{"id":4783,"date":"2019-10-18T11:48:11","date_gmt":"2019-10-18T10:48:11","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=4783"},"modified":"2019-11-11T14:38:49","modified_gmt":"2019-11-11T13:38:49","slug":"peter-thiels-contrarian-bitcoin-bet","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2019\/10\/18\/peter-thiels-contrarian-bitcoin-bet\/","title":{"rendered":"Peter Thiel\u2019s contrarian bitcoin bet"},"content":{"rendered":"<p>Building a new bitcoin mine in the middle of Texas, where summer temperatures often reach 50 degrees Celsius, seems a terrible PR move in <a href=\"https:\/\/twitter.com\/search?q=extinction+rebellion&amp;ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Esearch\">a world increasingly preoccupied by global warming<\/a>.<\/p>\n<p>Yet that\u2019s what Peter Thiel, a prominent Silicon Valley billionaire, has just agreed to do.<\/p>\n<p>Earlier this week Layer 1, a San Francisco-based start-up, said it had raised $50m from Thiel and a group of venture capitalists to help finance the construction of a new mining operation in the southern US state.<\/p>\n<p>Thiel founded PayPal and was an early investor in Facebook and a string of other tech giants, including Airbnb, LinkedIn and Spotify.<\/p>\n<p><a href=\"https:\/\/www.theguardian.com\/commentisfree\/2019\/jan\/17\/bitcoin-big-oil-environment-energy\">Bitcoin mining has been accused of causing environmental damage<\/a> because of <a href=\"http:\/\/beta.newmoneyreview.com\/index.php\/2018\/04\/06\/what-powers-bitcoin\/\">the electrical energy it consumes<\/a>. The bitcoin network <a href=\"http:\/\/beta.newmoneyreview.com\/index.php\/2019\/10\/01\/the-worlds-riskiest-industry\/\">now accounts for 0.3 percent of all global energy usage<\/a>, equivalent to the consumption of the whole of Austria.<\/p>\n<blockquote><p>\u201cThe future of bitcoin mining lies in Texas\u201d<\/p><\/blockquote>\n<p>According to a report in <em>the Block<\/em>, Layer 1 says it has developed a special cooling technology for its new plant. Alexander Liegl, Layer 1\u2019s chief executive, says the cooling technology adds only 3 percent to the power consumption of the bitcoin mining machines.<\/p>\n<p>Liegl also cited geopolitical reasons for his company\u2019s decision to locate in the US. <a href=\"https:\/\/medium.com\/@layer1\/series-a-a2d30932895f\">Layer 1 says 60 percent of the world\u2019s bitcoin mining currently takes place in China, while Chinese firms like Bitmain produce 100 percent of bitcoin mining hardware<\/a>.<\/p>\n<p>\u201cThe future of bitcoin mining lies in Texas. This is where world-class electricity prices, friendly regulation, and an abundance of renewable energy sources meet,\u201d said Liegl.<\/p>\n<p>Layer 1 says it will be designing all its own infrastructure, including the <a href=\"http:\/\/beta.newmoneyreview.com\/index.php\/2018\/05\/23\/the-cat-and-mouse-game-of-cryptocurrency-mining\/\">special computer chips used to solve bitcoin\u2019s mining algorithm<\/a>.<\/p>\n<p><strong>The excess energy problem<\/strong><\/p>\n<p>Yet there\u2019s a counterplot to the story.<\/p>\n<p>Bitcoin, say the cryptocurrency\u2019s supporters, offers a clever solution to a problem that\u2019s increasingly dogging the global energy industry\u2014oversupply.<\/p>\n<p>In the case of Texas, the shale gas boom has left exploration companies with hydrocarbon assets they cannot pay consumers to accept.<\/p>\n<p>\u201cThere are negative gas prices in an area of Texas the size of a European country,\u201d John Dizard, a <em>Financial Times<\/em> columnist, <a href=\"https:\/\/www.ft.com\/content\/ff4d72e9-65b6-3466-9002-f8b561191dde\">wrote earlier this summer<\/a>.<\/p>\n<p>\u201cThe producers will pay you to take away their pipeline-grade gas. If that ploy fails, they flare it in fires so large they can be seen from space. These are not always legal,\u201d Dizard said.<\/p>\n<blockquote><p>\u201cThe real problem with renewables will not be shortfalls, but regular excesses\u201d<\/p><\/blockquote>\n<p>Elsewhere in the world, the growing availability of cheap renewable energy is also causing a fundamental rethink of supply chains.<\/p>\n<p>\u201cThe real problem with renewables will not be shortfalls, but regular excesses,\u201d <a href=\"https:\/\/physicsworld.com\/a\/too-much-of-a-good-thing-an-excess-of-uk-renewables\/\">David Elliott, a professor of technology policy at the UK\u2019s Open University, wrote last year<\/a>.<\/p>\n<p>Using the UK as an example, Elliott says the problem of surplus generation capacity is likely to increase over the next two decades.<\/p>\n<p>\u201cUK power demand has a typical summer daytime peak of around 30 gigawatts (GW), but at night can fall to 17 GW,\u201d says Elliott.<\/p>\n<p>\u201cAt present there is around 42 GW of renewable capacity installed, supplying nearly 32% of UK electricity, and more is on the way; by 2020 there should be 46 GW and by around 2027 maybe 60 GW.\u201d<\/p>\n<p>Another factor may be causing the excess renewables problem to worsen, says the Open University\u2019s Elliott: the expansion of nuclear generating capacity worldwide. <a href=\"https:\/\/www.world-nuclear.org\/information-library\/current-and-future-generation\/plans-for-new-reactors-worldwide.aspx\">Around 50 new reactors are currently in construction<\/a> around the world.