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No.34⚡️Climate winning thru crypto?

December 25, 2022

Bonjour, gm. Oil and gas companies are mining crypto… and it’s actually helping reduce carbon and methane emissions 🌎 ✨ Community investor toasts 🥂  and roasts 🔥 ft. Poolsuite 💳

In other news…Cheres community calendar & events 📅 Apple to release an iPhone subscription plan 📈 billionaires might actually get taxed 🧾 and Yonce draws inspo from Cheres @ Oscars. 

Exxon is mining bitcoin ⚒️🪙 in the Bakken region of North Dakota. Strangely, it’s one of the ways the company is lowering carbon emissions.

Sometimes, oil drillers accidentally hit natural gas formations. While this sounds like it should be a good thing for Exxon, it’s not. Natural gas requires a pipeline to deliver, and drillers often burn off the fuels ⛽🔥 if there’s no pipeline in site 💀. This wasteful process, known as flaring, emits large amounts of carbon dioxide and some (even more harmful) methane 😭☣️.

Exxon paired with Crusoe Energy Systems, a company based in Denver, to transform otherwise-wasted natural gas into bitcoin. Natural gas is converted into electricity ⚡️, which is used to power bitcoin miners in shipping containers. While pipelines take a lot of time and resources to build, miners only an internet connection 🌐. Even better, this method gets rid of 99.9% of generated methane 🐄💨, and also reduces CO2-equivalent emissions by ~63% compared to flaring. 

Exxon isn’t the only oil company mining crypto. ConocoPhillips announced their crypto mining pilot program in February, and other giants such as Norway’s Equinor have also dabbled in the space.

The World Bank mentioned Crusoe Energy Systems’ work as an innovative solution in their Global Gas Flaring Reduction Partnership report. Hopefully, we’ll see more improvements to this technology in the coming years 🌻.

Community & Product Updates

🔮 Upcoming 

  • Investor Spotlight (Salon Style) - NYC IRL & Virtual: A salon is a gathering of people held by an inspiring host. During the gathering they amuse one another and increase their knowledge through conversation…Our inspiring host is to be revealed soon. 👉 Register here.

  • Branding Session: Join us for a virtual branding session where you can dictate the future of what Cheres looks and sounds like. Logo, colors, name 👀 👉 Register here.

🧓🏼 Passe 

  • Making investing engaging x Product Sesh: ~20 of you came up with amazing concepts around making investing engaging and co-created a potential new feature

  • Investing in NFTs w. Nate Gio (Solana Artist): Unfortunately our guest, Nate, had an emergency come up and we had to reschedule. Stay tuned!

  • Glowlabs Radio x Cheres: We had a ‘Women in Web 3’ session where our own Kat Garcia chatted about investing across stocks, crypto and NFTs. Listen here.

Cancel FOMO — keep up with the Cheraverse on Twitter, IG, and Discord.

Quick News Bites

If you’re canceling Amazon Prime after the recent rate hike, you’ll soon have another subscription to replace it 📱

Apple’s releasing a subscription program for iPhones EOY 2022/early 2023. No, it’s not the monthly installment plan. No, it’s also not the iPhone Upgrade Program (which, tbh, is a great deal for serial upgraders 💯).

The project is still under wraps, but people expect Apple to charge a set monthly fee to rent an iPhone. The monthly fee, unlike existing programs, won’t be the price of the phone split over a certain amount of months. Your payments also won’t go towards owning/purchasing the phone. If we were to guess, you might be paying for the depreciation of the phone’s value, kinda like leasing a car 🏎️.

Investors have wanted Apple to sell hardware via subscriptions for years, and since news of the project was released, Apple’s shares have been on the rise 📈. It makes a lot of sense to offer easier ways to pay in smaller increments given the pandemic-fueled popularity of “buy now, pay later” plans. It makes even more sense since iPhones are a cash cow for Apple, making up the majority of its revenue 💰.

Biden is expected to release a “Billionaire Minimum Income Tax” in the 2023 federal budget.

Most people have nothing to worry about, but if you’re one of the 700 Americans affected by this tax… mayhaps… hit us up during our next round? 🥺👉👈

This tax would make households worth over $100M pay at least 20% in income taxes, and over half the revenue would come from billionaires 🤑. To put things into perspective, Elon would pay an extra $50B in taxes per year, while Bezos would pay an extra $35B, according to Gabriel Zucman, an economist at UC Berkeley (go bears 🐻).

This tax would reduce the federal deficit by $360B over the next 10 years ⏳. The current federal deficit is $2.8T, and Biden’s overall budget proposal is expected to cut the deficit by $1.3T over the next decade 🙌.

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