Block 867628: Important News of the Week

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News

• Bitcoin Core development was funded with $8.4M in 2023. 1A1z researchers Dan O'Prey and Mas Nakachi published a comprehensive report exploring the funding of the Bitcoin Core project. They found that the Bitcoin ecosystem spent $8.4 million on Bitcoin developers in 2023. These numbers are expected to be significantly higher in 2024.

• Dutch bitcoin-only exchange BL3P to shut down on December 20th. According to the exchange, the decision was driven by new regulations such as MiCA, and the company will focus on the Bitonic platform moving forward.
• Tim Draper donates $250,000 to Brink. "We are pleased to announce a $250,000 contribution to our Bitcoin development funding efforts from Tim Draper and The Draper Foundation. Thank you for supporting Bitcoin and open source development," said the non-profit organization.
• Spiral renews grant for Ruben Somsen. He is currently working on Silent Payments and assisting with the implementation of Proof-of-Work fraud proofs into Floresta.
• New Spiral grantee: Spacebear. Spacebear is working on the Payjoin Dev Kit (PDK). The goal of the library is to provide an easy-to-use SDK that other applications can use to implement Payjoin in a straightforward manner, enhancing privacy, fungibility, and scalability in Bitcoin.
• Spiral new grantee: Robin Linus. He is working to advance Bitcoin proof systems with BitVM, the BitVM2 Bridge, and Shielded CSV.
• STOKR raises $7.98 million to establish corporate bitcoin treasury. STOKR’s latest funding round, led by Fulgur Ventures, raised 100 BTC ($6.78 million) and €1.2 million in cash, totaling €7.4 million ($7.98 million). The company announced plans to expand its bitcoin treasury, following MicroStrategy’s approach.
  • The company also said it aims to launch bitcoin-based tokenized assets and develop infrastructure to streamline institutional tokenization using native bitcoin Layer 2 technologies like the Liquid Network.
• Vitalik Buterin: 'Saylor's Comments are Batshit Insane'. Ethereum co-founder Vitalik Buterin publicly criticized MicroStrategy founder Michael Saylor's recent comments that concerns over regulated Bitcoin custody were mainly from "paranoid crypto-anarchists" and sellers of hardware wallets. Saylor has since posted the following:

• Nayib Bukele donates 2 BTC to support construction of schools in Honduras. The National Bitcoin Office (ONBTC) of El Salvador confirmed that the funds came from the Salvadoran President's personal wallet.

• Pennsylvania passes a Bitcoin rights bill. The Pennsylvania House of Representatives has passed HB-2481, which establishes a regulatory framework protecting the self-custody of bitcoin and bitcoin payments. The bill exempts bitcoin from additional taxes and affirms the right to run nodes. It received strong bipartisan support, passing with 176 votes in favor and 26 against. The bill now awaits approval from the Pennsylvania Senate and the signature of Governor Josh Shapiro to become law, reports BTC Times.
• Microsoft to consider bitcoin as a hedge against inflation. The company's SEC filing reveals a proposal for exploring Bitcoin as an inflation hedge at the next shareholder meeting. The board advises voting against it, citing existing considerations of the issue.

• ECB economists: Nocoiners may be impoverished by rising Bitcoin prices. European Central Bank Director General Ulrich Bindseil and Advisor Jürgen Schaaf published a new paper titled "The distributional consequences of Bitcoin." It claims that a prolonged increase in Bitcoin prices would lead to wealth effects favoring early holders at the expense of non-holders and latecomers.
• Minneapolis FED research finds that 'Bitcoin' makes permanent budget deficits unsustainable. The researchers go on to conclude that governments can either tax or ban "fixed supply private-sector bubble assets that are not a claim to any real resources" to ensure the long-term viability of large and permanent budget deficits.
  • The paper is rather theoretical and attempts to use Bitcoin as a "metaphor for a private-sector security that is in fixed supply and that is not a claim to any real resources."
• "Blockchain and Bloodshed." The Soufan Center has released a new intelligence brief titled "Blockchain and Bloodshed," which discusses the adoption of cryptocurrency by terrorist groups. The brief cites no sources, contains outdated, incorrect, debunked information and calls for stronger collaboration between counterterrorism officials, banks, and financial institutions, reports The Rage.
• New York Judge dismisses defamation suit against Chainalysis. The New York Supreme Court's Judge Lyle E. Frank dismissed a defamation lawsuit against Chainalysis, filed by YieldNodes and its parent company Exceptional Media. The dismissal was based on New York's Anti-SLAPP laws, which protect free speech and public discourse.

