Introduction
Bitcoin’s market valuation is often seen through the lens of its exchange rate against fiat currencies, primarily the USD. This metric, while commonly tracked, is a secondary consequence of more fundamental forces at play. Miners convert electricity into hashpower to update the blockchain to earn BTC. Miners sit at the intersection of Bitcoin’s energy value and its fiat price. They utilise the physical world’s resources to grow a pool of energy & infrastructre underneath the digital economy of Bitcoin, affecting its valuation in both realms.
Issuance Dynamics and the Bitcoin Mining Equation
Understanding the impact of miners on the BTC/USD price begins with a comparison of currency issuance:
- Fiat Currency: Traditional fiat currencies, produced at negligible costs, are predicated on governmental decree and trust without a physical tether to a production costs
- Gold: With an intrinsic value derived from the costs and efforts of mining and refinement, gold’s scarcity dictates its market value.
- Bitcoin: Bitcoin mimics gold’s tangible cost of production in a digital format, translating a certain amount of electricity into a finite number of satoshis. This process enforces an absolute scarcity defined by Bitcoin’s fixed supply, allowing miners to accumulate rewards and transaction fees.
The Interplay of Energy Value and Fiat Price
Bitcoin’s relationship with electricity grants it a unique commodity-like feature where the Sats/kWh rate lays a foundation for its energy value—a stark contrast to the fiat-driven valuation. The BTC/USD price, while subject to speculation, investor sentiment, and macroeconomic conditions, is fundamentally a derivative of this energy value, constrained and influenced by it.
Market Phases and Miner Influence
Bull Markets: Mining Profitability and Revenue Optimization During a bull market, the disparity between the miners’ cost in dollars per kilowatt-hour and their revenue in BTC per kilowatt-hour widens, padding their profits. The rising BTC/USD price makes each block reward and fee more valuable in fiat terms, allowing miners to earn significantly more than during flat or bearish periods. With transaction volumes swelling and the fiat price reaching exuberant heights, miners are often seen as barometers for market temperature. A strategy shift can occur, where miners might reduce holdings, thus creating a selling pressure that can signal an upper bound for the bull market’s sustainability. Sideways Markets: The Miner’s Steady Hand In a market moving laterally, the BTC/USD price finds equilibrium. Here, miners’ earnings become particularly interesting; their constant production and sale of Bitcoin provide a unique economic heartbeat within the market. Miners sell their earned Bitcoin at market price, often at a profit considering their discounted production costs, reinforcing the sideways movement. Their operational costs, including the purchased energy, need to be met, and this consistent selling activity can keep the BTC/USD price in a steady state. Bear Markets: The Reality of Production Costs and Price Floors A bear market is where the cost of production becomes the focal point. Miners face tighter margins, and when the BTC/USD price slips below the break-even point, the economics of mining shifts towards considering the direct sale of electricity over the production of Bitcoin. This scenario sets an effective floor for the BTC/USD price based on energy costs. Miners holding contracts for electricity at lower rates can maintain operation, while others may cease or redirect their energy use, exemplifying the physical constraints within which the digital asset’s fiat price must operate.
Alternative Revenue and the Bottom Line
The adaptability of miners is most visible during tough market conditions. Innovative use of byproducts, such as heat for greenhouse operations, reflects miners’ efforts to diversify income and reduce waste. These alternative uses of mining byproducts can ease selling pressure on the BTC/USD price by providing miners with additional revenue streams. It’s also a testament to the resilience of the Bitcoin network. As miners diversify and optimize, they enhance the robustness of Bitcoin’s ecosystem, indirectly supporting the BTC/USD price stability.
Conclusion
The BTC/USD price is not merely a reflection of market sentiment but also a complex output of the energy input required to mine Bitcoin. This interdependence showcases the depth of Bitcoin’s design as an asset tied to the fundamental costs of its creation. As miners negotiate the fine line between their operational costs and the revenue earned, their collective behavior carves out the trends and thresholds of Bitcoin’s fiat valuation. Understanding this relationship is crucial for grasping the true drivers behind the BTC/USD price movements and the sustainable floor and ceilings these activities suggest. Miners, in essence, are not just participants but are essential shapers of Bitcoin’s fiscal narrative in the fiat currency domain.
Bitcoin Course | Big Picture Basics 6.1 – Bitcoin As Money pt1
Youtube Videos“The Essence of Money: A Journey Through Time”
The story of money is as ancient as civilization itself. Initially, the barter system was the norm, directly exchanging goods for other goods. However, the system had a critical flaw: it depended on the “coincidence of wants.” What if you had apples and wanted to purchase bread, but the person with the bread you wanted didn’t want apples? Enter money—an intermediary of exchange so that the transaction of goods needed to only go one way. Money needs to be something of universal acceptance to all of us.
