The Pomp Podcast
#1497 Adam Haynes | Will The Government Mine Bitcoin?!
- Bitcoin miners are making more strategic, cautious investments rather than over-leveraging, as seen in past cycles where bankruptcies and liquidations were common.
- Hash rate efficiency has improved dramatically—from 35 joules per terahash four years ago to 12 joules per terahash today—extending machine lifespans and lowering operational costs.
- Simple Mining operates as a vertically integrated service provider offering hosting, hardware sales, and equipment repair; they manage 20,000 machines across multiple facilities and repair thousands of hash boards monthly.
- Liquid cooling technology (hydro) is gaining adoption over traditional air cooling, offering better reliability, higher power density per machine, and lower noise for local approval.
- The AI/HPC infrastructure buildout may represent near-term malinvestment, with unclear revenue models and demand; Simple Mining remains Bitcoin-focused and sees no material customer demand for GPU hosting.
- Geopolitical competition in Bitcoin mining is intensifying—nations like Russia, Bhutan, El Salvador, and the UAE are mining and holding Bitcoin, while the US lags despite abundant energy resources.