The Bitcoin Hash Rate Has Dropped. How Long Will It Take to Return? - Ep.252
Unchained
English - July 06, 2021 07:30 - 1 hour - ★★★★★ - 1.2K ratingsBusiness News News Tech News fintech bitcoin blockchain crypto cryptocurrency digitalasset digitalcurrency distributedledger ethereum laurashin Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Kevin Zhang, vice president of business development at Foundry, breaks down the latest developments surrounding China and bitcoin mining. Show highlights:
how he came across crypto and which Bitcoin OG he joined at Bitcoin.com to help start its mining operations arm
what Foundry does and its relationship with Digital Currency Group (DCG)
why DCG wanted to build out a mining infrastructure business
what news from China in early March kickstarted the process of the mining ban
how China’s Central Television broadcasting company might have brought extra scrutiny to cryptocurrencies
what the 100th anniversary of the Chinese Communist Party has to do with its Bitcoin mining ban
why the Inner Mongolia and Sichuan Bitcoin mining bans were especially disruptive for Chinese miners
how much of China’s hash rate Kevin estimates has been shut down since May
where are miners relocating to
why Chinese mining equipment will not be allowed to turn on in the US
whether or not China’s Bitcoin mining ban will stick
why China banning bitcoin mining will be good for the network in the long run
what significant risk to Bitcoin’s network is solved by China banning bitcoin mining
how much Bitcoin’s hash rate will drop and what effect this will have on miner revenue
why Kevin thinks that Bitcoin is good for renewable energy
how immersion cooling technology works
what tangible benefits miners could find by moving to North America
if El Salvador’s volcanic bitcoin mining plan is feasible
what Kevin predicts will happen in the Bitcoin mining industry for the latter half of 2021
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Conjure: https://conjure.finance
Episode Links
Kevin Zhang
Twitter: https://twitter.com/SinoCrypto
Mining tweet storms:
https://twitter.com/SinoCrypto/status/1407524150885994497
https://twitter.com/SinoCrypto/status/1409227438262046723
Content from previous work experience:
Greenridge Generation
https://www.theblockcrypto.com/linked/57943/a-power-plant-in-new-york-is-reportedly-mining-roughly-50000-in-bitcoin-each-day
Project Spokane
https://medium.com/@derekbrouwer/the-bitcoin-barons-how-a-marketer-and-a-money-launderer-sold-montana-on-digital-gold-2a255c96c981
Foundry, Subsidiary of DCG
Twitter: https://twitter.com/foundryservices
Website: https://foundrydigital.com/
Foundry USA Pool
Bit Digital: https://www.prnewswire.com/news-releases/bit-digital-joins-foundry-usa-pool-with-5-679-machines-adding-up-to-280-phs-of-compute-power-to-the-pool-301283792.html
Bitfarms partnership: https://www.globenewswire.com/news-release/2021/04/23/2215897/0/en/Bitfarms-Partners-with-Foundry-to-Expand-Bitcoin-Mining-Fleet-and-Join-Foundry-USA-Pool-Instantly-Boosts-Operating-Hashrate-By-15.html
China’s Bitcoin Mining Ban
Travis Kling noted 25 different announcements from China in June alone:
https://twitter.com/Travis_Kling/status/1410630499748388865
Glassnode: mining difficulty to face its largest decrease ever
https://insights.glassnode.com/the-week-on-chain-week-26-2021/
The Block: hash rate dropped 50%, Foundry up while everyone else is hurting
https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-declines-50-percent-china-mining-crackdown
Nic Carter: breaking down the hashrate migration
https://www.coindesk.com/bitcoin-unpacking-hashrate-nic-cart-migration
Secondhand mining equipment prices are spiking
https://www.coindesk.com/chinese-logistics-firm-airlifting-bitcoin-mining-machines-to-maryland-report
https://www.theblockcrypto.com/post/109301/secondhand-bitcoin-miner-supply-spiking-bitmain
Bitcoin miners shut down, 26 farms affected after Sichuan bans BTC mining
https://www.coindesk.com/sichuan-becomes-latest-chinese-province-to-order-bitcoin-miner-shutdown
https://decrypt.co/74075/bitcoin-hashrate-falls-17-overnight-after-china-mining-crackdown
China’s Inner Mongolia announced eight measures in its crypto ban
https://www.theblockcrypto.com/post/105973/china-inner-mongolia-crypto-bitcoin-mining-ban-measures
Hash rate hits yearly low
https://www.coindesk.com/bitcoin-mining-hashrate-drops-low
Miners are moving to Kazakhstan
https://www.coindesk.com/chinese-bitcoin-mining-company-delivers-first-machines-to-kazakhstan
