Bitcoin monthly digest: September 2024

Last quarter of the year, what an exciting time! abitnewworld.com is back with the newest instalment of our monthly Bitcoin digest. This newsletter is your go-to resource for keeping up with everything Bitcoin in 5 minutes or less. Let's jump right into last month's events and explore the newest developments in the Bitcoin world.

• Bhutan - a new player in Bitcoin mining

Bhutan, a small Buddhist kingdom in South Asia, has been revealed as a significant Bitcoin holder, possessing over 13000 Bitcoin worth almost $800 million, according to Arkham Intelligence. This marks the first public disclosure of Bhutan's Bitcoin addresses.

Unlike most governments, Bhutan's Bitcoin holdings stem from its own mining operations rather than asset seizures. Arkham identified the country's investment arm, Druk Holdings, as responsible for these activities, which have increased significantly since early 2023. The largest mining facility is located on the former site of the Education City project.

In May 2023, Bhutan partnered with Bitdeer to create a 100% carbon-free Bitcoin mining operation, leveraging the country's abundant hydropower resources. Druk Holding & Investments and Bitdeer plan to expand their capacity from 100 to 600 megawatts, emphasizing eco-friendly mining. Bhutan is now the fourth-largest government Bitcoin holder, despite its small size and population of less than a million inhabitants.

• Bitcoin mining = higher electricity bills? Think again!

The closure of a Bitcoin mining facility in Hadsel, Norway, has led to a 20% increase in electricity bills for local residents. The mining operation had provided 20% of the local power company Noranett's revenue, and its closure resulted in higher costs for households, with bills potentially rising by up to $300 per month.

While residents had long complained about the noise from the facility's cooling fans, they now face higher electricity costs. The town's mayor acknowledged the challenge of losing a major energy consumer and said efforts will be made to find new projects to utilize the excess energy. The situation highlights how Bitcoin mining can help distribute electricity grid costs, preventing rate hikes. The incident has also sparked debate in Norway about the potential impact of restricting energy-intensive mining, which could lead to miners moving operations abroad and further price increases for locals.

• Bitcoin-powered human rights

The Human Rights Foundation (HRF) has announced the latest round of Bitcoin Development Fund grants, distributing 10 BTC (worth around $630k) across 20 projects worldwide. These grants focus on technical education, Bitcoin development conferences, decentralized mining, and providing financial privacy solutions for human rights groups, especially in regions like Latin America, Asia, and Africa.

Some key recipients include:

1. African Bitcoiners: Educating Africans about Bitcoin to promote financial sovereignty.

2. Stratospher: A developer enhancing Bitcoin's privacy and decentralization.

3. Coracle: A censorship-resistant social media platform for human rights activists.

4. Harbor: A privacy-focused Bitcoin wallet aiding those under surveillance.

5. Bitaxe: Promoting discreet home Bitcoin mining in authoritarian regions.

6. Kiveclair: Educating people in the Democratic Republic of Congo about Bitcoin.

7. BTC Shule: A platform in Burundi teaching Bitcoin to enable uncensored payments.

8. Yes Bitcoin Haiti: Empowering Haitians with Bitcoin education and resources.

9. Bitcoin++: Developer conferences focusing on Bitcoin technology.

10. Solidarity Summit: A Vienna event highlighting political prisoners and financial freedom.

These grants are part of HRF’s mission to support Bitcoin's role in promoting human rights and financial freedom globally.

That's a wrap for now, folks! Don't be shy: 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. We look forward to keeping you posted on the latest developments in Bitcoin-land. See you in a few weeks with our October updates!