One trend rarely commented on is that bullrun in ASICS prices didn't happen last cycle An extraordinary development considering how closely ASICS price once mirrored Bitcoin price The mining industry is maturing. CAPEX volatility is gone. Bitcoin mining companies who earn ancillary revenue are doing very well

Don't know how this happened so fast, but suddenly I've coached over 40 Bitcoiners! (this picture is now out of date) I'm a bit overwhelmed by how much they've advanced Bitcoin since. Between them, they're now - they've secured funding (including Tim Draper, Ego Death Capital) - successfully launched 2 new Bitcoin policy institutes - created an in-house solution that stabilizes Sweden's grid - shifted Bitcoin policy through conversations with political leaders and energy ministers in 3 different countries They did this not only because I know something about how to bring out the best in people, but also because Bitcoiners are amazing people and something phenomenal happens when they work as a peer network My vision is to help Bitcoiners become as antifragile as Bitcoin, operate with a full stack of self-belief, while being the change they want to see in the world. You're the average of the 5-6 people you hang out with most often. So the impact on your focus, habits, and self-belief and progress of those people being highly committed Bitcoiners while also having a coach who helps you overcome your blindspots is very net positive for you, and for Bitcoin. If you'd like to find out more, reach out.

The world is, and will continue to embrace Bitcoin's ability to solve an energy problem before it embraces Bitcoin's ability to solve a monetary problem. Because ... incentives.

One Brazilian solar plant wastes enough power to mine an estimated $20-25 million of Bitcoin a year. The whole country's live Bitcoin mining captures just $3 million. Other power producers are now moving to close that gap, a pattern I have not found anywhere else outside the US. In Brazil, as with other countries, Bitcoin is being adopted as an energy solution I cover this in my latest newsletter.

Brazil just made the case for Bitcoin mining that Bitcoiners never could

Five independent generators mining their own wasted power, their securities regulator learning about Bitcoin in parallel, and a pattern I’ve foun...

In 5 minutes, this is the remarkable story of why Bitcoin mining is the only economically sustainable solution to the collision of the 2 biggest megatrends in the history of electricity

The bitcoin projects I am most interested in these days are the ones that are agnostic to price action. Thankfully, there are many such projects like that, and they are only growing.

Thank you Lloyds for the free Bitcoin marketing

The best thing about (finally) updating my website was reconnecting with some clients I hadn't coached for five years and asking them to simply say whether there had been an ongoing benefit after the coaching ended and if so what. I was humbled by some of the things that came back, like this one. The exit is nice, but its not the thing that moved me the most. Whatever you do in life, I encourage you to choose a path that minimizes regret and maximizes for legacy you'd be proud of years later.

For 2 years I've run the environmental module on Cambridge's course for digital-asset regulators. Which means the supervisors from 11 G20 economies now know that, by a climate investor's own framework, the no-energy coins - Ethereum, Solana, Cardano - are not climate tech. Bitcoin is the only one that can be.

The research is clear: the intention behind your goal matters more than you think. The surprise is where it lands - it has some bearing on whether you hit the goal, and a much stronger one on what happens next. Let's imagine two people set the same goal: lose 15 kilos. The goal could be anything, but weight loss is so measurable and visible that I'll use it as the example. One motivation is running away from something you don't like in yourself. "I'm lazy. I look terrible. I'm a disgrace." The other is running toward something that inspires you as a latent potential within you. "I want to be strong, and present for my kids in twenty years." In weight-loss trials, autonomous motivation - the "toward" kind - predicted the initial loss and, more tellingly, whether the goal stuck 2 years on. The controlling kind, the drive to fix a flaw, causes adherence to goal for a short time, but here's the kicker: maintenance of the goal once achieved was almost nil. (source:

Client Challenge

It goes deeper. Self-criticism can spark a short burst, then it gives you back shame, and shame produces avoidance (source: https://self-compassion.org/wp-content/uploads/publications/selfimp.motivation.pdf). And as an aside, when the goal is about appearance, even if you reach it, it tends not to make you feel better - the people who feel better are the ones whose intention was to do with health or connection (source: https://journals.sagepub.com/doi/10.1177/0146167296223006 ). Even "be there for my family" can be pressure in disguise, if guilt sits underneath it. So don't trust the words of the goal. Instead, notice whether holding it feels like choice or coercion.

"The headwinds Bitcoin faces, the more hills we have to climb, the more rarefied air starved of the oxygen of positive media appraisal - the stronger we become"

Whatever you think about most, you become like that, which is why most revolutions fail. For this reason, be motivated by love of the world you want to create, not hatred of the fiat world which has gone before.

There's a piece in this week's Miner Weekly, from TheEnergyMag, that anyone interested in Bitcoin mining's usefulness to the grid should be aware of

TheEnergyMag

Miner Weekly: Can Flexible AI Load Steal Bitcoin Mining’s Grid Pitch?

