Siberia’s DIY cryptocurrency miners
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 18 February 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
Sequoia Capital plans to move deeper into cryptocurrency markets and has earmarked at least $500mn for investments in cryptocurrency assets, and a global financial regulator says that policymakers must act quickly to craft rules for digital asset markets. Plus, the FT’s Moscow correspondent, Polina Ivanova, reports that Siberia has become home to a cottage industry of DIY cryptomining fuelled by cheap electricity.
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Mentioned in this podcast:
Sequoia earmarks $500mn for push into cryptocurrency markets
Global financial watchdog calls for ‘urgent’ action to contain crypto risks
In Siberia, a crypto boom made of ingenuity, defiance and DIY
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.7 | Good morning from the Financial Times. Today is Friday, February 18th. |
| 0:13.6 | And this is your FT News Briefing. |
| 0:18.7 | So when we were looking around for the best news stories to bring you today, |
| 0:22.8 | crypto kept popping up. So we leaned into it and we've got an all crypto show for you today. |
| 0:28.4 | We start in Silicon Valley. Then we go to Switzerland and we end up in the far |
| 0:33.2 | reaches of Siberia, where crypto mining is a cottage industry. |
| 0:37.2 | Everybody knows about Bitcoin mining, grandmothers and galoshes who are, you know, |
| 0:42.3 | talking about their chickens and talking about their raising their goats and also telling you about |
| 0:47.4 | Bitcoin mining. I'm Mark Philippineau and here's the news you need to start your day. |
| 0:52.0 | One of Silicon Valley's most influential venture capital groups plans to move deeper into |
| 1:02.8 | cryptocurrency markets. Sequoia Capital yesterday said it set aside between 500 and 600 |
| 1:08.8 | million dollars for a new fund. It would primarily invest in cryptocurrency tokens traded on third |
| 1:14.0 | party exchanges. This is part of a broader restructuring at the firm and the new fund would allow |
| 1:19.2 | Sequoia to play a more active role in cryptocurrency networks. The move shows how bigger tech |
| 1:24.6 | investors are plunging into cryptocurrency, where they're seeing specialist funds enjoy explosive |
| 1:29.6 | profits. This week, a leading global regulator came out with an urgent call for coordinated action |
| 1:41.1 | on cryptocurrency. The Financial Stability Board, which is based in Switzerland, wants to ensure |
| 1:46.2 | that a potential crisis in the cryptocurrency asset market doesn't threaten broader financial |
| 1:51.2 | markets. Talk more about this. I'm joined by our markets editor, Katie Martin. Hi, Katie. |
| 1:55.6 | Hey, hi, going. Things are going well. So, Katie, it feels like we report on this a lot, |
... |
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