The most recent research released by CoinShares shows that the large mining farms are mining bitcoin where the costs of production are above $5,600. With Bitcoin prices over $10,000, that’s a highly profitable business because it brings over a $5,000 profit per coin. We asked John Lee Quigley, a founder of Adaptive Analysis, to tell us more about cryptocurrency mining. On this episode of Blockchain Beyond Hype, he talks about mining farms and pools, and renewable energy powering them. He also argues why Proof of Work is by far the most secure consensus mechanism and why bitcoin mining is still sustainable despite the massive energy costs.
Read the full interview here:
Blockchain Beyond Hype is a series of interviews with blockchain experts and technology professionals from all across the globe about blockchain projects, challenges, innovations and the future of blockchain within the blockchain jungle!
BBH Guest
– John Lee Quigley, Founder of Adaptive Analysis
First heard of bitcoin in 2015. After the initial skepticism, a bit of further research resulted in him falling down the rabbit hole. With a background in finance, he has been pursuing a career in the crypto industry since 2018, when he started his cryptocurrency content strategy and research agency Adaptive Analysis.
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