Denny Xing opened his talk at Mining Disrupt Miami 2022 by thanking the room for staying late, with dinners and yacht parties waiting outside. Then he got to the point. Given recent market events, he said, it had been hard for a lot of companies in the industry, and he wanted to give a brief guide on how miners could make it through the bear market.
Xing spoke for Poolin, the mining pool, at the Miami event held July 26–28, 2022. The session ran a little over eleven minutes and followed a simple structure: four challenges, four strategies, and one product that Poolin said answered all of them. Bitcoin traded at $21,268 on July 26, 2022. On October 17, 2026 it traded at $81,466.
Four Challenges Facing Bitcoin Miners
The first challenge was the price. The drop in Bitcoin had put heavy pressure on miners' profitability, and Xing noted that the strain reached beyond mining, with companies forced into liquidation in what he called a kind of liquidation crisis. With the price down, he added, new loans were much harder to get.
The second was high operational costs, especially in regions of the United States where labor is expensive. Running a site is not easy, he said, and miners who had tried to scale quickly over the previous year were finding it hard to scale and run a lean operation at the same time.
The third was a shortage of power, which he was careful to define. Power is fairly abundant in the United States, he said; what miners lacked was access to it. Regulators and the companies that run generation were still unsure what to do with the demand coming from Bitcoin miners.
The fourth was supply chain tension. Long lead time products such as transformers, PDUs and switchgear were hard to procure, and a missing piece could delay the energization of a site.
Four Strategies: Deleverage, Optimize, Hedge, Diversify
His first strategy was deleveraging, which he put in plain terms.
basically this means to cut costs
Denny Xing · 3:03
Miners could pull back on deposits where possible and sell assets they were not using. He gave Poolin's own example. The company had placed a large order for transformers, assuming it could fully energize its site that year. That plan slipped.
that's been delayed due to some regulatory standoffs with the grid over in texas
Denny Xing · 3:19
So Poolin was selling some of those transformers to keep cash on hand and hold a healthier balance sheet through the downturn.
The second strategy was to optimize operations. Site management, he said, needs to be as tight as corporate management. When sites sit in different cities and states from headquarters, it is easy to lose oversight, and the answer is better accountability and better training at the site level.
The third was to hedge risk, through institutional financing or through OTC desks and derivatives trading. The fourth was supply chain resiliency: diversifying suppliers so that long lead time products are easier to procure.
Poolin's Turnkey Immersion Cooling Offer
Before turning to the product, Xing said Poolin had been fortunate to be in the mining pool business, because it gave the company room to move into other lines of business to serve its customers. He then introduced Poolin's own turnkey immersion cooling solution, which he said any miner, small or large, could use.
it really is the future it is the most efficient and effective way to bitcoin mine to mine bitcoin right now
Denny Xing · 5:47
He acknowledged that moving into immersion can be daunting and that cost is often the main fear, and said Poolin had tried to build a solution that was cost effective for all miners. The system is paired with PMP, Poolin's own miner management software, which lets operators watch performance and control their units remotely.
control their units remotely which can greatly reduce operational costs up to 89 to 90 percent
Denny Xing · 6:47
That figure is the company's own claim, made from the stage, and he said the savings were greatest when the software was paired with immersion cooling. He also said Poolin had been testing the solution for over a year, that it uses food grade, high grade stainless steel, and that it extends the life of the miners and of the operation as a whole, cutting the time spent maintaining and swapping out units.
A Three-Month Lead Time
Xing tied the supply chain point back to the product. Poolin had built partnerships in the United States and abroad, including with immersion fluid providers and with manufacturers of long lead time products such as transformers and PDUs.
our lead time right now is three months
Denny Xing · 7:57
He defined that as the time from a customer's go-ahead to a finished site: design, procurement of all materials, and construction.
One Technician, Up to 2,000 Units
He spent the last part of the talk on the PMP software, which he said Poolin uses at its own sites. It gives an overview of every miner in a facility, flags a problem when it happens, can reset a miner automatically when something goes wrong, and tracks hashrate, temperature and the pressure in the cooling pipes.
with this system with immersion and with the pmp software one guy can or girl can manage up to 2000 ASIC units
Denny Xing · 9:42
Under air cooling, he said, one person can typically maintain only 300 to 500 units. He closed with a joke about the time that could be spent on South Beach instead, a slide mapping each challenge to a strategy and a solution, and an invitation to booth 73 outside the main hall, where his teammates were all wearing the same shirts.
The full session is on the Mining Disrupt YouTube channel. Mining Disrupt 2027 runs March 22 to 24 in Irving, Texas.