Manage episode 329681502 series 2942532
This week on The Bitcoin Bottom Line, Co-hosts Steven McClurg and C.J. Wilson met with Harry Sudock, Vice President of Strategy and Management at GRIID Mining.
This episode was filmed live at the Bitcoin 22 Conference in Miami, and the conversation was kicked off with a discussion on the friendliness of their fellow conference-goers. McClurg explained how there is a collective feeling of support between otherwise competitive businesses at the convention. The trio opens a discussion on the Bitcoin mining industry.
After touching on the subject of competition in the mining space, Wilson asks, “How do you manage being all over the place?” Sudock explains how local the mining industry is, “There is a local contractor, a local electrician and a local group embedded at that level”. Sudock goes on to describe how working in rural areas is a great way to show that mining companies can help the community grow with large power deals.
McClurg asks,“How can someone mine bitcoin on the side but still be in play with the big guys? How can you break in and participate in mining?” Sudock responds, “You can buy a rig and put it in your garage. 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 crypto and add S19’s to heat their pools that they have so they can swim in the winter.
Wilson states that water and power are the two things that define your quality of life. Hearing this, Sudock shares his belief that there is a spectrum. One side of the spectrum consists of the responsible ways to use electricity, such as running an MRI machine, while the other side consists of things that are irresponsible uses of energy, like Christmas lights, etc.. He explains that, at the moment, bitcoin is viewed as an irresponsible use of electricity, when it should be viewed as a responsible use of electricity because of its ability to help grow many rural places economically by providing them with large electricity deals. The trio goes on to discuss how mining is a large revenue stream in Bitcoin, the competition in the mining market, and more.
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