1 00:00:00,000 --> 00:00:06,600 Bitcoin certainly seems to offer something positive in societies scarred by autocracy, 2 00:00:06,600 --> 00:00:14,480 colonialism, military coups, and woeful governance, as seen with those computers in a concrete 3 00:00:14,480 --> 00:00:26,840 shed in rural Malawi turning water into streams of cash to fund electricity. 4 00:00:26,840 --> 00:00:33,360 Greetings and salutations, my fellow plebs. My name is Walker and this is The Bitcoin Podcast. 5 00:00:33,360 --> 00:00:40,600 The Bitcoin Block Height is 824773 and the value of one Bitcoin is still one Bitcoin. 6 00:00:40,600 --> 00:00:45,640 Today's episode is Bitcoin Out Loud, where I read a Bitcoin or Bitcoin adjacent piece 7 00:00:45,640 --> 00:00:53,760 of writing out loud. Today, I'm reading The African Village Mining Bitcoin by Ian Burrell. 8 00:00:53,760 --> 00:00:58,720 This is a great piece to send your friends and family who still just think Bitcoin is 9 00:00:58,720 --> 00:01:05,640 some magic internet money Ponzi scheme Americans can use to get rich, or who think Bitcoin 10 00:01:05,640 --> 00:01:12,960 and crypto are the same, or who think Bitcoin is only used by criminals. The narrative around 11 00:01:12,960 --> 00:01:20,360 Bitcoin and Bitcoin mining is shifting, and those in the so-called mainstream are starting 12 00:01:20,360 --> 00:01:26,640 to realize what Bitcoiners have been saying for years about the benefits of Bitcoin and 13 00:01:26,640 --> 00:01:33,400 Bitcoin mining. It's not just techno babble, it's real, it's happening, and it's incredible. 14 00:01:33,400 --> 00:01:37,480 Before we get started, I want to remind you that the Bitcoin halving is just a few months 15 00:01:37,480 --> 00:01:43,840 away. So now is a good time to get your Bitcoin off the exchange and into your own custody. 16 00:01:43,840 --> 00:01:51,280 Go to bitbox.swiss.walker and use promo code walker for 5% off the Bitcoin only Bitbox 17 00:01:51,280 --> 00:01:56,560 O2 hardware wallet. It is fully open source, you can go to their GitHub and verify for 18 00:01:56,560 --> 00:02:02,400 yourself no need to trust me. Again, it's Bitcoin only, and it's super easy to use, 19 00:02:02,400 --> 00:02:09,520 so you can use it if you're a seasoned psychopath, or a new coiner. When you go to bitbox.swiss.walker 20 00:02:09,520 --> 00:02:15,440 and use promo code walker, not only do you get 5% off, but you also help support another 21 00:02:15,440 --> 00:02:20,040 fucking Bitcoin podcast. As always, you can watch the video version of this episode on 22 00:02:20,040 --> 00:02:25,880 rumble, youtube, or x by searching at walkeramerica, or listen on fountain.fm or wherever you get 23 00:02:25,880 --> 00:02:31,840 your podcasts by searching for the Bitcoin podcast. If you listen to the Bitcoin podcast 24 00:02:31,840 --> 00:02:36,200 on fountain, consider giving the show a boost or creating a clip of something you found 25 00:02:36,200 --> 00:02:40,720 interesting. If you are a Bitcoiner and you haven't checked out fountain yet, I highly 26 00:02:40,720 --> 00:02:46,280 recommend it. You can send Bitcoin your favorite podcasters and earn Bitcoin just for listening 27 00:02:46,280 --> 00:02:52,080 to the show. And if you are a Bitcoin only company interested in sponsoring another fucking 28 00:02:52,080 --> 00:02:59,280 Bitcoin podcast, hit me up on social media or through the website, bitcoinpodcast.net. 29 00:02:59,280 --> 00:03:03,680 Without further ado, let's get into this Bitcoin out loud read. 30 00:03:03,680 --> 00:03:12,280 The African Village Mining Bitcoin. The cryptocurrency can be a liberating force. By Ian Burrell, 31 00:03:12,280 --> 00:03:18,080 Bondo is a scattered cluster of villages in a remote region of Malawi, near the border 32 00:03:18,080 --> 00:03:24,840 with Mozambique. It sits in the foothills of Mount Mulanje, where residents rely on 33 00:03:24,840 --> 00:03:32,040 their feet for transport and a few crops to feed their families. Yet, unlike in most places 34 00:03:32,040 --> 00:03:38,760 in this impoverished country, when night descends, they can now switch on the lights, stoves, 35 00:03:38,760 --> 00:03:45,680 and televisions in their homes. For electricity has arrived in Bondo. Three turbines were 36 00:03:45,680 --> 00:03:52,440 installed in a microhydro scheme exploiting the fertile region's rainfall. And the impact 