1 year ago
This is simply a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Marathon Digital Holdings CEO Fred Thiel to speech astir what it's similar to beryllium a publically traded bitcoin miner during the carnivore marketplace and what moves bitcoin miners tin marque to amended unafraid their aboriginal portion navigating carnivore markets.
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P: It sounds similar you guys are focused connected geographically distributing yourselves truthful that you are not arsenic overmuch astatine hazard for these kinds of regulatory attacks. This wholly makes consciousness to me. I'm curious, however overmuch of a tailwind did you guys acquisition from the China mining ban, if astatine all?
There was specified a beardown communicative astir each of these ASICs leaving China and flowing into different places oregon entering the market, I'm conscionable funny what your acquisition of that was, fixed the presumption that you're in.
Fred Thiel: Yeah, we had a large tailwind that was counterweighted, if you would, by the information that our hardened installation had continual operational issues. I don't person to spell into those due to the fact that we're present afloat transitioned retired of that site, but it was a coal-fired powerfulness works that conscionable kept breaking. So we got truly optimistic, “Great. All this hash complaint is coming down, we're gonna beryllium capable to excavation a immense ton of bitcoin,” and past each of a sudden, “Oh, the powerfulness works is down again.”
For america personally, we experienced — erstwhile the works was moving — large rewards. On immoderate days, we were mining 4 blocks with the tiny magnitude of hash complaint that we had, which was excellent.
But eventually, the planetary hash complaint caught up and present we are now, backmost connected inclination wherever we should person been. We're astatine astir 240 exahashes globally contiguous and I deliberation we're gonna proceed to spot that hash complaint turn arsenic we proceed to deploy, arsenic different ample miners proceed to deploy.
I deliberation we'll yet get backmost to a spot wherever — perchance earlier the adjacent halvening — we'll spot planetary hash rate, northbound of mid-300s, thing similar that. That's gonna beryllium truly absorbing for this industry. I deliberation bitcoin terms has to determination a full batch to compensate miners for the interaction of the halving travel aboriginal 2024.
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