As our colleague David Pan has been reporting, Bitcoin miners have been having a very rough time of it. 

To paraphrase one of his recent stories, falling Bitcoin prices and rising energy costs “led to combined second-quarter losses of more than $1 billion for the top three US publicly traded players — Core Scientific, Marathon Digital and Riot Blockchain.” Yikes.

This crunch has led to miners trying to raise cash by selling off their emergency stockpiles of Bitcoin - into the teeth of a down market. 

At the same time, miners continue to flock to places like Texas - and not everyone is a fan of these relatively recent arrivals. Texas isn’t known for having the world’s most stable power grid, so miners and state officials have sought to pilot ways to address concerns about energy consumption.  



Bloomberg reporters David Pan and Michael Smith join this episode for more on how the miners are holding up.

As our colleague David Pan has been reporting, <a href="https://www.bloomberg.com/news/articles/2022-10-19/bitcoin-miners-pan-for-cash-as-profits-dry-up-and-crypto-markets-slump">Bitcoin miners have been having a very rough time</a> of it. To paraphrase one of his recent stories, falling Bitcoin prices and rising energy costs “led to combined second-quarter losses of more than $1 billion for the top three US publicly traded players — Core Scientific, Marathon Digital and Riot Blockchain.” Yikes. This crunch has led to miners trying to raise cash by selling off their emergency stockpiles of Bitcoin - into the teeth of a down market. At the same time, miners continue to flock to places like Texas - and not everyone is a fan of these relatively recent arrivals. Texas isn’t known for having the world’s most stable power grid, so miners and state officials have sought to <a href="https://www.bloomberg.com/news/features/2022-10-13/will-crypto-cowboys-crash-the-texas-power-grid">pilot ways to address concerns about energy consumption</a>.  
Bloomberg reporters <a href="https://www.bloomberg.com/authors/AVpCyCKI_mQ/david-pan">David Pan</a> and <a href="https://www.bloomberg.com/authors/ABoR6h6Y8F8/michael-smith">Michael Smith</a> join this episode for more on how the miners are holding up.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Bloomberg Crypto

Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. Bloomberg journalists will help cut through all the noise and provide clarity, context and authority.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. Bloomberg journalists will help cut through all the noise and provide clarity, context and authority. In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Crypto Miners Test Texas’ Limits

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/97ca12e2-88e2-4db0-84c6-af41014fc7a3/transcript

Advertisement