BREAKDOWN: New Data Shows Underground Bitcoin Mining Thriving in China

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4.7 • 698 Ratings

🗓️ 17 May 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

The U.S. has also expanded its lead in the global hashrate competition. This episode is sponsored by Nexo.io, NEAR and FTX US. The U.S. has also expanded its lead in the global hashrate competition. On today’s episode of “The Breakdown,” NLW looks at new bitcoin mining data from the Cambridge Centre for Alternative Finance. Surprisingly (or unsurprisingly, depending on whom you ask), China is back at the No. 2 spot in global hashrate, despite there ostensibly being a full bitcoin mining ban. NLW also looks at the finance conference that has brought representatives of 44 countries to El Salvador, where they’re learning about bitcoin among other topics. - Nexo is a secure crypto exchange and crypto lending platform. Buy 40+ hot coins with your bank card in seconds and swap between exclusive pairs for cashback. Earn up to 17% interest on your idle crypto assets and borrow against them for instant liquidity. Simple and secure. Head over to nexo.io and get started now. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Alfieri/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.9	The breakdown is sponsored by nexo.io, near an FtX, and produced and distributed by CoinDes.
0:22.7	What's going on, guys? It is Tuesday, May 17th, and today we are talking about some interesting
0:28.6	new Bitcoin mining research. Before we get into that, however, if you are enjoying the breakdown,
0:35.1	please go subscribe to it, give it a rating, give it a review,
0:38.5	or if you want to dig deeper into the conversation, come join us on the breakers discord.
0:43.7	You can find a link in the show notes or go to bit.le slash breakdown pod.
0:48.0	Also a disclosure, as always, in addition to them being a sponsor of the show, I also work with FTX.
0:56.6	Now today, we are finally going to shift away from Luna. The whole story around it is sort of splitting into two very different and
1:03.2	distinct things. There is, of course, the inside Terra story, which is all about what comes next
1:09.7	and under whose leadership and how will things be
1:12.4	made right. And this is just going to be an absolute morass for a while. There seems to be a
1:18.8	significant disinterest in the Fork slash Luna Classic plan that has been proposed by Doe Kwan.
1:25.3	And there are questions of confidence in leadership in general and whether
1:28.2	Doe needs to step aside. Those are, of course, important questions for that community, and the better
1:33.9	they resolve, the better for everyone involved. However, that's not really the piece to me which is
1:38.8	most significant right now, and that, of course, is the larger regulatory implications.
1:43.6	Those are going to be playing out over
1:45.0	time in a matter of weeks, months, and even years now rather than days. And as it does, of course,
1:51.0	we'll keep track of how this massive cataclysmic event shapes those discourses going forward.
1:57.4	However, even as all of this has been happening, the rest of the crypto world hasn't slowed down.
	...

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