Public Bitcoin Miners Survive in a Bear Market – Bitcoin Magazine
This is an excerpt from the “Bitcoin Magazine Podcast” hosted by P and Q. In this episode, Marathon Digital Holdings CEO Fred Thiel joins us to talk about what it’s like to be a listed Bitcoin miner amid a bear market. And what can bitcoin miners do to make the future safer while weathering the bear market?
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P: It sounds like you’re focused on being geographically distributed to avoid being exposed to this type of regulatory attack. This makes perfect sense to me. Just out of curiosity, how much of a tailwind have you experienced with the Chinese mining ban?
There was a very strong narrative about all these ASICs leaving China to flow elsewhere or enter the market.
Fred Thiel: Yeah, we had a big tailwind, but it was offset by the fact that the hardened facility had ongoing operational issues. We’ve completely migrated from that location, so we don’t have to go into them, but it was just a coal-fired power plant that was just going broke. All this hash rate is declining. You will be able to mine huge amounts of Bitcoin.
For us personally, we were able to achieve great results when the power plant was running. One day we had a small amount of hash he rate he was mining 4 blocks and this was excellent.
But eventually the global hash rate caught up and is now back on trend as it should have been. There are currently around 240 exahashes worldwide. As other large miners continue to roll out, I expect the hash rate to continue to increase as they continue to roll out.
Ultimately, I think we’ll be back where the global hash rate is above the mid-300s, probably before the next halving. This is very interesting for this industry. I think the price of Bitcoin would need to move significantly to compensate miners for the impact of the halving in early 2024.
Public Bitcoin Miners Survive in a Bear Market – Bitcoin Magazine
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