37 00:03:52,440 --> 00:04:00,440 has been life-changing for the 1,800 homes so far connected to a mini-grid. Children 38 00:04:00,440 --> 00:04:05,640 can study after dark, so now have a better chance of passing the exams for secondary 39 00:04:05,640 --> 00:04:12,600 school rather than having to leave aged 11. Drugs and food can be stored in fridges, so 40 00:04:12,600 --> 00:04:17,980 villagers do not have to make the 12-mile trek to the hospital and can produce batches 41 00:04:17,980 --> 00:04:24,600 of food or drinks to sell at market. Cooking the evening meal is three times quicker and 42 00:04:24,600 --> 00:04:30,400 far less destructive to the environment, without the need to collect firewood. One group of 43 00:04:30,400 --> 00:04:35,000 women giggled when I asked them if they had televisions and watched football in their 44 00:04:35,000 --> 00:04:40,560 homes. Before, our husbands would say they were going off to watch football, when they 45 00:04:40,560 --> 00:04:45,200 were really walking out with other women. Now they can no longer claim they are going 46 00:04:45,200 --> 00:04:51,680 off for football, Bertha told me. The senior chief told me they had never dreamed of having 47 00:04:51,680 --> 00:04:58,240 energy supplied to the villages, with a dozen maize mills, many small enterprises, schools, 48 00:04:58,240 --> 00:05:04,040 shops, and churches also connected to the grid. When you move around Bondo, you see 49 00:05:04,040 --> 00:05:11,800 happy people, and that's because of electricity. Yet the big surprise in Bondo is not simply 50 00:05:11,800 --> 00:05:18,440 the supply of energy to such an isolated community, in a country where only one in eight citizens 51 00:05:18,440 --> 00:05:25,120 has access to great electricity, and on a continent where almost half the 1.2 billion 52 00:05:25,120 --> 00:05:33,800 population still lack this life-changing supply. The real eye-opener is the stack of 32 computers 53 00:05:33,800 --> 00:05:41,000 inside the concrete pump shed. This innovative mini-grid, located more than two hours from 54 00:05:41,000 --> 00:05:47,280 Malawi's second city of Blanthier, along bumpy roads and tracks that can become impassable 55 00:05:47,280 --> 00:05:55,040 in a torrential downpour, is mining bitcoin to fund its operation. It is a smart idea 56 00:05:55,040 --> 00:06:01,480 the computers use to create valuable new bitcoin tokens and validate transactions, consume 57 00:06:01,480 --> 00:06:08,200 around the same amount of energy as a medium-sized country such as Sweden would generate. Hence, 58 00:06:08,200 --> 00:06:14,120 the stinging critique of how this cryptocurrency wastes the planet's precious resources. 59 00:06:14,120 --> 00:06:20,560 This initiative flips that narrative by using bitcoin mining to fund energy in parts of 60 00:06:20,560 --> 00:06:28,240 Africa that are too poor or too remote to merit connection to grids, but which do have 61 00:06:28,240 --> 00:06:35,120 plentiful supplies of potential power sources. Mining soaks up the excess energy of these 62 00:06:35,120 --> 00:06:41,560 renewable plants, and this delivers not just electricity, but a powerful jolt to drive 63 00:06:41,560 --> 00:06:48,400 development in the local economy. The concept comes from a Kenyan firm, Gridless, set up 64 00:06:48,400 --> 00:06:56,200 in 2022, whose backers include Twitter founder Jack Dorsey. There are four other sites in 65 00:06:56,200 --> 00:07:02,920 Kenya, Zambia, and plans for scores more across the continent. Its aim is to demonstrate how 66 00:07:02,920 --> 00:07:09,040 Africa could play a central role in countering the conventional belief that bitcoin, now 67 00:07:09,040 --> 00:07:17,360 15 years old, is used simply for risky speculation and dodgy transactions. Instead, it backs 68 00:07:17,360 --> 00:07:23,880 those who claim it will lead to more inclusive financial systems, as it usurps the control 69 00:07:23,880 --> 00:07:30,640 of dysfunctional governments and manipulative central banks. It will also release the community 70 00:07:30,640 --> 00:07:37,160 from reliance on foreign handouts to survive. The Bondo power plants were built by Mount 71 00:07:37,160 --> 00:07:43,200 Melange Conservation Trust, a local group trying to protect the mountain region's unique 72 00:07:43,200 --> 00:07:51,120 biodiversity, and were initially supported by finance from aid and development agencies. 