In late spring of 2021, China banned all bitcoin mining as part of an ongoing crackdown on crypto in the country. In response, many Chinese miners packed their bags, and headed to the Lone Star state of Texas. Texas offered a relaxed approach to regulation, a unique power grid, and attractive energy prices - all things that seemed ideal for miners looking for a new home. Until 2022.
The situation in Texas is complicated, to say the least. That unique energy grid is prone to power outages. Extreme temperatures mean keeping expensive mining equipment cool is a challenge. And crypto miners are facing financial difficulties brought on by declining Bitcoin prices.
Bloomberg reporter David Pan and Ethan Vera, COO & Co-Founder of Luxor Technology, both attended a recent Bitcoin mining conference in Miami. They join this episode to share some takeaways from the conference and how miners hope to survive this complicated crypto winter.
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The situation in Texas is complicated, to say the least. That unique energy grid is prone to power outages. Extreme temperatures mean keeping expensive mining equipment cool is a challenge. And crypto miners are facing financial difficulties brought on by declining Bitcoin prices.
Bloomberg reporter David Pan and Ethan Vera, COO & Co-Founder of Luxor Technology, both attended a recent Bitcoin mining conference in Miami. They join this episode to share some takeaways from the conference and how miners hope to survive this complicated crypto winter.
Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts
#Bloomberg #Podcast #crypto
Visit us: https://www.bloomberg.com/podcasts
Follow Bloomberg Podcasts on Twitter: https://twitter.com/podcasts
Visit our other YouTube channels:
Bloomberg Markets & Finance: https://www.youtube.com/channel/UCIAL...
Bloomberg Politics: https://www.youtube.com/c/BloombergPo...
Bloomberg Technology: https://www.youtube.com/c/BloombergTech
Quicktake Originals: https://www.youtube.com/user/Bloomberg
Quicktake Now: https://www.youtube.com/channel/UChir...
Quicktake Explained: https://www.youtube.com/bloombergexpl...
For coverage on news, markets and more: http://www.bloomberg.com/video
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Francisco Gimeno - BC Analyst BTC miners have profited a lot, but also suffered a lot when two things happen: they are banned in some jurisdictions like in China, and in this crypto winter where they had to sell in order to pay for energy to continue mining. This video talks about miners in Texas getting a unique experience of a developed energy grid with its own problems due to extreme climate events and maintenance issues. So they find that not all glitter is gold. Watch the world of BTC miners, their work and experiences.