Major Miner Matter

Good morning. Today we've got coverage on some disappointing regulatory developments in the EU, another bitcoin mining company expanding in Texas, and more! Happy Friday, and thanks for reading!

Market Update (as of 7:51am ET):

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Top 5:

1. EU parliament passes privacy-busting crypto rules despite industry criticism. Yesterday, lawmakers in the EU voted in favor of measures that would outlaw anonymous crypto transactions and extend existing anti-money laundering (AML) regulations to crypto payments. The proposal, which still requires some approvals before passing into law, would also eliminate the 1,000 euro threshold that applies to non-crypto transactions. From Coinbase CEO, Brian Armstrong:

This [the proposed regulation] means before you can send or receive crypto from a self-hosted wallet, Coinbase will be required to collect, store, and verify information on the other party, which is a not our customer, before the transfer is allowed. Moreover, any time you receive 1,000 euros or more in crypto from a self-hosted wallet, Coinbase will be required to report you to the authorities. This applies even if there is no indication of suspicious activity.

2. Kraken exchange integrates Bitcoin Lightning Network. The crypto exchange now supports instant deposits and withdrawals of up to 0.1 BTC via the Lightning Network. The Lightning Network, which runs on top of the Bitcoin base layer, uses smart contracts to facilitate small transactions more efficiently and cheaply than would occur directly on chain. The feature is now available to all Kraken customers.

3. Deutsche Telekom, Liberty Global in $200m funding of IoT Helium blockchain. On Thursday, Helium Inc, the company behind the Helium blockchain announced they had raised $200 million in a Series D round of funding. Backers included Goodyear Ventures, Liberty Global and an investment arm of Deutsche Telekom. Helium is a blockchain network of wifi hotspots that support internet of things (IoT) connected devices like GPS trackers, e-scooters, and air quality sensors.

4. Bitcoin miner CleanSpark to add 500 MW of mining power, expand to Texas. CleanSpark is expanding into Texas after a deal with energy company Lancium. The move will see CleanSpark adding 20,000 mining rigs to it's existing stable of 22,000 miners. Once all rigs are operational the company will have a mining capacity of around 20 million terahash per second (TH/s) -  a 10x increase from February 2022. It's the third announcement of major bitcoin mining operations expanding in the last two weeks.

5. Young entrepreneurs at work! Have a good weekend!

Updates and other stories:
- China’s biggest messaging app WeChat suspends NFT accounts...Read More
- Ronin hacker stole $625M of crypto, but cashing out isn’t so easy...Read More
- Gaming firm 'Cross The Ages' gets $12M from Ubisoft, Polygon...Read More

Weekend Reading:
- How JP Morgan flipped Goldman Sachs in crypto - a good, quick read from our friend Caitlin Long on how Wall Street titans have navigated the crypto industry both successfully and unsuccessfully

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.