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Now Everyone Can Mine Bitcoin w/ Whit Gibbs (MI142)



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Clay Finck chats with Whit Gibbs about what bitcoin mining is, why someone might want to mine bitcoin rather than just buying the asset, some of the exciting things happening in the bitcoin mining space in Texas and El Salvador, what led Whit to starting Compass Mining, what the economics are of owning a bitcoin miner through Compass, what the risks are of mining bitcoin, and much more!

Whitney "Whit" Gibbs is the CEO and co-founder of Compass Mining. He co-founded Compass in 2020 alongside Thomas Heller and Paul Gosker. In under two years, Compass has grown to be one of the worlds largest providers of hardware sales and hosting space for bitcoin miners. On a mission to democratize bitcoin mining, Whit and his team are constantly refining their product offerings to give everyone the ability to mine bitcoin.

IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
00:14 - What is bitcoin mining?
03:38 - Why someone might want to mine bitcoin, rather than just buying the asset
11:06 - Why some countries are starting to mine bitcoin
14:54 - What led Whit to starting Compass Mining
17:02 - How Compass allows anyone to mine bitcoin
18:18 - What other services are being offered at Compass Mining
21:19 - What a mining pool is and how it helps hedge your risk mining bitcoin
33:27 - What the hash rate on the bitcoin network is
37:31 - How much it costs to purchase a miner, and what the economics looks like currently of owning a bitcoin miner

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Category
Cryptocurrency Mining
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