Biggest Bitcoin Miner Bankrupt?

𝐆𝐄𝐓 𝐓𝐇𝐄 𝐁𝐈𝐓𝐂𝐎𝐈𝐍 𝐂𝐎𝐔𝐑𝐒𝐄➜➜➜
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In this video, I discuss the presumed coming bankruptcy of Core Scientific, which has been until now the largest publicly traded Bitcoin miner in the world.

I also discuss how any commodity production business (like copper, corn, wheat, or Bitcoin) is difficult, with razor-thin margins and lots of boom and bust cycles.

Bitcoin mining is a highly competitive, capitalistic business. By contrast, proof of stake favors incumbents and doesn't have the same validator set churn.

The Bitcoin difficulty adjustment, which takes place every 2016 blocks, ensures that booms, busts, high energy prices, or low Bitcoin prices will never disrupt the basic equilibrium of the system.

Bitcoin is robust and anti-fragile, unlike Bitcoin mining companies.

It's a good idea to keep track of how much of Bitcoin's total hash rate comes from publicly traded miners. That percentage will presumably go down now, if Core Scientific ceases operations.

Not investment advice! Consult a financial advisor.

Bitcoin Miner Core Scientific's Shares Plummet After Bankruptcy Warning:
https://www.coindesk.com/business/2022/10/27/core-scientific-to-suspend-payments-as-cash-dwindles/

Latest 8-K from Core Scientific:
https://www.sec.gov/Archives/edgar/data/1839341/000119312522270236/d395956d8k.htm

Controlling 17% of BTC hash rate: Report on publicly listed mining firms:
https://cointelegraph.com/news/controlling-17-of-btc-hash-rate-report-on-publicly-listed-mining-firms

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#bitcoinmining

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