457: How a Miner Survives a Bitcoin Bear Market with Drew Armstrong & AJ Scalia
This is an episode filled with high signal industry knowledge.
AJ Scalia and Drew Armstrong from Cathedra join the show to discuss how they managed the bitcoin mining bear market. This bear market cycle has taught the industry a lot of lessons in regards to debt management, ASIC purchase timing, and operational efficiency in regards to optimizing your fleet of hashrate depending on the hashprice at any given point in time. This is an episode filled with high signal industry knowledge.
Links
Follow AJ on Twitter
Follow Drew on Twitter
Check out Isaac Fithian's blog on The Art of Underclocking
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Timestamps
0:00 - Intro
5:04 - New York
11:23 - Current doomer status
14:36 - Lessons learned since last bull run
26:24 - Decisions made in 2022
34:20 - Underclocking and maintaining mining efficiency
39:16 - Evaluing mining businesses by hashprice
43:31 - Educating energy providers
48:25 - Cathedra firmware
52:07 - Shifting the bottleneck away from ASICs
58:20 - AI
1:06:46 - Geographic dispersion of hash
1:12:59 - Rising rates and ETFs
1:25:20 - Halvening prediction
1:35:05 - Wrapping up
