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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Low-Cost Mining Mirrors Low LOE Oil Production
- The dominant cost in mining is electricity so being the lowest-cost producer confers resilience.
- Low-cost miners survive downturns and capture market share when higher-cost miners shut off.
Prioritize Low All-In Electricity Costs
- Build mines where all-in electricity costs are lowest to ensure uptime across hash-price cycles.
- Prioritize power cost reductions even if you invest more upfront in generators and infrastructure.
Bought Unattractive Wells On EnergyNet
- 360 bought dry gas wells from a private operator listed on EnergyNet that were uneconomic on pipeline terms.
- They converted those wells into profitable mines by eliminating midstream fees and adding on-site power.
