Home » Aussie bitcoin miner says Merge confirms bitcoin’s superiority

Aussie bitcoin miner says Merge confirms bitcoin’s superiority

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Iris Energy spent $7,900 to mine each bitcoin last quarter. After reaching a high of $67,000 last November, he is now at around $19,305.

Bitcoin price volatility prompted Roberts to secure a deal with investment bank B. Riley. This gives a miner the right to sell up to $100 million in shares, not an obligation, which could give a broker his 31% stake. .

But Roberts, who still owns 25% of the business along with his brother and co-founder Will Roberts and other executives, said the deal would allow Iris to quickly fund should a fast-moving opportunity present itself. He said he was able to access the

“We all know how quickly Bitcoin can run and move, so having that capability as an option that we can use in the background is very valuable,” he said.

Prince George marks Iris’ third active bitcoin mine after launching one in Canal Flats and another in Mackenzie, British Columbia. His third mine in Mackenzie is under construction along with one at Childress in Texas.

The plan is to have six Exahash online within the next 12 months.

ethereum merge

Iris Energy continues to dedicate resources to expanding its bitcoin mining business, but Ethereum miners are being pushed out of the cryptocurrency economy following global changes in the underlying security layer. Nicknamed “The Marge”.

Rather than relying on miners to decrypt and verify Ethereum transaction blocks, Ethereum is now maintained through a proof-of-stake method. It allows cryptocurrency holders to “pledge” their assets and validate transactions with the risk of losing funds if their records are tampered with. .

“For those who want to suggest that Ethereum can compete with Bitcoin, I think this finally hits the nail,” said Roberts.

He points out that the maximum number of Bitcoins that could be in circulation is 21 million, and as the value of the core crypto that Ethereum is currently undermining, it can be done very cheaply without third-party interference. Added that you can instantly send value around the world.

“Without real-world costs, there is no real-world security,” he said.

“I think the whole discussion about energy consumption is flawed because it is the consumption of energy that gives blockchain its immutable properties.”

Ethereum will move to a proof-of-stake model, verifying and authorizing the transfer and ownership of other coins by coin owners, adding to the importance of cryptocurrency exchanges, Roberts said. rice field.

“but also, [proof-of-stake] It sounds a bit like the current financial system, but suddenly exchanges are controlling the blockchain, subject to regulation and oversight by the traditional financial system.

“I believe this move has returned Ethereum to the traditional financial system and cemented Bitcoin as a decentralized cryptocurrency.”

Roberts refuted the idea that Ethereum’s base-layer smart contract capabilities would enable the development and execution of new technologies and networks such as those facilitated by decentralized finance (DeFi) businesses.

“It’s certainly a story, but Bitcoin has these features too. It’s been a slow and steady race,” he says.

“Defending scarcity and immutability are not worth compromising on. Many cryptocurrencies are trying to find the next edge use case and accelerate their innovation, but in my opinion, Without a strong foundation, there is no point in building it.”

Bitcoin mining is currently Iris Energy’s most profitable venture, but Roberts has made it clear that he will eventually be in the business of providing raw computing power.

Iris signed a memorandum of understanding with Dell Computing two and a half years ago to bring customers and hardware to the Canal Flats site.

Traditional data center businesses, such as ASX-listed NextDC, are established in major capital cities and optimized for real-time cloud computing, shared drives, extremely low latency, high reliability, and high security. I’m here.

“Obviously, it’s an important role, but we’re also seeing the emergence of all these other computing applications that don’t need all the bells and whistles,” Roberts said.

He sees a world demanding computing power to perform data analysis, machine learning, augmented reality rendering, and oil and gas reservoir analysis.

“Hyperscale data centers cost 10 times less,” he says. “And they don’t need ultra-low latency with this high spec. Raw computing he just needs power.”

But while big opportunities are looming, Iris Energy cannot escape the allure of Bitcoin mining.

“Too profitable.”

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