Bitcoin mining CEOs agree on $250k price target for 2028 halving Bitcoin mining CEOs agree on $250k price target for 2028 halving
Top Bitcoin mining CEOs discuss future and energy solutions at HC Wainwright panel.
2 min read
Updated: Sep. 12, 2024 at 12:15 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin mining executives from top firms gathered at the HC Wainwright Bitcoin Mining Panel on Sept. 10 to discuss industry trends, challenges, and the future of Bitcoin. The panel, moderated by Anthony Scaramucci of SkyBridge Capital, featured CEOs from prominent mining companies, including Bit Digital, Bitfarms, CleanSpark, Core Scientific, and Marathon Digital Holdings.
The executives shared insights on various aspects of the Bitcoin mining industry, from energy consumption to market forces and long-term outlook.
Fred Thiel, CEO of Marathon Digital Holdings, emphasized the critical role of Bitcoin miners in balancing energy grids. “Bitcoin mining is one of the few loads, base loads on the energy grid, which is curtailable,” Thiel explained. He argued that miners can help utilities manage supply and demand fluctuations, potentially reducing consumer costs.
The panel addressed misconceptions about Bitcoin mining’s environmental impact. Sam Tabar, CEO of Bit Digital, stated that his company’s mining fleet is about 85% carbon-free, distinguishing this from carbon neutrality achieved through offset credits.
Ben Gagnon, CEO of Bitfarms, stressed the importance of strategic growth and return on invested capital in the mining industry. “We are not a growth business like Facebook or Google. This is not an infinitely scalable software platform,” Gagnon said, highlighting the need for careful timing of investments in mining equipment.
Zach Bradford, CEO of CleanSpark, discussed the company’s focus on energy-first approaches and high uptime in their operations. Bradford noted,
“We are there to support the grid, but we are providing meaningful support to the grid with only about a 2% downtime.”
The executives also shared their perspectives on Bitcoin’s future value. Predictions for Bitcoin’s price before the next halving ranged from $100,000 to $250,000, with Gagnon suggesting the possibility of reaching $250,000 if historical cycles play out.
Adam Sullivan, CEO of Core Scientific, touched on the industry’s evolution, noting the shift towards sustainable long-term business models rather than just surviving market cycles.
Per the panel discussion, Bitcoin mining continues to evolve as a critical component of both the digital assets ecosystem and energy infrastructure. The executives’ insights revealed a mostly unified industry focused on efficiency, strategic growth, and integration with broader energy systems while maintaining optimism about Bitcoin’s future value proposition.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Bitfarms
Bitfarms (NASDAQ/TSX: BITF) is a Canadian Bitcoin mining company that was founded in 2017.
Marathon Digital
Marathon Digital Holdings is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
CleanSpark
CleanSpark (NASDAQ: CLSK) is a sustainable bitcoin mining and energy technology company that is incorporated in Nevada.
Core Scientific
Core Scientific is a leader in infrastructure and software solutions for Artificial Intelligence and Blockchain.
Fred Thiel is the CEO of Marathon Digital Holdings (NASDAQ:MARA), a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.