70. The Future of Bitcoin Mining with Ben Gagnon
In this episode Saifedean talks to Ben Gagnon, Chief Mining Officer at Bifarms, a Canadian bitcoin mining company that accounts for 1-2% of global hash power. Ben tells the story of how he became involved in bitcoin after missing an opportunity to buy 100 bitcoin for $70 in 2010. He and Saifedean discuss when it makes sense for people and companies to mine bitcoin, whether it’s a good idea to invest in bitcoin mining companies, and how events such as China’s recent mining clampdown will affect the future of the industry.
Links referenced:
- Bitfarms Website
- The Blocksize War by Jonathan Bier
- Bitvo interview with Ben discussion bitcoin mining
The following links relate to Ben’s comments about bitcoin regulation in China leading to a pump in Ethereum’s price during early 2017:
- Jan 6, 2017 – PBOC issues warning and asks for bitcoin withdrawals to stop
- Feb 9, 2017 – Bitcoin exchanges stop allowing bitcoin and Litecoin withdrawals
- Feb 16, 2017 – The 3 biggest exchanges all stop bitcoin withdrawals
- Historical price here (Ethereum had remained flat, trading around $10 for almost a year, within days it started trending up and hit an ATH just a few weeks later, rocketing to over $400.)
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