73 00:07:51,120 --> 00:07:57,520 But now bitcoin covers the running costs. This offers a commercial incentive that does 74 00:07:57,520 --> 00:08:04,960 not rely on altruism or subsidies to deliver power to remote regions, while exploiting 75 00:08:04,960 --> 00:08:12,520 energy waste at times of low use such as overnight. Malawi, one of the world's poorest 76 00:08:12,520 --> 00:08:19,200 nations, provides a powerful case study in the failures of aid. As former development 77 00:08:19,200 --> 00:08:26,920 minister Rory Stewart said in a lecture at Yale, Britain gave 4.5 billion pounds over 78 00:08:26,920 --> 00:08:33,240 half a century to this southern African country, corroded by corruption and bad governance. 79 00:08:33,240 --> 00:08:39,840 Yet it ended up, quote, if anything, poorer than when it was when we started. Bitcoin 80 00:08:39,840 --> 00:08:45,440 can prevent Bondo from becoming the sort of white elephant that you see across Africa, 81 00:08:45,440 --> 00:08:52,000 built by aid groups and then abandoned, said Eric Hursman, chief executive of Gridless. 82 00:08:52,000 --> 00:08:58,600 He admits that he is not a big fan of the sector. They come in with low-cost loans and 83 00:08:58,600 --> 00:09:04,840 grants to finance all these schemes that they say will pay their way in 30 years, but the 84 00:09:04,840 --> 00:09:12,320 sums never add up. This is a new way to finance development. Malawi also demonstrates another 85 00:09:12,320 --> 00:09:18,640 reason why there is rising interest in Bitcoin in Africa. People are seeking a safer home 86 00:09:18,640 --> 00:09:24,920 for their cash than local currencies. Prices rose sharply after its currency was devalued 87 00:09:24,920 --> 00:09:32,600 two months ago by 44% against the US dollar, the second decrease in value of the Quacha 88 00:09:32,600 --> 00:09:39,600 in 18 months. Many African countries on the continent have suffered also from catastrophic 89 00:09:39,600 --> 00:09:45,680 inflation, while official currency conversion rates can be significantly lower than street 90 00:09:45,680 --> 00:09:51,680 rates. One Kenyan entrepreneur told me she turned to the cryptocurrency after seeing 91 00:09:51,680 --> 00:09:57,120 her savings constantly eroded, even in a country with lower than average inflation for the 92 00:09:57,120 --> 00:10:04,720 continent. I was trying to save to buy a house, but kept finding my sums declining. I wanted 93 00:10:04,720 --> 00:10:12,720 more stability, so tried Bitcoin, and then found it at other uses. Said Marcel Lorraine, 94 00:10:12,720 --> 00:10:17,800 founder of Bitcoin Data. Her clients include a trader of alternative health products in 95 00:10:17,800 --> 00:10:23,720 a Nairobi street market, who found it much cheaper to use than changing currencies after 96 00:10:23,720 --> 00:10:28,840 being introduced to it by a Nigerian customer, and is now hoping it will provide a stable 97 00:10:28,840 --> 00:10:34,960 platform for building her business to obtain a shop. While Warren Buffett dismissed Bitcoin 98 00:10:34,960 --> 00:10:42,680 as, probably rat poison squared, and the economist Paul Krugman has compared it to a Ponzi scam 99 00:10:42,680 --> 00:10:50,200 fueled by libertarian fantasies and techno babble, devotees see it as a liberating force 100 00:10:50,200 --> 00:10:56,440 due to the decentralized design created by its mysterious and pseudonymous creator Satoshi 101 00:10:56,440 --> 00:11:02,920 Nakamoto. BlackRock, the world's biggest asset manager, has even applied to launch 102 00:11:02,920 --> 00:11:09,080 a Bitcoin exchange traded fund that may open up the market to the US wealth management 103 00:11:09,080 --> 00:11:16,440 industry. Certainly Bitcoin, for all its fluctuations, can seem comparatively reliable if you live 104 00:11:16,440 --> 00:11:22,600 in Africa, or indeed many other parts of the planet, from Argentina to Lebanon. 