THE MINING POD: Blockstream’s ASIC Mining Note With Adam Back

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4.7 • 698 Ratings

🗓️ 10 September 2024

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

You want to invest in Bitcoin mining, but you don’t know how? OG Bitcoin company Blockstream has been cooking up something for those intrigued with mining but without the wall sockets to participate. Welcome back to The Mining Pod! Today we are joined by Adam Back, cryptographer and CEO of Blockstream. Well known for its sidechain software Liquid, among other projects, Blockstream is actually a large private Bitcoin miner. In today’s show, we go through Blockstream mining with Back, including its profile as a miner (energy, locations, fleet). Then we dive into the BMN2, a new financial instrument to help people mine Bitcoin without ever touching a Bitcoin miner! Note, this podcast is for educational purposes only and is not financial advice. Enjoying the show? Check out our newsletter at miningpod.blockspace.media! Timestamps: 00:00 Start 02:11 Blockstream's mining background 08:46 Mining Note details 16:53 Secondary markets & Mining Notes 19:49 Typical investor profile 28:39 Why not self mine? 32:07 Where does Blockstream profit? 36:39 Production costs & cycle timing 42:05 Upgrading ASICs or not? 45:29 Lessons learned, changes made 50:31 Post Interview Discussion Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday! 👉 Check out Bitcoin Season 2 and The Gwart Show. 👉 Show links: https://hashrateindex.com/blog/tokenizing-hashrate-blockstream-mining-note-2-bmn2/ Follow our hosts on Twitter: @wsfoxley, @cbspears, @AsILayHodling, @MatthewKimmell - Thank you to our sponsor, CleanSpark, America’s Bitcoin miner! - "The Mining Pod" is produced by Sunnyside Honey LLC with Senior Producer, Damien Somerset. Distributed by CoinDesk. 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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0:49.7	Hey, welcome back to the mining pod. On today's show, we are joined by Adam Back. He is a CEO
0:53.8	and co-founder of Blockstream.
0:56.0	They are a very well-known Bitcoin company that originally was created to work on side chains for Bitcoin.
1:01.8	And now they have everything from Lightning to Bitcoin mining to a wallet and everything in between.
1:07.3	We're here to talk about their new BMN2 note, which is basically a different way of getting exposure to hash rate.
1:15.6	They produced a BM1 note a few years ago.
1:19.3	It did pretty well, and now they're doubling down and doing it again.
1:22.0	So we brought on Adam to talk about this note, how it works, the numbers behind it, how it works in the current
1:28.7	mining landscape, and much more. Thanks for sticking around with us. If you enjoy the content,
1:34.0	go check out blockspace.media. Go check out the mining pod newsletter. You can subscribe to
1:39.3	that at miningpod.blocspace.media or just look in today's show notes. Okay, a few words from our
1:46.8	advertisers and then onto the show. Accelerated by Compass is the premier accelerator program
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