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8th Edition Global Blockchain Congress
November 7, 2021, Dubai, United Arab Emirates
8th Edition Global Blockchain Congress
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Crypto Mining in 2021: Challenges and opportunities
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About the talk


About speakers

Ashish Fafadia
Partner at Blume Ventures
Oliver von Wolff
Managing Director at Crypto Oasis & CV VC Dubai

Fintech investor with a demonstrated history of working in the venture capital and private equity industry. Skilled in Financial Structuring, Risk Management, Corporate Finance, Portfolio management and Project Finance. Strong finance professional with a ACA focused in Banking, Corporate, Finance, and Securities Law from The Institute of Chartered Accountants of India.

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Let's go. Overcomer. So we have a fireside chat. Yes, rest of fire. I mean, we're all the people that's the point. My dinner. I think it's a very interesting topic talking about Green, crypto, green mining about challenges advantages of this industry and people are more interested in food. Something, very simple. So it has to do with Fire original. So, what do you think? I think I having a session of Boogie the last part of the event has its impact. So he might as well start up with some use. I decide and I think I'll invoke some kind of feedback and take a piss. Poor people.

So I think it'll be good for us to split Leigh start with the snapshot on, what things easier than what the backgrounds are. And then we can quickly get into sharing our thoughts on the topic. Yes, baby. We stop if a kind of introduction. Maybe you want to start. So good afternoon. Everyone. Thanks for having us over. What is an early-stage Venture for a base? In India, with a team of 25 people, and we invest across the sea Gentry series Investments, and over the last 10 years of our existence. We have invested in.

What about dozen-and-a-half? Interesting, fintech and strong application companies at the bar. The pyramid, which has significant overlaps with intake application. A few of them have really relevant to the topic of the afternoon. Around blockchain is one of them being an exchange and couple of other businesses around payments and other application layers. So that's very briefly about Bloom and apart from print a canvas prints. Of course, we have done bunch of other sectors as well. But I'll keep that may be off for a later time. I would like to focus

on the blockchain and flip deleted conversations and happy to expand on that Olivia with ya. Thank you for the people who joined as call Fireside. Get my name is Olga from the Rector of clothes similar apps to buy cigarettes to buy is the population of the joint venture with the dmcc. So most likely, we are responsible for the onboarding of all blockchain. Companies in the dmcc. What we doing very successfully just to give you a bit and over few about numbers. Currently we have around 500

blockchain companies in DUI, in Hondo blocks is 500, blockchain companies in boarded. In the dmcc. I don't want to put it in my chest but I think we are quite successfully on the market cvc's. Originally from Switzerland. I'm managing director here to Dubai as well. And I most likely we are investing in early-stage token companies and quite knew from I would say most likely from now. I will see you always sitting here sucker who will be responsible for our annual

production to buy, especially for early-stage tokens in a couple weeks, but just maybe this information from the original. He is one of the founders of the blockchain association in Switzerland. So it means we also have been worked out, the regulations of the helped work out to the regulation B Salon and it smells for Lichtenstein and we are very happy Lexie to be a very strong part mean vial of the trip to Switzerland and Liechtenstein. So we have stay around 950 companies with

around $5,000 all together. We think until the end of next year. I think we will rise this navigation to buy as we hope to have around. I hope your Saturday to have overtime with some companies in the UAE. And of course, the MCC even have a picture on this phone. So we stopped talking a bit about what I could do with a quick on the ground realities. The one that we spend most of our time in back home in India that has been returned from a region where there has been a confusion, the government definitely

started off with the point of view that trip to Start off with a view. Crypto is not the most ideal thing, Can I make my nephew? And we would not like to encourage that beyond the point. Of course, they didn't go out of the way to actually make it a band for dr. They was a favorite of movement around it. And today the way the ground reality stances that are classified. This has not Illegal. Tender that said it has been a very significant interest around trip to another country and we are going at the very Fantastic Beasts that have

