The Crypto Conversation Game of Attrition - Bitcoin Mining & the Bitcoin Halving during the pandemic
Marco Streng is the CEO of Genesis Mining, one of the largest Bitcoin cloud-mining companies. Genesis has mining locations in Iceland, Greenland, Norway, and Europe. Marco studied mathematics at the Ludwig Maximilian University of Munich. He set up a Bitcoin mining operation in his dorm room that ended when the electricity bill arrived.
Why you should listen:
Bitcoin mining is a contest for cheap energy and efficient mining rigs. Miners who are able to operate for long time frames at low costs are in the best position. All other miners are at risk of being buffeted by external market forces.
Key takeaway:
Any professional miner is well prepared for the Bitcoin halving in May. It is a known event therefore competent miners are able to prepare for all scenarios well in advance.
Marcos says that worries about Bitcoin's energy footprint are overblown due to Bitcoin mining's increasing use of cheap renewable energy.
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