What Bitcoin Did

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The Current State of Bitcoin Mining with Harry Sudock

Peter McCormack

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The Current State of Bitcoin Mining with Harry Sudock - WBD538 Peter McCormack

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There is a growing a powerful backlash against Bitcoin mining. In the past 2 months: New York’s legislative assembly established a moratorium on mining based on PoW; Dick Durbin, the second highest ranked Democrat in the Senate, tweeted that Bitcoin mining uses “obscene amounts of energy”; the European Central Bank indicated that a ban on PoW is likely by 2025.

The problem is that the growing movement against Bitcoin mining, specifically its use of energy to satisfy PoW consensus protocol, defies logic. The FUD and the facts don’t align. The reality is Bitcoin mining is providing unprecedented utility to society. It is helping to mitigate methane emissions at landfill and oil fields, whilst also providing a unique demand that stabilizes energy grids.

The concern is that the FUD is orientated along political lines. The movement against Bitcoin mining is more heavily resourced by democratic and left-leaning groups. Therefore, is the growing progressive support for Bitcoin more than just beneficial to its wider adoption? Could it be vital to dispel the disinformation? Is Bitcoin’s future dependent upon a de-polarisation of the ecosystem?

Whatever the trajectory of the discussion, one thing is clear: Harry Sudock is one of the most clear-eyed, passionate and articulate voices within our industry. With people of such uncompromising yet pragmatic vision, we have the resources to win the battle of ideas. The Bitcoin community’s role is to help circulate the facts amongst the groups spreading the FUD.

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00:04:16: Introductions
00:06:28: Mining's solution to climate/energy issues
00:12:45: The changing narrative around Bitcoin and the environment
00:15:19: Bitcoin in politics, and generating FUD
00:22:58: Update on the Texas ERCOT grid
00:30:36: Using mining to stabilise grids in other states
00:37:19: The benefits of a deregulated power market
00:39:36: Nuclear power
00:49:06: "Distressed miners" narrative, and procurement issues
00:57:41: Mining as a service
01:03:04: The next halving and the next bull run
01:05:34: Long-term Bitcoin thesis
01:09:28: Repeating the mistakes of the 2008 Financial Crisis
01:11:30: Final comments

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