It is a transcribed excerpt of the “Bitcoin Journal Podcast,” hosted by P and Q. On this episode, they’re joined by Marathon Digital Holdings CEO Fred Thiel to speak about what it is wish to be a publicly traded bitcoin miner through the bear market and what strikes bitcoin miners could make to higher safe their future whereas navigating bear markets.
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P: It sounds such as you guys are targeted on geographically distributing yourselves so that you’re not as a lot in danger for these sorts of regulatory assaults. This completely is sensible to me. I am curious, how a lot of a tailwind did you guys expertise from the China mining ban, if in any respect?
There was such a powerful narrative round all of those ASICs leaving China and flowing into different locations or coming into the market, I am simply curious what your expertise of that was, given the place that you just’re in.
Fred Thiel: Yeah, we had a fantastic tailwind that was counterweighted, in case you would, by the truth that our hardened facility had continuous operational points. I haven’t got to enter these as a result of we’re now absolutely transitioned out of that web site, nevertheless it was a coal-fired energy plant that simply stored breaking. So we obtained actually optimistic, “Nice. All this hash charge is coming down, we’re gonna have the ability to mine an enormous ton of bitcoin,” after which swiftly, “Oh, the facility plant is down once more.”
For us personally, we skilled — when the plant was operating — nice rewards. On some days, we had been mining 4 blocks with the small quantity of hash charge that we had, which was wonderful.
However finally, the worldwide hash charge caught up and right here we are actually, again on pattern the place we must always have been. We’re at about 240 exahashes globally at present and I feel we’re gonna proceed to see that hash charge develop as we proceed to deploy, as different massive miners proceed to deploy.
I feel we’ll finally get again to a spot the place — doubtlessly earlier than the subsequent halvening — we’ll see world hash charge, north of mid-300s, one thing like that. That is gonna be actually fascinating for this trade. I feel bitcoin value has to maneuver an entire lot to compensate miners for the influence of the halving come early 2024.
