Clay Finck chats with Whit Gibbs about what bitcoin mining is, why someone might want to mine bitcoin rather than just buying the asset, some of the exciting things happening in the bitcoin mining space in Texas and El Salvador, what led Whit to starting Compass Mining, what the economics are of owning a bitcoin miner through Compass, what the risks are of mining bitcoin, and much more! Whitney "Whit" Gibbs is the CEO and co-founder of Compass Mining. He co-founded Compass in 2020 alongside Thomas Heller and Paul Gosker. In under two years, Compass has grown to be one of the worlds largest providers of hardware sales and hosting space for bitcoin miners. On a mission to democratize bitcoin mining, Whit and his team are constantly refining their product offerings to give everyone the ability to mine bitcoin. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 00:14 - What is bitcoin mining? 03:38 - Why someone might want to mine bitcoin, rather than just buying the asset 11:06 - Why some countries are starting to mine bitcoin 14:54 - What led Whit to starting Compass Mining 17:02 - How Compass allows anyone to mine bitcoin 18:18 - What other services are being offered at Compass Mining 21:19 - What a mining pool is and how it helps hedge your risk mining bitcoin 33:27 - What the hash rate on the bitcoin network is 37:31 - How much it costs to purchase a miner, and what the economics looks like currently of owning a bitcoin miner 📌 Get your first 3 months of investment management with Titan for zero fees! https://www.titan.com/TIP ✔️ Subscribe to Millennial Investing podcast show: https://open.spotify.com/show/7dnn22EWyo6MLsPaR492BM 🖊️ Access our free show notes and transcript here: https://www.theinvestorspodcast.com/millennial-investing/bitcoin-mining ▶️ RELATED EPISODES: - (MI128) Why Buy Bitcoin w/ Andy Edstrom: https://www.theinvestorspodcast.com/millennial-investing/why-buy-bitcoin/ - (MI135) Bitcoin is for Millennials w/ Preston Pysh: https://www.theinvestorspodcast.com/millennial-investing/bitcoin-is-for-millennials/ 💡 OTHER RESOURCES - Check out Compass Mining: https://compassmining.io/ - Follow Whit on Twitter: https://twitter.com/BitcoinBroski - Trade Bitcoin with Swan: https://www.swanbitcoin.com/millennial-investing - Robert and Clay’s tool for picking stock winners and managing our portfolios, TIP Finance: https://www.theinvestorspodcast.com/tip-finance/ - Check out our Investing Starter Packs about business and finance: https://www.theinvestorspodcast.com/mi-starter-packs/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ LISTEN 🎧 TO OTHER SHOWS FROM OUR NETWORK: ₿ If you're interested in Bitcoin, checkout our Bitcoin Fundamentals podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F8wOLjjwNCM5B1qFdrtTdTZ 📚 Dive into value investing and learn more about billionaires with our We Study Billionaires podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F9dDPFYGAHRbrWoToCe2uoU 🏘 Learn the ins and outs of real estate investing with our Real Estate 101 podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F8Yw_8xO2nk-RD7fhb3yktn 💸 Get introduced to the world of investing with our Millennial Investing podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F_p00VYv3psJ8rhDAGOvR5W ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ FOLLOW US ON SOCIAL MEDIA📱: 💻 Facebook: https://www.facebook.com/groups/theinvestorspodcast/ 👔 Linkedin: https://www.linkedin.com/company/the-investor's-podcast/ 🐦 Twitter: https://twitter.com/TIP_Network ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📥 Download Stig & Preston's 1-page checklist for finding great stock picks: https://www.theinvestorspodcast.com/form-youtube-checklist/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.