• Denmark to consider unrealized cryptocurrency capital gains tax next year. The new bill is expected to be presented to the Danish Parliament in early 2025, with the country's Tax Law Council recommending that the rules should not be implemented before January 1, 2026, at the earliest.
• Nigeria drops money laundering charges against Binance executive. The Nigerian government has dropped all charges against Binance executive Tigran Gambaryan, who had been detained for over seven months. According to Reuters, this decision allows Gambaryan to seek medical treatment abroad. The government's lawyer stated that Nigeria would continue the money laundering case against Binance without involving Gambaryan.
• Dutch tax authority seeks feedback on draft bill for crypto firms to report user data. The country's tax authority seeks public feedback on its plans to mandate crypto firms to report clients' transaction data to comply with EU's rules. The draft bill is expected to be submitted to the House of Representatives in the second quarter of 2025.
• FinCEN: Hezbollah does not use cryptocurrencies at scale to finance its operations. FinCEN has issued an alert to address Hezbollah financing within the US financial system. The alert reveals that the group prefers traditional financial methods such as bulk cash transfers and smuggling, rather than using cryptocurrencies, reports The Rage.
• Coinbase is investigating Operation Chokepoint 2.0. The exchange has submitted a new set of FOIA requests to the FDIC. The company seeks access to documents about an alleged 15% limit on cryptocurrency clients that supposedly came into effect in 2022. Coinbase already has FOIA requests being reviewed by the courts, but this latest batch is more targeted.

• Argentina's Milei announced 'dissolution' of tax bureau. The government plans to close the AFIP tax collection agency and replace it with the simplified Agencia de Recaudación y Control Aduanero (ARCA), aiming for a 34% reduction in staffing levels and generating annual savings of up to 6.4 billion pesos.
• Tether-owned Northern Data mulls selling Bitcoin mining unit to focus on AI. On Monday, the firm announced it is negotiating to sell its Bitcoin mining business, Peak Mining. The potential proceeds would be used to acquire data centers, purchase GPUs, and develop an AI product platform.
• Bitcoin miner Revolve Labs plans $60M AI data center in Minnesota. The company reportedly met with local authorities in September to plan expanding its facilities to include one or two AI data centers, complete with cooling systems and backup generators. Bitcoin mining has significantly contributed to the city's power revenues, funding streetlight projects and preventing electrical rate hikes over the last five years.

"It’s a revenue stream that goes into our coffers and, quite frankly, keeps everything cheaper," said Dave Meyer, general manager of the Glencoe Light and Power Commission.

