The Mining Pod | Blockspace Media

Today on the show I am joined by Alex DaCosta and David Yi of Aspen Creek Digital Corporation (ACDC) to discuss their newest Texas facility. We talk about Compass Mining’s 27 MW deployment to ACDC, working with ERCOT and their energy first approach to mining.

https://acdigitalcorp.com

https://twitter.com/acdc_hq

Will Foxley: https://twitter.com/wsfoxley

TIMESTAMPS:

00:00 Start

00:27 Intro

02:49 New Texas 4 deployment

05:29 Renewables site selection

09:32 Building excess solar capacity

12:23 Dealing with ERCOT

18:02 ERCOT's feelings about miners

22:35 Surviving this bear market

30:53 Managing costs

37:57 Hosting business model

MINE

Start mining your own bitcoins with Compass.

https://bit.ly/3CehBf1

WATCH https://youtube.com/c/CompassMining?sub_confirmation=1

LISTEN

Apple Podcasts https://apple.co/3fNfrdi

Spotify https://spoti.fi/3tSf9G1

Amazon https://amzn.to/3557cqg

Anchor https://bit.ly/3rmb7UF

Fountain https://bit.ly/3NeNTec

RSS https://bit.ly/3chpULV

LEARN

Every week, Compass sends a memo to over 18,000 professional miners and investors with the most important news and data in cryptocurrency mining. Get the free newsletter in your inbox too: https://bit.ly/3vOGzxD

FOLLOW

Twitter: https://twitter.com/compass_mining

LinkedIn: https://www.linkedin.com/company/compassmining

Learn more about your ad choices. Visit megaphone.fm/adchoices

We talk about publicly traded miners in financial trouble, Compute North and their executive golden parachutes on the day of their bankruptcy filing and new ASIC models M50 and S19 XP pricing.

Matt Kimmell: https://twitter.com/MatthewKimmell

Will Foxley: https://twitter.com/wsfoxley

STORIES

https://www.coindesk.com/business/2022/11/03/bitcoin-mining-host-compute-north-paid-executives-3m-on-the-day-it-declared-bankruptcy/

https://www.coindesk.com/business/2022/11/01/bondholders-of-troubled-bitcoin-miner-core-scientific-said-to-be-working-with-lawyers-bloomberg-says/

https://www.bloomberg.com/news/articles/2022-10-31/argo-shares-plunge-by-record-after-fundraising-collapses

https://twitter.com/DylanLeClair_/status/1587804166839324673

https://twitter.com/LaurenQianLin/status/1588560223866089473

TIMESTAMPS:

00:00 Start

00:12 Intro

00:53 Argo, Core & Iris financial problems

05:30 Compute North bankruptcy

07:32 ASIC market

MINE

Start mining your own bitcoins with Compass. https://bit.ly/3CehBf1

WATCH https://youtube.com/c/CompassMining?sub_confirmation=1

LISTEN

Apple Podcasts https://apple.co/3fNfrdi

Spotify https://spoti.fi/3tSf9G1

Amazon https://amzn.to/3557cqg

Anchor https://bit.ly/3rmb7UF

Fountain https://bit.ly/3NeNTec

RSS https://bit.ly/3chpULV

Learn more about your ad choices. Visit megaphone.fm/adchoices

Today I am joined by Anthony Power, an independent mining analyst. We talk about Argo Blockchain and Core Scientific’s financial warnings. The day after recording, Iris Energy also announced its inability to pay for up to $103 million in ASIC financing from NYDIG. While we covered Iris’ precarious financial situation, the warning was issued after we recorded this show.

Anthony Power: https://twitter.com/cazenove

Will Foxley: https://twitter.com/wsfoxley

TIMESTAMPS:

00:00 Start

00:38 Intro

01:35 Argo

15:26 Core Scientific

27:26 Failure of large miners

35:00 Macro forces

MINE

Start mining your own bitcoins with Compass. https://bit.ly/3CehBf1

WATCH

https://youtube.com/c/CompassMining?sub_confirmation=1

LISTEN

Apple Podcasts https://apple.co/3fNfrdi

Spotify https://spoti.fi/3tSf9G1

Amazon https://amzn.to/3557cqg

Anchor https://bit.ly/3rmb7UF

Fountain https://bit.ly/3NeNTec

RSS https://bit.ly/3chpULV

LEARN

Every week, Compass sends a memo to professional miners and investors with the most important news and data in cryptocurrency mining. Get the free newsletter in your inbox too: https://bit.ly/3vOGzxD

