Video - Chandler Guo Talks About Bitcoin Mining Part 2
Venture investor Chandler Guo talks about the mining scene in China. He discussed how it evolves and share his experience as a small timer at first to become a big time miner.
TRANSCRIPT
Interviewer: So, thank you for coming back. We're still with Chandler Guo here in southeast China. And I think it's now really time to move on to a subject close to your heart.
Chandler Guo: Yeah.
Interviewer: The mining scene here in China. I was wondering how do you see mining in China evolving. I mean at the moment you are the center of the world. There are many big warehouses over here mining Bitcoin and ETH and ETC. How do you see it evolving?
Chandler Guo: First, time change. Before, one-year ago, I'm kind of the big miner. But right now, time change. More and more big miner kind of everyone have kind of have *00:01:03 in their pocket. So, a lot of people have mining business. And before one year ago, we are mining to * 00:01:17 to the hydro electric company. We are mining the *00:01:23 Mongolia, a lot of big place we are mining. We think we are big. But all these years, we change. We change to the new time. What is the new time? Our corporation it's become more and more energy company coming. Today energy company jumping Bitcoin, the mining business. Not just our miner who make a mining pool who make money in the data center to buy their electricity. Before that we buy from them. Buy the electricity from them to mining. Today the seller who is selling electricity to us they are mining by themselves.
Interviewer: Right.
Chandler Guo: A lot of the energy companies they don't sell the electricity to us. They buy the equipment from us.
Interviewer: Wow, really?
Chandler Guo: Yeah, they buy electricity. They buy mining equipment from us. A lot of the energy company become miner. Even the small energy company they can buy 1 pad hash at least, 2 pad hash, you know. So, today what is happening China is more and more decentralized. Everywhere kind of the energy company know, okay, I have the energy company. I can mine to make money. For them they're not for making money actually. Because for a lot of energy company their abundant energy they cannot a sell all or they need abundant in like a 20% or 10%.
Interviewer: So, they have a surplus of energy?
Chandler Guo: Yes. The kind of buy a battery from us to the energy company and Bitcoin mining company -- Bitcoin mining equipment mining data center like a big big battery for them energy company. So, energy company just buy our, like, 10 pad hash and put the 10 pad hash data center inside of their energy company and it just like a buy a battery from us. And Bitcoin kind of become energy currency today, energy currency. So, a lot of people don’t know why they need abundant energy. Let me tell you a story. It's a good story. Two years ago, I drive the car. I drive the car to travel all around the China, especially to Tibet. I go to Tibet area. I travelled. I visit a lot of the energy company. I visited almost 50 energy company. I said I wanted to buy you electricity. They said we don’t sell. It's not allowed for sell. They don’t sell for me. I'm very upset. Finally, I travel to a small city to the smaller electricity company, energy company. I say you are abundant, a lot of water, why you have abundant water. Why you have abundant water? It's water just. They said we have a lot of water but we cannot use all. So we abundant that. I said why you make this become electricity. Because we cannot sell all the electricity so we must be abundant water. Okay, I said how about like this. I help you to … I give you a big battery to let your abundant energy become inside of this battery. My battery can have lot of energy in this battery. Big battery. The biggest battery in the world. They say what kind of battery? So, I shipped in a bitcoin equipment to them. And I say this is battery. How? Where is the *00:06:02 where is the electricity going? I say that electricity become an electricity coin, energy coin. And this energy coin name bitcoin. No one understand. What is the energy coin? These energy coin has price? I say yes they have price. So, they like wow, maybe it’s a good idea. How about we try for a little bit? Just a little bit. Okay, I said we can talk to our corporation. I shipped in the big battery up-to here. I'll help you through using your abundant energy become a Bitcoin and then I shared Bitcoin to them. And then we start small and we do more bigger and bigger. So, after BBC coming to interview all these. Everyone in the mining world, wow, such a good idea. I can do the small thing. So, everyone go to the electricity company said I want to help you to change your abundant energy, the waste energy, become a useful thing, Bitcoin. Everyone said okay we win. So, energy company like this idea.
