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Anders Larson, head of strategic finance at U.S. Bitcoin Corp, joins us to talk about how miners make decisions and allocate capital. In this episode:\\xa0

• The Wharton class of 2018
• Are Bitcoin miners clogging up the chip supply chain?
• Why Bitcoin miners are \'tier 2\' customers at foundries
• The scale of US BTC operations in terms of hashrate
• Why US BTC has been so quiet historically
• How US BTC targets renewable energy
• Which renewables are easiest to find
• Is there any truth to the story of Bitcoin improving the economics of renewables?
• Why ASIC depreciation is slowing, and how that affects the viability of different energy sources
• The relationship between Bitcoin\'s carbon intensity and ASIC depreciation period
• Can ASICs last for 5 years?
• How does US BTC think about uptime on their units?
• Why lower uptime means that you have cheaper power due to demand response
• How US BTC thinks about hashrate growth and why they are more conservative than their competitors
• Why Chinese hashrate is not completely eliminated
• The state of affairs in Kazakhstan
• How Anders thinks about political risk in mining
• How policy logic informs selective mining bans and mining subsidies
• How Anders sees miners vertically integrating with energy firms
• How Anders thinks about proposed state bitcoin mining bans in places like NY
• Why mining bans in the West are often counterproductive
• The relationship between energy consumption and civilizational progress
• How Anders thinks about the energy cost debate
• Whether the CBECI hashrate distribution estimates are reliable
• Why the US having a large share of hashrate isn\'t something to be concerned about
• How mining could become a states rights issue
• Does US BTC project fee growth in their models?

Sponsor notes:

• Compass Mining is the world\'s first and largest online marketplace for bitcoin mining hardware, hosting, and ASIC reselling. Start mining your own bitcoin by visiting compassmining.io
• This episode supported by\\xa0Public.com. Start investing with as little as $1 and get a free slice of stock up to $50 when you join\\xa0Public.com\\xa0today. Visit\\xa0public.com/onthebrink\\xa0to download the app and sign up.