• Bitcoin miner Ionic Digital holds 2102 BTC, revives IPO plan. The rebranded Bitcoin mining unit from bankrupt crypto lender Celsius plans to go public after securing a new auditor. Ionic Digital's recent update reported holding 2,102 BTC and producing 107 .54 BTC in September, after deducting hosting fees.
• Russian miner BitRiver to expand to BRICS countries. The Russian Direct Investment Fund (RDIF) and BitRiver have formed a partnership to introduce AI projects and build Bitcoin mining data centers in BRICS countries. BitRiver operates 21 data centers in Russia.
• Terawulf aims to raise $425M via convertible note offering. The company said it plans to use $115 million of the proceeds for share buybacks after "disciplined capital expenditures aimed at supporting organic growth in HPC/AI and evaluating strategic opportunities, such as potential site acquisitions," reports The Miner Mag.
• Another solo miner finds a block. Block 867188 has been solved by a solo miner with ~150 PH/s, said ckpooldev. The miner reaped 3.329 BTC (worth ~$222k) in rewards.
• SEC approves NYSE options on Spot Bitcoin ETFs. The U.S. Securities and Exchange Commission (SEC) has given official approval for the New York Stock Exchange (NYSE) to start options trading on Spot Bitcoin Exchange-Traded Funds (ETFs).
• Leadership changes at Blink. Entrepreneur Lukas Duczko became Blink's CEO and Executive Chairman, and six new members joined the Blink Board of Directors. As part of this transition, a Bitcoin Beach Fund was created and infused with Blink shares. These shares will be distributed to Salvadorans contributing to Bitcoin circular economies in El Salvador.
• Germany's Sovereign Tech Fund (STF) invested $25M to support FOSS projects. STF announced it has invested nearly $25 million (€23 million) in 60 global open-source technologies over the past two years. During this time, it received over 500 submissions proposing more than €114 million in estimated work.
• Encrypted chat app Session leaves Australia. 404 Media reports that Session is moving operations out of Australia after federal agents questioned an employee at their home about the app and a user. "There was no warrant used or meeting organized; they just went into their apartment complex and knocked on their front door," said Alex Linton, president of the newly formed Session Technology Foundation (STF). The app will now be managed from Switzerland but will still function in Australia.

"Ultimately, we were given the choice between remaining in Australia or relocating to a more privacy-friendly jurisdiction, such as Switzerland. For the project to continue, it could not be centred in Australia."

• KYC on-ramp Transak reported a data leak affecting 92,554 customers. The attacker reportedly gained access to employee credentials and accessed the system of a third-party KYC vendor. Sensitive information, including names, dates of birth, passports, and driver’s licenses, was compromised.
• Foxbit partners with Lightspark. The Brazilian cryptocurrency exchange will integrate the Lightning Network into its Foxbit Pay payment gateway.
• LNHANCE.org website launched. The site showcases the LNhance soft fork proposal by Brandon Black and 4moonsettler. It aims to improve Bitcoin's scalability, privacy, and flexibility by introducing four new opcodes.
• ZeroSync announces BitVM Alliance. "Excited to announce the formation of the BitVM Alliance! Together, we're joining forces to deliver the first BitVM Bridges by the end of the year. Stay tuned," said the project.

• 10101 reminds users to close positions. The Bitcoin-powered wallet and self -custodial trading app reminds users to close any remaining positions as the app is set to cease operations on November 3rd.
• Liquid Network undergoes a rebrand. The open -source federated Bitcoin sidechain and layer-2 solution announced a new logo and a user-friendly website with dedicated sections for Liquid developers, enterprises, users, and merchants.
  • The Liquid Federation and Blockstream are hosting a three-day coding bootcamp in Viareggio, Italy, from October 28-30th. Learn more about it here.

• Bitcoin Command Line Study Cohort by Bitcoin Indonesia. The LBTCL Cohort is an intermediate, hands-on, eight-week program aimed at teaching students to interact with Bitcoin Core using the command-line interface (CLI). It is scheduled to start on November 22, with a registration deadline of November 19.
• Adopting Bitcoin El Salvador 2024 to take place on November 15-16. Get your tickets here.
• Bitcoin Ireland Conference 2025 to take place on May 24, 2025. The Early Bird tickets are available here.

Updates and releases

• BitBox02 Lugano update for BitBox02 hardware signer v9.21 and BitBox app v4.45 enables payments to Silent Payment addresses and implements MiniTapscript.
• Wasabi Wallet v2.3.0 introduces a complete rewrite of Tor integration using standard HttpClient, Trezor Safe 5 and ColdCard Q support, UX improvements, and a beta version of Wasabi's 'Payment in Coinjoin' feature.
• Bisq2 v2.1.2 delivers an improved reputation system, easier-to-follow chat rooms, and more flexible offer book filtering.
• Blockstream Green iOS v4.0.36 now allows redepositing of expired UTXOs in Liquid multisig accounts and introduces QR mode for singlesig watch-only wallets.
• River launches Bitcoin Interest on Cash product. The firm has teamed up with Lead Bank to launch Bitcoin Interest on Cash product, allowing users to earn bitcoin or USD interest on their cash deposits.

