Name: Bitcoin Mining in the USA w/ Mike Colyer - Bitcoin Magazine Podcast
Uploaded: 2021-05-07T00:00:39+00:00
Duration: 39 min 11 s
Description: On this episode of the “Bitcoin Magazine Podcast,” host Christian Keroles sat down with Mike Colyer, the CEO of Foundry, a wholly-owned subsidiary of Digital Currency Group that’s focused on bitcoin m

3 years ago

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On this episode of the “Bitcoin Magazine Podcast,” host Christian Keroles sat down with Mike Colyer, the CEO of Foundry, a wholly-owned subsidiary of Digital Currency Group that’s focused on bitcoin mining in the U.S. Foundry is making a massive effort to bring hash rate to North America, both with physical hardware as well as by building the Foundry USA mining pool.

Colyer is extremely proud of how much hash rate is flowing into the U.S. and the fact that Foundry's pool has peeked into the top-five BTC mining pools of the world, as well as the fact that Foundry was one of the very first mining pools to signal for the Taproot upgrade of Bitcoin.

One of the key ways that Foundry is building out a competitive mining environment in the U.S. is by financing other operations to acquire energy contracts and mining equipment. Foundry understands that nation states will have to build a strategy around Bitcoin mining and he wants to make sure that the hash rate is as evenly distributed around the globe as possible.

Additional topics discussed include:

Mining in North America
The cost of mining per kilowatt in the best geographies
The role of mining in geopolitics
Volatility in Bitcoin's hash rate and what that means
The players in the ASIC game and the nature of the ASIC market
Foundry financing self-mining or equipment in North America
How the mining ecosystem is evolving over the course of this year

Timestamps:

0:00 - 2:40 Intro
2:40 - 4:04 Looking forward to the Bitcoin Conference
4:04 - 5:49 How Mike got into mining
5:49 - 7:57 The evolution of Foundry
7:57 - 11:52 How does Foundry decide the allocation of their resources?
11:52 - 12:46 The narrative in the space/Michael Saylor's influence
12:46 - 14:50 The mining ecosystem today
14:50 - 17:59 Why nation states should adopt mining
17:59 - 20:55 Negative media coverage/the efficiency of the Bitcoin network
20:55 - 23:57 Bitcoin mining is the bridge to a world of renewable energy
23:57 - 26:07 Does Bitcoin mining have a bad reputation problem?
26:07 - 28:27 Mining second and third order effects
28:27 - 30:28 Energy subsidies
30:28 - 32:48 Proof-of-stake and GPU mining
32:48 - 34:44 Does Bitcoin's proof-of-work cement it forever?
34:44 - 35:43 Bitcoin miners have the most skin in the game
35:43 - 37:21 Mike is proud to be a Bitcoin miner
37:21 - 39:11 Closing comments