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Simply Bitcoin
Exposing China's Secret Bitcoin Plan | EP 1089
Oct 3, 2024
Adam Sullivan, CEO of Core Scientific, dives into the surprising resurgence of Bitcoin mining in China despite a governmental ban. He discusses Bhutan's stealthy rise as a major Bitcoin holder, contributing a significant portion of its GDP to crypto. The conversation also touches on the shift towards renewable energy in mining, the geopolitical implications for countries like the U.S. and Russia, and the need for miners to adapt to a rapidly changing landscape. Sullivan offers insights on how innovation and technology will shape the future of Bitcoin mining.
59:51
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Quick takeaways
- China continues to dominate Bitcoin mining, allegedly controlling between 30% to 55% of the global hashrate despite a 2021 mining ban.
- Bhutan has emerged as a surprising fourth-largest Bitcoin holder, investing one-third of its GDP in the cryptocurrency through secret mining operations.
Deep dives
China's Continued Bitcoin Mining Dominance
Despite a significant mining ban implemented in 2021, China remains a dominant player in Bitcoin mining, allegedly controlling a substantial portion of the Bitcoin hashrate. Estimates suggest that up to 55% of the total network hashrate is still managed by operations within China, although some experts believe the figure is closer to 30%. Even after the ban, many mining facilities were temporarily shut down only to restart operations shortly thereafter, utilizing both new and older mining equipment. The development of renewable energy sources in China offers further incentives for mining, making the country a key player in the Bitcoin mining landscape.
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Discover
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