• Unchained launched the ability to confirm bitcoin deposit addresses via email to protect browser-based bitcoin wallets from sending coins to wrong addresses due to malware.
  • "Confirming deposit addresses via email does not give you the same guarantees of confirming addresses with hardware wallets," noted the company.
• DATUM Gateway v0.2-beta. OCEAN has open-sourced DATUM (Decentralized Alternative Templates for Universal Mining) Gateway source code, Linux binaries, and a package for StartOS node runners.
• Hodl Hodl discontinues support for most shitcoins as payment method. The P2P trading platform has removed support for most altcoins, stating that stablecoins and Bitcoin second-layer solutions remain fully supported.
• Debifi App v0.0.52, a self-custodial bitcoin-backed lending platform, delivers Coldcard MK4 integration for storing escrow keys, adds an explore page and contact form, along with several bug fixes.
• Foundation Passport firmware v2.3.5 is the latest bug fix release for issues introduced in v2.3.4.
• Envoy v1.8.3 enables the Buy Bitcoin feature in 50 US states, improves Tor connection stability, and brings user interface enhancements.
• Nunchuk Desktop v1.9.39 comes with some bug fixes and improvements.
• Nunchuk Android v1.9.53 and iOS v1.9.57 ship with a revamped home screen and user onboarding experience, allow users to clone a decoy wallet, and bring initial support for testnet4.
• Bitvaulty rebrands to BitVault. BitVault is an up-and-coming, multisignature Bitcoin wallet with custom time delays and seamless Bitcoin-layer 2 integrations.
  • To test the Beta, head over to bitvaulty.com and leave your email, or join the project's Telegram group.
• Electrum wallet v4.5.7 implements Bitfinex and Bitstamp as new historical exchange rate providers, and a race condition fix for Lightning that may result in channel force-closure when sending a payment soon after reestablishing the channel.

• Utreexo v0.2.1 has been released.
• Ginger wallet v2.0.13 brings multilanguage support and enhanced client-side round checks. Ginger wallet is a fork of Wasabi wallet with a hardcoded default coordinator that checks all inputs for blacklisted funds with a chain surveillance partner.
• Osmo Wallet now lets users receive ACH and Wire transfers from the US. "Now our users can withdraw funds from PayPal, Wise, CashApp, Venmo, Deel, Airbnb, etc. directly into their OSMO USDc account," said the developer.

• Musqet payment terminals now support Bolt card payments. "Congratulations to Musqet on being the first dual currency (BTC & GBP) payment terminal to support Bolt Card payments," said the Bolt Card project.
• Core Lightning v24.08.2 has been released. "This point release addresses few crash fixes and includes an enhancement to remember and update channel hints for payments," said the developers.
• Blitz wallet v0.3.1-beta delivers Lightning Address contacts, making it easier to send payments, and Lightning Toggle, which is an option to toggle whether or not to use Lightning for transactions.
• Alby Hub v1.10.3 improves the backup and restore pages and fixes the migration function on Windows Desktop, as well as a bug where incoming funds from closed channels displayed twice the actual amount.
• Alby Extension v3.9.2 removes the optional getRelays method for the Nostr provider and updates the product copy for adding new accounts to wallets. The extension now also ensures that the correct npub is displayed in the default view and includes copy improvements for the master key setup in the default view cards, enhancing the onboarding process for accounts that require a connected node.
• Phoenix wallet v2.4.1 fixes expiry failures for on-the-fly funding.
• phoenixd v0.4.2 now supports fee bumping for on-chain transactions and CSV exports.
• Shockwallet v0.0.15-beta adds some minor name service fixes.
• Breez Mobile v0.17.8-beta (Android) has been released with bug fixes.
• Boltz Client v2.1.10 includes support LNURL and LN Addresses when creating swaps along with some bug fixes.
  • Boltz Client v2.1.11 release includes a hot fix for a crash on client startup.
• Elements v23.2.4 is now available for Liquid node runners. It includes some minor updates to the new discount Confidential Transaction fee policy for testnet.
• NUT-18: Cashu Payment Requests have been merged into the protocol spec. It introduces a standardized format for payment requests.
• LN Markets implemented Cash In from Trade Margin feature. It allows users to cash in not just on the positive P&L of running positions, but also on the trade margin.
• FOSSA Bitcoin ATM v1.1 by LNbits features on-chain and Liquid withdrawals via trustless swaps, an easy web installer, and support for LNaddress and invoices.

