DETAILED Exploration Of The #Bitcoin Mining Economy – (Chris Coney & Juan M. Villaverde) WCSS:009

Curated Content by Dan - Coin Cerberus

October 24, 2021

 

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Chris (00:16):
Hi there, guys. This is Chris Coney speaking, and welcome to the latest edition of the Weiss Crypto Sunday Special. I have one of my favorite guests back again: Juan , So Juan, welcome back to the Sunday Special.
Juan (00:28):
Hey, Chris. Good to see you.
Chris (00:30):
Good to see you, sir. So the topic for today, Juan, is the Bitcoin mining economy. So we did one on energy consumption and so on, but today I want to talk about the Bitcoin mining. It is a little economy of its own, so I've written down what I think are the five major components of the Bitcoin economy. And then if you can just give us like a… How each one functions. There are the hardware manufacturers, so those are the… They're like electronics. They manufacture the electronics, the ASIC devices that actually do the Bitcoin mining. I call those the hardware manufacturers. Another actor in the Bitcoin mining economy is the energy producers that produce the electricity for those mining machines. You've then got the mining farms that these big companies with the big warehouses that stuff them full of these Bitcoin mining machines, buy the power, and then do the mining.
Chris (01:24):
The fourth one is Bitcoin mining pools, which are like syndicates you join to increase your chance of making money. Maybe you can expand on that. And then the third one is software vendors. I mean, this isn't probably well known or of any particular interest, but the Bitcoin mining farms have these software systems that they either develop themselves, or buy in to manage the whole facility. So they're probably the least important from an investor's point of view. But can you give us an overview of just what's the significance of each of those, and how they interact?
Juan (01:59):
The significance of each of those. Okay, good question, interesting. So I think there's a lot of overlap between them. For example, Bitmain famously is the hardware manufacturer for Bitcoin ASICs, the machines people use to mine Bitcoin. They're also very involved in mining themselves. They have these large farms, used to be located in China, I guess they're going to have to go elsewhere now, and they also have their pools. So now-
Chris (02:30):
[crosstalk 00:02:30] business.
Juan (02:32):
They do.
Chris (02:33):
[crosstalk 00:02:33].
Juan (02:34):
Sure. They're integrating all verticals. I think that's a technical term, isn't it? You go from hardware to mining.
Chris (02:42):
[crosstalk 00:02:42] every which way. They're selling the kit, they're using their own kit to mine, and then they're also operating a pool as well.
Juan (02:50):
I don't want to accuse them of anything either, but they used to… Back in the day when I tried to get into mining, they used to manufacture new hardware, use it themselves first until difficulty would adjust, and once it adjusted, then they would hit the market.
Chris (03:08):
[crosstalk 00:03:08]. So these Bitcoin mining machines, they're like computer processes in the sense that they're constantly innovating, constantly getting faster and consuming less power, which in the Bitcoin mining economy is absolutely critical, because it's capital-intensive to buy the kit and the facilities, but really, most of it's in the profit and loss. You buy power in, and you put it through your machine, and some Bitcoin comes out. So the less you can spend on power and the more CPU processing power you can get out of that power, the better. And the thing that sits in the middle of that is the… Well, there's a few of them. There's Avalanche, I think is one manufacturer, there's Bitmain, and there's a few others around the world. [crosstalk 00:03:52] whatever they're called.
Juan (03:54):
Yeah. I mean, that's one of the things I love about Proof-of-Work mining that other systems don't have, is that it's pretty open to competition. If any sufficiently capitalized party wants to get involved in this mining, then they can. Just looking at El Salvador. So that's pretty interesting. I like that open system, permissionless, they call it. I mean, if you have the resources to produce your own hardware, you can participate in mining. That's why people used to mine with their laptops. Anybody with a computer is able to do it.
Chris (04:28):
Right, so we'll go back to El Salvador. So which role do they play? I'd call those one of the energy producers, primarily-
Juan (04:36):
Energy producer, definitely. Yes. The Cryptoverse features reading the news from various sources. Each episode lasts approximately 15 minutes and includes my moral, ethical and philosophical interpretation of current events. If you’d like to be kept up to date on Bitcoin, cryptocurrencies and blockchains by someone who believes in the free market, equality of opportunity and the value of education then subscribe to The Cryptoverse today. Video Source https://www.youtube.com/watch?v=LJRClO1tyiI

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