Kevin Zhang, vice president of business development at Foundry, breaks down the latest developments surrounding China and bitcoin mining. Show highlights:  <ul> <li style="font-weight: 400;" aria-level="1">how he came across crypto and which Bitcoin OG he joined at <a href="http://bitcoin.com/">Bitcoin.com</a> to help start its mining operations arm</li> <li style="font-weight: 400;" aria-level="1">what Foundry does and its relationship with Digital Currency Group (DCG)</li> <li style="font-weight: 400;" aria-level="1">why DCG wanted to build out a mining infrastructure business</li> <li style="font-weight: 400;" aria-level="1">what news from China in early March kickstarted the process of the mining ban</li> <li style="font-weight: 400;" aria-level="1">how China’s Central Television broadcasting company might have brought extra scrutiny to cryptocurrencies </li> <li style="font-weight: 400;" aria-level="1">what the 100th anniversary of the Chinese Communist Party has to do with its Bitcoin mining ban</li> <li style="font-weight: 400;" aria-level="1">why the Inner Mongolia and Sichuan Bitcoin mining bans were especially disruptive for Chinese miners</li> <li style="font-weight: 400;" aria-level="1">how much of China’s hash rate Kevin estimates has been shut down since May</li> <li style="font-weight: 400;" aria-level="1">where are miners relocating to </li> <li style="font-weight: 400;" aria-level="1">why Chinese mining equipment will not be allowed to turn on in the US</li> <li style="font-weight: 400;" aria-level="1">whether or not China’s Bitcoin mining ban will stick</li> <li style="font-weight: 400;" aria-level="1">why China banning bitcoin mining will be good for the network in the long run </li> <li style="font-weight: 400;" aria-level="1">what significant risk to Bitcoin’s network is solved by China banning bitcoin mining</li> <li style="font-weight: 400;" aria-level="1">how much Bitcoin’s hash rate will drop and what effect this will have on miner revenue</li> <li style="font-weight: 400;" aria-level="1">why Kevin thinks that Bitcoin is good for renewable energy</li> <li style="font-weight: 400;" aria-level="1">how immersion cooling technology works</li> <li style="font-weight: 400;" aria-level="1">what tangible benefits miners could find by moving to North America</li> <li style="font-weight: 400;" aria-level="1">if El Salvador’s volcanic bitcoin mining plan is feasible</li> <li style="font-weight: 400;" aria-level="1">what Kevin predicts will happen in the Bitcoin mining industry for the latter half of 2021</li> </ul> Thank you to our sponsors! <a href="http://crypto.com/">Crypto.com</a>: <a href= "https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2">https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2</a>      Tezos: <a href= "https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero"> https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero</a>      Conjure: <a href= "https://conjure.finance/">https://conjure.finance</a>     Episode Links   Kevin Zhang <ul> <li style="font-weight: 400;" aria-level="1">Twitter: <a href= "https://twitter.com/SinoCrypto">https://twitter.com/SinoCrypto</a> </li> <li style="font-weight: 400;" aria-level="1">Mining tweet storms:</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/SinoCrypto/status/1407524150885994497"> https://twitter.com/SinoCrypto/status/1407524150885994497</a></li> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/SinoCrypto/status/1409227438262046723"> https://twitter.com/SinoCrypto/status/1409227438262046723</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Content from previous work experience:</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2">Greenridge Generation</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="3"><a href= "https://www.theblockcrypto.com/linked/57943/a-power-plant-in-new-york-is-reportedly-mining-roughly-50000-in-bitcoin-each-day"> https://www.theblockcrypto.com/linked/57943/a-power-plant-in-new-york-is-reportedly-mining-roughly-50000-in-bitcoin-each-day</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="2">Project Spokane</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="3"><a href= "https://medium.com/@derekbrouwer/the-bitcoin-barons-how-a-marketer-and-a-money-launderer-sold-montana-on-digital-gold-2a255c96c981"> https://medium.com/@derekbrouwer/the-bitcoin-barons-how-a-marketer-and-a-money-launderer-sold-montana-on-digital-gold-2a255c96c981</a> </li> </ul> </li> </ul> </li> </ul>   Foundry, Subsidiary of DCG <ul> <li style="font-weight: 400;" aria-level="1">Twitter: <a href= "https://twitter.com/foundryservices">https://twitter.com/foundryservices</a></li> <li style="font-weight: 400;" aria-level="1">Website: <a href= "https://foundrydigital.com/">https://foundrydigital.com/</a> </li> <li style="font-weight: 400;" aria-level="1">Foundry USA