<\/p>\n<p>Since nuclear power plants can\u2019t be turned off, their production threatens to squeeze out energy supplied by wind, solar, geothermal or hydroelectric power.<\/p>\n<p>In the UK, says Elliott, there may be 16 GW of fixed inflexible nuclear capacity by the mid-2030s, enough to run the whole energy system on a summer night. This could leave 65 GW of energy from renewable sources unused.<\/p>\n<p>As a result, governments often subsidise renewable energy production, even paying firms to produce energy when it\u2019s uneconomic to do so.<\/p>\n<p>\u201cOften the energy in excess is simply lost, and (depending on the legislation of the Country) producers can be paid in any case (maybe 30-50% of the market value) for energy not dispatched,\u201d <a href=\"https:\/\/www.researchgate.net\/post\/What_does_happen_to_the_extra_generation_of_a_wind_farm_solar_power_plant_if_it_is_not_possible_to_be_consumed_by_customers\">said Alberto Moro, a researcher at the European Commission<\/a>.<\/p>\n<p><strong>Monetising the surplus<\/strong><\/p>\n<p>There are some ways of storing the excess energy produced at power plants. These include converting it to hydrogen gas through electrolysis, storing it in flywheels, compressing air or, where the local geography allows, using it to pump water to a higher location.<\/p>\n<p>But since the invention of bitcoin, there\u2019s now another way to make use of surplus energy\u2014cryptocurrency mining. Some energy producers are already researching the topic.<\/p>\n<blockquote><p>\u201cCryptocurrency could become a cheap form of storage and transfer of value from highly productive wind farms to sustainable projects anywhere in the world\u201d<\/p><\/blockquote>\n<p>\u201cWe have looked into the technical feasibility of using excess wind power from curtailed wind farms to mine a set of cryptocurrencies, converting surplus power otherwise wasted into monetary value,\u201d E.ON, a large European electric utility, <a href=\"https:\/\/www.eon.com\/en\/new-energy\/new-energy-world\/mining-bitcoins.html\">says on its website<\/a>.<\/p>\n<p>\u201cCryptocurrency could then become a cheap form of storage and transfer of value from highly productive wind farms to sustainable projects anywhere in the world,\u201d E.ON predicts.<\/p>\n<p>According to Chris Bendiksen, head of research at CoinShares, cryptocurrency mining is already driven largely by renewable sources, primarily by hydro, wind and solar energy.<\/p>\n<p>\u201cRenewable power generation in the bitcoin mining energy mix stands at 74.1 percent, more than four times more renewable usage than the global average energy mix,\u201d <a href=\"https:\/\/medium.com\/coinshares\/surprise-majority-of-btc-energy-sourced-from-hydro-wind-solar-49f73839aec6\">Bendiksen wrote in June<\/a>.<\/p>\n<p>\u201cLayer1 and Thiel aren&#8217;t just getting into bitcoin mining, they&#8217;re also getting into the energy industry,\u201d Dhruv Bansal, co-founder of Unchained Capital, told <em>New Money Review<\/em>.<\/p>\n<p>\u201cExpect to see more people innovating at the intersection of bitcoin mining and energy production,\u201d said Bansal.<\/p>\n<p>The news about Thiel \u201cis radically bullish [for bitcoin],\u201d says Matt d\u2019Souza, co-founder of the Blockchain Opportunity fund. \u201cHe wants to own all sides of the bitcoin market.\u201d<\/p>\n<p>Siting a new bitcoin mining plant in Texas is not just a contrarian bet from the point of view of geopolitics and public opinion. Thiel\u2019s new bitcoin mining venture also represents a radical shift in his own investment policy.<\/p>\n<p>When Thiel sold PayPal to eBay in 2002, he used some of the proceeds to launch hedge fund Clarium Capital Management.<\/p>\n<p>Clarium\u2019s first big bet was that global energy sources were running out.<\/p>\n<p>&#8220;The big, macroeconomic idea that we had at Clarium\u2014the id\u00e9e fixe\u2014was the peak-oil theory, which was basically that the world was running out of oil, and that there were no easy alternatives,&#8221; <a href=\"https:\/\/fortune.com\/2014\/09\/04\/peter-thiels-contrarian-strategy\/\">Thiel told <em>Fortune<\/em> magazine in 2014<\/a>.<\/p>\n<p><em>Don\u2019t miss any more New Money Review content:\u00a0<a href=\"http:\/\/eepurl.com\/du6eTr\"><strong>sign up here<\/strong><\/a>\u00a0for our newsletter<\/em><\/p>\n<p><em>Support New Money Review on <a href=\"https:\/\/www.patreon.com\/newmoneyreview\">Patreon <\/a><\/em><em>or <a href=\"http:\/\/beta.newmoneyreview.com\/\">in cryptocurrency<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Building a new bitcoin mine in the middle of Texas, where summer temperatures often reach 50 degrees Celsius, seems a terrible PR move in a world increasingly preoccupied by global [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":4782,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1053,1026,1011],"tags":[1580,1307,1579,1581,1577,1576,1578],"class_list":{"0":"post-4783","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-featured-1","10":"category-latest-slider","11":"category-value","12":"tag-alberto-moro","13":"tag-bitcoin-mining","14":"tag-david-elliott","15":"tag-e-on","16":"tag-layer-1","17":"tag-peter-thiel","18":"tag-texas"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - 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