🇺🇸 Could Trump Endorse Bitcoin as a Strategic Reserve Asset at BTC 2024?

At Bitcoin 2024 in Nashville, Wyoming Senator Cynthia Lummis, a Republican known for her pro-crypto stance, is preparing to announce groundbreaking legislation. This bill could significantly impact the crypto industry by making Bitcoin a mainstream financial asset, requiring the Federal Reserve to hold Bitcoin as a strategic reserve.

The announcement is scheduled for Saturday, just before former President Donald Trump is set to speak. Lummis' team hopes Trump will endorse the bill. If Trump does, it would signal high-level government recognition of Bitcoin as a legitimate financial asset.

Senator Lummis has been teasing a major announcement on her social media, and though specifics are still unclear, the legislation is reportedly aimed at having the Fed hold Bitcoin similarly to how it holds gold and foreign currencies. This move, supporters argue, would bring stability to the U.S. dollar and signal the central bank's embrace of innovation.

Lummis, a Bitcoin investor herself, has long advocated for incorporating Bitcoin into the nation's financial strategy. She recently suggested that Bitcoin's decentralized nature could bolster the U.S. dollar's strength.

The bill's success would depend on gaining support from both the President and Congress. As the political landscape heats up, both parties are vying for the support of crypto voters. While the Democratic Vice President Kamala Harris has shown some openness to the crypto community, she declined an invitation to the Bitcoin Conference, focusing instead on other campaign priorities.

Republicans have been more active in courting the Bitcoin industry. Once a skeptic, Trump now sees potential in digital assets, especially as a counter to China's growing influence in this area. His endorsement could be pivotal for the bill's progress.

⛏️ In the News

Swan Bitcoin has abandoned its IPO plans, shut down its managed mining unit, and cut staff due to reduced profitability in the mining sector and shifting market conditions.

Marathon Digital bought $100m worth of bitcoin, reinstating its strategy to hold all mined bitcoin, now holding over 20,000 BTC worth nearly $1.3 billion.

The CEOs of SunnySide Digital and Cryptech Solutions have launched Synteq Digital to cater to the expanding digital mining and high-performance computing industries.

🍯 HIVE to Build 100 MW Hydroelectric Data Center in Paraguay

• HIVE plans a 100 MW hydroelectric data center in Paraguay, leveraging clean energy from the Itaipu dam.

• The new facility is expected to add 6.5 EH/s to its Bitcoin mining operations, boosting total hashrate to 12.1 EH/s and potentially doubling revenue.

• HIVE's expansion aligns with Paraguay’s business-friendly policies, aiming to generate over $100m in stable U.S. dollar revenue for the local utility company.

• The company has also acquired 500 Bitmain S21 Pro Antminers to enhance its mining capabilities, targeting an operational hashrate increase to 5.6 EH/s.

• HIVE's Bitcoin holdings have increased to 2,521 BTC, valued at over $170m.

• HIVE remains committed to sustainability with its use of renewable energy and is expanding into high-performance computing (HPC) for AI, using Nvidia GPU chips.

⚡️ IREN Expands Capacity to 750 MW

• IREN increases power capacity at its Childress site from 600 MW to 750 MW.

• The company has secured an additional 150 MW of power following ERCOT network studies and an amended connection agreement with AEP.

• Total secured grid-connected power capacity now stands at 2,310 MW.

• Immediate power availability for 2024 includes 910 MW, with 510 MW of data centers planned for the year, targeting 30 EH/s.

• An additional 910 MW of data centers is planned for 2025.

• A 1,400 MW West Texas site is on schedule for 2026.

• Development pipeline includes over 1 GW of additional capacity from 2027 to 2030.

• IREN operates 260 MW of data centers, expanding to 510 MW in 2024.

🟠 From BTC 2024