Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin Mining => Topic started by: Cz Rock on May 18, 2021, 07:36:32 PM
-
Mike Colyer leads one of North America’s biggest crypto mining companies, Foundry. Owned by Digital Currency Group (the same owner as CoinDesk), the startup emerged in 2019 and has quickly come to exemplify a trend: the comeback of U.S. crypto mining after years of living in the shadows of China’s greater hash power.
We caught up with Colyer for a preview of his thoughts on China vs. U.S. rivalry in Bitcoin mining, institutional adoption and the controversial concept of “clean bitcoin.”
Mike Colyer will appear at this year’s CoinDesk’s Consensus conference on Monday May 24 in a track entitled “Big Capital: How North America is Finding Its Spot in the Global Hashrate Race.” Register here.
The following has been edited lightly for brevity and clarity.
CoinDesk: Foundry is aimed at institutional clients. Why should they start mining bitcoin and other assets? What’s wrong with just holding?
Decentralized infrastructure means anybody in the world can participate in these networks. It opens up an incredible opportunity. With mining, these computers are basically securing the Bitcoin network and you get paid to secure the Bitcoin network. It’s an incredible concept and we’re seeing more institutional players recognize it. In the early days, Bitcoin, you could mine it on your PC. Then, it moved from CPU to GPU mining for basic mining. And then it became more about who’s got the capital to deploy large amounts of these computers. In the last bull run, every once in a while, you’d get somebody who would deploy, say, $1 million worth of machines. Today, people are making $10, $20, $30 million purchases of equipment. And it’s scaling. It’s not a question of ‘are the institutions going to get into this game?’ They’re already here, and they’re doing it.
Sorce link (https://cryptonews.net/en/news/mining/665402/)