Blockspace Media

Gwart embarks on a one-man crusade to find the real value of "cryptocurrency". Once weekly, hosted by Gwart. https://lnkd.in/gtBdipmw

OPNEXT Speakers going up on the website! Our programming will feature over 15 keynote presentations & several curated panels with the foremost voices in the Bitcoin scaling discussion. Tickets & info below in comments!

Is the tide going out on the infrastructure trade? Microsoft has begun canceling various data center development projects—both nationally and internationally—signaling a change in pace for data center infrastructure investments, per an analysts?note?from TD Cowen Friday. “We learned via our channel checks that Microsoft 1) walked away from multiple +100MW deals in multiple markets that were in early/mid-stages of negotiations, 2) let +1GW of LOIs on larger footprint site expire, and 3) walked away from at least five land parcels that it had under contract in multiple Tier 1 markets,” the analyst note states. The TD Cowen report linked back to OpenAI’s Stargate initiative—a $500 billion masterplan from the Trump administration, SoftBank, Oracle, and OpenAI to build hundreds of megawatts in the U.S. According to a press release on January 21, OpenAI plans on shifting some of its data center needs from Microsoft Azure to Stargate. TD Cowen thinks the data center cancellations and Stargate are connected. Let’s not get ahead of ourselves, however. In an interview with Jefferies, Microsoft?refuted?TD Cowen’s analysis, stating that they “have already invested heavily in DC in the last few years” and that while “capex growth [will] slow yoy from the 50-60% rate” it remains relatively high. The Microsoft news leaves us with three thoughts: 1) Microsoft is the canary in the coal mine, demonstrating that the market’s appetite for high-cost megawatts is abating; 2) Microsoft is making a momentary, strategic pullback after losing out to Stargate partners amid OpenAI’s insatiable demand for energy; or 3) TD Cowen’s has erred. For Bitcoin miners—who have patiently awaited a bid since October—the benefits depend on their profile. For pure-play miners (CleanSpark MARA, etc) the first scenario is likely superior, as it implies less future competition. Remember, pure-play miners have historically acquired sites incrementally as they expand their energy capacity, making them more vulnerable to market pricing. For hybrid or “mullet miners,” the second scenario is clearly preferable, as Microsoft and others will need more rack space—after all, who wouldn’t want to be the landlord? But let’s be honest: do we really see this train slowing down? If you like this, subscribe to our newsletter for 3 original pieces of content per week plus a weekly news summary. https://lnkd.in/gBjbbHgs

We're delighted to announce OPNEXT's partnership with MIT Bitcoin Expo to offer our attendees a bundled GA ticket to both events in back-to-back weekends

? FLASH SALE ? Get a GA ticket to OPNEXT, the Bitcoin scaling conference, for 25% off until midnight tonight! Tysons, VA April 11-12 opnext.dev

We're proud to have MATTHEW BLACK at OPNEXT! Matt is the founder of Atomic.Finance & an early Bitcoin DLC builder. Tickets & info below in comments!

We're proud to have Head of Coinbase Custody, Rick Schonberg, at OPNEXT! Coinbase custodies millions of BTC, with significant holdings across retail & institutional clients.

A single, federal-level strategic bitcoin reserve would be cool, but you know what would be even cooler? 50 state-level ones. So far, legislatures from 23 states have introduced bills to establish strategic bitcoin reserves, and they come in plenty of sizes and flavors. Some allow for more aggressive allocations, others more conservative ones, and others rely on donations alone; some have provisions to allow the government to stake digital assets and/or lend them out (bitcoin maxis cover your ears); others give legal protections for self custody; and some even provision for citizens to pay taxes in bitcoin. Some of these bills are already dead, while a few others are speeding their way through the approval process. We give you an update + summary on EVERY SINGLE ONE in this morning's Blockspace Media newsletter: https://lnkd.in/daBMptC8 A particular shoutout to Julian Fahrer's "Bitcoin Laws" site for the best resource on this topic.

Last OPNEXT was a huge success! We were proud to host lively technical discussions at @FCATalyst. Excited to host it again this April at @MicroStrategy! Get your tickets ??

"I sold my Coinbase." That’s how my mom greeted me on the phone this past Saturday, recounting how Coinbase failed to break higher highs after announcing its stellar Q4 2024 revenue. She decided to drop it, looking for another stock in her Schwab account with more growth potential. What gives? For many investors, we’re conditioned to think of assets like memecoins. Why didn’t this stock go up 100% in one year? Yet, it’s best to remember that the cost of money (i.e., interest rates) serves as a solid benchmark for what a stock should outperform over a given year. Anything better than 5% is ideal. Keep reading in today's newsletter: https://lnkd.in/g4bXCE4B