Tweet thread on how bitcoin miners reacted to the PRC’s May crackdown
https://twitter.com/MustafaYilham/status/1396574185598590979
Learn more about your ad choices. Visit megaphone.fm/adchoices
Kevin Zhang, vice president of business development at Foundry, breaks down the latest developments surrounding China and bitcoin mining. Show highlights:
how he came across crypto and which Bitcoin OG he joined at Bitcoin.com to help start its mining operations arm what Foundry does and its relationship with Digital Currency Group (DCG) why DCG wanted to build out a mining infrastructure business what news from China in early March kickstarted the process of the mining ban how China’s Central Television broadcasting company might have brought extra scrutiny to cryptocurrencies what the 100th anniversary of the Chinese Communist Party has to do with its Bitcoin mining ban why the Inner Mongolia and Sichuan Bitcoin mining bans were especially disruptive for Chinese miners how much of China’s hash rate Kevin estimates has been shut down since May where are miners relocating to why Chinese mining equipment will not be allowed to turn on in the US whether or not China’s Bitcoin mining ban will stick why China banning bitcoin mining will be good for the network in the long run what significant risk to Bitcoin’s network is solved by China banning bitcoin mining how much Bitcoin’s hash rate will drop and what effect this will have on miner revenue why Kevin thinks that Bitcoin is good for renewable energy how immersion cooling technology works what tangible benefits miners could find by moving to North America if El Salvador’s volcanic bitcoin mining plan is feasible what Kevin predicts will happen in the Bitcoin mining industry for the latter half of 2021Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Conjure: https://conjure.finance
Episode Links
Kevin Zhang
Twitter: https://twitter.com/SinoCrypto Mining tweet storms: https://twitter.com/SinoCrypto/status/1407524150885994497https://twitter.com/SinoCrypto/status/1409227438262046723 Content from previous work experience: Greenridge Generation
https://www.theblockcrypto.com/linked/57943/a-power-plant-in-new-york-is-reportedly-mining-roughly-50000-in-bitcoin-each-day Project Spokane
https://medium.com/@derekbrouwer/the-bitcoin-barons-how-a-marketer-and-a-money-launderer-sold-montana-on-digital-gold-2a255c96c981
Foundry, Subsidiary of DCG
Twitter: https://twitter.com/foundryservicesWebsite: https://foundrydigital.com/ Foundry USA Pool Bit Digital: https://www.prnewswire.com/news-releases/bit-digital-joins-foundry-usa-pool-with-5-679-machines-adding-up-to-280-phs-of-compute-power-to-the-pool-301283792.html Bitfarms partnership: https://www.globenewswire.com/news-release/2021/04/23/2215897/0/en/Bitfarms-Partners-with-Foundry-to-Expand-Bitcoin-Mining-Fleet-and-Join-Foundry-USA-Pool-Instantly-Boosts-Operating-Hashrate-By-15.html
China’s Bitcoin Mining Ban
Travis Kling noted 25 different announcements from China in June alone:https://twitter.com/Travis_Kling/status/1410630499748388865 Glassnode: mining difficulty to face its largest decrease ever
https://insights.glassnode.com/the-week-on-chain-week-26-2021/ The Block: hash rate dropped 50%, Foundry up while everyone else is hurting https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-declines-50-percent-china-mining-crackdown Nic Carter: breaking down the hashrate migration https://www.coindesk.com/bitcoin-unpacking-hashrate-nic-cart-migration Secondhand mining equipment prices are spiking https://www.coindesk.com/chinese-logistics-firm-airlifting-bitcoin-mining-machines-to-maryland-report https://www.theblockcrypto.com/post/109301/secondhand-bitcoin-miner-supply-spiking-bitmain Bitcoin miners shut down, 26 farms affected after Sichuan bans BTC mining https://www.coindesk.com/sichuan-becomes-latest-chinese-province-to-order-bitcoin-miner-shutdown https://decrypt.co/74075/bitcoin-hashrate-falls-17-overnight-after-china-mining-crackdown China’s Inner Mongolia announced eight measures in its crypto ban
https://www.theblockcrypto.com/post/105973/china-inner-mongolia-crypto-bitcoin-mining-ban-measures Hash rate hits yearly low https://www.coindesk.com/bitcoin-mining-hashrate-drops-low Miners are moving to Kazakhstan https://www.coindesk.com/chinese-bitcoin-mining-company-delivers-first-machines-to-kazakhstan Tweet thread on how bitcoin miners reacted to the PRC’s May crackdown https://twitter.com/MustafaYilham/status/1396574185598590979
Learn more about your ad choices. Visit megaphone.fm/adchoices