Issue #1073: Mining scuttlebutt from the Bitmain conference
The Truth is on our side.
Bitmain is throwing a conference down in Miami at the moment. Your Uncle Marty is bummed he couldn't make it and has a bit of FOMO, but luckily for us the newest resident of Miami, Nic Carter, was kind enough to give us the key insights.
Dispatch from bitmain mining conf in Miami:
— nic carter (@nic__carter) September 9, 2021
- mining CEOs expect US to wield 30-50% of HR by EOY 2022
- energy majors + sovereigns joining the game
- immersion mining getting a new look
- Texas is world capital of mining
- flared gas is real
- mining as grid stabilizer is real
cont
— nic carter (@nic__carter) September 9, 2021
- virtually every miner procuring renewables, RECs, or offsets
- miners aggressively pursuing sustainable energy
- miners aware of regulatory issues and are investing in govt affairs
- new HR ATH coming soon just based on declared mining purchases
If you're looking to understand some of the trends in the Bitcoin mining industry, or at least what some deem to be trends, this is a very solid list. Whether or not everything discussed is in the best interest of the industry and the individual players within it in the medium to long-term is another discussion.
Ahhh, screw it. If a lot of these are trends, particularly those driven by "renewables", "sustainables", and "offsets" really do become dominant trends, they are bad trends to chase in your Crazy Uncle Marty's opinion. They are terms seeped in logical fallacies. Energy sources that have been labeled as renewables aren't renewable. The definition of sustainable in this context falls prey to Malthusian fear spells that define "sustainable" as static or decreased electricity production when it should describe reliable energy sources that can provide sustained and increasing electricity production. Carbon credit offsets do nothing to actually offset carbon emissions.
Those in the industry rushing to fall into these rhetorical traps set by anti-human extremists to force particular actions are making bad long-term strategic plays. The message should revolve around embracing humanity's incredible ability to harness energy to produce mass amounts of electricity which enables human flourishing. It should highlight the fact that this incredible ability allows us to protect ourselves from nature. Having helped to drive down climate related deaths by 98% over the last 100-years. And the industry should lean into the fact that Bitcoin allows humanity to be as efficient as possible with these energy sources by reducing waste and allowing us to harness previously stranded and untapped energy sources.
Stop playing their game. Make them play ours.
Final thought...
The ocean is getting glassy with the wind shifting offshore.
