In this episode, I sit down with Alex Neumüller, research lead at the Cambridge Centre for Alternative Finance, to explore the real-world mechanics, misconceptions, and future of Bitcoin mining. From his early mining days in China to publishing one of the most comprehensive reports on Bitcoin energy use, Alex brings a rare combination of academic rigor and hands-on experience to a debate often dominated by speculation and Twitter threads.

We dive deep into the Cambridge Bitcoin Mining Report, which challenges mainstream narratives with hard data — revealing that over 52% of mining now uses renewable energy and highlighting how miners are helping reduce global gas flaring by repurposing wasted energy. Alex breaks down how mining actually works, why Proof of Work is essential to Bitcoin’s security model, and how geopolitical and energy dynamics are reshaping the industry.

Our conversation explores Bitcoin's critical challenges: whether mining remains sustainable after halvings, how miners will compete with AI for cheap energy, and what happens when block rewards disappear entirely.

We also explore surprising use cases, like how miners are repurposing waste heat to dry food and heat buildings, and discuss why Bitcoin mining might be the most misunderstood climate tech of our time. Alex opens up about the challenge of translating complex research into plain language — and why bridging that gap may be the key to broader societal acceptance.

Whether you’re a miner, policymaker, investor, or simply curious about Bitcoin’s infrastructure layer, this episode offers clear, grounded insight into one of the most controversial — and crucial — pieces of the crypto puzzle.

A must-listen for anyone serious about energy, decentralization, sustainability, and the long game of building in crypto.

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