The US Is Officially the Global Leader in Bitcoin Mining

The Breakdown

Nathaniel Whittemore

Investing, Business

4.8 • 786 Ratings

🗓️ 14 October 2021

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by NYDIG. Today on “The Breakdown,” NLW looks at how the United States has been perhaps the greatest beneficiary of the Great Hashrate Migration away from China following the country’s mining ban in May. This has political implications for how bitcoin is treated in the U.S. At the same time, the U.S.’ overall regulatory stance toward crypto remains confused. NLW looks at comments from three separate SEC commissioners that show three separate perspectives on the industry. NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Yurchello108/iStock/Getty Images Plus, modified by CoinDesk.

Transcript

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0:00.0	This is the moment to reinforce and to claim the U.S.'s role as a leader in this emergent space
0:07.1	and as an innovator in this emergent space.
0:09.7	And it would be a damn shame to take this unforced error from one of our biggest geopolitical
0:14.8	competitors and do nothing with it.
0:18.6	Welcome back to The Breakdown with me, NLW.
0:22.7	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:29.8	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:36.1	What's going on, guys? It is Wednesday, October 13th, and today we are covering a major shift
0:42.8	in the global balance of Bitcoin security, as well as the continued regulatory debate
0:49.8	around crypto in the U.S., particularly as regards the SEC. So let's kick off with this title story,
0:58.4	that the U.S. is now officially the global leader in Bitcoin mining. To understand this, we need to go
1:04.5	back to April. At that time, the bull market was in full swing, and this is, of course, the bull market that started
1:12.7	really in the wake of the COVID-19 shutdowns, as Bitcoin looked resilient and hedge funders like
1:19.3	Paul Tudor Jones and then Bill Miller and then Stanley Druckin-Miller started to come to the Bitcoin
1:25.0	table, recognizing it and calling it out as a potentially
1:29.0	valuable inflation hedge. And what's more, an inflation hedge that could actually attract
1:33.8	young millennials with money. That institutional narrative fed into the corporate treasury
1:39.6	narrative that was obviously kicked off by Michael Saylor and Micro Strategy, and then was supercharged
1:45.2	with Elon Musk at the beginning of this year. What's more at this time, and remember, we're in April
1:51.0	2021 now, the institutional Bitcoin narrative had been driven by NFTs as another driver of
1:57.8	excitement around crypto. NFTs, including the profile pick avatars, as well as
2:03.9	ZNBA Top Shot, were really starting to seem like they were more than a passing fancy.
	...

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