Some exciting news for Sydney based company Iris Energy. It is a bitcoin mining company that has filed for a Nasdaq direct listing. The company uses only renewable energy sources to power the bitcoin mining operations. The bitcoin mining industry is growing at a rapid rate, with a push in recent months to turn away from coal powered mining operations to green options. China had a huge crackdown where such mining set ups were banned. With the closing down of hundreds of bitcoin mining sites in China, many new green operations were established in other jurisdictions that understand regulating the industry will have better economical outcomes for the country rather than banning it. A recent report indicated that despite the China ban, bitcoin miners raked in approximately $3 billion in the month of April. It’s big business with the likes of billionaire Peter Thiel backing a project in Texas, with a company called Layer1. With consumption of 100 megawatts of electricity per day, the bitcoin mining start up can output 27 bitcoins. Thiel as a co-founder of Paypal and an early investor in Facebook, he has immense technical ability and an entrepreneurial mind. His experience enables him to find and invest in start-up tech companies that are part of emerging industries with big markets. Here he talks on stage about the potential of Bitcoin when many were underestimating where it was heading. He has famously made enormous sums of money via the U.S retirement savings framework of a Roth IRA. Similar to bitcoin superannuation, the Roth IRA has advantageous tax benefits and an option that many wealthy elites choose to grow their retirement capital.
