(30:23):
many miners voluntarily
reduce their power usage during peak hours, which is a practice known as economic curtailment.
One of the reasons for the curtailment is Texas's
four coincident
peak
program,
which measures and charges large energy users based on their usage during the four highest demand periods of the summer.

(30:46):
To avoid huge transmission fees,
Bitcoin miners like Riot Platforms and Cipher Mining scaled back operations
during these critical times. Jason
Less, CEO of Riot Platforms, said participating in demand response and economic curtailment
significantly contributes to grid grid stability
while enhancing Riot's competitive positioning.

(31:10):
Riot mined a mere 450
in June. That's down 12%.
They sold 397
BTC for about 41,700,000.0,
but still maintained a large reserve of just under 20,000
BTC at the end of the month.
Marathon Mining followed a similar similar strategy,

(31:30):
mining only a 160
BTC in June
and cited their proactive
four
CP avoidance strategy. That's that
four coincident peak program.
And they did so to keep energy cost low. While their new Black Pearl facility came online at the June,
it just wasn't enough to offset the production decline.

(31:53):
Marathon Digital Holdings took the biggest hit. They're down 25%
from 282
BTC in May to a mere 211
in June.
The CEO, Fred Teal, pointed to multiple reasons including weather related curtailments,
old mining equipment, and what he called

(32:14):
natural variability
in block luck,
which is the unpredictable nature
of mining success.
And if the heat wave wasn't enough,
severe flooding in parts of Texas made mining even more challenging.
Fox News reported that floods were devastating,
creating a humanitarian
crisis. According to the latest reports,

(32:37):
the flood left at least fifty nine people dead,
including 11 children.
This highlights the significance and sheer volume of destruction.
This natural disaster disrupted local infrastructure too, including many Bitcoin mining operations.
Flood damage and power outages from the storm
also led to a drop in global Bitcoin hash rate, a key metric

(33:00):
of the network's computational power.
A decline in hash rate is sometimes seen as a bearish mark for Bitcoin prices as it may mean instability
or operational
risk.
According to mempool.space,
Bitcoin's networks
Bitcoin network's mean hash rate dropped from an all time high of 917

(33:20):
exahashes
per second on June
to 832
on July.
That is a 10% drop.
This caused the network to scale down its difficulty from a 126,400,000,000,000.0
to only a 116,000,000,000,000
in the latest adjustment.

(33:41):
Although most companies struggled in June, CleanSpark didn't.
The company increased its BTC production by 6.7%,
mined 445
BTC, and sold only 8 Bitcoin.
Good job, CleanSpark.
Despite the challenges,
the Bitcoin mining industry is showing signs of life. New companies like Eskom,

(34:02):
which is South Africa's state power utility,
NIP
Group, and TWL
Miner are entering the market
showing continued interest as well as investment.
So, yeah, that's
the the the stuff that's going on in Texas from the heat wave and now we're in the middle of these floods,

(34:23):
it's going to drop hash rate. It just is. It doesn't mean anything. It just means that there's enough externalities
going on that it's going to affect mining.
Welcome to the world.
Now back to the Texas floods just a little bit just to show you how bad it's it's getting.

(34:46):
I've got this from CNN.
If anybody's following the news about the floods in Texas,
the death toll
the death toll from Camp Mystic has hit twenty seven.
So twenty seven
little girls,
got hit.
The problem is is that the rain is coming back,

(35:10):
and
Central Texas is already saturated.
Now the biggest problem with all of this
is that
Texas has been in the grips of a fairly
severe drought for a long time.
All the land is dry.
And when the land starts out dry and you throw trillions of gallons of water on it, it doesn't soak in.

