This is a transcribed excerpt of the “Bitcoin Journal Podcast,” hosted by P and Q. In this episode, they’re joined by Marathon Digital Holdings CEO Fred Thiel to chat about what or no longer it is spend to be a publicly traded bitcoin miner one day of the endure market and what strikes bitcoin miners can form to better gain their future while navigating endure markets.
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P: It sounds equivalent to you guys are centered on geographically distributing yourselves so that you just are no longer as mighty at risk for these kinds of regulatory assaults. This thoroughly makes sense to me. I’m uncommon, how mighty of a tailwind did you guys trip from the China mining ban, if at all?
There became such a stable story spherical all of those ASICs leaving China and flowing into diversified areas or coming into the market, I’m correct uncommon what your trip of that became, given the set that it is doubtless you’ll doubtless perhaps perhaps doubtless also very effectively be in.
Fred Thiel: Yeah, we had a mammoth tailwind that became counterweighted, while it is doubtless you’ll doubtless perhaps perhaps, by the indisputable truth that our hardened facility had continuous operational factors. I build no longer must enter those because we’re now thoroughly transitioned out of that set, on the opposite hand it became a coal-fired energy plant that correct saved breaking. So we got in truth optimistic, “Immense. All this hash price is coming down, we’re gonna be in a position to mine an mammoth ton of bitcoin,” and then all of a surprising, “Oh, the energy plant is down again.”
For us for my portion, we experienced — when the plant became working — mammoth rewards. On some days, we were mining four blocks with the puny amount of hash price that we had, which became very excellent.
Nevertheless finally, the global hash price caught up and here we within the within the intervening time are, succor on pattern the set we’re going to need to were. We’re at about 240 exahashes globally as of late and I contemplate we’re gonna continue to stare that hash price grow as we continue to deploy, as diversified tidy miners continue to deploy.
I contemplate we are going to finally procure succor to a collection the set — potentially earlier than the subsequent halvening — we are going to perceive global hash price, north of mid-300s, something like that. That is gonna be in truth involving for this commercial. I contemplate bitcoin set apart has to transfer a entire bunch to compensate miners for the impact of the halving come early 2024.
