November's Bitcoin news you need to know

Here's what happened in Bitcoin during November 2022.

Top Events

• The biggest event of the month, if not the year, was the collapse of cryptocurrency exchange FTX and their affiliated trading company, Alameda Research.

• The wider Bitcoin industry is reeling in the fallout of FTX's collapse. BlockFi could soon file for bankruptcy, Genesis Digital is looking for a billion dollar bailout that doesn’t seem to be coming. And investors are questioning the risks and opportunities with DCG's Grayscale Bitcoin Trust Grayscale Bitcoin Trust (OTC: GBTC).

• The U.S. Department of Justice seized 50,000 bitcoin from a hacker who stole it from Silk Road a decade ago.

Lightning Network Updates

• ​Chivo Wallet, the official Bitcoin and Dollar wallet of El Salvador, is now the top Finance app in the country, and a top 20 app overall.

• The ‘bitcoin baseball team’ Perth Heat has launched Sats4Stats, where fans can tip players in real-time using Bitcoin’s Lightning Network. “Player/fan interaction will have the potential to become a significant source of income for the player and will no longer be solely dependent on organizations to provide their salary.”

Bitcoin Mining

• Iris Energy (NASDAQ: IREN) defaulted on US$100 million in loans made to special purpose vehicles by NYDIG. The loans, which are secured by ASIC miners, had monthly principal and interest payment obligations of $7m/month while the miners generated $2m in monthly profit. The loan is non-recourse to the parent company, and only collateralised against a portion of Iris’s total mining equipment.

• Innovation in bitcoin mining continues to find new sources of stranded, non-rival energy to monetise.

• Bitcoin mining margins are at their lowest levels ever in the ASIC era. If we’re not at the bottom of the cycle, we are getting very close.

Best Articles and Podcasts

• How bitcoin payments over the Lightning Network will eliminate spam.

• A list of bitcoin and crypto exchanges that have conducted a ‘Proof of Reserves’ attestation.

Macro and Politics

• Lyn Alden’s analysis of the impending fiscal debt spiral in the U.S. (and why previous “debt doomsayer” calls were premature).

Best Meme

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