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Video Transcript:
[Music] [Music] welcome to module 6 finance and Bitcoin and so this module really focuses on bitcoin as money itself and the larg topic of finance and our financial world that is going to be the most interactive part for most people within this entire ecosystem that you’ve learned about but the first question really becomes what is money where did it come from and why did we invented well that was to solve what we call The Coincidence of once that before money we just bed which is if you have something that I want and I have something that you want that is a straightforward transaction that can occur value for Value but what if only one of us had what the other needed well then you needed something to go the opposite direction of the good or the services to make sure that that transaction was fair that Energy’s neither created or destroyed only transferred and so that value forv value transaction was what money filled as the Gap and money needed to be something intrinsic for example in the Roman times everybody accepted salt as a means of payment because we all needed Salt to preserve food and food is quite important to every human so money as a good property would need to be very intrinsic in [Music] value
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Bitcoin Course | Big Picture Basics 5.3 – Difficulty & Time
Youtube Videos“History is written by the victors, every 10 minutes”
The Bitcoin network, in it’s essence, functions like a decentralized clock, ensuring the steady release of a new block approximately every 10 minutes. Think of this consistency in the way our electricity grid aims to maintain the frequency of its alternating current at either 50 or 60Hz. For electrical devices, this frequency balancing guarantees optimal function. For Bitcoin, the programmatic regulation of blocks every ten-minutes ensures fairness, security, and a predictable rate of currency issuance over time.
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Video Transcript:
[Music] history is written by The Victors every 10 minutes but how does the blockchain with a constantly changing amount of computers try and to find a fixed answer to each individual block how does that maintain to 10 minutes because if twice as much hash power comes online the blocks won’t be found in 10 minutes they’d be found in 5 minutes there’s more people trying to find the same answer so it would be quicker alternatively if lots of computers dropped offline there’s less people trying to find the same answer per block and so the network and the blockchain constantly dynamically changes the difficulty of how hard it is to find a block to make sure that it adheres to a Time series of 10 minutes and the clearest way to understand this is bringing the laws of physics in the more you move through space time changes and so Bitcoin does that it constantly adjusts its space Vector per block capacity the amount of attempts the amount of attempts required to find each block and we call this the difficulty adjustment and so Bitcoin regulates its time by adjusting its difficulty in space and the the clearest example of this would be if a block takes 100 attempts to find the block there’s 100 attempts at finding the answer if you had a computer that can do 10 attempts per minute then it would take you 10 minutes to find the block but what if you plugged in another computer and you were doing 20 attempts per minute you wouldn’t find the blocks in 10 minutes you’d find them in five and so the network would change it from 100 attempts required to find the answer to 200 attempts it would double the difficulty adjustment if the hash power doubles and so the network is balancing supply and demand to make sure that the blocks are every 10 minutes and the importance of this is is because the issuance of fresh Bitcoin is in every block so we want a constant rate of time to make sure that the issuance of Bitcoin is at a constant rate over time there’s more detail going through the text of this [Music] section
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Bitcoin Course | Big Picture Basics 6.3 – Sats per kWh (pt2)
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Video Transcript:
[Music] one of the most interesting metrics about bitcoin’s network of mining machines on every grid and Off the Grid around the planet is that the whole Network approximately uses .1% of global electricity now with what I just explained to you about SATs per kilowatt and miners ability to be able to sell their electricity at the same rate that they would produce Bitcoin means that electricity itself has a default price in Bitcoin that anywhere on this planet at any time electricity can be converted into currency units spendable on light that means that 0.1% of global energy is dynamically for sale right now and that should be growing and growing so that more energy is always for [Music] sale
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Bitcoin Course | Big Picture Basics 6.2 – Bitcoin in Finance
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Video Transcript:
[Music] [Music] the Integrity of our money is the Integrity of society if the money can be corrupted then Society will be corrupted and what we mean by this is that humans have all interactions with each other we have a financial system and when you buy something money goes in the opposite direction so money has a part to play in every human interaction of trade and commerce and that’s how economic value moves around and so if you have a currency that’s easily inflatable printed out of thin air well then the people that save and spend in that currency they lose their purchasing power over time because the new currency units steal their energy because energy is neither created nor destroyed only transferred and so that’s what causes our society of inflation and that’s why our currency system now needs to change to something that’s deflationary something with a fixed Supply and that creates a new behavior of saving and spending in a way that you don’t want to escape inflation by buying up things that people may need such as property if you buy five properties you live in one the other four are an investment a way of escaping this Fiat inflation but if Bitcoin came around and it’s a better appreciating asset than those four houses why would you want the four houses if the Bitcoin appreciates in a better way what that does is open up those four properties for other people to fulfill their needs over their wants and that organizes Society in a better way a healthier money creates a healthier Society think about our financial system of loaning and lending that’s not going to change people want access to financial services if you have Bitcoin as collateral as a loaning system the collateral is going to appreciate in value for whatever you’re purchasing because Bitcoin has absolute scarcity the monetary units are in fixed Supply and as we’ve learned through all the first few modules the poll of energ underneath Bitcoin is appreciating and so bitcoin’s value per unit is appreciating and so that creates a new world where people serve their needs over their wants and that will create a healthier Society where people can access the things because the monetary premiums have collapsed things get cheaper to produce over time so why do their prices go up Fiat [Music] fation [Music]
