Jason Burack of Wall St for Main St interviewed returning guest, Bitcoin investor, Bitcoin business angel investor, lawyer, accountant and monetary scientist, Trace Mayer https://www.tracemayer.net/
Trace hosts the Bitcoin Knowledge podcast https://www.bitcoin.kn/ and he also authored the book, The Great Credit Contraction immediately after the 2008 financial crisis.
Trace found Bitcoin when it was well under $1 and he put his money where his mouth is and he has been advocating for Bitcoin for 7 years now.
Jason starts off the interview by asking Trace if he thinks if the cost to commercially mine Bitcoin (verify transactions) for a profit matters?
CEO of RandomCrypto, Josh Metnick, recently came out with a new mining calculator to determine the profitability of mining Bitcoin and using his new algorithms designed to work for the calculator he claims that no one in retail can mine Bitcoin at a profit https://www.coindesk.com/a-new-bitcoin-mining-calculator-aims-to-tell-truth-on-profitability/
In May, Jason Burack interviewed Frank Holmes who is Chairman of Bitcoin and Ethereum miner, Hive Blockchain Technology. Holmes said that his company’s costs to profitably mine Bitcoin were $6500/coin but the Bitcoin price fell below that cost for months.
Other research, including Fundstrat’s Tom Lee in an extensive research report from March 2018 claims that commercial scale Bitcoin mining costs closer to $8300 per coin https://cointelegraph.com/news/fundstrats-tom-lee-reports-bitcoin-mining-now-less-profitable-due-to-falling-btc-prices
So there’s a wide range of production cost estimates since really December 2017 https://www.marketwatch.com/story/in-one-chart-heres-how-much-it-costs-to-mine-bitcoin-in-your-state-2017-12-15 of what it costs to mine Bitcoin commercially for a profit.
Other research article from May 2018 on Bitcoin mining costs: https://www.forbes.com/sites/francescoppola/2018/05/17/what-determines-the-price-of-bitcoin/#52375245392c
In addition to this interesting discussion, Jason also asks Trace for updates on the Lightning Network, and the handful of 51% attacks on alt coins including Bitcoin Gold.
Jason also asks Trace if big name investors like George Soros and Marc Andressen are accumulating Bitcoin and that’s caused this recent Bitcoin rally or if it has more to do with the recent RMB devaluation?
To wrap up the interview, Jason asks Trace if Bitcoin is holding up to its promise as digital gold and if Bitcoin’s proof of work is far superior to proof of stake even though proof of work uses a lot of electricity.
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