FRIDAY, SEPTEMBER 11, 2026Satoshi GazetteBitcoin is for the common man

Satoshi Gazette — Bitcoin is for the common man.

EditionFri, Sep 11, 2026
Latest briefing · Sep 8, 2026

Latest from the desks

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By the numbers

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BTC/USD
76,769
Sats per $
1,303
Fees
1sat/vB
Difficulty est.
+1.95%
Block
966,422
Halving
580days

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Today's top story

Sep 10, 2026
A woodcut-style ink drawing of a large blank cheque lying on a cream table, with one vermilion rubber-stamp impression in the corner reading PAYABLE UPON RESULTS, and a small closed ledger with a vermilion ribbon behind it.
desk#macroeconomics#treasury
The Trump Dividend: $5,000 a Head From a Company That Owes $40 Trillion

Costed from the Census count and read against the Treasury's own ledger: the tariffs meant to pay for it have run negative since May, the ten-month deficit already beats last year's, the pledge would use every dollar of room under the debt limit, and the newest lender to this company is the stablecoin in your phone.

By Satoshi Gazette
Read analysis
A single-weight ink drawing of two doors in one wall on cream paper. The small left door stands ajar with a vermilion key hanging on a nail beside it. The tall right door is closed, with a plate reading TRUST and a teller's grille through which the same key can be seen on a shelf.

In focus

Sep 10, 2026
Block Sells Self-Custody. It Just Asked to Become the Custodian.

Builders Bank & Trust would move Cash App's bitcoin custody under an OCC charter. The public filing says what the bank would do, and nothing about how it would hold the keys.

Wire snapshotLive
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Claims on the record

Open the ledger →
  1. FalseMonetary history

    “The Federal Reserve Act ended gold redeemability.”

    Checked Aug 27, 2026

  2. True, imprecisely statedMonetary history

    “The Founders made debasement a capital crime.”

    Checked Aug 26, 2026

  3. FalseMonetary history

    “The Constitution requires gold and silver money.”

    Checked Aug 26, 2026

Desk picks

Market · Mining · Macro · Policy
Market deskSep 6, 2026
HL Offers Bitcoin Exposure. The Exit Still Has Terms.

The broker’s ETNs provide a route to Bitcoin’s price. The documents distinguish that trade from holding coins, and a market sale from conditional redemption.

Mining deskSep 3, 2026
Bitcoin Rallied 30 Percent This Summer. Its Hashrate Went the Other Way.

Network hashrate has spent 318 days below its seven-day peak, the longest stretch since ASICs took over, and an August price recovery did not end it. SG reproduces the drought from two datasets and tests the claim that miners now have somewhere else to sell their megawatts.

Macro deskSep 4, 2026
Central Banks Stopped Buying Treasuries in 2021. Private Money Bought Everything Since.

A letter from Norway became a claim that the world is dumping US government debt. The letter does not say that. But the comfortable answer — foreign holdings are at a record — is wrong about the thing that matters. The buyer changed.

Policy deskSep 8, 2026
Liquid Holders Kept Their Keys. The Federation Controlled the Exit.

SideSwap said users retained their keys. Its services still stopped. A 3,400 BTC return and a planned restart expose the difference between controlling a token and controlling its redemption.

Bitcoin-only news desk

Written for people who run hardware, hold keys, or read the filing

No casino tokens, no pay-to-play press releases, no price targets. Every claim carried back to the document it came from.

Markets

Flows, derivatives and liquidity plumbing.

Mining

Fleets, power deals and sovereign hashrate.

Policy

Tax, securities fights and state actors.

The Satoshi Brief

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Today in Bitcoin
PolicyPeirce, Who Leads the SEC's Crypto Task Force, Says Today's Investor Committee Meeting Was Likely Her Last
MarketBitcoin Trades Below $77,000, Giving Back the 3 September Rally

Newsroom

Live

Sourced coverage of Bitcoin markets, mining, policy, software, and ownership. No token launches, no trading spam.

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The Satoshi Brief

A weekly synthesis of the desk's reporting, organized around the question that mattered most.

Latest briefingSep 8, 2026
What Do You Actually Own?

Bitcoin exposure, redemption rights and personal privacy are different promises. Five investigations show why the distinction matters.

Read all Briefings →

Mining & Infrastructure Desk

Deep dives on ASICs, power, hosting, and sovereign hashrate, paired with Market and Policy desk coverage.

Explore the Mining Desk →

Latest reporting

Browse all stories →
An intact brass key rests on folded paper in front of a closed institutional doorway behind a red barrier.
Policy deskSep 8, 2026
Liquid Holders Kept Their Keys. The Federation Controlled the Exit.

SideSwap said users retained their keys. Its services still stopped. A 3,400 BTC return and a planned restart expose the difference between controlling a token and controlling its redemption.

