Daniel Roberts (Iris Energy) on Sustainable Bitcoin Mining (EP.278)

In this latest installment of the mining miniseries, Iris Energy cofounder and co-CEO Daniel Roberts joins us to talk through their approach to mining. In this episode:

  • How Dan came to work in mining
  • Backgrounds of the Iris executive team
  • Which thinkers influenced Dan in his Bitcoin journey
  • Why Iris focuses on sustainable energy and on only entering energy markets where they will not drive prices up for households
  • How Iris chooses geographies to operate
  • How Iris found abundant underutilized power in British Columbia
  • Why Iris’ entry to British Columbia actually drives down energy prices for regular households
  • Why Bitcoin mining has better location agnosticism than aluminum smelting or hydrogen production
  • How Bitcoin miners are more flexible loads than other datacenters
  • How Iris is geographically diversified in Canada, Texas, and Australia, and why geographic diversification is so important
  • How flexibility from Bitcoin mining replaces peaker plants burning fossil fuels
  • Why the oversupply of power is an issue for many power markets
  • Are Western miners being sufficiently responsible in finding low carbon energy sources
  • How Dan thinks about political risk at the state level
  • Can the world accommodate Bitcoin’s power consumption growth if the price goes up tenfold?
  • What plateauing efficiency gains for ASICs means for Iris
  • Why Iris doesn’t see itself as a pseudo Bitcoin ETF and does not seek to hold Bitcoin on its balance sheet

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