been quite a few exchanges mushrooming around. And there has been a fair bit of consumer interest around and government itself on their own, have been more open to design ideas and dialogues. Then they were about two years ago. So much higher degree of acceptance around the fact that this is something which is for you to stay and it needs to be found out on how we can make the most out of it. Then continue to have fiction and keep pushing it back. But the environment has been very, very positive that has been a favorite of

applications and multiple areas in which we have seen startups and businesses get into adopting the technology and come up with interesting ideas and proposition whether it's on the legal side, whether it's on their IP side, bottom of the pyramid programs has been pretty strong movement around that so far as India is concerned and more. Particularly, when we talked about the antenna penetration of crypto. We do also see that the husband now much more discussions around the impact, the extent that which the cost of currency is, the

mining. Sector are gaining very significant momentum in our part of the world and it's got kind of a hard with the conversations. We having in conferences events, like this fighting. If it would be part for the course for body and the medicine the management demon leadership to factor for events in that part of the world as well. It is some, it is something which has been very well received and being top of the agenda. Very interesting World in your mouth caused a huge impact, the

mining at all, but I have to talk to make it more interesting. Maybe that's what the people so I don't know if you know, for example, it's an acronym Soviet arsenal when he wrote the book and his name is Carl. You know him cuz I don't know him but he is a great guy if everyone who is in mining, should read this book about him. He wrote the book about how consumption, or how the development of the civilization is linked to a of the consumption of energy

SC Wilson astrophysical. He put them on the context, about the aliens in outer space Universe on, but it also speaks very well, of course, to our global environment here. On our little island named girls to make a long short or long story short. So he started with the fire by your side. I think it's a good thing. You keep leading outside. You should come inside. Anyway, he started with the fire. Then he came to animals how human people used animals for the work than the first week meows. And then, of course, nuclear plant at the end.

So and he's retired folks. Nothing is more critical for the human civilization as energy energy means everything. Just lost his final result of it. What has this to do with crypto and cost quite a lot. I would say because just to take a coin and I'll sing us the think about, I mean with coins. Only took the currency's. I mean, like physical coin, two examples of how much energy it takes to produce. This brings us to one of the topics with you also have kids today, like, at 3 in mining, and or the

cream cryptocurrencies, what does this means? It is the energy, brought others. The conjunction of energy would be put inside of one of this sexy fiance. Well, it's a Native Americans. 100 years ago that has shells pulling. These two have big Stones. I don't know how to put it. Put it in the pocket, and you really, really like it. And it's coming today to cryptocurrency. So, if you have a look on this, I'm very thankful to Michael novogratz from Galaxy ticket to animate in May and very nice. Analyze about the

consumption of energy to the different Industries. And especially those about banking system, gold mining in Bitcoin mining. So if you think about, I don't know if the currencies at all and averaged a used 2021 at least answer today or last year's not over like 200 like two hundred terabytes hours. And if you compare this to the results of the study, so thanking System is using 260. Care about those gold. Mining is by 240. In this case, somehow, that's a crypto mining green. Crypto mining is much more

real. It just to make this interesting for people here. Altogether a crypto mining used around $200, this year, $137 off of Bitcoin, mining 5040 reaume and the rest of other cryptocurrencies. So bringing back this to the fact that now crypto mining coming back to you on file size, 2 cost. Most likely all of the miners using already energy. What the otherwise look used at all. So that's reason why mine was the oldest interested to following up and this is one of the challenges for the future to follow up, cheap energy. And if you not

understand that already, like, at least a Bitcoin, another number, I don't know how that totally number. Looks like the Bitcoin, get the ready Mind by 40% of renewable energy and the banking system only have 11. So in my personal opinion, group, the currents is already green, maybe not green enough, but still Greener as other paragraphs, that's exactly. Where is the greenest is, the is the direction I would like to spend a few more minutes on and I think the whole advancements in our Evolution, let's put it that way. You talk about

the Stone Age and getting to the current crypto. I think the whole aspect of cost of a man money money, recirculation energy that does Energy and their net negative. When we talked about the green mining. I think the point is how do we make sure that the next level we are better off than what we are at today, otherwise fundamentally, which evolved forms of assets or currencies we talked about. We not with two were sauce from what the real world than on Virtual realities exist. In

