November's Bitcoin news you need to know

Daniel Pickering

ListedReserve

Here's what happened in Bitcoin during November 2022.

Top Events

GBTC trades at an all-time wide discount to net asset value. Source: Arcane Research.

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.”

Lightning Network Public Capacity surpasses 5,000 BTC for the first time. Source: Arcane Research

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.

Index of bitcoin mining-related stocks, including miners, mining rig manufacturers and foundries. Source: hashrateindex.com/stocks

Best Articles and Podcasts

Macro and Politics

Asset class returns since 2011. Source @charliebilello, twitter.com

Best Meme

Everybody needs bitcoin.

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Daniel Pickering is the Chief Investment Officer of ListedReserve (AFSL 513 745), an investment management business based in Sydney specialising in digital assets. The views expressed on Livewire and in our published articles and comments do not represent investment advice and you should consult your advisor before investing in digital assets.

Daniel Pickering
Chief Investment Officer
ListedReserve

Daniel Pickering co-founded ListedReserve in 2018 and has served as the Chief Investment Officer of ListedReserve since launch. He leads a team of analysts researching assets for their high-conviction digital asset funds. Daniel writes a popular...

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