Jim Leverton has led Hit 8 digital asset mining players for the past two years, riding the waters of the 2021 bull market and the 2022 bear market.
In January 2023, during the annual conference of the World Economic Forum (WEF) in Davos, Switzerland, Jim Leverton, CEO of Hat8, a crypto company that trades publicly with me, was sitting. Shot at a crypto meeting. On the way. Leverton shared some of her thoughts on the recent turmoil in the cryptocurrency market and reflected on how Bitcoin
Mining leases during the current turmoil for the industry.
Throughout 2021 and 2022, the crypto industry grew significantly, followed by stock market struggles, bankruptcy, and job cuts. Leverton took over as CEO of Hut 8 Mining two years ago and has gone through ups and downs.
“Obviously we’ve all experienced volatility in crypto,” Leverton said when asked about her thoughts in recent years while exploring the crypto industry through ups and downs. Hit 8 leads. “I think the mining industry in particular has undergone some major changes over the last two years,” she said. She continued:
“We have high hash rates, Bitcoin price breaks and the energy crisis that came quickly behind one of the biggest bull markets we have seen, especially for the crypto mining industry. We see that from 20 to over 40 new mining companies Launched publicly. Initially, we had about 40 publicly traded bitcoin mining companies in North America.
Leverton noted that leaders in Bitcoin mining as far as public institutions to Hit8 entered the Canadian market in 2018, then the Nasdaq in 2022. The 2021 crypto bull run has attracted significant investment into digital asset mining, which has boosted profits. According to the CEO of Hit8.
“Then you merge with the perfect storm I mentioned that happened in 2022 – the industry was really shaking and the people who benefited the most saw us struggling, so now we are In the early stages. Mergers in space We are seeing other companies just starting to diversify their portfolios, what we did in the offensive – we are starting to do in the stock market as well.
Leverton has made it into the Cointelegraph Annual Top 100 annual list of the most influential players in the crypto industry. He is ranked 73rd in the 2023 edition.
Later in the interview, Leverton discussed the purpose of Bitcoin mining. “I think the most interesting conversation we have to have around Bitcoin mining is its promise,” he added.
“The beautiful story about Bitcoin mining – I am a founding member of the Bitcoin Mining Council and we actually released our latest report earlier this week which is 58.9% of the energy consumption by the Bitcoin industry. “On the blockchain. Updates are now being sourced and will continue to be improved from next quarter.”
The figure is 58.9% from the 2022 Q4 survey results released by the Bitcoin Mining Council in January 2023. Power consumption has become a hot topic in the crypto space, with Tesla CEO Elon Musk expressing interest in the topic. One argument from cybersecurity engineer Michel Khazzaka is that the world of central banks is estimating the value of bitcoin in terms of power consumption, according to a different Cointelegraph interview.
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“Where passion for me and our place comes from is how Bitcoin mining really pushes the envelope around innovation and investing in regeneration in a significant way,” Leverton said. Leverton said:
“We have just seen an explosion of Bitcoin miners begin to generate energy for methane, waste gas, landfills and keep carbon out of the atmosphere.”
According to Leverton: “The beauty of Bitcoin mining is that it does not need to be connected to a transmission line, so you can mine Bitcoin directly where waste energy is generated.” She noted that miners are thriving in rural communities in Africa, adding that they have embraced self-financing as “the most exciting thing in mining in 2023 and 2024”. Happens. “