Flexible AI load could challenge bitcoin miners’ grid pitch, as early GPU cluster trials show AI data centers may be able to curtail power use, s...

It asks whether flexible AI load can steal Bitcoin mining's grid pitch, and it is a fair, careful piece. It concedes the AI trials are tiny, early, and backed by parties with an interest in the answer, and it acknowledges the nuance that most coverage misses: the flexible part is training, while real-time inference (the part that is growing much faster thanks to AI chat tools) remains non-interruptible. So credit where it is due. AI load is becoming more interruptible, and that is good for grids. Here is the context the article leaves out. Its own best figures are a 30% cut in 40 seconds and 25% for three hours while protecting service levels. Bitcoin mining powers down almost fully in about 0.7 seconds, holds at zero for as long as the grid needs, and does it as hundreds of trillions of independent computations per machine rather than a handful of priority-tiered jobs. It also does not need fibre, so it can sit on stranded gas or curtailed solar where no data centre can follow. And miners were forced to develop all of this out of necessity. The margin on the coins alone is so thin that flexibility became a matter of survival, built over years of real-world operation rather than a single funded pilot. Flexible load is a decathlon. To be a good one, you have to be strong in every event: how fast you power down, how long you stay down, how modular your power-up and power-down are, where you can go, and what it costs to sit idle. AI is training hard to catch up in just one of the events. Bitcoin mining holds the record in all of them except speed-of-power-down, where it is 2nd only to battery. In other words, interruptivle training-AI is a good innovation that will continue to improve, and it is a very very long way from competing as a flexible load consumer with Bitcoin mining.

Big shout-out to Bitcoin Ekasi and Fedimint At the same time that Bitcoin was printing its worst month in four years, a township in Mossel Bay, South Africa was quietly building its own bank using Bitcoin. Bitcoin Ekasi has run a circular economy since 2021: 50 kids in its surf program, their coaches paid 100% in Bitcoin, spending it at local spaza shops. The piece that stayed unsolved was custody. Some members will never manage their own keys, and a custodial app means trusting a company that can freeze or lose their money. So they built community custody with Fedimint. 7 local guardians hold a 5-of-7 multisig and issue eCash that is instant, free, private, and simple enough for non-technical people to use. The people least served by banks now hold sound money with no bank, no exchange, and no key to lose. Why Bitcoin and nothing else? No bank will build rails for a poor township, and the rand keeps eroding what little people can save. Only open, permissionless, fixed-supply money let this community own its financial rails and run them itself. Adoption does not stop when the price falls. In fact, that's when the builders are easiest to see

Few know this: one of the world's largest utilities is now making the environmental case for Bitcoin mining. Engie's largest solar plant anywhere, 753 MW, sits in Brazil. At midday it makes more power than the grid can take, so the surplus is wasted. These cuts have already cost Brazil's solar and wind sector billions of reals since 2023. Engie's country manager says one fix they are currently weighing is Bitcoin mining. It would buy the power that is now thrown away, which protects the plant's economics, while providing additional profits with which to build more renewables (a phenomenon already widely covered in several peer reviewed studies) The argument about the environmental and economic utility of Bitcoin mining is increasingly coming from the Utilities and Grid operators themselves.

"There are 2 things that are good to invest in. One is Bitcoin. The other is yourself."

“If you want to be happy for an hour, take a nap. If you want to be happy for a day, go fishing. If you want to be happy for a year, inherit a fortune. If you want to be happy for a lifetime, help someone else.” Chinese proverb

In 20 years of coaching here's the most regularly occurring beliefs I here that A: hold back early-stage tech companies - "I just need to meet the right investors." - "it's going to be a roller coaster" - "I'm going to have to work outrageous hours" - "it's hard to find the right people" - "I can't do due diligence on them, it'll look like the tail trying to wag the dog" B. hold back mid-stage tech companies - "it's rude/too forward to ask someone for their budget / to suggest next steps" - "we're not allowed to speak to them" - "it's margin or volume - you can't have both" - "referrals are not that important" - "silos is just one of the realities in any company above a certain size"

Once a technology is good, advancing it is largely a function of having the right conversations with the right people I can't reach all the right people. But I can help make sure that when Bitcoiners do, they have the right conversations. Behind the scenes over the last year, I've been coaching Bitcoiners about what is the right conversation to have when they met with political leaders and energy ministers in France, Chile, NZ, Australia, Ethiopia, Senegal. These conversations have gone well, and an increasing number of the main political parties across each of these 6 countries are now favorably disposed to Bitcoin mining.

An inspiring story about how one antifragile Bitcoiner single-handedly changed the direction of the world's 5th larges utility From my podcast with Paula at The Bitcoin Edge Full interview: