Quality Of Life Is Defined By Energy Use
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This week on “Bitcoin Bottom Line,” cohosts Steven McClurg and C.J. Wilson met Harry Sudock, vice-president of strategy and management at GRIID Mining.
This episode was filmed live at the Bitcoin 2022 conference in Miami and the conversation kicked off with a discussion on the friendliness of their fellow conferencegoers. McClurg explained that there is a sense of community among otherwise competitive businesses at the convention. The trio then discuss the bitcoin mining industry.
After touching on the topic of competition in the mining sector, Wilson asks: “How do you manage to be all over the place?” Sudock answers the question by explaining how local the mining industry really is. Sudock explains how local the mining industry is. “There is a local contractor and an electrician. There is also a local group embedded at this level.” Sudock continues to explain how rural areas are a great way to show how large power deals can be beneficial to the community.
McClurg questions, “How can someone mine bitcoin side-by and still be able to play with the big guys?” Sudock replies, “You can buy an rig and keep it in your garage. That’s how you can get in and participate in mining.” Your margins are not going to be the same as a huge company, but you may be beating the larger companies on the price of exchange for bitcoin.” The trio discusses the perks of mining at home, and Wilson adds on how some cold weather universities should mine bitcoin and add Antminer S19s to heat their pools so students can swim in the winter. Wilson explains that water and power are two of the most important factors in determining your quality life. Sudock agreed with Wilson’s belief that there is a spectrum. One side is responsible electricity use, such as running an MRI, while the other is irresponsible energy uses, like Christmas lights, etc. He explained that Bitcoin is currently being viewed as an irresponsible electricity use. However, it should be seen as a responsible electricity use because it can help rural areas grow economically through large electricity deals. The trio then discuss mining, which is a major revenue stream in Bitcoin, and the competition in the mining marketplace. Listen to the complete episode!