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Bitcoin Course | Big Picture Basics 6.4 – The new Energy Economy
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Video Transcript:
[Music] how best do we connect our use of money which everyone uses with our use of electricity which everyone uses so the jeel properties of Bitcoin is that it’s money and convertiable into electricity and that’s amazing because there’s countless different Industries where everything we do and produce and create in society has a cost to produce and some form with market value of competitiveness and let’s take the car for example it’s produced from aluminum typically that is using a lot of electricity electrolysis to actually produce the aluminium so raw materials are now priced in Bitcoin then it’s manufactured into a car using robotics that use a lot of electricity the production of that car is now priced in Bitcoin but also when that car goes onto the road and the charging stations they sell power as their business priced in Bitcoin and so every aspect of modern society and that just takes one example from the raw material in the ground to the end product that we use in every society and the pricing that we will see at the car charging station will all be Bitcoin and what that does is open up countless different energy and finance opportunities where the two are merged together because wealth is energy and so what does a society look like when you can convert your time and energy into a currency that is redeemable for energy itself well that’s a society I want to live in thank thank you for listening and I hope you’ve enjoyed this course it’s been a wonderful experience to create and I’ve got many more courses on the way thank [Music] you
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Bitcoin Course | Big Picture Basics 4.1 – The Internet Phases
Youtube VideosAs we transition from the physical intricacies of the global network of mining hardware and the warmth they produce, we step into the limitless realm of cyberspace. This digital dimension houses a vast expanse of data, memories, videos, photos, and myriad digital transactions that move like whispers, effortlessly traversing the globe.
For Bitcoin, the journey began with a simple yet revolutionary premise: leveraging this vast domain to record and authenticate financial transactions.
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Video Transcript:
[Music] [Music] welcome to module 4 networks and hash power and so this module really begins the digital discussion of bitcoin’s network which oper Ates online and that is a network of people communicating by sending and receiving information to each other think about when you print something you send information from your computer to the Wi-Fi and the Wi-Fi to your printer and that is sending information at the speed of light and this network is your local area network and your little network is connected to every other network of the world and that becomes the Internet it’s not in one particular place it’s very decentralized all across the world and so what really began the internet was being able to load a website and read the information but you couldn’t really engage too much people developed social media platforms and blogging and YouTube and countless ways of being able to engage and participate and write your own destiny online people developed businesses and started e-commerce websites and all other aspects of things but that does Happ the effect of we have empty High streets today because all of our trade and commerce is done online and Bitcoin was published online and people downloaded the information and they participated and this has really begun the the third wave of the internet which is ownership digital ownership and this has brought about a phenomenon of different ideas and different opportunities to to participate with money online but the internet has two different aspects to it we have public information that we want to visibly show and a brand a profile an email address a way of communicating with one another with public information but we also have private information our payment details and all other aspects of things that we put behind a password so just remember the strength of your password is the strength of your digital force field around your private information [Music]
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Bitcoin Course | Big Picture Basics 5.4 – Layer 2 Protocols
Youtube VideosFree Course Full Lesson https://hashpower.academy/lessons/5-blockchain-data/
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Video Transcript:
[Music] so far you have learned about all the different sectors of bitcoin’s ecosystem and how they connect together but also they innovate in their own directions different heating systems with the computers stability of grids the monetization of stranded energy hash power has developing new markets because it produces Bitcoin and the blockchain is no different what is the value of storing information online forever protected by the electricity of an entire country that is the interesting base layer of Bitcoin that you can store information online forever protected by energy it’s the most secure database ever built and the importance of that is what you can build on top of it and so people have developed social media new payment channels and all other different sorts of protocols to be able to transact because we all have different information needs if I was settling the transaction of a house I want security I want to see that transaction onchain as the verification of payment if I wanted to buy a coffee I want speed so maybe I could use a layer two to transact much quicker than the 10-minute blocks that you have to wait for what if you’re an institution with thousands or even millions of customers you want scale and so you want to be able to settle lots of transactions all in one file and so that’s what blockchain’s layer 2 and its Innovation direction is is the ability to innovate in the storage of data online [Music] forever
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Bitcoin Course | Big Picture Basics 4.2 – Network Participants
Youtube VideosAs we transition from the physical intricacies of the global network of mining hardware and the warmth they produce, we step into the limitless realm of cyberspace. This digital dimension houses a vast expanse of data, memories, videos, photos, and myriad digital transactions that move like whispers, effortlessly traversing the globe.