FOLLOW

Twitter: https://twitter.com/compass_mining

LinkedIn: https://www.linkedin.com/company/compassmining

Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we are joined by longtime miner Ben Gagnon, Chief Mining Officer at Bitfarms. Ben and I discuss Core Scientific’s bankruptcy warning, Bitarms energy strategy and treasury management.

https://bitfarms.com

Ben Gagnon: https://twitter.com/hashoveride

Will Foxley: https://twitter.com/wsfoxley

TIMESTAMPS:

00:00 Start

00:26 Intro

02:08 Core Scientific

07:48 Effect of company failures

10:28 Bitfarms' hydro strategy

14:00 Bitfarms' business strategy

19:11 Operations

21:34 Using debt in a bear market

28:18 Dangers of growth right now

29:49 Hashrate predictions

34:55 ASIC surplus

MINE

Start mining your own bitcoins with Compass. https://bit.ly/3CehBf1

WATCH https://youtube.com/c/CompassMining?sub_confirmation=1

LISTEN

Apple Podcasts https://apple.co/3fNfrdi

Spotify https://spoti.fi/3tSf9G1

Amazon https://amzn.to/3557cqg

Anchor https://bit.ly/3rmb7UF

Fountain https://bit.ly/3NeNTec

RSS https://bit.ly/3chpULV

LEARN

Every week, Compass sends a memo to over 18,000 professional miners and investors with the most important news and data in cryptocurrency mining. Get the free newsletter in your inbox too: https://bit.ly/3vOGzxD

FOLLOW

Twitter: https://twitter.com/compass_mining

LinkedIn: https://www.linkedin.com/company/compassmining

Learn more about your ad choices. Visit megaphone.fm/adchoices

We talk about Core Scientific mentioning possible bankruptcy in SEC filing (stock is down 97%), Maple creating a new lending pool for miners and Block hiring the former CTO of Argo.

Matt Kimmell: https://twitter.com/MatthewKimmell

Will Foxley: https://twitter.com/wsfoxley

STORIES

https://compassmining.io/education/september-monthly-performance/

https://www.coindesk.com/business/2022/10/24/struggling-bitcoin-miners-are-flocking-to-maple-finances-300m-lending-pool/

https://www.cnbc.com/2022/10/27/bitcoin-miner-core-scientific-warns-it-might-go-bankrupt-stock-plunges.html

https://www.bloomberg.com/news/articles/2022-10-25/block-sq-btc-taps-former-argo-technology-chief-hothi-for-bitcoin-mining

TIMESTAMPS:

00:00  Start

00:55 Core Scientific

01:21 Intro

04:49 Core Scientific Financials

07:57 Miner capitulation?

10:06 Maple Finance

14:04 Block + Argo

MINE

Start mining your own bitcoins with Compass. https://bit.ly/3CehBf1

WATCH https://youtube.com/c/CompassMining?sub_confirmation=1

LISTEN

Apple Podcasts https://apple.co/3fNfrdi

Spotify https://spoti.fi/3tSf9G1

Amazon https://amzn.to/3557cqg

Anchor https://bit.ly/3rmb7UF

Fountain https://bit.ly/3NeNTec

RSS https://bit.ly/3chpULV

LEARN

Every week, Compass sends a memo to over 18,000 professional miners and investors with the most important news and data in cryptocurrency mining. Get the free newsletter in your inbox too: https://bit.ly/3vOGzxD

FOLLOW

Twitter: https://twitter.com/compass_mining

LinkedIn: https://www.linkedin.com/company/compassmining

Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we are joined by Matt Williams, head of derivatives at Luxor Technologies. Matt is an expert on commodities trading and built Luxor’s new hashrate derivative, a product that allows miners to buy and sell hashrate.

https://luxor.tech/derivatives

https://www.coindesk.com/business/2022/10/10/crypto-services-firm-luxor-to-offer-derivatives-for-bitcoin-miners-to-hedge-risk/

Matt Williams: https://www.linkedin.com/in/matthew-williams-0a1b592b/

Will Foxley: https://twitter.com/wsfoxley

TIMESTAMPS:

00:00  Start

00:25  Intro

01:11 Meet Matt

01:21 Intro

02:42 Hashrate as a commodity

04:04 Defining hashrate as commodity

05:30 Why hedge against hashrate?

