TFTC: A Bitcoin Podcast From Blackstone to Bitcoin Mining | Sean Milmoe, Center of Hash E009
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Sep 23, 2025 Sean Milmoe, co-founder and CFO of 360 Energy, brings a unique perspective from his roots in oil & gas finance at Blackstone to the world of Bitcoin mining. He discusses how the combination of Fed money printing and unsustainable energy economics led him to Bitcoin. Sean dives into the intricacies of monetizing stranded natural gas for mining, the parallels between mining economics and traditional energy ventures, and how Bitcoin mining could become integral to oil drilling programs in the coming years.
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Money Printing Drove Bitcoin Interest
- Sean Milmoe traced his Bitcoin interest to 2020 money printing and macro risks after early skepticism in 2016.
- He shifted preference from making 10-15% credit returns in a debasing currency to owning a non-debasable asset.
From A Pitch To Leaving Blackstone
- Chris Moore pitched mining on cheap electricity and Sean ran numbers to validate the idea.
- Blackstone had also looked at Crusoe, which nudged Sean to take the mining opportunity seriously.
Renewables Were Bid Too Aggressively
- Sean found renewable project equity returns compressed by huge capital inflows and tax incentives.
- Bitcoin mining offered higher, tangible near-term economics versus low long-tail equity returns in renewables.