For Bitcoin, the journey began with a simple yet revolutionary premise: leveraging this vast domain to record and authenticate financial transactions.
Free Course Full Lesson https://hashpower.academy/lessons/4-networks-hashpower/
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The opinions expressed herein are solely those of the presenter and do not reflect the views of Hashpower Academy. Information is provided ‘as is’ and without warranties, either expressed or implied. We do not guarantee its accuracy or completeness. Investing in cryptocurrencies involves significant risk and should be undertaken only by individuals who can afford potential losses. Viewers are advised to conduct their own research and consult a qualified financial professional before making any investment decisions.
Video Transcript:
[Music] Bitcoin is a network of willing participants what do I mean by this well in this section you’re going to go through lists of all the different people within the network and the physical side the miners and all these different people they have different levels of how much they can engage and so when you transact in Bitcoin you can decide when you want to send Bitcoin how you want to send it to who you want to send it and how much you want to send it completely by your own valtion you even decide what fee you want to pay and so you broadcast to the network payer want to send a transaction and that transaction is picked up by the nodes the nodes store the information of who wants to send Bitcoin who’s already sent Bitcoin and a big long list of transactions and that file that copy of everyone’s transactions is not stored with one node it’s stored with all of them a copy an identical version of the file with every single node so no one individual person can cheat or lie about how much Bitcoin they actually have and so this file is updated every 10 minutes those are the blocks and in these blocks the miners are looking for them and when they find the answer to a block they decide which transactions go in their block remember you decide what fee you want to pay so the miner decides what transactions he wants in his block based on the fees so it’s about your individual contribution versus the collective Network the miners no one forced someone to plug in a machine and help protect this network to earn Bitcoin they decide how much or how little they want to contribute even the nodes themselves that store this big transaction list they can store the entire file or they could store a small amount just the latest transactions it’s a network of willing participants and that’s what’s so amazing about Bitcoin is it’s essentially Freedom a freedom to transact a freedom to ear learn a freedom to participate by storing and verifying everyone’s transactional activity it’s really interesting and I recommend you go through this section learn about all of the different people and participants and see if any of them take your interest you could economically produce Bitcoin with energy verify the network as you believe in the system or conduct your activity in your wallet but remember this you have a private key with your wallet and a public key similar to how we discussed with public information and private information on the internet your private is your password it’s the golden access golden key to getting into your wallet so do not share it with anyone and you use your private key to send Bitcoin and sign messages if you’re doing any form of other sorts of activities with your wallet your public key is the address the the bank account number think of it like that where you can receive bit coin so you you share it out to people that you want them to know and and you can have as many public Keys as you like you’re not limited to One account like with your bank you can open thousands if you like and so it’s complete network of willing participants is freedom but remember it’s about your individual contribution responsibility versus the whole Collective Network and that’s what’s really amazing it has that Duality between us on the [Music] group
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Bitcoin Course | Big Picture Basics 4.3 – Cryptography (pt1)
Youtube VideosAs we transition from the physical intricacies of the global network of mining hardware and the warmth they produce, we step into the limitless realm of cyberspace. This digital dimension houses a vast expanse of data, memories, videos, photos, and myriad digital transactions that move like whispers, effortlessly traversing the globe.
For Bitcoin, the journey began with a simple yet revolutionary premise: leveraging this vast domain to record and authenticate financial transactions.
Free Course Full Lesson https://hashpower.academy/lessons/4-networks-hashpower/
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The opinions expressed herein are solely those of the presenter and do not reflect the views of Hashpower Academy. Information is provided ‘as is’ and without warranties, either expressed or implied. We do not guarantee its accuracy or completeness. Investing in cryptocurrencies involves significant risk and should be undertaken only by individuals who can afford potential losses. Viewers are advised to conduct their own research and consult a qualified financial professional before making any investment decisions.