• Bitcoin payable AI services platform CASCDR introduced new AI application called Jamie. It can take any audio or video file, transcribe it, and instantly generate AI-created content like blog posts, summaries, or social media captions.
• NodeGuard v0.15.6, a treasury management solution for Lightning nodes, now allows bigger PSBTs in the textarea.
• BullishNuts v0.2.2, a Cashu PWA wallet, brings several changes to the onboarding flow and styling.
• GDK v0.73.3 pre-release is here.
• L402 Middleware v0.1.0 for Rust is a new Rust library that makes it easy to implement Lightning Network paywalls and authentication using the L402 protocol.
• BTCMap Android v0.8.0, an app for finding places to spend sats, now shows place comments, hides ATMs by default, and displays places offering delivery.
• Joinstr App v0.1.1 for Android is here. The update includes UI improvements, the ability to select a wallet in settings, Riseup VPN implementation, and support for both testnet and mainnet, among other enhancements.
• zap.store v0.1.4 is out with curated app sets feature and performance and UX improvements.

• SIGit.io is an open-source and self-hostable solution for secure document signing and verification over Nostr.
• Docstr is a proof-of-concept for a Nostr-based document management and collaboration system.
• Wavlake v1.1.0, a value-for-value music streaming app, introduces Top Up feature, allowing users to earn rewards for listening to promoted content.
• Voyage v0.16.0, a lightweight Nostr client for Android, introduces NIP-88 polls and a variety of styling improvements.
• Martti Malmi released a new Iris version source code. "Now you can fix your favourite annoying bugs," said the developer.
• Amethyst v0.92.7 ships a fix for mute lists.
• KoalaSat introduced Pokey v0.0.1-alpha, a proof-of-concept for Nostr-based "pull" notifications on Android.
  • Pokey v0.0.2-alpha, an app for Nostr-based "pull notifications" on Android, ships support for reactions, reposts, and integration with Amber.
• Shopstr added NIP-17 DM support. "All messages sent over the site (payment delivery, order details, and inquiries) are now handled via gift-wrapped events with no metadata leakage," said the developers.
  • "NIP-04 DMs will still be shown for the next two weeks in order to give merchants time to claim their payments and finalize orders before they're removed completely."
• Nostr.build implemented Gift Wrapped DMs for OTP authentication and reminders. "If your client supports both (17 and 04 nips) you may see duplicates," said the developer.
• Amber v2.0.7 fixes -null in NIP-4 encryption.
• lemon, the author of gifbuddy.lol (which makes it super easy to post GIFs to Nostr), has developed a Translator bot for automated translation of Nostr notes, videos, and memes. Users simply need to tag the bot in a note and state the target language.
• Openvibe v1.3.8, an app for connecting multiple open social media networks into a single timeline, adds network tags on timelines, Bluesky video support, and media multipick for new posts.
• AlgoRelay has been released. It is the first Nostr native relay capable of serving personalized, algorithmic feeds without the use of external or proprietary APIs or DVMs.
• Nostream v2.1.0 Nostr relay implementation has been released.
• JeffG posted a demo of White Noise - an upcoming MLS messaging app built on Nostr.

• PABLOF7z introduced Onion-routing for Nostr event publishing.

"This introduces insane privacy guarantees, someone can publish an event and not even the relay they are publishing from can now it's them, nor their IP address," said the developer.