(35:36):
It simply
just kind
of rolls around the roll rolls around the the the ground.
It doesn't it doesn't soak in.
So
that added a whole bunch of injury to an already insulting
situation.
And
unless those rains stop,

(35:56):
we're gonna have continued flooding.
And the continued flooding is going to continue to destroy life and property, and it's going to also affect everything else.
So power grids are being weird right now. Bitcoin mining is being weird right now.
Prayers go out to the families of the children at Camp Mystic.
In fact, I think that the if you if you weren't following, the Guadalupe River rose

(36:22):
somewhere between twenty and twenty eight feet in less than two hours during this flood
that really started in earnest on July.
So it's not stopping.
It's not stopping.
But
another solo Bitcoin miner has beat the odds
and has
clearly mined their very own block for a $350,000

(36:47):
jackpot.
Ryan Gladwin from Decrypt.
A solo miner bagged a reward of 3.173
BTC,
just right at 350,000
by mining block number 903883
late Thursday night, and winners like this don't come around often. In fact,
one expert says that an underdog this small will only win

(37:12):
every eight years on average.
Thursday night's lucky winner was identified as using Solo c k, a nonprofit service that enables Bitcoin miners to attempt to mine solo blocks. By using solo c k, the miner paid a 2% fee but avoided the overhead required to run a high end mining rig.

(37:32):
Quote, congratulations
to miner, and then they give us the Bitcoin address,
with 2.3
petahashes
for solving block number three zero one, the pseudonymous doctor
CK, the software engineer and admin for solo CK wrote on x, quote,
a miner of this size
has about a one in 2,800
chance of solving a block every day

(37:54):
or once every eight years on average.
To put it into perspective, 2.3 petahashes,
short well, p h, short for petahashes,
works out as a slither
of Bitcoin's
total estimated hash rate of 881
exahashes per second.
That's just a 0.00026

(38:16):
of the hash rate to be exact. And when compared
to Foundry USA's hash rate,
the mining pool that processed the block prior,
the solo miner still pales in comparison with just a fraction of Foundry's
271.7
exahashes
of hash rate.
Bitcoin miners spend computational power to solve complex mathematical equations.

(38:39):
No. No. They do not.
That
see, this
this is what drives me crazy.
It's not solving a complex mathematical
equation. It's making a guess.
It's simply rolling dice. It's not that complex.
Where it gets complex is when I have a hardware wallet spin up a new wallet address for me.

(39:05):
That's that's a comp that's e c s or what e s c d a or e c s d a is the ecliptic curve
mathematics. It's complicated.
That's complicated.
Signing a transaction
is kinda complicated.
That's complicated math.
But guessing
at a block header is not is not that complicated. It's not. It's just not. Please stop saying that.

(39:31):
Anyway, this guy,
this mining,
this solo miner
was competing against massive companies for a block, and it's pretty hard. The odds of actually winning the reward pretty low.
I mean, most solo miners who go this route join mining pools that combine participants
power and split rewards among them. And Scott Norris, CEO of independent Bitcoin miner, Opti Miner, told Decrypt that solo mining is like playing the lottery

(39:56):
despite some lucky winners.
So congratulations to the solo miner who won their very own block.
This actually happens a lot more often than I think we're giving it credit for. Don't know why, but it it does happen.
And
it so all the people that always poo poo about solo mining, you never know. I mean, you just never know. There's no reason not to try it anyway.

(40:22):
Alright. So on to the announcements from all these Bitcoin treasury companies.
Similar Scientific
has bought another 187
Bitcoin for $20,000,000
bringing their total holdings
to 4,636.
And, oh, I've been blocked from access from the block. The smarter web company

(40:45):
has hit a 1,000
BTC treasury milestone.
They bought another $24,000,000
worth of Bitcoin,
and that turns out to be an additional
226.42
Bitcoin,
which they bought. And finally,
we have Meta Planet
who has bought an additional

(41:06):
2,205
Bitcoin as part of its ongoing Bitcoin treasury strategy.
It now holds 15,555
Bitcoin
as of today.
So that's it. It's a much shorter show than normal. There's honestly just not a lot of news going on, so
I won't I I won't,

(41:28):
bend your ear anymore, and I will see you on the other side.
This has been Bitcoin, and and I am your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.
Have a great day.

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