Video Transcript:
[Music] crypto no cryptography crypto is a speculative world of investing in people cryptography is the hard mathematics that make Bitcoin the most secure network that has ever existed and so cryptography can be understood with a clear example of WhatsApp you send a message and when it receives to the other person they see a message but in the middle it’s being encrypted into a jumble of text and at the other end it’s decrypted back into the normal message that prevents other people from being able to read it interfere it because they can read it but they’re just going to read a jumble of text that they would have to spend a lot of compute power trying to decrypt and so the best example for use of cryptography in the Bitcoin world of things is sending a transaction think of transactions like a check a bank check you have who it’s from the wallet who you’re sending it to their public key and obviously the amount and maybe why you’ve sent it but the signature your signature that verifies that this is legit and it’s your money that you want to send that is encrypted with your private key and through that encryption you get that security on the network because what do you do you write your you sign your transaction you broadcast it to the network and all the different nodes they store that information and that is what allows the security of the Bitcoin Network to operate and we we’re all communicating all around the world being able to broadcast and send transactions freely because no one else can interfere with the validity of those [Music] transactions
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Bitcoin Course | Big Picture Basics 5.2 – Decentralised Data Grid
Youtube VideosFree Course Full Lesson https://hashpower.academy/lessons/5-blockchain-data/
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The opinions expressed herein are solely those of the presenter and do not reflect the views of Hashpower Academy. Information is provided ‘as is’ and without warranties, either expressed or implied. We do not guarantee its accuracy or completeness. Investing in cryptocurrencies involves significant risk and should be undertaken only by individuals who can afford potential losses. Viewers are advised to conduct their own research and consult a qualified financial professional before making any investment decisions.
Video Transcript:
[Music] so bitcoin’s blockchain is a technical topic and so to give you the clearest understanding the text of this section is going to take you through all of the different moving parts of the blockchain and what it’s trying to achieve and this video is to give you the best analogy as to the blockchain and how it works and all the different moving parts and the clearest way to understand the blockchain is think of our physical electricity grids it is a network managing the supply and demand of electricity and trying to remain balanced over time the blockchain is a digital Network trying to manage the recording of data over time with the supply to report data being hash power and the demand to record data being transactions that is the clearcut understanding of what the blockchain is it’s a Digital Data electricity [Music] grid [Music]
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Bitcoin Course | Big Picture Basics 2.1 – Grids and Transmission
Youtube Videos“The electricity grid is one of those things that people take for granted… until it stops working”.
– Ernest Moniz
What would you do without electricity?
The significance of basic electricity access cannot be overstated. It dictates the pace in which a society progresses. Children can study after sunset, businesses can operate efficiently, people can walk under street-lamps and daily life just becomes less taxing. A well-structured electricity grid isn’t merely a provider of power; it’s a catalyst for opportunities. As we move forward, the spotlight needs to shine brightly on these intricate networks, acknowledging their pivotal role in shaping our 21st century world.
Free Course Full Lesson https://hashpower.academy/lessons/2-grids-electricity/
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Financial Disclaimer:
This video is for educational and informational purposes only and should not be considered as financial advice or an investment recommendation.
The opinions expressed herein are solely those of the presenter and do not reflect the views of Hashpower Academy. Information is provided ‘as is’ and without warranties, either expressed or implied. We do not guarantee its accuracy or completeness. Investing in cryptocurrencies involves significant risk and should be undertaken only by individuals who can afford potential losses. Viewers are advised to conduct their own research and consult a qualified financial professional before making any investment decisions.
Video Transcript:
[Music] in module two we’re going to discuss grids and electricity module one discussed the producers of electricity the grids is how we transfer all that energy to us in our homes and hospitals and everyday life now I believe that the grid is the most underappreciated infrastructure that brings about everything we do in the 21st century think about your dependency on the electricity grid right now I’m connected to a grid and that is providing me power to be able to do this communication everything about the electricity grid requires constant maintenance and stability and its expansion is really expensive think about that renewable stranded producer that we discussed in the previous module they need to be connected to the grid and to get connected they require however many 10 or 20 30 40 or 100 miles of transmission lines to be to be connected and that serves a problem because what if the local farmer that owns that land doesn’t want these huge cables running across his land he might want concessions monetary amounts to actually agree to have it being built so there’s all these frictions to the progress being made to have all the connection between our producers and obviously us as the consumers so take that into mind because when the power goes out it’s a stark reminder that we truly depend on this infrastructure being there and being [Music] available
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Bitcoin Course | Big Picture Basics 2.3 – Balancing the Grid
Youtube Videos“Dynamic Supply requires Dynamic Demand.”
The renewable transition brings about a new wave of volatility in electricity pricing. Many Bitcoin miners seek stability amidst this flux, by locking into Power Purchase Agreements (PPAs). Think of them like a fixed mobile phone contract but for electricity, a miner agrees to a fixed rate of example: $.05 per kWh, converting that energy into about $.10 worth of Bitcoin revenue.
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The opinions expressed herein are solely those of the presenter and do not reflect the views of Hashpower Academy. Information is provided ‘as is’ and without warranties, either expressed or implied. We do not guarantee its accuracy or completeness. Investing in cryptocurrencies involves significant risk and should be undertaken only by individuals who can afford potential losses. Viewers are advised to conduct their own research and consult a qualified financial professional before making any investment decisions.
