MicroStrategy’s famous CEO Michael Saylor recently had a conversation with the Argo Blockchain team hosted on Twitter Spaces. CEO Peter Wall, and VP of Operations, Sebastien Chalus discussed the ongoing transition of Bitcoin mining from China to the rest of the world, the underlying economies of mining digital assets and the future of the industry.
Here are four key takeaways from that conversation.
Source: Wikipedia
The Twitter Spaces call was held on August 3rd, shortly after Gary Gensler, chair of the United States Securities and Exchange Commission, delivered remarks before the Aspen Security Forum that were appreciative of blockchain technology. “Nakamoto’s innovation is real,” Gensler told the audience, admitting that the U.S. needed a “robust” regulatory framework for cryptocurrencies.
During the call, Wall explained that this shift in tone from American regulators was a welcome sign for companies in the industry that were already playing by the rules. The rise in publicly-traded blockchain companies such as Coinbase, Microstrategy and Argo Blockchain further cements Bitcoin’s fate as a mainstream, regulated asset class.
China’s recent clampdown on domestic Bitcoin miners was another subject Saylor and Wall discussed at length. Saylor called the “China Exodus” one of the most pivotal moments for the Bitcoin community in 2021.
Wall and Chalus, meanwhile, focused on the economic ramifications of such a monumental move. Bitcoin mining difficulty took one of its deepest plunges as Chinese operations went offline. Meanwhile, the exodus of miners from China has reduced costs for equipment, which has created an investment opportunity for miners that are still operational in other parts of the world.
When asked about the treasury reserves strategy, Chalus explained that Argo Blockchain followed a “counter-cyclical, opportunistic strategy.” Over the years blockchain companies that took a contrarian approach to capital investments had better performance, he claimed, which is why Argo Blockchain attempts to work against the market consensus not just while accumulating reserves but also while purchasing equipment.
The environmental concerns of Bitcoin mining were also addressed during the call. The Argo team provided updates on the construction of a new mining facility in Helios, Texas. Powered exclusively with local renewable energy and cooled with cutting-edge immersion technology, the facility is expected to “have access to some of the cheapest renewable energy worldwide,” according to Wall.
Argo’s extensive investments in renewable energy since inception is a testament to the greener future of Bitcoin mining across the world.
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