A hand holds a monochrome picture of a looping ribbon beside the orange ribbon itself in a glass case with its door open.
Market deskSep 6, 2026
HL Offers Bitcoin Exposure. The Exit Still Has Terms.

The broker’s ETNs provide a route to Bitcoin’s price. The documents distinguish that trade from holding coins, and a market sale from conditional redemption.

Editorial illustration of a sealed, unbranded parcel above a trail of layered shipping-record forms, with red-orange sheets among them.
Policy deskSep 6, 2026
Your Keys, Their Database: Trezor’s Shipping Breach

A hardware wallet protects a secret. The company delivering it still has to account for the personal information left behind.

A two-colour print illustration of a classical institutional building. The front columns are drawn as hollow white outlines while a dense lattice of red scaffolding behind them visibly carries the weight of the roof.
Macro deskSep 4, 2026
Central Banks Stopped Buying Treasuries in 2021. Private Money Bought Everything Since.

A letter from Norway became a claim that the world is dumping US government debt. The letter does not say that. But the comfortable answer — foreign holdings are at a record — is wrong about the thing that matters. The buyer changed.

A woodcut-style illustration: a long row of short, evenly spaced black strokes runs across cream paper, broken by one stroke that rises far above the rest, with a small clock face reading two o'clock above it.
Macro deskSep 3, 2026
The Rates Trade Ran Forward. One Hour Did the Day's Work.

Bitcoin rose 5.5 percent on September 3 and the two-year Treasury yield fell five basis points. Almost the whole move landed inside the 14:00 UTC hour that opened with the ISM services report, a release whose two halves argue against each other.

Studio photograph of a wooden seesaw: a thick bundle of paper certificates presses one end to the table while an orange coin and a small gold bar sit on the raised end, about to slide off.
Policy deskSep 3, 2026
Bitcoin's Rates Trade Is Running in Reverse. The War Premium Went to Bonds.

Two weeks ago SG called the August rally a rates trade. This week's U.S.-Iran escalation pushed oil above $90 and the ten-year Treasury yield to its highest since 2023, and bitcoin fell alongside gold while stocks rose. The transmission runs through the discount rate, not the battlefield.

Aerial dusk photograph of a large modular mining campus where most container rows are dark and a few glow amber, with power lines running toward a brightly lit windowless data-center hall on the horizon.
Mining deskSep 3, 2026
Bitcoin Rallied 30 Percent This Summer. Its Hashrate Went the Other Way.
A woodcut-style diagram shows one chain of blocks splitting into three: a heavy steady chain continuing evenly, a thin chain of tightly packed small blocks racing ahead, and a faint dotted chain fading out.
Mining deskSep 3, 2026
The BLAKE2b Fork’s Early Issuance Ran About Nine Times Bitcoin’s Target Pace.
Two geometric financial routes diverge: an orange bearer-asset path passes through an outward border gate while a red central-bank path terminates at a domestic checkout scanner.
Policy deskSep 2, 2026
Russia Opened Crypto at the Border. The Digital Ruble Owns the Checkout
A transparent civic treasury pavilion contains an orange reserve block while an unfinished bridge stops before reaching citizens standing beside blank ownership records.
Policy deskSep 2, 2026
El Salvador Owns the Bitcoin. The Public Record Shows No Citizen Share

Market Desk

Live

ETF flows, liquidity, and derivatives plumbing — for people who care about balance sheets, not memes.

Featured market story

HL Offers Bitcoin Exposure. The Exit Still Has Terms.

The broker’s ETNs provide a route to Bitcoin’s price. The documents distinguish that trade from holding coins, and a market sale from conditional redemption.

Open Market Desk →

Mining Desk

Live

ASIC generations, fleet refresh, hosting, curtailment, and sovereign hashrate — written for people who actually run hardware or finance it.

Featured mining piece

Bitcoin Rallied 30 Percent This Summer. Its Hashrate Went the Other Way.

Network hashrate has spent 318 days below its seven-day peak, the longest stretch since ASICs took over, and an August price recovery did not end it. SG reproduces the drought from two datasets and tests the claim that miners now have somewhere else to sell their megawatts.

Open Mining Desk →

Policy & Regulation Desk

Live

Tax, securities fights, energy policy, and state-adjacent miners — framed in terms of where hashrate and capital actually go.

Featured policy story

Block Sells Self-Custody. It Just Asked to Become the Custodian.

Builders Bank & Trust would move Cash App's bitcoin custody under an OCC charter. The public filing says what the bank would do, and nothing about how it would hold the keys.

Open Policy Desk →

Satoshi Gazette is an independent Bitcoin-only publication. No shitcoins, no pay-to-play press releases. We cover protocol, mining, regulation, and the real economy — and we're wiring in an AI layer so miners, allocators, and builders can interrogate the signal themselves.