Kevin Zhang, vice president of business development at Foundry, breaks down the latest developments surrounding China and bitcoin mining. Show highlights:
- how he came across crypto and which Bitcoin OG he joined at Bitcoin.com to help start its mining operations arm
- what Foundry does and its relationship with Digital Currency Group (DCG)
- why DCG wanted to build out a mining infrastructure business
- what news from China in early March kickstarted the process of the mining ban
- how China’s Central Television broadcasting company might have brought extra scrutiny to cryptocurrencies
- what the 100th anniversary of the Chinese Communist Party has to do with its Bitcoin mining ban
- why the Inner Mongolia and Sichuan Bitcoin mining bans were especially disruptive for Chinese miners
- how much of China’s hash rate Kevin estimates has been shut down since May
- where are miners relocating to
- why Chinese mining equipment will not be allowed to turn on in the US
- whether or not China’s Bitcoin mining ban will stick
- why China banning bitcoin mining will be good for the network in the long run
- what significant risk to Bitcoin’s network is solved by China banning bitcoin mining
- how much Bitcoin’s hash rate will drop and what effect this will have on miner revenue
- why Kevin thinks that Bitcoin is good for renewable energy
- how immersion cooling technology works
- what tangible benefits miners could find by moving to North America
- if El Salvador’s volcanic bitcoin mining plan is feasible
- what Kevin predicts will happen in the Bitcoin mining industry for the latter half of 2021
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Conjure: https://conjure.finance
Episode Links
Kevin Zhang
Foundry, Subsidiary of DCG
China’s Bitcoin Mining Ban
- Travis Kling noted 25 different announcements from China in June alone:
- Glassnode: mining difficulty to face its largest decrease ever
- The Block: hash rate dropped 50%, Foundry up while everyone else is hurting
- Nic Carter: breaking down the hashrate migration
- Secondhand mining equipment prices are spiking
- Bitcoin miners shut down, 26 farms affected after Sichuan bans BTC mining
- China’s Inner Mongolia announced eight measures in its crypto ban
- Hash rate hits yearly low
- Miners are moving to Kazakhstan
- Tweet thread on how bitcoin miners reacted to the PRC’s May crackdown
- announced
- Announcements
- Ban
- Bans
- Bitcoin
- Bitcoin mining
- BTC
- build
- business
- China
- chinese
- Chinese Communist Party
- company
- content
- crypto
- Currency
- Development
- digital
- digital currency
- Drop
- dropped
- Early
- equipment
- estimates
- Face
- Farms
- good
- Group
- hash
- hash rate
- Hashrate
- How
- HTTPS
- industry
- Infrastructure
- IT
- latest
- Long
- March
- Miners
- Mining
- network
- news
- North
- Operations
- president
- Risk
- Sichuan
- start
- Technology
- television
- Vice President
- youtube