the whole pass around the fact that there has been very significant Omission around crypto Mining and all that is actually it may be true. But when it puts in the context, like you mention, it sounds to be relatively better than what you have to understand that everyone is talking about how much takes every year, the energy consumption for the Christmas light in the u.s. Is most likely the same. So, if Central Bank of telling us in interviews, I don't want to attack them. No, not at all. But if they're telling us something about how much

energy crypto would take, you always can say. Hey guys, you need more and it's just answer, you know, they're taking the private jets flying around the world using energy and most likely with public money. And then they are blaming a Bitcoin miners because there are using too much energy the energy. I think one also needs to acknowledge the fact that with the growing investment at least in some parts of the world where when you were beside me until invested into, we also have a massive opportunity to make sure that rather than

lose the power, which is produced with Renewables. You don't have a choice. That's only so much, you can store, and there are ways and means. And there is a significant effort going on to make sure that you're leveraging on that power, which is otherwise going to be wasted. And your best shot is using the crypto. You can really plug-in play Blues in the real system because there are cake systems are different in person. You better definitely stands on video by be relatively, you know, but I do also believe strongly that there are significant developments which will

shape up the screen Greening of baby out at today. Only make it from like mean to. I also talked about the opportunities to also challenges for the industry. I would categorize them, may be in full main challenges all together. First one, I think will be a geography, kill a diversification. Are what we will see S one. That's the regulation of if the recordation to become a lot of Murchison also, like I kind of consolidation of the market was like, on our economic perspective, usual and yang Market as the mining Industries.

And I would say, the first one is really dead. The -2 going from a short-term business plan to a long-term business plan and be seated. Already like the developing. I don't know what will be next stage, but we came from single production to put protection, but maybe you can stay a bit more about it from the business plan perspective, the way the renewable energy sources are being stuck up. There is a significant opossum walk around the Innovations around it. So before we go into that, I think one critical aspect of a business

plan around the mining is the acid and it will be discussed and whatever. Israel and said in all the papers being published, the big aspect, which doesn't have a solution yet is around. Do the infrastructure the system. And the birds are the machines that are deployed in the mining process, our infrastructure and cost and ultimately they are very very sophisticated and use the Germans limited forged papers and they end up outpacing over the next 18 to 30 months. How do you make sure that you're going to catch analyze them? Otherwise, they

become a drag on the environment. So the overall infrastructure cost and not the variable cost around renewable energy and the Damage that could potentially can have on taking care of those assets are destroying on, making it impossible to bring them back in the ecosystem. All the big issues. That really don't have her immediate Solution on. And that's what does make some of these business plans. A little heavily scrutinized and water. The boys look to be a slam-dunk opportunity. This is something which would only get better and better. Something which can

definitely make the world a better place by the end of the day a lot will also depend on how we're going to be taking care of. Some of these fundamental issues are the process significantly slowed down the process of potential for in the process, but also to get more antsy. We have to discuss. Now with Bitcoin, going from proof of World Cup, going to proof of stake. So what do you think about this? 50, 50, 50, 50, basic Bengali. When you look at it top down, Olivia, I think the overall Impact of is going to come

from the infrastructure justy application layers or consumption. The savings investment and consumption consumption site to San Angelo services in the layers around indestructible add and would what would cause a Maximum Impact. And that's what drives me. The words these opportunities. The fuel consumption ideas will at the end of the day. Big catapulting, this and make it more involved, but that's where it ends. Great. Thank you. Thank you. So the fire. God bless

us all. Cool. Thank you very much. Thank you. Okay, so we're supposed to do the awards ceremony right now, but apparently, the roads are very, very close by Between the defense project. By now. We have finished almost 90% of the meeting. So we thought we would have a clear three top winners, but apparently it's very, very close. So, we going to do this for Monday, at 3:30 in half an hour. Instead of now, please help yourself to some coffee. A little bit of juice has some fruit, and let's meet up again. At 3:30 for the for the awards ceremony. Thank you very much.

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