In a recent interview, Hut8 CEO Jaime Leverton explained how Bitcoin mining can stabilize grids, create jobs and generate tax revenues, at the World Economic Forum in Davos, Switzerland. Hut8 is one of the largest crypto miner firms.
Leverton said 2022 was “the perfect storm” for Bitcoin miners. While she further included about the 2022 bear market, Web3 diversification, and Bitcoin’s growing positive impact on the environment and broader economy.
The CEO of Hut8 talked about the crypto miners that as of last year Bitcoin (BTC) price was mostly in bearish phase,while global hash rate climbed up and hitted all-time highs. Also, the energy crisis thrown in the mix that “certainly been a challenging time within the mining industry in particular,” she added.
Leverton explained that their strategy combined with a successful mergers-and-acquisitions plan helped stave off insolvency risks for Hut 8. A group recently spun up a “Bitcoin and mining repair facility for customers across Canada and Northern Europe.”
On the other hand, a merger included the purchase of “five enterprise-grade data centers and the associated business.”
According to Leverton this move is removing a gap in the market for digital infrastructure providers in the Web3 space. “They tend to be really dependent on the traditional Web2 hyperscalers as they try to build out these decentralized platforms. And obviously, when you’re building a decentralized network, you don’t want to do that in centralized infrastructure,” she said.
Leverton described that there could be a disconnect between Bitcoin mining and its positive impact on both the environment and the economy. “It starts with education,” she said.
With an example of how Bitcoin mining creates jobs, stimulates the economy and even provides tax receipts in a small city in Alberta “We’re their largest energy customer, their largest taxpayer, and a key provider of tech, labor and, in some cases, we also want to talk about joint curtailment with the city of Medicine Hat,” Leverton further added.
While concluding her words, Leverton discussed Bitcoin mining and its crucial role in protecting the environment. And about the transparency of Bitcoin she added “Part of the challenge we have is Bitcoin’s energy use is so transparent — unlike every other industry in the world, where their energy consumption is opaque. With respect to Bitcoin mining, you can see the energy produced because, essentially, Bitcoin is digitized”.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/01/19/the-ceo-of-crypto-mining-firm-described-bitcoin-mining/