GM. This is the Milk Road. We’re like Costco, we serve you the best samples of crypto.
Here’s what we got for you today:
- What to expect in November
- Bitcoin white paper turns 14
- Bitcoin miners are in trouble
- Meme of the Day
WHAT TO EXPECT IN NOVEMBER
It’s November. And it's usually a weird month.
Half of the people are getting ready for Thanksgiving. (The Milk Road Tip: Remember to roast those turkeys at 450˚F for at least 70 minutes!)
While the other half of the people are already playing Christmas music.
But there are a few things to look out for this month:
- November 2: FOMC meeting. The Fed is expected to raise rates by 0.75% (same as last month)
- November 8: U.S. Midterm Elections. During the 2018 Midterms, crypto bled. BTC plummeted 36.5% and ETH crashed 42.8%
- November 10: CPI Report. Experts predict inflation to be 8.2% for September
- Big shopping days: Black Friday and Cyber Monday are this month (Aka America’s biggest spending days of the year)
Historically, November is a volatile month for crypto. ETH & BTC have both had some of their best & worst-performing months during this time.
In Nov 2019, ETH & BTC were both up over 40%
In Nov 2020, ETH & BTC were both down ~20%
It's a coin toss.
So buckle up, November could be a Rocky Road. And we ain't talking Ben & Jerry's ice cream.
BITCOIN WHITE PAPER TURNS 14
3,192 words.
That’s all Satoshi Nakomoto needed to explain Bitcoin. And it started a crypto revolution.
Milk Road Rule #83: If you want to change the world, keep it short and to the point. Ain’t nobody got time for all that.
And yesterday marked the 14th year since Satoshi first released the Bitcoin white paper. This was the email that was sent.
14 years ago, 🎵 It was all a dream🎵 for Bitcoin. Fast forward to today:
- Bitcoin is legal tender in El Salvador and Central African Republic
- It has a $390b market cap - larger than JP Morgan and Coca Cola
- Some of the biggest investors & companies hold Bitcoin (7 Nasdaq companies have Bitcoin holdings)
Cheers to Satoshi, whoever you are.
TODAY'S EDITION IS BROUGHT TO YOU BY FUTURE
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BITCOIN MINERS ARE IN TROUBLE
It’s happening again. Bitcoin miners are in trouble.
- Core Scientific is on the brink of bankruptcy. They only have 24 BTC left in their reserves and have warned investors they could run out of money by the end of 2022
- Argo Blockchain may have to cease operations soon. They just failed to raise $27m which would help keep them afloat for a bit longer
Bitcoin miners' finances are looking like it just had a rough weekend in Vegas.
So what's going on? Why are miners facing these problems? Well...
- Miners bought millions of dollars worth of equipment to mine Bitcoin
- But now, network hash rates are at all-time highs. Making mining more expensive and less profitable
- Bitcoin's price is down ~55% this year, so miners are making less revenue
In fact, miner revenue is at an all-time low.
So, now the question is... what's next?
Well, there are 2 options:
Best Case: Network hash rate declines and Bitcoin's price increases. Bitcoin mining becomes profitable again and miners aren't forced to liquidate assets.
Worst Case: Hash rates continue to rise and more Bitcoin miners go bankrupt, causing crypto lenders to lose money. This could potentially bleed into the rest of the crypto market.
It's Survival of the Fittest for Bitcoin miners.
MEME OF THE DAY
😂😂
That's a wrap for today, ladies & gents. See ya tomorrow!
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A ROADERS REVIEW
VITALIK PIC OF THE DAY
We found Drake’s ghostwriter
— The Milk Road (@MilkRoadDaily)3:43 PM • Nov 1, 2022
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
