FCAT - Fidelity's First Ever bitcoin Mining summit

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Blockchain Incubator

Fidelity’s First Ever Bitcoin Mining Summit: Unraveling the Mystery of Mining

By: NICOLE DODES | AUGUST 19, 2019

If you asked a room of 50 people their perception of mining, you’d get 50 different responses. And quite a few are misconceptions. Over the past year, the Blockchain Incubator at Fidelity Center for Applied Technology (FCAT) expanded its mining operation to dig in and start to shine some light on this world. We learned quite a bit about this ecosystem and created a forum to share our findings and invite others to do the same – in August of 2019 at Fidelity’s first ever Mining Summit.

We brought together 22 speakers at this Summit -- starting with foundational education of mining and transitioning to more in-depth topics like what it takes to build a profitable mining farm, how mining hardware is designed, and pool vulnerabilities.

One hotly debated topic was a prevalent theme throughout the day: is bitcoin mining energy consumption bad for the environment? Kevin Vora of FCAT gave an overview of where energy comes from and explains that “mining is one way to balance the electric grid.” Steve Barbour, President of Upstream Data Inc., talked about how “producers can put wasted energy and equipment to work by mining Bitcoin…oilfield waste and bitcoin mining are a match made in heaven!” John Belizaire, CEO of Soluna, a company building a large wind-power generating farm in Morocco, said “miners are constantly searching for cheaper energy, and this is why they will be a catalyst for renewable power development in the near future.”

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This website is operated by Fidelity Center for Applied Technology (FCAT)^SM which is part of Fidelity Labs, LLC (“Fidelity Labs”), a Fidelity Investments company. FCAT experiments with and provides innovative products, services, content and tools, as a service to its affiliates and as a subsidiary of FMR LLC. Based on user reaction and input, FCAT is better able to engage in technology research and planning for the Fidelity family of companies. FCATalyst.com is independent of fidelity.com. Unless otherwise indicated, the information and items published on this web site are provided by FCAT and are not intended to provide tax, legal, insurance or investment advice and should not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by any Fidelity entity or any third-party. In circumstances where FCAT is making available either a product or service of an affiliate through this site, the affiliated company will be identified. Third party trademarks appearing herein are the property of their respective owners. All other trademarks are the property of FMR LLC.

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