🎧 Listen: In today's episode of The Journal podcast, eliotwb details Sam Bankman-Fried's biggest investment: a bitcoin mining company based in Kazakhstan
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Eliot Brown: Genesis. Digital Assets is a place that they spent a lot of money. He had something like 150 plus startup investments and the vast majority of those were $600,000, a million dollars, 4 million, and then you look at the spreadsheet and here's this thing for 1.1 billion dollars, which is now one of the largest assets left in the bankruptcy estate.
Eliot Brown: When you're mining Bitcoin, the main function there is you are processing transactions for other people who are sending Bitcoin to each other. And the way they do that is by solving mathematical puzzles. And then the one that solves it gets a little reward. And so if you're running enough computer servers, you get a lot of reward and that reward is chunks of Bitcoin.Eliot Brown: Oh, they're just so incredibly boring.
Eliot Brown: So you have these guys who have, I guess, local connections and local know-how joining with people who know how to Bitcoin mine and then they start to build big Bitcoin mines. And the way they end up marketing themselves is as really cheap bitcoin miners. They're going to do this on a big scale. They can buy things for cheaper and they get power for cheaper.Eliot Brown: If you're deep in the Bitcoin mining scene, you would know GDA as they call themselves.
Eliot Brown: By the end of the year, his appetite appears to be growing for this company, he's getting ready to put a whole lot more money in. He has joined the board in October, 2021Eliot Brown: He puts 550 million dollars or so into buying shares in the company. Not only is this just a totally enormous check for a startup, it's one of the, if not the largest individual investment in a crypto startup by an individual or hedge fund ever.
Newscaster: Tonight, Kazakhstan's violent protests spiral even further out of control as thousands take to the streets furious over rising fuel prices and government corruption.
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