Pool</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2">Bit Digital: <a href= "https://www.prnewswire.com/news-releases/bit-digital-joins-foundry-usa-pool-with-5-679-machines-adding-up-to-280-phs-of-compute-power-to-the-pool-301283792.html"> https://www.prnewswire.com/news-releases/bit-digital-joins-foundry-usa-pool-with-5-679-machines-adding-up-to-280-phs-of-compute-power-to-the-pool-301283792.html</a> </li> <li style="font-weight: 400;" aria-level="2">Bitfarms partnership: <a href= "https://www.globenewswire.com/news-release/2021/04/23/2215897/0/en/Bitfarms-Partners-with-Foundry-to-Expand-Bitcoin-Mining-Fleet-and-Join-Foundry-USA-Pool-Instantly-Boosts-Operating-Hashrate-By-15.html"> https://www.globenewswire.com/news-release/2021/04/23/2215897/0/en/Bitfarms-Partners-with-Foundry-to-Expand-Bitcoin-Mining-Fleet-and-Join-Foundry-USA-Pool-Instantly-Boosts-Operating-Hashrate-By-15.html</a> </li> </ul> </li> </ul> China’s Bitcoin Mining Ban <ul> <li style="font-weight: 400;" aria-level="1">Travis Kling noted 25 different announcements from China in June alone:</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/Travis_Kling/status/1410630499748388865"> https://twitter.com/Travis_Kling/status/1410630499748388865</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Glassnode: mining difficulty to face its largest decrease ever</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://insights.glassnode.com/the-week-on-chain-week-26-2021/"> https://insights.glassnode.com/the-week-on-chain-week-26-2021/</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">The Block: hash rate dropped 50%, Foundry up while everyone else is hurting</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-declines-50-percent-china-mining-crackdown"> https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-declines-50-percent-china-mining-crackdown</a></li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Nic Carter: breaking down the hashrate migration</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://www.coindesk.com/bitcoin-unpacking-hashrate-nic-cart-migration"> https://www.coindesk.com/bitcoin-unpacking-hashrate-nic-cart-migration</a></li> </ul> </li> </ul> <ul> <li style="font-weight: 400;" aria-level="1">Secondhand mining equipment prices are spiking</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://www.coindesk.com/chinese-logistics-firm-airlifting-bitcoin-mining-machines-to-maryland-report"> https://www.coindesk.com/chinese-logistics-firm-airlifting-bitcoin-mining-machines-to-maryland-report</a></li> </ul> </li> </ul> <ul> <li style="font-weight: 400;" aria-level="1"><a href= "https://www.theblockcrypto.com/post/109301/secondhand-bitcoin-miner-supply-spiking-bitmain"> https://www.theblockcrypto.com/post/109301/secondhand-bitcoin-miner-supply-spiking-bitmain</a></li> </ul> <ul> <li style="font-weight: 400;" aria-level="1">Bitcoin miners shut down, 26 farms affected after Sichuan bans BTC mining</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://www.coindesk.com/sichuan-becomes-latest-chinese-province-to-order-bitcoin-miner-shutdown"> https://www.coindesk.com/sichuan-becomes-latest-chinese-province-to-order-bitcoin-miner-shutdown</a></li> <li style="font-weight: 400;" aria-level="2"><a href= "https://decrypt.co/74075/bitcoin-hashrate-falls-17-overnight-after-china-mining-crackdown"> https://decrypt.co/74075/bitcoin-hashrate-falls-17-overnight-after-china-mining-crackdown</a></li> </ul> </li> <li style="font-weight: 400;" aria-level="1">China’s Inner Mongolia announced eight measures in its crypto ban</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://www.theblockcrypto.com/post/105973/china-inner-mongolia-crypto-bitcoin-mining-ban-measures"> https://www.theblockcrypto.com/post/105973/china-inner-mongolia-crypto-bitcoin-mining-ban-measures</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Hash rate hits yearly low</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://www.coindesk.com/bitcoin-mining-hashrate-drops-low"> https://www.coindesk.com/bitcoin-mining-hashrate-drops-low</a></li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Miners are moving to Kazakhstan</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://www.coindesk.com/chinese-bitcoin-mining-company-delivers-first-machines-to-kazakhstan"> https://www.coindesk.com/chinese-bitcoin-mining-company-delivers-first-machines-to-kazakhstan</a></li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Tweet thread on how bitcoin miners reacted to the PRC’s May crackdown</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"> <a href= "https://twitter.com/MustafaYilham/status/1396574185598590979">https://twitter.com/MustafaYilham/status/1396574185598590979</a></li> </ul> </li> </ul>

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The Bitcoin Hash Rate Has Dropped. How Long Will It Take to Return? - Ep.252

Laura Shin