In the thirteenth episode of Separating Money and the State, Iván Gómez talks with the Spanish economist, General Kenobi, who has worked in mining companies such as Northern Data and Demand, about the absence of a bull market for miners during this cycle due to the low growth of the hash price. This low profitability has led the largest mining companies to pivot towards artificial intelligence. Kenobi explores the differences and similarities between Bitcoin mining and AI data centers, highlighting how each interacts with the power grid. Additionally, it discusses the symbiotic relationship between Bitcoin miners and the power grid, in contrast to the parasitic nature of artificial intelligence. Finally, we reflect on the future of Bitcoin mining and its potential in Latin America. Most relevant: Takeaways The centralization of mining has increased in recent years. Public mining companies have grown rapidly in hash rate. Competition for hardware resources between mining and AI is intense. Mining companies are looking to diversify their operations. Bitcoin mining is more accessible and less expensive. Bitcoin miners can help stabilize the power grid. Artificial intelligence can be seen as a parasite on the electrical grid. Latin America has great potential for Bitcoin mining. Energy is essential for the progress of civilization. Bitcoin mining is more agile and flexible than artificial intelligence. The decentralization of mining will allow the entry of new players. Nuclear energy could be the future of energy production.
