Happy Friday, Maestros!

Welcome to a new edition of the Bitcoin Renaissance!

This week, Corporate adoption grows with 35 firms holding 1,000+ BTC, while Pakistan dedicates 2GW to mining infrastructure. Despite Bernstein predicting an "elongated" cycle to $150k, immediate headwinds persist: miner revenue fell 35% and macro uncertainty pulled Bitcoin under $90k.

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🚀 Featured Stories

Corporate Bitcoin adoption accelerates with 35 public companies holding 1,000+ BTC. A recent report found that 35 publicly traded companies now hold at least 1,000 BTC each, reflecting a surge in institutional adoption and strategic allocation to Bitcoin.

Pakistan allocates 2,000 megawatts of power for Bitcoin mining and AI centers.
The Pakistani government set aside surplus electricity for Bitcoin mining and AI infrastructure projects to attract foreign investment and build out high-tech capacity.

Bitcoin miners face profit squeeze as hash revenue falls sharply. Hash revenue for Bitcoin miners has fallen by roughly 35 percent, pushing return on new mining rigs out beyond 1,000 days and highlighting increased pressure on mining economics.

Analysts at Bernstein, a global research and brokerage firm, stated that the traditional four-year Bitcoin price cycle may no longer apply. They argue that growing institutional buying and market structure changes have created an “elongated bull market,” with a new 2026 price target of $150,000 and the potential for a cycle peak into 2027.

Bitcoin slides below $90,000 on macro uncertainty despite Fed rate cuts. Bitcoin recently dipped under $90,000 following investor concern over mixed signals from the Federal Reserve and disappointing tech earnings, adding macro risk pressures to crypto markets.

💡Spotlight: Block and Proto

Block is building an integrated Bitcoin stack that extends from payments and wallets to mining hardware and fleet software. Its Proto initiative targets decentralizing Bitcoin mining by designing modular, repairable rigs and open source fleet management tools to broaden access to mining and reduce wasteful hardware replacement.

🛠 Key Features

• Modular, serviceable miner design: Proto Rig is a modular mining system designed for on-rack repairs, replaceable hashboards, tool-free upgrades, and high power density. The design emphasizes repairability and upgradeability to extend hardware life and reduce disposal.

• Open fleet software: Proto Fleet is free and open-source fleet management software intended to simplify deployment and operations for miners at any scale. Block presents Fleet as a companion to the Rig that lowers operational complexity and increases uptime.

• Chip and partner strategy: Proto has publicly documented work on mining ASICs and announced partnerships to distribute or supply chips to third parties. Block has previously collaborated with industry miners and open hardware projects as part of Proto’s mission to decentralize mining supply.

• Industry donations and reuse initiatives: Block donated a large inventory of discontinued Intel Blockscale ASICs to open-source hardware projects, signaling a push to repurpose idle silicon for community and academic efforts. The move supports Proto’s broader goal of lowering barriers to entry and encouraging experimentation.

🔬 Technical Foundation

• Emphasis on maintainability and density: Proto’s rig specifications highlight industry-leading power density combined with tool-free on-rack repairs and fanless PSUs. The architecture prioritizes ease of service and rapid component swaps over sealed, throwaway designs.

• Open source and standards orientation: Proto’s public documentation and blog present a philosophy of open tooling and modular standards so builders can retrofit, upgrade, and maintain rigs without lock-in. Software and hardware components are released with the intent of growing a community of builders.

• Integration with Block’s Bitcoin stack: Block positions Proto alongside its other Bitcoin initiatives including Cash App, Bitkey custody, and Lightning payments. The company frames mining hardware and fleet software as part of a broader strategy to strengthen Bitcoin infrastructure and access.

📈 The Path Forward

Proto aims to shift mining away from disposable units toward repairable, upgradeable infrastructure that can be widely deployed by builders and small operators as well as larger farms. If adoption of modular rigs and open fleet software scales, the industry could see more distributed hashrate and slower hardware churn. Block’s strategy blends hardware, software, and community programs to make mining more accessible and resilient.

Learn more at here!

📣 Trending on X

Jamie Dimon, who famously called Bitcoin a fraud for years, just admitted JPMorgan is going all-in on blockchain and launching its own stablecoin, the ultimate institutional surrender narrative.

French entrepreneur Eric Larchevêque calls for mass “surobéissance civile” by having everyone declare absurdly tiny fractions of a satirical shitcoin to deliberately crash the new tax authority system that demands exact valuation of self-custodied crypto.

Despite a pro-crypto U.S. President, multiple rate cuts, and nation-state adoption in 2025, Bitcoin and altcoins are flat or down, the biggest bullish fundamental / price divergence ever seen.

The Fed balance sheet updates at 4:30 PM ET. If it’s above $6.53T, altcoins could skyrocket. Between $6.50T and $6.53T, the market may stay flat. Below $6.49T, altcoins could take a big hit. Fingers crossed for our bags!