Video Transcript:
[Music] the grid is one of the biggest and most important topics of this entire module because it boils down to the basics of we have people that produce power at all different times of the day and they have no control over when they produce it Renewables but also you’ve got the demand of power of people that want want to use power when they want to use it how they want to use it in whatever quantity they want to use and so you’ve got this mismatch of production and consumption and the grid has to balance an exact amount of production and consumption keep the grid balanced because a power cut occurs when it becomes imbalanced now electricity prices typically aggregate the supply and the demand of electricity on the grid and so this is a problem that mining is a solution because miners use a huge but constant rate of power so when there’s loads of power and lots of wind and loads of solar but very little demand Bitcoin mining could soak up all that Excess power and monetize it alternatively what if we’ve got no wind it’s the middle of the night and there’s no rain what do you do when You’ still got demand for electricity and this is where miners can also step in instead of consuming the power to turn it in essentially a quantity of electricity into a quantity of money cuz that’s what Bitcoin mining is essentially is that that electricity that they were consuming instead they switch off and sell the power and that rate between the amount of electricity and the amount of Bitcoin that make we call this the SATs per kilowatt rate and if the price of electricity was higher than this rate why mine it as Bitcoin when you can earn even more Bitcoin by selling the power and rebuying it as Bitcoin so it’s a healthy Arbitrage which helps stabilize our energy grids and our Energy prices to the downside and to the [Music] upside [Music]
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Bitcoin Course | Big Picture Basics 2.4 – Wealth is Energy
Youtube Videos“There’s No Such Thing as a Low-Energy Rich Nation.”
A nation’s prosperity is inextricably tied to its energy consumption. As the axiom goes, “There’s no such thing as a low-energy rich nation.” This strong correlation between energy and GDP underscores the principle that the efficient use of energy equates to economic growth and prosperity.
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The opinions expressed herein are solely those of the presenter and do not reflect the views of Hashpower Academy. Information is provided ‘as is’ and without warranties, either expressed or implied. We do not guarantee its accuracy or completeness. Investing in cryptocurrencies involves significant risk and should be undertaken only by individuals who can afford potential losses. Viewers are advised to conduct their own research and consult a qualified financial professional before making any investment decisions.
Video Transcript:
[Music] I say the word work you probably think of your job or your business and that is something that you convert your time and your energy into money and those two properties I think are pretty much the most valuable two things in this world and so what the physics definition of work is is the transfer of mechanical energy essentially and that’s essentially what we do with our time and our energy is we convert it into money and so when money is our storage of energy because we turn that money into buying something else and so that’s its intrinsic value but does it have intrinsic value in its current form not really because that amount of energy that was created or destroyed we transferred it from somewhere through our work through our labor that energy we store in our money but what happens when the government print more of these units it’s well the energy from the storage that we have is siphoned off to part of those new units because as they purchased things their energy wasn’t created as the money was created it was transferred from the existing money in circulation our savings our salaries and so we need to preserve our energy and you preserve it by storing your energy in certain things Fiat money as we said loses energy over time gold had a historical value as energy storage because you spend a certain amount of of energy processing a certain amount of rock to then receive that quantity of gold so it’s its energy storage is locked within time so gold over time preserves energy and that’s why its value appreciates the Bitcoin comes in as this network of energy that’s entering the network as a live stream and so that has the opportunity of a fixed Supply asset that appreciates in over time and therefore its value appreciates over time [Music] additionally
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Bitcoin Course | Big Picture Basics 2.2 – Commodity: Electricity
Youtube Videos“The Price We Pay and Society’s Prosperity.”
Every time we flip a switch or plug in a device, there’s a cost associated. While it might appear as just a “number” on our monthly bills, the price of electricity ($/kWh) profoundly impacts our lives. High electricity prices strain household budgets and ripple throughout the economy.
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The opinions expressed herein are solely those of the presenter and do not reflect the views of Hashpower Academy. Information is provided ‘as is’ and without warranties, either expressed or implied. We do not guarantee its accuracy or completeness. Investing in cryptocurrencies involves significant risk and should be undertaken only by individuals who can afford potential losses. Viewers are advised to conduct their own research and consult a qualified financial professional before making any investment decisions.