• freakoverseOG made a Web of Trust visualization tool for Nostr. Check it out here.
• Tor Browser v14.0 is here. It is the first stable release based on Firefox ESR 128, incorporating a year's worth of changes shipped upstream in Firefox. It also introduces New circuit for this site feature on Android, along with many other security and privacy enhancements.
• Nirvati v0.1.0 has been released. It is a free and open-source self-hosting tool built on Kubernetes-based architecture with a strict permission system. You can check the project's roadmap here.

"Over the coming days, we plan to release images for Raspberry Pis, and publish many Bitcoin-related apps to our app store," said the project.

• BraiinsOS v24.09 brings full support for Antminer S21 Pro and beta support for Antminer S21 XP. It also delivers refined power estimations, expanded underclocking capabilities, and optimized DPS removing unwanted tunings.
• Mullvad VPN introduced Shadowsocks Obfuscation for WireGuard, aimed at helping users bypass firewalls and censorship. This new feature is available on the desktop and Android apps, and will come to iOS later.
• TimechainStats.com added Arcade mode where you can play some Bitcoin-themed games.
• SimpleX Chat v6.1.1 brings additional error reporting and fixes for iOS devices.
• GrapheneOS v2024102000 includes a keyboard fix and ensures stack clash protection for arm64.
• GrapheneOS also released v2024102400 with a number of fixes and improvements.

Research and guides

• Bitcoin Optech #326 summarizes updates to a proposal for new LN channel announcements and describes a BIP for sending silent payments with PSBTs.
• Jameson Lopp published a blog post on Slow Block Validation Attacks.
• The Nostr Review is a bi-weekly newsletter covering Nostr protocol updates, interesting implementations, and other important events in the Nostr-verse.
• Openoms put together a quick guide on using an initialized Satochip smart card with Sparrow Wallet.
• Pol Avec shared a ~7min tutorial on how to built a production-ready AI tool with L402 paywall.
• stacker.news user flat24 warns about a Lightning P2P bot scam that has affected several users.
• coinduition wrote a deep-dive into post-quantum hash-based signatures for post-quantum Bitcoin.
• Atlas21 published an easy-to-follow, cross-platform guide on how to verify software wallet signatures.
• Bitcoin Illustrated explains the benefits of BIP-114 MAST (Merkelized Abstract Syntax Trees).

• Bitkey released a new whitepaper titled "Unlocking Mass-Market Self-Custody: Secure and Private Smartphone Bitcoin Wallets." It presents an innovative design for a smartphone-based Bitcoin wallet focused on making self-custody secure and user-friendly for the mass market.
  • The design employs various cryptographic techniques, including FROST-based multi-party computation (MPC), secure key backups, Oblivious Pseudorandom Functions (OPRF) for PINs, and zero-knowledge proofs, along with protective measures like server signing policies and time-delayed security mechanisms.
  • "Your feedback is crucial as we refine this concept," said the firm.
• Niel Liesmons has open-sourced his Zapchat design system.
• Murray Rudd published a critique of the recent working paper by European Central Bank economists Bindseil and Schaff.
• BTC Sessions released a new tutorial for setting up your own Dojo Node to link with the Ashigaru Bitcoin Wallet.

• HRF's Financial Freedom Report #46 is here.
• Bitcoin Design Foundation published its Q3 2024 overview.

Mining stats

• Bitcoin hashrate and mining difficulty have reached new all time highs. The network reached a record 769 EH/s for a time on Monday, with the 7-day moving average hashrate rising to 724 EH/s and surpassing the previous high of 700 EH/s set in early September. It currently stands at ~697 EH/s.
  • The mining difficulty increased by 3.9% to 95.67T at block height 866,880.

Lightning stats

• Jesse Shrader has written an article about Lightning Network metrics that actually matter.

"Traditional metrics like node count, channel count, and capacity have been used to assess the Lightning Network, but they only tell part of the story. To truly understand the performance of this second-layer solution, we need to focus on flow—specifically, Max Flow, a metric with a long history of optimizing complex systems," writes the author.

Nostr stats

• The Nostr protocol has added approximately 3500 new users last week.

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