08:18 Changing the thinking about hashrate

00:13:25:09 Seller of hashrate example

00:14:26:11 Buyer of hashrate example

00:15:59:23 Creating the index

00:18:36:01 Creating the marketplace

00:21:42:27 Customer requirements and security

00:25:12:13 Technical specifics

00:26:09:27 Regulation future

00:28:37:17 Product future

00:31:01:21 Cycles & volatility

00:33:39:25 Hashrate prediction

00:34:12:06 Wrap up

MINE

Start mining your own bitcoins with Compass. https://bit.ly/3CehBf1

WATCH https://youtube.com/c/CompassMining?sub_confirmation=1

LISTEN

Apple Podcasts https://apple.co/3fNfrdi

Spotify https://spoti.fi/3tSf9G1

Amazon https://amzn.to/3557cqg

Anchor https://bit.ly/3rmb7UF

Fountain https://bit.ly/3NeNTec

RSS https://bit.ly/3chpULV

LEARN

Every week, Compass sends a memo to over 18,000 professional miners and investors with the most important news and data in cryptocurrency mining. Get the free newsletter in your inbox too: https://bit.ly/3vOGzxD

FOLLOW

Twitter: https://twitter.com/compass_mining

LinkedIn: https://www.linkedin.com/company/compassmining

Learn more about your ad choices. Visit megaphone.fm/adchoices

We talk about the US semiconductor chip ban, the Rhodium filing, and the Celsius and Core Scientific debt story.

Matt Kimmell: https://twitter.com/MatthewKimmell

Will Foxley: https://twitter.com/wsfoxley

STORIES

https://www.bloomberg.com/news/articles/2022-10-10/china-chip-stocks-drop-as-biden-tightens-rules-on-us-tech-access

https://www.sec.gov/Archives/edgar/data/1236275/000121390022064755/fs42022_silversuntech.htm

https://www.wsj.com/articles/crypto-miner-core-scientific-flags-threat-from-celsius-chapter-11-dispute-11666287993

https://www.globenewswire.com/news-release/2022/10/19/2537494/0/en/Riot-Announces-Groun[…]ata-Center-Facility-in-Corsicana-Navarro-County-Texas.html

https://www.nbcdfw.com/news/local/concerns-bitcoin-mining-farm-coming-to-north-texas/3100197/

https://compassmining.io/education/september-monthly-performance/

🎥 TIMESTAMPS:

00:00  Start

00:12  Intro

00:48  Biden Chip Ban

03:56  Rhodium Public Filing

07:11  Celsius Owes Core Scientific Money

11:58  Riot Expanding

MINE

Start mining your own bitcoins with Compass. https://bit.ly/3CehBf1

WATCH https://youtube.com/c/CompassMining?sub_confirmation=1

LISTEN

Apple Podcasts https://apple.co/3fNfrdi

Spotify https://spoti.fi/3tSf9G1

Amazon https://amzn.to/3557cqg

Anchor https://bit.ly/3rmb7UF

Fountain https://bit.ly/3NeNTec

RSS https://bit.ly/3chpULV

LEARN

Every week, Compass sends a memo to over 18,000 professional miners and investors with the most important news and data in cryptocurrency mining. ✍️ Get the free newsletter in your inbox too: https://bit.ly/3vOGzxD

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome back to the Mining Pod. Today we are rejoined by Mining Analyst Anthony Power. We talk about his miner performance rankings, debt and dilution and where markets go next.

Anthony Power: https://twitter.com/cazenove

Will Foxley: https://twitter.com/wsfoxley

🎥 TIMESTAMPS:

00:00  Start

00:22  Intro

02:06  Most profitable public miner?

07:11  Mid-tier miners

13:57  Loan servicing

22:38  Margins

25:19  What miners are at risk?

