Bitcoin Mining in Distress with Nick Hansen
Nick Hansen is the CEO of Luxor Technologies, a Bitcoin mining software company. In this interview, we discuss the turmoil in bitcoin mining caused by a perfect storm of leverage, stagnant value, huge capacity increases, energy price shocks, and broader headwinds affecting investment. This can become a national security issue. THIS TIME’S SPONSORS: Gemini – https://www.gemini.com/
Lead – https://www.ledn.io/
Loyalty investments – https://crypto.fidelitycareers.com/
Ledger – https://www.ledger.com/
Texas Blockchain Summit – https://www.texasblockchainsummit.org/
BCB Group – https://hubs.ly/Q011cb730
TIMELINES: 00:00:00 Introduction 00:01:30 Mining Economics 00:12:02 Mega Miner Rise 00:17:45 Miners 00:27:52 Transaction Fees and Futures Hedging 00:39:09 Hash Rate Rise; Bitcoin halving 00:46:46 Market for Bitcoin mining rigs 00:59:58 Perfect storm for miners 01:05:19 Impact on Luxor 01:11:34 Real Bedford WHERE TO FIND THE SHOW: → My website. https://www.whatbitcoindid.com/podcast/
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#Bitcoin #Finance #Economics **** .
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great podcast until he started talking about his soccer team bullshit.
A couple of nomenclature questions.
1. Hash price
Why call it a price when it is what a miner expects to earn, to be paid?
2. Demand response
Does not "return" power to the grid, it doesn't take it.
So I suggest "hash revenue" and just say "miners turn off their machines" for demand response.
If you are an individual mining bitcoin and have the spare cash to fund the running costs it’s all about accumulating bitcoin really, the conversation to fiat is not really a concern
Comment 55 min in made me sub, cu again soon
You'd think Peter would listen to Jeff Booth after the several times Jeff has been on the pod… But he hasnt. Peter's high time preference is on full display here. Peter admits to buying 70 mining rigs (including at least one for $10k) run by a third party, Compass. He admits to being a customer of this guest too. Trusting counterparties left and right. Talking about hoarding machines as a "good investment" because price went down. This is why Peter will get rugged. All anyone has to do is stack sats, store cold, and stay humble. The get rich quick mentality of Peter and this guest is very off-putting.
When Jeff Booth talks about “signal” it’s root is the idea of signal power, S, divided by noise power, N. The higher the signal to noise ratio, the better the fidelity of the output.
This video log has the highest Signal to Noise Ratio (SNR) of any other bitcoin “business/economics” video/podcast on the interweb. Well done!
Miners are fucked.
Great time to get in.
If banks ban fiat to bitcoin conversion, then surely people would have to mine bitcoin as a means of getting any. Wouldn't this lead to asic miners being more valuable and in demand in the future? Any thoughts?…🤔
Lured in with bitcoin, and now I'm deeply invested in how our girls futbol team does leading up to their two more difficult matches…
i mean say what you want but bitcoin mining is clearly centralizing if we are at the grid level, i.e. as difficult as it can get.
Good Share, Good stuff from Luxor and Nick. Thanks for sharing! #Cheers #Bitcoin #TheCycle
I joined Luxor’s pool thanks to their sponsorship of this show. I didn’t trust too many other options.
What is your current average cost to deploy a PH?
love that he referenced btc entering a type of "energy cycle"… I cant wait until ppl realize this connection. I worked 20 years in energy production building oil/gas refineries, turbines, peaker plants, LNG terminals, oil field compressor stations etc… most of these power plants run at less than half speed, a thousand megawatt station for example spends a majority of it's time putting out 400 megawatts or less (due to baseload insurance contracts * as sean Connell explained PERFECTLY *) I'm so excited to see these relationships grow and continuing to mesh! BTC will operate on not only the halving cycle but also with an attendant commodity cycle alongside it, directly linked to baseload grid reliability. The futures bright
Danny > Vin Diesel
If someone comes out with a 1+ petahash or even a 1 exahash miner that could run in a bitcoiner's home it would put these centralized mining atrocities out of business over night. Hopefully there are smart dudes who are pro-decentralized mining working on this to get a miner in the home of every bitcoiner.
Uh oh, partnering with a somthingstein 😮. Bro, celcous, voyager, ftx, you not noticing any thing in common there
Normally i like most the stuff here, but this is one of the baddest interviews with no info… bad hair and a cheap suit, no meaningful info..
Really good conversation Peter!
Great interview! I didn't know Nick Hansen, he certainly knows his stuff!
Your interviews this year have been next level. Congrats to you and your team. Thank you for the content.