Interviewer: And that's a great story because we so often get told in the West that Bitcoin is a wasteful. It's wasteful for energy. But actually you're saying you turned it around. You actually made it useful for the energy that wasn't being used.
Chandler Guo: Yes.
Interviewer: Great. Can I ask on the mining front you. .. On the mining front, you have I -- I've noticed since being in China the internet is quite slow. Does that affect mining over here in terms of being able to do the transactions, being able to look at the system itself? Does that affect the system or do you have a special way of using the Internet? Because I'm trying to work out how you can do the work that goes into mining. Is that not affected by your Internet speed?
Chandler Guo: Internet speed. What's your question?
Interviewer: So, the internet speed in China for me as a Westerner seems to be very slow. Does that affect mining? Does the internet speed because I'm assuming you have to be on the internet?
Chandler Guo: Oh, internet problem. Okay, you said in the great world problem.
Interviewer: Oh, sorry okay.
Chandler Guo: Yeah, great a world problem. Yes, in China if you want to using Facebook or Twitter it'd be difficulty. Almost you cannot open; slowly. But if you are using China website it's great. Inside of the China internet is great. It's 100 megabyte.
Interviewer: Oh, so it's very quick.
Chandler Guo: Okay, inside, inside of China is quick. But out of China, they need our kind of the VPN to get out.
Interviewer: Gotcha.
Chandler Guo: They need a gateway to the outside -- outside of China. So, it's no problem. That's why today the *00:09:06 like 70% of the hashing power in China but no problem. Because the internet had no problem in China, right. So, no problem right now. Today we think we need to let it -- As audience knows mining business -- yes, China everything. They think China maybe it's cheap that's why the China miner they win. Not like that. Every country have the same problem. Every country have a energy company right. The England have energy company. And for a lot of the small energy company. Every energy company have big problems abundant energy. For them energy if you travel to America and South America, a lot of country have same problem.
Interviewer: In Canada. I understand Canada.
Chandler Guo: They have a lot of energy company. But no people use it. They cannot use all. So they must be abundant of water or abundant wind. For example, wind. Wind you know they are the clean energy. Water is a clean energy. Solar is clean energy. But these all have problems. Water or the wind, sometimes have wind. Sometimes they don't have wind. They have wind, they have energy, electricity but they suddenly don't have wind. For example, at midnight there's kind of the no wind. So, they're shut down and no energy. They are not stable. The water is same problem. Water in summertime they have a lot of water kind of flop. They have water so they are kind of can make a lot of energy. But in the winter, they don't have. There are no water. They're kind of shut down in the winter. And solar have same problems. At day time they have the energy but at midnight there are shutdown right. So, for this kind of the energy company their energy is not stable. All around the world problem. They say all around the world problem. We kind of find the way to help them. To give them solution. You're not a stable okay we like it. We help you to collect your abundant energy become a coin's power coins it's Bitcoin. That's why no matter how hashing powered today actually we don't care about this. I don't care about the Bitcoin. We sell energy. It's not we sell energy, we collect energy. It totally changed the *00:12:09. Every day, today we're using not we are not miner. We're not miner. We are just a miner solution company help energy company they are mining by themselves. There are mining for themselves. They are become there just a big just using abundant energy become a coin Bitcoin. That's all. We just give them solution. We help all around the world the company is doing this. So, that's why if China mining equipment company. Right now, there's three company in China do the same thing. Bitmai, BW and Avalon. These three company or corporation are the big energy company. There are like corporation of energy company. Help energy company, give them solution, help this energy company become a Bitcoin miner. So, the world has changed. I mean change.
Interviewer: May I just say my energy provider Ecotricity. I must introduce you to Chandler Guo who can tell you how to turn all that great ecotricity into a stable coin known as Bitcoin, an energy coin.
Chandler Guo: Energy coin.
Interviewer: Anyway, again we're going keep this short. I'm going to try and keep Chandler here for a few more questions. But that can be in the next segment please come back and see us shortly. Thank you.
Chandler Guo: Thank you.