The Current State of Bitcoin Mining with Harry Sudock

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3 years ago
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SHOW NOTES:
https://www.whatbitcoindid.com/podcast/the-current-state-of-bitcoin-mining

Harry Sudock is a Vice President of Strategy at Griid. In this interview, we discuss Bitcoin mining tackling environmental and energy FUD with on-the-ground facts. Whether it’s mitigating methane emissions or helping to stabilize grids, miners are providing unprecedented utility to society.

THIS EPISODE’S SPONSORS:
Gemini - https://www.gemini.com/
Cake Wallet - https://cakewallet.com/
Ledn - https://www.ledn.io/
Pacific Bitcoin - http://pacificbitcoin.la/
Ledger - https://www.ledger.com/
Compass Mining - https://compassmining.io/
BCB Group - https://hubs.ly/Q011cb730

TIMESTAMPS:
00:00:00 Introduction
00:02:16 FUD vs facts: mining’s solutions to environmental/energy issues
00:10:56 Bitcoin, politics and polarization
00:18:42 Bitcoin mining stabilizing the grid during Texas heatwave
00:29:21 Symbiosis between miners & energy grids; nuclear power
00:41:08 Breakdown of the ‘Bitcoin miners in distress’ narrative
00:49:43 Mining as a service
00:55:06 Bitcoin’s trajectory: the next halving and the next bull run
01:01:26 Crypto contagion, rehypothecation and margin calls

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#Bitcoin #Finance #Economics

****

“Bitcoin is a multi-decade, multigenerational incredible opportunity. Doesn’t mean that the water is always warm and smooth; there’s chop along the way. And so planning for those downside scenarios and trying to manage risk, first and upside second is the prudent way to do it. And there’s operators and companies that are out there within our industry, that have done their best and made good conservative decisions, and still blown up.”
— Harry Sudock

There is a growing a powerful backlash against Bitcoin mining. In the past 2 months: New York’s legislative assembly established a moratorium on mining based on PoW; Dick Durbin, the second highest ranked Democrat in the Senate, tweeted that Bitcoin mining uses “obscene amounts of energy”; the European Central Bank indicated that a ban on PoW is likely by 2025.

The problem is that the growing movement against Bitcoin mining, specifically its use of energy to satisfy PoW consensus protocol, defies logic. The FUD and the facts don’t align. The reality is Bitcoin mining is providing unprecedented utility to society. It is helping to mitigate methane emissions at landfill and oil fields, whilst also providing a unique demand that stabilizes energy grids.

The concern is that the FUD is orientated along political lines. The movement against Bitcoin mining is more heavily resourced by democratic and left-leaning groups. Therefore, is the growing progressive support for Bitcoin more than just beneficial to its wider adoption? Could it be vital to dispel the disinformation? Is Bitcoin’s future dependent upon a de-polarisation of the ecosystem?

Whatever the trajectory of the discussion, one thing is clear: Harry Sudock is one of the most clear-eyed, passionate and articulate voices within our industry. With people of such uncompromising yet pragmatic vision, we have the resources to win the battle of ideas. The Bitcoin community’s role is to help circulate the facts amongst the groups spreading the FUD.

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