Bitcoin Mining & the Energy Grid Transition with Troy Cross & Shaun Connell - WBD619
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 15 February 2023
⏱️ 120 minutes
🧾️ Download transcript
Summary
Troy Cross is a Professor of Philosopher and Fellow at BPI, & Shaun Connell is Executive VP of Power at Lancium & energy trading expert. In this interview, we discuss the evolution of the Bitcoin mining and energy debate: how Bitcoin mining has weathered the storm of FUD over its energy usage to become a tool that fixes an ever-increasing number of energy-related issues.
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Roy Sheinfeld, CEO of Breez, last week used the following analogy to highlight expanding knowledge of the Lightning Network's application: "The first industrial use of steam engines was to pump water out of mines, but nobody talks about that because the engines were stationary and hidden in the dark. Three generations later, inventors started adding wheels to the engines. Setting that power free and bringing it into the light made everyone take notice, and that's when steam changed everything."
The same applies to the whole Bitcoin ecosystem, particularly in relation to Bitcoin mining. Since 2019, there has been a growing realisation that Bitcoin provides a multitude of benefits to producers, operators and consumers of energy. There are also an increasing number of ancillary applications being realised in other areas. So, is it time for Bitcoiners to become more emboldened in their advocacy of Bitcoin mining?
There's an available body of evidence showing the important role that Bitcoin mining is playing in supporting Texas's energy grid. It is right to state that some of the resultant conclusions seem counterintuitive i.e. how can an energy user assist with energy supply? However, it merely takes an open mind, a willingness to question, and a capacity to learn, to realise that Bitcoin mining provides an important societal good.
Paradigm shifts are always met with suspicion. The issue is we're on the right side of history. Therefore, should we use someone's views on Bitcoin mining as a test of their intelligence and humility? Is it time to be more assertive in responding to those who refuse to believe their eyes and ears? After all, they are the ones who refuse to be humble.
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Transcript
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| 0:00.0 | Bitcoin's an intelligence test, but it's also an epistemic humility test. |
| 0:06.0 | You don't have to know everything about Bitcoin. |
| 0:08.0 | Nobody knows everything about Bitcoin. |
| 0:10.0 | The question is, do you pretend you know when you don't? |
| 0:13.4 | And if you do, you'll be exposed. |
| 0:15.8 | Hello there, and welcome from New York City. |
| 0:18.2 | It's been a hecked a couple of days. |
| 0:20.0 | It's great to be back in New York. |
| 0:21.2 | We hung out a pub key yesterday |
| 0:22.3 | to watch the rail |
| 0:22.8 | Bedford stream with a bunch of Bitcoiners. Sadly we lost to Wellenbro. I'm absolutely gutted. |
| 0:27.8 | Still the season goes on. Anyway, welcome to the What Bitcoin did podcast, which is brought to you by |
| 0:32.1 | Gemini, the only place I'm using |
| 0:34.0 | buying Bitcoin. I'm your host, Peter McCormack, and today on the show I've got a massive pair. |
| 0:38.7 | And I've got Troy Cross with Sean Connell, both have been on the show previously. Troy a few times and when we were out in Austin, |
| 0:45.2 | we decided to pair them up. Now, these two work really well together. Troy has been absolutely |
| 0:49.7 | killing it in the mining space and Seanawn's understanding Bitcoin mining and energy |
| 0:53.2 | meant getting the two together would make for an absolute bangro show and they both |
| 0:56.8 | absolutely crushed it. So I love this, you've got your questions about this, do reach out to me. |
| 1:00.3 | Just to note that tomorrow is our live WBD event at Pub Key, 630 kickoff, we've got a live interview |
| 1:06.2 | with the legend of Jun Seth, we've got a Q&A afterwards and then we're just going to be hanging out. |
| 1:10.4 | Some people grabbing a beer, some people grabbing some snacks, so hopefully see some of you there if you want to get a ticket head over to what Bitcoin did dot com Also you can any questions about this or anything else please do drop me in email as hello at what Bitcoin did dot com and also if you want to check out our patron |
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