Bitcoin monthly digest: November 2023

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November is over, which means it's time to for the sixth edition of our monthly Bitcoin newsletter! If you were too busy preparing for the holiday season to keep an eye on Bitcoin and what transpired last month, you're just in the right place at the right time! Let's delve in and discover it together!

• Is Wall Street waking up to Bitcoin?

In an exclusive interview with CNBC, Tom Farley, former President of the New York Stock Exchange (NYSE) and current CEO of Bullish, expressed optimism about the future of Bitcoin, contingent upon the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). Farley's remarks coincide with ongoing speculation regarding the SEC's decision on a Bitcoin spot ETF, a move that could potentially unlock institutional investment in the Bitcoin market.

Highlighting the significance of a spot ETF approval, Farley asserted that it could be a transformative development for Bitcoin. He underscored the attractiveness of a spot ETF, which would offer investors direct exposure to the underlying asset, distinct from the currently available futures-based ETFs in the market. Farley emphasized, "Everyone acknowledges Bitcoin is not a security, including the regulators."

Confident in Bitcoin's long-term potential, Farley foresees a significant capital flow into the market following regulatory approval of a spot ETF. He pointed to the growing interest among institutional investors and the broader financial community in accessing Bitcoin through conventional investment avenues.

• Carbon-negative Bitcoin mining

Marathon Digital Holdings has announced a partnership with Nodal Power to launch a pilot project for Bitcoin mining powered exclusively by energy from landfill methane. Landfill methane refers to the methane gas produced during the decomposition of organic waste in landfills. When organic materials, such as food and plant waste, break down in the absence of oxygen (anaerobic conditions), they release methane as a byproduct. Methane is a potent greenhouse gas, approximately 25 times more effective at trapping heat in the atmosphere than carbon dioxide over a 100-year period. The 280kW mining project in Utah aims to implement environmentally friendly Bitcoin mining technologies.

The move follows the release of a joint report by Marathon and Bitcoin Magazine Pro, highlighting the potential for Bitcoin mining to profitably reduce methane emissions from landfills. Over 50% of U.S. landfills release methane directly into the atmosphere, contributing to environmental issues and energy inefficiencies. Bitcoin mining offers an opportunity to turn this methane into a valuable resource while aligning with environmental goals and economic incentives.

Marathon's Chief Growth Officer, Adam Swick, emphasized the win-win nature of this approach, presenting Bitcoin mining as a positive solution for landfill owners struggling with methane management. The partnership signals a step toward integrating Bitcoin mining into sustainable energy infrastructure, showcasing its potential as a technology solution for the energy sector and a catalyst for achieving environmental, social, and governance (ESG) goals.

That's all for this month, folks! Make sure to get in touch with us by using the "Contact us!" button at the top of this page, or leave a comment down below with any questions or comments.