Most of this is old hat but there's one claim I thought was interesting and decided to check, and it's laughably wrong:
> We’re talking [a measurable percentage] of the world’s electricity consumption, most of that has not been paid for. So the mining companies for the most part have been taking the cryptocurrency and borrowing against the cryptocurrency that they create, rather than sell it, because the market’s actually very thin.
So supposedly, the markets are too thin to support the miners actually selling their earnings to pay their power bills. Let's check the top two against 24-hour volume on coinmarketcap:
BTC volume: 1M BTC
BTC issuance: 6.25 BTC every 10 minutes, or 900 BTC in 24 hours, or 0.09% of the trading volume.
ETH volume: 8.5M ETH
ETH issuance: 2 ETH every 15 seconds, or 11,520 ETH in 24 hours, or 0.14% of the trading volume.
I don't think the miners have any trouble selling their earnings for fiat.
> We’re talking [a measurable percentage] of the world’s electricity consumption, most of that has not been paid for. So the mining companies for the most part have been taking the cryptocurrency and borrowing against the cryptocurrency that they create, rather than sell it, because the market’s actually very thin.
So supposedly, the markets are too thin to support the miners actually selling their earnings to pay their power bills. Let's check the top two against 24-hour volume on coinmarketcap:
BTC volume: 1M BTC
BTC issuance: 6.25 BTC every 10 minutes, or 900 BTC in 24 hours, or 0.09% of the trading volume.
ETH volume: 8.5M ETH
ETH issuance: 2 ETH every 15 seconds, or 11,520 ETH in 24 hours, or 0.14% of the trading volume.
I don't think the miners have any trouble selling their earnings for fiat.