Upstream Data Files Lawsuit Against Crusoe Energy Systems For Bitcoin Mining Operations
By BtcCasey          

Canadian Bitcoin mining company Upstream Data Inc. has filed a patent infringement lawsuit against Crusoe Energy Systems LLC, a Delaware-based company, in the United States District Court for the District of Colorado.

The lawsuit claims that Crusoe's bitcoin mining operations, which use stranded natural gas, violate Upstream's patent. Upstream holds a patent for a system that utilizes stranded gas to generate electricity for cryptocurrency mining at remote oil well sites.

They have deployed over 350 bitcoin mining systems across the U.S. and Canada to address the issue of stranded gas venting. Crusoe, which manufactures and operates similar cryptocurrency mining systems, is accused of infringing on Upstream's patented technology. The lawsuit seeks damages and injunctive relief, alleging that Crusoe's actions have harmed Upstream's business and created unfair competition. The case will be heard in the District of Colorado, where Crusoe has established places of business.

📌 Fees Pushing To Layer 2

Ordinals Have Proven Demand On Bitcoin, But Fees Will Push Users To Layer 2
By Steven Hay

In this opinion editorial by Steven Hay, it is discussed that while there is a significant market demand for Bitcoin NFTs, tokens, and smart contracts the base layer of Bitcoin is not built to sustain this demand.

The recent surge of Ordinals, which integrate Bitcoin's blockchain with Ethereum-like innovations, has demonstrated this demand but also highlighted the issue of high fees. Competition for block space between Ordinals, BRC-20 tokens and monetary transactions has led to increased fees.

If fees continue to rise, it may reignite discussions similar to the blocksize war and create challenges for Bitcoin. Additionally, the integration of Ethereum-like features into Bitcoin's blockchain raises reputational risks and potential regulatory issues. 

The author suggests that offloading low-value transactions to Layer 2, similar to the Lightning Network, could help address these issues and allow Bitcoin to accommodate the growing demand for NFTs and tokens while maintaining lower fees and scalability.

📰 The Daily Bits

💥 Zoltan Poszar At Bitcoin 2023

Zoltan Pozsar, Who Just Left Credit Suisse, Addresses Issues Facing The Federal Reserve And The Dollar At Bitcoin 2023
By Peter Chawaga

Zoltan Pozsar, a former managing director at Credit Suisse, discussed issues related to the Federal Reserve, the diminishing power of the U.S. dollar, and the potential for Bitcoin to become a global currency.

Pozsar highlighted the challenges faced by U.S. banks and criticized the Federal Reserve's responses to banking failures. While he does not own any Bitcoin himself, Pozsar acknowledged the evolving role of Bitcoin in the global financial landscape and mentioned that some countries have adopted it as legal tender.

He expressed skepticism about Bitcoin's ability to serve as money due to its lack of a direct link to a government, but recognized that the situation is evolving. Pozsar also identified various global market trends, such as China's increasing economic power, that pose a threat to the dominance of the US dollar as the global reserve currency.

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