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Poolin's Denny Xing on a Bear Market Guide for Bitcoin Miners
Four challenges, four strategies and a turnkey immersion offer: Poolin's survival guide for miners at Mining Disrupt Miami 2022.
Selling transformers to stay solvent. That was one of the moves Poolin made in the summer of 2022, and Denny Xing explained it from the stage at Mining Disrupt Miami.
Xing spoke for Poolin, the Bitcoin mining pool, at the Miami event held July 26 to 28, 2022. Bitcoin traded at $21,268 that week. On October 17, 2026 it traded at $81,466. His talk was a short guide to getting through the bear market.
He named four problems. The price drop had squeezed profits and made new loans much harder to get. Operating costs were high, especially where labor is expensive. Power was abundant in the United States, he said, but access to it was short, because regulators and generators were still unsure what to do with the demand from miners. And long lead time gear such as transformers, PDUs and switchgear could hold up the energization of a site.
His first answer was deleveraging. In his words, "basically this means to cut costs." Pull back on deposits where you can, and sell what you are not using. Poolin had ordered transformers for a site it expected to energize that year. The site was delayed, which he put down to "some regulatory standoffs with the grid over in texas." So the company was selling some of those transformers to keep cash on hand.
His other strategies were tighter site management with better training and accountability, hedging through institutional financing, OTC desks and derivatives, and a more diverse supply chain.
Then came the product. Poolin was offering a turnkey immersion cooling system, paired with its own miner management software, called PMP. Xing said remote monitoring and control could cut operating costs by up to 89 to 90 percent, a figure he gave as the company's own. He said the system had been in testing for over a year, uses food grade stainless steel, and could be designed, sourced and built on a customer's site within three months.
The software tracks hashrate, temperature and pipe pressure and can reset a miner on its own. With immersion and the software together, he said, one person can manage up to 2,000 machines. Under air cooling, he put the number at 300 to 500.
He ended with an invitation to booth 73, where his teammates were all wearing the same shirts.
The full story is on Mining Disrupt at miningdisrupt dot com, and many more like it play around the clock on Bitcoin Radio.