105 00:11:22,600 --> 00:11:28,200 This is what I've seen everywhere, said Peter McCormack, who travels the world for a Bitcoin 106 00:11:28,200 --> 00:11:34,160 podcast. Here is an alternative to gold and property for a middle class that has some 107 00:11:34,160 --> 00:11:39,440 money and patience, but is seeing expenses and costs rise, while savings decline in 108 00:11:39,440 --> 00:11:45,840 value. And a strong middle class helps build a strong economy by driving consumer spending, 109 00:11:45,840 --> 00:11:51,040 reducing reliance on the state, and driving innovation and entrepreneurship. Side note 110 00:11:51,040 --> 00:11:55,200 to Peter, sorry that was probably a pretty bad impression, I'll work on getting that 111 00:11:55,200 --> 00:12:01,840 better next time. Bitcoin has also become a helpful tool for activists and journalists 112 00:12:01,840 --> 00:12:08,840 in dictatorships, since it makes it harder to track funds. In Togo, a West African state 113 00:12:08,840 --> 00:12:16,160 run by one despotic family since 1967, it is used to channel cash to opposition and 114 00:12:16,160 --> 00:12:23,000 civil society leaders, despite the freezing of bank accounts. Bitcoin has been instrumental 115 00:12:23,000 --> 00:12:28,800 in delivering donations to Alexei Navalny's Anti-Corruption Foundation in Russia, and 116 00:12:28,800 --> 00:12:35,760 the pro-democracy movements in Belarus and Myanmar. Alex Gladstein, Chief Strategy Officer 117 00:12:35,760 --> 00:12:40,640 for the Human Rights Foundation, and author of a book arguing that Bitcoin offers freedoms 118 00:12:40,640 --> 00:12:46,640 from archaic monetary systems and political strife, believes the cryptocurrency is especially 119 00:12:46,640 --> 00:12:53,000 exciting for Africans, since they suffer, quote, all kinds of financial repression. 120 00:12:53,000 --> 00:13:00,600 He points out there are 45 currencies on the continent, with 15 still controlled by France, 121 00:13:00,600 --> 00:13:06,720 with high transaction fees on conversion deals that are largely processed by Western firms, 122 00:13:06,720 --> 00:13:12,680 with heavily fluctuating rates. Bitcoin provides an escape and an alternative for Africans, 123 00:13:12,680 --> 00:13:19,140 while its use is less limited than some people think, he says. Entrepreneurs there have figured 124 00:13:19,140 --> 00:13:24,680 out how people without the internet can use Bitcoin, which is frankly remarkable. This 125 00:13:24,680 --> 00:13:32,560 agility is typical of the technological innovation exploding across Africa, driven by a young, 126 00:13:32,560 --> 00:13:39,320 rapidly growing and increasingly well educated population. The beautiful thing about Bitcoin 127 00:13:39,320 --> 00:13:46,200 is that it is a bottom up technology, and its adoption has been genuine at all levels, 128 00:13:46,200 --> 00:13:52,720 said one key figure at the second African Bitcoin conference in Ghana at the end of last year. 129 00:13:52,720 --> 00:13:59,200 Only time will tell if Satoshi's invention will turn out to be a bubble with bad consequences, 130 00:13:59,200 --> 00:14:06,960 or as optimists believe, a driver of profound change in the world. The fraud conviction 131 00:14:06,960 --> 00:14:12,920 of Sam Bankman Freed, who ran one of the world's biggest cryptocurrency exchanges and admission 132 00:14:12,920 --> 00:14:18,400 of money laundering by the boss of another major exchange, has hurt the reputation of 133 00:14:18,400 --> 00:14:24,360 cryptocurrencies for many in the West. But Bitcoin certainly seems to offer something 134 00:14:24,360 --> 00:14:33,320 positive in societies scarred by autocracy, colonialism, military coups, and woeful governance, 135 00:14:33,320 --> 00:14:39,800 as seen with those computers in a concrete shed in rural Malawi turning water into streams 136 00:14:39,800 --> 00:14:58,960 of cash to fund electricity. And that's a wrap on this Bitcoin Out Loud episode of The 137 00:14:58,960 --> 00:15:04,320 Bitcoin Podcast. If you are a Bitcoin only company interested in sponsoring another fucking 138 00:15:04,320 --> 00:15:11,040 Bitcoin podcast, head to bitcoinpodcast.net. You can find me on Noster by going to primal.net 139 00:15:11,040 --> 00:15:16,800 slash Walker. And if you want to follow the Bitcoin podcast on Twitter, go to At Walker 140 00:15:16,800 --> 00:15:22,360 America or at Titcoin Podcast. You can also find the video version of this podcast at 141 00:15:22,360 --> 00:15:29,880 youtube.com slash At Walker America or At Walker America on Rumble. Bitcoin is scarce. 142 00:15:29,880 --> 00:15:37,160 There will only ever be 21 million. But Bitcoin podcasts are abundant. So thank you for spending 143 00:15:37,160 --> 00:16:03,120 your scarce time to listen to another fucking Bitcoin podcast. Until next time, stay free.