30:11  Debit vs revenue valuation

34:26  6 mo. prediction

43:57  Hashrate prediction

MINE

Start mining your own bitcoins with Compass. https://bit.ly/3CehBf1

WATCH https://youtube.com/c/CompassMining?sub_confirmation=1

LISTEN

Apple Podcasts https://apple.co/3fNfrdi

Spotify https://spoti.fi/3tSf9G1

Amazon https://amzn.to/3557cqg

Anchor https://bit.ly/3rmb7UF

Fountain https://bit.ly/3NeNTec

RSS https://bit.ly/3chpULV

LEARN

Every week, Compass sends a memo to over 18,000 professional miners and investors with the most important news and data in cryptocurrency mining. ✍️ Get the free newsletter in your inbox too: https://bit.ly/3vOGzxD

FOLLOW

Twitter: https://twitter.com/compass_mining

LinkedIn: https://www.linkedin.com/company/compassmining

Happy hashing! 🤝

#Bitcoin #BitcoinMining

Learn more about your ad choices. Visit megaphone.fm/adchoices

We talk about difficulty, hashprice, miners seeking relief from debt, NYDIG laying off 33% of its staff, Luxor Technologies new hashrate derivative and Braiins Stratum v2.

Matt Kimmell: https://twitter.com/MatthewKimmell

Will Foxley: https://twitter.com/wsfoxley

STORIES

https://data.hashrateindex.com/network-data/btc

https://www.coindesk.com/business/2022/08/16/bitcoin-miner-stronghold-digital-in-restructuring-negotiations-with-lenders/

https://www.coindesk.com/business/2022/10/07/bitcoin-miner-argo-blockchain-raises-27m-to-ease-liquidity-pressures-shares-plunge-15/

https://compassmining.io/education/argo-blockchain-balance-sheet/

https://www.theblock.co/post/177162/nydig-laid-off-one-third-of-staff-in-september-wsj

https://blockworks.co/nydig-raises-720m-for-institutional-bitcoin-fund/

https://hashrateindex.com/blog/luxor-technologies-launches-otc-bitcoin-mining-derivative/

https://twitter.com/BraiinsMining/status/1579822557788004352

🎥 TIMESTAMPS:

00:00  Start

00:26  Intro

01:08  Hashprice & Difficulty

03:58  Stronghold Restructures Debt

04:10  Argo Raises $27M

07:29  NYDIG Layoff

12:07  Luxor Hashrate Derivative

15:02  Braiins Stratum V2 Update

MINE

Start mining your own bitcoins with Compass. https://bit.ly/3CehBf1

WATCH https://youtube.com/c/CompassMining?sub_confirmation=1

LISTEN

Apple Podcasts https://apple.co/3fNfrdi

Spotify https://spoti.fi/3tSf9G1

Amazon https://amzn.to/3557cqg

Anchor https://bit.ly/3rmb7UF

Fountain https://bit.ly/3NeNTec

RSS https://bit.ly/3chpULV

Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we are joined by Louis Guthmann, ecosystem developer at Starkware. Starkware is building zero-knowledge proof rollups for multiple chains, including Bitcoin, that promises to dramatically change how Bitcoin can scale without sacrificing security or Bitcoin’s simplicity. In this first episode we go over how starks are different from Lighting, what fees starks would bring to bitcoin and the rationale behind Starkware’s efforts.

Louis Guthmann: https://twitter.com/GuthL

Will Foxley: https://twitter.com/wsfoxley

🎥 TIMESTAMPS:

00:00  Start

00:36  Intro

00:57  Meet Starkware

08:29  What is BTC lacking?

13:47  How is Starkware different?

18:37  Scaling off-chain

23:18  What are the tech costs?

30:36  How to implement?

34:42  Why do this?

MINE

Start mining your own bitcoins with Compass. https://bit.ly/3CehBf1

WATCH https://youtube.com/c/CompassMining?sub_confirmation=1

LISTEN

Apple Podcasts https://apple.co/3fNfrdi

Spotify https://spoti.fi/3tSf9G1

Amazon https://amzn.to/3557cqg

Anchor https://bit.ly/3rmb7UF

Fountain https://bit.ly/3NeNTec

RSS https://bit.ly/3chpULV

LEARN

Every week, Compass sends a memo to over 18,000 professional miners and investors with the most important news and data in cryptocurrency mining. ✍️ Get the free newsletter in your inbox too: https://bit.ly/3vOGzxD

FOLLOW

Twitter: https://twitter.com/compass_mining

LinkedIn: https://www.linkedin.com/company/compassmining

Happy hashing! 🤝

#Bitcoin #BitcoinMining

Learn more about your ad choices. Visit megaphone.fm/adchoices