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
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Episode Links
Kevin Zhang
Foundry, Subsidiary of DCG
China’s Bitcoin Mining Ban
- Travis Kling noted 25 different announcements from China in June alone:
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- Glassnode: mining difficulty to face its largest decrease ever
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- The Block: hash rate dropped 50%, Foundry up while everyone else is hurting
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- Nic Carter: breaking down the hashrate migration
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- Secondhand mining equipment prices are spiking
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- Bitcoin miners shut down, 26 farms affected after Sichuan bans BTC mining
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- China’s Inner Mongolia announced eight measures in its crypto ban
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- Hash rate hits yearly low
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- Miners are moving to Kazakhstan
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- Tweet thread on how bitcoin miners reacted to the PRC’s May crackdown
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