Unchained

Bitcoin Miners Going Bankrupt? Here's How Crypto Winter Is Impacting the Industry - Ep. 415

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Nick Hansen, cofounder and CEO of Luxor Technologies, talks about the Bitcoin mining industry, why some miners are struggling while others are succeeding, and the next steps for the industry. 

 

Show highlights:
  • the current state of the Bitcoin mining industry
  • why miners have the lowest margin environment ever
  • why there are so many mining rigs sitting latent
  • how to calculate the profitability of mining cryptocurrency
  • why miners are not moving to other countries for lower energy prices
  • what the impact of a Core Scientific bankruptcy would be
  • whether finance pools to aid struggling miners are helpful
  • why some miners are succeeding in this environment
  • whether Bitcoin miners can adopt renewable resources and help with the transition to green energy 
  • how the mining industry is going to change in the following years
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    • Luxor Technologies

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      Episode links

       

      Troubled miners:
      • Bondholders of Troubled Bitcoin Miner Core Scientific Said to Be Working With Lawyers
      • A Huge Glut of Bitcoin Mining Rigs Is Sitting Unused in Boxes
      • Bitcoin Miner Iris Energy Says Some Machines Aren't Covering Financing Costs
      • Bitcoin Miner Argo Blockchain Fears Negative Cash Flow as $27M Raise Fails
      • Bitcoin mining hosting company Compute North filed for Chapter 11 bankruptcy protection

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        Miners currently weathering the storm:
        • Bitcoin Miner CleanSpark Spends Millions on Equipment as Others Struggle Amid Market Conditions
        • Bitcoin Miner Stronghold Digital Completes Debt Restructuring
        • Digihost Bucks Bearish Trend Among Bitcoin Miners, Remains Cash-Flow Positive
        • Crypto Miner Marathon Digital Mines Record 615 Bitcoin in October
          •  Green energy:
          • Solar-Powered Bitcoin Miner Aspen Creek Raises $8M Despite Bear Market

           

          Finance Pools:
          • DeFi Platform Maple Finance Aims to Help Struggling Bitcoin Miners With $300M Lending Pool
          • Binance Pool To Support BTC Mining Industry With a $500M Miner Lending Project

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            UnchainedBy Laura Shin