Sébastien Gouspillou: "We can easily cope with bitcoin at $6,000 or $7,000".

The Big Whale: How do you explain that companies as large as Core Scientific are on the brink of bankruptcy?

Sébastien Gouspillou: There are essentially two reasons for this. The first is that they took on too much debt when the markets were rising. The second is that they obviously didn't anticipate such an increase in energy prices ⚡ ️

One of my customers, who has part of his business in the United States, recently explained to me that his rates had more than doubled in one year (from 3.5 to 7.8 centimes per kilowatt-hour). For him, it's no longer worthwhile mining. Then you have to look at it state by state. The country is huge and several states mine under different conditions.

Is US mining doomed in the medium term?

Not necessarily. There are still power stations, especially gas-fired, that are far from full capacity and there is also a lot of gas available, particularly in Canada. Given the price of gas, mining using this - carbon-based - energy is not going to disappear there any time soon.