The highly publicized collapse of the crypto platform FTX is a wake-up call for crypto executives to act more professionally, one of crypto’s most prominent...
“We should be in suits. This is a professional business. This is billions of dollars. We’re creating a generational wealth opportunity,” said Chad Harris, who is building North America’s largest bitcoin mining facility in North Texas.
“I might hit your emotions when I say this,” he told the crowd. “I can see the future. And some people in this room and across the industry may not be in it.” Harris mentioned in his speech that there were fewer people in the audience at the summit this year, the first one since the November 2021 crypto crash. The price of Bitcoin has dropped 73% in the last year to $15,786.
Harris also said he attributes Riot’s success to hiring more than 500 employees. Sam Bankman-Fried, the founder and chief executive of FTX who resigned on Nov. 11, the same day FTX filed for bankruptcy, resisted hiring more team members and preferred to keep a staff of about 300. Companies need to work to get local communities on board with their projects, including earning the supportHarris admitted that this hasn’t always worked for him, referring tothe construction of the new facility. The 265-acre site, about an hour south of Dallas, is expected to start operating in July and will have an initial capacity of 400 megawatts. The opposition says the facility is taking resources away from the community of about 5,300.
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