TPB Weekly Digest #003
New U.S. tax regulation, Bitcoin's birthday, Bitcoin mining in rural Africa, and more
Hello Friends,
I hope you all had a fantastic holiday and new year! I was able to take some time away from things with family and friends to refresh and refocus for what’s sure to be a hectic year ahead of us. I also couldn’t be more excited for the year ahead, upcoming guests on the pod, and to continue connecting with all of you!
Alright, let’s get into it.
FYI: More Tax Regulations for U.S. Citizens…
“New crypto tax reporting obligations took effect on Jan. 1,” shared by Jerry Brito, Executive Director of the DC crypto think-tank Coin Center. If you receive 10k or more in crypto you must report the transaction to the IRS. It’s hard to imagine how, once again, a tax regulation like this can actually be enforced, including as it relates to bitcoin mining and receiving block rewards, anonymous donations to foundations via crypto, and more. You can find the full Coin Center Article here. I would also recommend supporting groups like Coin Center that are doing incredible work lobbying for pro-bitcoin legislation and fighting for our rights on many fronts as it relates to privacy, ownership of bitcoin, and more.
Bitcoin Genesis Block
Happy 15th Birthday Bitcoin! On January 3rd, 2009, Satoshi mined the first Bitcoin block, known as the Genesis Block, embedding within the block text from The Times issue above, “Chancellor on brink of second bailout for banks.” Satoshi sent several clear messages early on about one of the leading causes for the creation of Bitcoin. Banks had become too big to fail, playing recklessly with our global economy and workers wages, while continuously being bailed out by governments with fiat money creation and tax-payer dollars. From the Bitcoin White Paper, “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” Satoshi’s message was clear: Banks, we don’t need you.
More Positive Headlines on Bitcoin Mining in Rural Africa
Just published from UnHerd, an independent and politically diverse publication, reporter Ian Birrell shines a light on Gridless and their mining operations in rural Africa. This is yet another publication presenting stories of Bitcoin’s positive impacts on the environment, in this case utilizing otherwise stranded hydro energy in rural Africa, and Bitcoin’s positive impact on communities, providing an opportunity for electricity to be generated and supporting sustainable electricity generation incentivized by bitcoin.
“But Bitcoin certainly seems to offer something positive in societies scarred by autocracy, colonialism, military coups and woeful governance — as seen with those computers in a concrete shed in rural Malawi turning water into streams of cash to fund electricity.” - Ian Birrell
I’m excited to continue sharing this story via an upcoming TPB episode being released later this month with Alana Mediavilla, filmmaker behind the bitcoin mining documentary “Dirty Coin.” She features Gridless and many other bitcoin projects, focusing on mining, stranded energy, and more.
A bit briefer newsletter this week…much of the U.S. based Bitcoin news cycle has been focused on the potential Bitcoin ETF, and at the time of this publication there is still no confirmed spot bitcoin ETF and the talking heads are on repeat :)
I could use your help! What stories/areas of focus are you most interested in? What do you feel is underreported on in Bitcoin that you’d want to hear or learn more about? My goal is to continuously improve the messaging and content from our platform, including this newsletter, to make it as beneficial and informative to you, the reader/subscriber.
Thank you all for your continued support. Coming up next week, my conversation with Margot Paez via the pod on her research, bitcoin for human rights in Gaza, and more…
We’ll see you then, and have a great weekend!
- Trey