Video Transcript:
[Music] so we’ve discussed so far the production of electricity the transfer of electricity to the grid and obviously on the other end is the consumers of electricity and I believe that the pace of society was really set by the price of electricity when the price of electricity is really high it’s really hard for people to to manage their savings against these really high expenses they start adjusting the quantity of electricity that they use these societal impacts translate across goods and services when the cost of producing something is the cost of the energy to actually produce it it means that if the energy price goes up everything goes up alternatively if the energy prices come down it means goods and services are cheaper to manufacture it means electric cars are cheaper to run per mile and all other aspects of society that need energy and so if we have a world that is aiming to reduce the price of electricity over time I believe we can bring about human prosperity in multiple different ways for society as a [Music] whole [Music]
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Bitcoin Course | Big Picture Basics 1.3 – Commodity: Carbon
Youtube Videos“Planetary problems require planetary systems”. As we delve deeper into the intricacies of energy generation, we are confronted by the unavoidable implications of carbon emissions. Historically, our reliance on fossil fuels, while bringing about amazing human prosperity through an industrial revolution, introduced significant volumes of carbon dioxide into the atmosphere.
Free Course Full Lesson https://hashpower.academy/lessons/1-generation-carbon/
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The opinions expressed herein are solely those of the presenter and do not reflect the views of Hashpower Academy. Information is provided ‘as is’ and without warranties, either expressed or implied. We do not guarantee its accuracy or completeness. Investing in cryptocurrencies involves significant risk and should be undertaken only by individuals who can afford potential losses. Viewers are advised to conduct their own research and consult a qualified financial professional before making any investment decisions.
Video Transcript:
[Music] [Music] so carbon it is a huge topic it is a planetary gas with a planetary problem Associated to it depending on which side of the argument you see but the one thing that we can agree upon whether you believe in climate change or you don’t is that we can at least agree to an accounting system to track the carbon it’s nice to breathe in clean air and so many people choose Renewables as the option going forward but they bring their [Music] problems
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Bitcoin Course | Big Picture Basics 1.2 – Generation Types
Youtube Videos“We don’t print energy: we generate it with work”.
Unlike fiat currency, electricity cannot simply be conjured with the press of a button. It is generated through diligent effort. Throughout history, our primary sources of energy have been fossil fuels like coal, oil, and natural gas. Extracted from the Earth’s core, these fuels provide the necessary heat to convert water into steam.
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The opinions expressed herein are solely those of the presenter and do not reflect the views of Hashpower Academy. Information is provided ‘as is’ and without warranties, either expressed or implied. We do not guarantee its accuracy or completeness. Investing in cryptocurrencies involves significant risk and should be undertaken only by individuals who can afford potential losses. Viewers are advised to conduct their own research and consult a qualified financial professional before making any investment decisions.
Video Transcript:
[Music] what is important to understand about our production of power is it really boils down to two distinct groups we have the renewable sources which is solar wind Hydro power which nature is in control of when we produce power and how we produce power but also the non-renewable side which is that we have control over the power that we produce but obviously that comes at the cost of releasing carbon into the atmosphere so they both have a history and a future involved in the development of our world of [Music] energy [Music]
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Bitcoin Course | Big Picture Basics 1.4 – Stranded Renewables – Not All Electricity is the Same
Youtube Videos“Not All Electricity is the Same”. So the solution is to build more renewables? At first glance, the answer to this question deserves an unequivocal ‘yes’. But deeper examination reveals nuances. Envision expansive regions rich with persistent sun, strong winds, or abundant water flow. These places are ideal for harnessing renewable energy, but often they are remote and removed from populous areas.
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The opinions expressed herein are solely those of the presenter and do not reflect the views of Hashpower Academy. Information is provided ‘as is’ and without warranties, either expressed or implied. We do not guarantee its accuracy or completeness. Investing in cryptocurrencies involves significant risk and should be undertaken only by individuals who can afford potential losses. Viewers are advised to conduct their own research and consult a qualified financial professional before making any investment decisions.
Video Transcript:
[Music] is stranded energy stranded energy is essentially a site that can produce power typically Renewables but because they’re in the middle of nowhere where it’s really wet really windy or really sunny they have no ability to sell power to people because nobody lives there and so we need grid infrastructure those huge transmission lines to transfer the power and obviously money goes in the opposite direction and so that economic cycle of being able to sell your power as a renewable energy producer is the exact Lifeline that you need to run your business and imagine that imagine starting a business and opening opening your doors is is how you make money but you couldn’t open your doors for 3 years you wouldn’t run your business and that’s the the issue the gridlock issue of of running a renewable energy site is that you need to have grid connection otherwise you’re stranded and so the problem arises there that we need a buyer of energy to come in that can fill that gap between when the site is producing power but doesn’t have a good connection you need someone that uses a lot of power power a flexible amount of power and wants to consume it directly on site those are the exact properties of a Bitcoin minor and so in a world where people have contested that Bitcoin is wasting power what if the power was already wasted and the mining comes in to monetize it which helps that renewable site Finance their operation of building more Renewables which is exactly what everyone wants [Music] oh
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Bitcoin Course | Big Picture Basics 1.1 – Energy Fundamentals: Power in Watts
Youtube Videos“Power is measured in Watts”. Whether you turn the first pages of ancient religious scriptures or leaf through the introductory chapters of a science textbook, one theme resonates clearly: everything begins with energy. It’s the fundamental currency of our existence, seamlessly interwoven into the fabric of our universe.
