In this special episode of Crypto Curious, Tracey and Blake speak to Daniel Roberts, the CEO and founder of the Bitcoin mining company Iris Energy. With a focus on drawing energy from renewable sources, Iris Energy is one of the largest sustainable Bitcoin miners in the world.

Daniel worked for major accounting firm PwC before moving to Macquarie Group where he developed infrastructure for renewable energy projects. He then co-founded Palisade, an infrastructure funds management business, before teaming up with his brother to form Iris Energy. In 2013, Daniel first got into Bitcoin as the price was running up to $1,000 but ended up selling when the market reversed sharply. By 2017, the market had recovered significantly and Daniel came to realise that Bitcoin is here to stay. Iris Energy evolved out of this marriage between a strong knowledge of renewable energy and an interest in digital assets.

Today, crypto mining has shifted from garage hobbyists with overclocked computers to a sector that requires warehouses of dedicated mining machines. To compete in the industry, crypto mining firms require high-powered, massively scaled mining rigs that use low cost excess electricity or renewable energy. Iris Energy saw the opportunity to enter the market in a way that not only attracts capital but consumes energy in a way that solves problems and benefits society. For example, in British Columbia, they have excess hydroelectric energy due to a decline in the pulp and paper industry, so Iris can not only use this energy but also reduce electricity costs for residents and create local jobs.

This highlights how the criticism that crypto mining receives is unfair, considering that several other day-to-day activities use large amounts of unnecessary energy but are accepted as the norm. Daniel goes on to discuss Iris Energy's liquidation strategy, noting how the company uses revenue from selling Bitcoin to reinvest into new hardware, giving investors the best risk-adjusted exposure. In closing, we discuss the benefits and use-cases of Bitcoin, the debasement of fiat currency, and the value proposition of Bitcoin has a scarce and permissionless open-monetary network.