WBD Live in Miami - Bitcoin Mining with Troy Cross and Harry Sudock

 
 

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“It’s really exciting for me to see the transfer from… what the best we could do was plugging in 800 FPGAs to our father-in-law’s warehouse, to today where we’re signing some of the largest energy contracts in America, we’re building the backbone of our electric systems day by day, we’re integrating across core human infrastructure. So, getting to build a business at the intersection of energy and money, it’s the dream of a lifetime.”
— Harry Sudock

SHOW DESCRIPTION

Troy Cross is a Professor of Philosopher and Fellow at BPI, and Harry Sudock is Chief Strategy Officer at Griid. This interview was a live recording made at the Bitcoin 2023 Conference in Miami, where we discussed Bitcoin mining: the industry’s rapid evolution, how it’s optimising other markets, and why its relentless search for cheap energy will facilitate human flourishing.

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Bitcoin mining has been the subject of much controversy and debate in mainstream media. The infamous New York Times (NYT) article in April still casts a shadow over the industry: the piece characterised Bitcoin mining as an exploitative parasite feeding off cheap energy at the expense of local users and the environment. And yet, Bitcoin mining is the exact opposite.

As Troy Cross states in this live interview, when people get to hear the truth about Bitcoin mining's impact on energy systems it “blows their minds!” Harry Sudock adds more colour by explaining how Bitcoin mining is a black hole that sucks in economic utility and spits it out in its most efficient form, making it a revolutionary tool for human flourishing.

Both speakers criticize the media for pushing a biased agenda and cherry-picking data to fit a preconceived narrative. They argue that the truth about Bitcoin mining's impact on energy systems is more complex than the media portrays, but, this doesn’t provide the clickbait media outlets are after. The irony is that the NYT’s mission is “to seek the truth and help people understand the world.”

However, we are optimistic that the tide will soon turn. With this show, both Harry and Troy have been on What Bitcoin Did now a combined 13 times (lucky for us!), and they continue to blow our minds with their tales of the possible worlds opened up by the race for cheap and abundant energy. The other side just doesn’t have the calibre of persuasive, authentic and enthusiastic voices we have.

TIMESTAMPS

00:01:24: Introductions
00:03:54: Mining's rapid evolution
00:15:14: Understanding markets through mining
00:21:04: Solving the global energy problem for human flourishing
00:26:32: Bitcoin mining FUD (NY Times)
00:33:05: Ordinals
00:37:14: Q&A 1: jurisdictional risk
00:38:15: Q&A 2: nuclear power
00:39:50: Q&A 3: solar power
00:42:02: Q&A 4: ESG
00:45:20: Q&A 5: state capture
00:50:18: Q&A 6: over-regulation and subsidies
00:51:13: Final comments

 

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SHOW NOTES

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Connect with Harry:

Mentioned in the interview:

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