The Frontier of Bitcoin Mining with Lee Bratcher

 
 

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“This industry has so much potential to be a demand side battery for any grid (but especially the Texas grid, because we have so much of it and we have so much stranded energy that because of transmission congestion) that it could be revolution — it could do for the Texas grid what batteries will do for grids in the Northeast or in Western Europe.”
— Lee Bratcher

SHOW DESCRIPTION

Lee Bratcher is President of the Texas Blockchain Council. In this interview, we discuss the important work of the Texas Blockchain Council in educating decision-makers and providing a link to Bitcoin businesses, which has helped Texas to become a global leader in Bitcoin. We also talk about the risks of introducing any form of CBDC.

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Texas has become the US’s home of Bitcoin, maybe the global home of Bitcoin. A state whose motto is friendship has extended its hand to those seeking to mine and develop Bitcoin. Why is this? Texans are independent, hard-working, freedom-loving people. As our guest Lee Bratcher states on the show: “The ethos of Texas just matches up with the ethos of Bitcoin.”

But, there is a more pragmatic reason why this has happened: Texas’s economic history shows a state that embraces opportunity. And with Bitcoin mining, we are seeing perhaps one of the biggest opportunities to present itself to energy grids. Governments across the world are seeking to transition to more renewable and volatile energy sources. And, as we have seen, Bitcoin mining provides a range of tools to help grids in this transition.

Texas’s grid operator, ERCOT, has embraced Bitcoin mining, and as such, it is reaping the benefits. Bitcoin mining is making the Texas grid more resilient to peak demands, it is facilitating the build-out of stranded energy sources, and could potentially help keep energy prices low. A welcoming regulatory landscape and collaborative approach to planning are resulting in Texas working towards being the home for 20-25% of the global hashrate.

But, Texas has not woken up to the utility of Bitcoin mining on its own. The fact the state has a dedicated Bitcoin advocacy group is a critical factor in this story. The Texas Blockchain Council was set up to make Texas the jurisdiction of choice for Bitcoin. To that end, it educates lawmakers, acts as a conduit between the state and Bitcoin companies, and actively defends Bitcoin against attacks from senators in DC. It’s another inspiring and motivating Bitcoin story.

TIMESTAMPS

00:01:47: Introductions
00:03:25: Bitcoin branding, and Bitcoin vs crypto
00:05:54: Ted Cruz
00:07:11: The Texas Blockchain Council
00:15:15: Mining and the Texas ERCOT grid
00:26:53: Mining in other states, and rising hashrate in the US
00:30:05: Energy incentives, and investment in renewables
00:38:26: Elizabeth Warren, and her questions around mining in Texas
00:53:47: An exclusive, and the political divide on Bitcoin
00:57:44: Lobbying for Bitcoin
01:05:11: Working against CBDCs
01:14:10: Final comments

 

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SHOW NOTES

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Mentioned in the interview:

Other Relevant WBD Podcasts:

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