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Video Transcript:
[Music] so if I had to explain Bitcoin in one word it would be electricity what is electricity it’s energy what is energy energy is essentially the transactional currency of our entire universe nothing breathes nothing moves nothing works without energy and that’s what’s so fundamentally important about everyday society that everything has a cost the cost of your plane ticket is mostly fuel liquid energy the cost of driving your car is mostly fuel liquid energy and as we transition into a society that uses electricity even more more on the roads in the transportation system in general and all other aspects of society it really becomes the most fundamentally important thing to understand and it’s especially important for this [Music] course
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3 ways How Bitcoin Miners Influence BTC/USD
ArticlesIntroduction
Bitcoin’s market valuation is often seen through the lens of its exchange rate against fiat currencies, primarily the USD. This metric, while commonly tracked, is a secondary consequence of more fundamental forces at play. Miners convert electricity into hashpower to update the blockchain to earn BTC. Miners sit at the intersection of Bitcoin’s energy value and its fiat price. They utilise the physical world’s resources to grow a pool of energy & infrastructre underneath the digital economy of Bitcoin, affecting its valuation in both realms.
Issuance Dynamics and the Bitcoin Mining Equation
Understanding the impact of miners on the BTC/USD price begins with a comparison of currency issuance:
The Interplay of Energy Value and Fiat Price
Bitcoin’s relationship with electricity grants it a unique commodity-like feature where the Sats/kWh rate lays a foundation for its energy value—a stark contrast to the fiat-driven valuation. The BTC/USD price, while subject to speculation, investor sentiment, and macroeconomic conditions, is fundamentally a derivative of this energy value, constrained and influenced by it.
Market Phases and Miner Influence
Bull Markets: Mining Profitability and Revenue Optimization During a bull market, the disparity between the miners’ cost in dollars per kilowatt-hour and their revenue in BTC per kilowatt-hour widens, padding their profits. The rising BTC/USD price makes each block reward and fee more valuable in fiat terms, allowing miners to earn significantly more than during flat or bearish periods. With transaction volumes swelling and the fiat price reaching exuberant heights, miners are often seen as barometers for market temperature. A strategy shift can occur, where miners might reduce holdings, thus creating a selling pressure that can signal an upper bound for the bull market’s sustainability. Sideways Markets: The Miner’s Steady Hand In a market moving laterally, the BTC/USD price finds equilibrium. Here, miners’ earnings become particularly interesting; their constant production and sale of Bitcoin provide a unique economic heartbeat within the market. Miners sell their earned Bitcoin at market price, often at a profit considering their discounted production costs, reinforcing the sideways movement. Their operational costs, including the purchased energy, need to be met, and this consistent selling activity can keep the BTC/USD price in a steady state. Bear Markets: The Reality of Production Costs and Price Floors A bear market is where the cost of production becomes the focal point. Miners face tighter margins, and when the BTC/USD price slips below the break-even point, the economics of mining shifts towards considering the direct sale of electricity over the production of Bitcoin. This scenario sets an effective floor for the BTC/USD price based on energy costs. Miners holding contracts for electricity at lower rates can maintain operation, while others may cease or redirect their energy use, exemplifying the physical constraints within which the digital asset’s fiat price must operate.
Alternative Revenue and the Bottom Line
The adaptability of miners is most visible during tough market conditions. Innovative use of byproducts, such as heat for greenhouse operations, reflects miners’ efforts to diversify income and reduce waste. These alternative uses of mining byproducts can ease selling pressure on the BTC/USD price by providing miners with additional revenue streams. It’s also a testament to the resilience of the Bitcoin network. As miners diversify and optimize, they enhance the robustness of Bitcoin’s ecosystem, indirectly supporting the BTC/USD price stability.
Conclusion
The BTC/USD price is not merely a reflection of market sentiment but also a complex output of the energy input required to mine Bitcoin. This interdependence showcases the depth of Bitcoin’s design as an asset tied to the fundamental costs of its creation. As miners negotiate the fine line between their operational costs and the revenue earned, their collective behavior carves out the trends and thresholds of Bitcoin’s fiat valuation. Understanding this relationship is crucial for grasping the true drivers behind the BTC/USD price movements and the sustainable floor and ceilings these activities suggest. Miners, in essence, are not just participants but are essential shapers of Bitcoin’s fiscal narrative in the fiat currency domain.
The exchanges are running out of Bitcoin!
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