The Truth About Bitcoin's Energy with Harry Sudock

 
 
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“The whole energy argument...it doesn’t take into account the physics and engineering of how the energy is produced, and it doesn’t take into account the economic reality that we are always seeking out lower cost power.”
— Harry Sudock

SHOW DESCRIPTION

Location: Miami
Date: Monday 7th June
Project: Griid Infrastructure
Role: WP of Strategy

Bitcoin mining has been subjected to a considerable amount of criticism over recent years, but the number of articles disseminating misinformation has exploded over the last few months. 

Almost every mainstream media outlet has shared ill-researched hit pieces, and several hugely influential figures, from Elon Musk to Elizabeth Warren, have publicly questioned its energy usage. 

While the conversation about Bitcoins energy usage is worthwhile, almost all of the criticisms come from a misunderstanding of Bitcoin and the energy sector. However, the reach of these articles is widespread and potentially damaging. 

To address this FUD, I talk to Harry Sudock, the Vice President of Strategy at Griid. We discuss the energy consumption of Bitcoin mining, energy generation & the power grid and the case for renewable energy.

TIMESTAMPS

00:05:02: Introductions
00:06:23: Miners' journalistic critique
00:08:25: Harry and Griid Infrastructure
00:13:28: How energy works
00:17:55: Wastage and the energy system overbuild
00:22:35: How the grid works
00:27:04: Selling energy to the grid
00:32:26: Mining and the double standard
00:34:22: How miners buy energy
00:43:00: Price scale of various energy sources
00:48:31: The issues surrounding nuclear energy
00:57:04: Solving the coal problem
01:01:31: Other environmental considerations
01:04:48: Life before the internet
01:06:25: Energy overproduction
01:08:43: Bitcoin and energy
01:11:06: The Mining Council
01:12:34: The future for Griid
01:14:44: Colocation with energy producers
01:16:28: COVID-related supply chain issues
01:18:00: Bitcoin mining is a blue-collar business
01:21:22: Harry is bullish
01:25:43: DeFi and Ethereum
01:27:17: Final comments


 

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SHOW NOTES

PodcastPeter McCormack