Bitcoin Miner Capitulation | Cassie Clifton & Kevin Zhang

In this episode of Empire, Jason is joined by two experts in the Bitcoin mining industry, Cassie Clifton (Galaxy Digital) and Kevin Zhang (Foundry). Since the start of the bear market in November 2021, we've seen prices crash and contagion run through DeFi. But it wasn't until May 2022 that rumors started to spread of pain in the Bitcoin mining industry.

Profit margins are collapsing, debt obligations are coming due, and miners are fighting to stay solvent. Tune in for a complete breakdown of the state of bitcoin mining!

Highlights include:

- Miner economics
- Understanding the ASICs market
- How debt-fueled insane growth
- What China's ban meant for the industry
- Why Miners hodl their Bitcoin
- What led to today's pain
- Consolidation and M&A
- Bitcoin Mining pools
- What to expect next
- -

Follow Cassie:
Follow Kevin:
Follow Jason:

Follow Empire:
Subscribe on YouTube:
Subscribe on Apple:
Subscribe on Spotify:
Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter:
00:00 Introduction
01:40 Starting in March 2020
07:05 The inputs to miner profitability
10:37 How miners procure ASICs
17:29 Miners prefer to hodl
21:53 How miners reacted to macro volatility
24:21 Avalanche Core Ad
25:49 Second Order Effects of the China ban
36:25 The State of Bitcoin Miners Today
45:35 Are manufactures in trouble?
47:03 Will miners flood the market with BTC?
48:20 The end of ASIC backed loans?
51:25 Consolidation and M&A
54:25 Will Miners form an OPEC like committee?
57:58 Renewable energy
59:31 Changes in the energy market
1:03:49 Bitcoin mining pools
1:08:05 When will we hit rock bottom?

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Cryptocurrency Mining
Be the first to comment