Uncensored crypto podcast: episode 5 review

The Uncensored Crypto podcast delivers straight-talk about Bitcoin and other cryptocurrencies, Web3, the blockchain, DeFi, NFTs, and more. Host Michael Hearne interviews the disruptors at the forefront of the crypto revolution who are shaping our economic, financial, and political future. 

In this fifth episode of the Uncensored Crypto podcast, our CEO, Michael Hearne, has a wide-ranging conversation with Spencer Marr. Spencer Marr is the president and co-founder of Sangha Systems, an 82 MW Bitcoin mining facility. The facility is based out of a former facility in Hennepin, Illinois. 

It takes a special individual to transform an old steel mill into a state-of-the-art Bitcoin mining facility, and Spencer Marr certainly qualifies. He certainly has a lot to say, whether the young entrepreneur is discussing the technical aspects of crypto mining or his vision of a future “Utopia.” The Sangha Systems story (so far)

Spencer Marr co-founded Sangha Systems in 2017, and was originally focused on hosting and data center colocation. Marr was able to understand that Bitcoin mining was an immense opportunity, and the business pivoted. Spencer Marr believes that one major decision has been critical to their success: the company had the sense to sign a profit-sharing agreement with a large Bitcoin mining company.

Spencer believes that this was a game-changer. Sangha Systems didn’t have to dilute equity or take on debt to see a way forward, and they were able to scale from 6 megawatts to 32 megawatts within several months. Spencer stresses that this was not easy, but his team was able to scale quickly while also maintaining operational integrity. 

Now, Sangha Systems is home to a 900-acre facility called Hennepin 82 River North. There was some lingering litigation that is no longer an issue, and Spencer is excited about the future. He points out that this is incredibly positive news, but that he now has to get practical about details: timelines, deadlines, and capital requirements. Marr recognizes that the company also has to “tell a story” to succeed. 

Wisdom from an upcoming whitepaper

What better way to tell a story in the Bitcoin mining industry than a whitepaper? Marr is clear about his ambitions: he obviously wants to paint a positive picture of Bitcoin mining, hopefully convincing politicians and urban planners about how crypto mining can create a positive economic impact. 

He offers: “What makes Bitcoin mining different is that there is one unit of economic input, and getting ten units of economic output. What else can you look at in the world that is unleashing, seemingly, value out of thin air?” In the upcoming Sangha Systems whitepaper, he wants to explore how this value can be transformed.

Spencer Marr also understands his own bias, recognizing that he is very “left-leaning” politically. However, he has some ideas about how Bitcoin can unite both the right and left. He offers an incredible example to illustrate his point.

Marr wants Sangha Systems to have a self-imposed tax, and let the Bitcoin mining proceeds go towards a publicly controlled wallet. This wallet would be owned by the citizens of Hennepin, who could then use blockchain technology to determine how the funds are used. In this way, Marr is advocating for a “decentralized direct democracy.” No matter where you are on the political spectrum, how can you argue with Spencer’s approach?

Is a crypto utopia possible?

There are many Bitcoin mining entrepreneurs out there, but many of them aren’t thinking about the future of cities. Spencer Marr wants his facility to attract smart and interesting people, but it’s not just about making lots of money every quarter. Marr admits that he’s interested in figuring out how they can become the “masters of their own domain.”

Here, Marr sounds more like a philosopher than a crypto entrepreneur. He believes that Bitcoin can lead directly to a stage of “human flourishing” similar to The Renaissance, and also help people reach their true potential. Michael agrees, adding that it’s only possible if enough people participate.

Thoughts on entrepreneurship

Michael Hearne and Spencer Marr also talked a bit about entrepreneurship and its importance. Michael points out that he started the Uncensored Crypto podcast to inspire entrepreneurs and that he feels like entrepreneurship can often feel like a “magical journey.” Marr agrees, adding that it’s all been such a “crazy experience” and he doesn’t often get the time to reflect on how far he’s come.

Sangha Systems started as a quick lightbulb moment in a New York cubicle, and now it’s one of the most well-known Bitcoin mining facilities in the country. There’s a buzz of activity and the company has become this “organism” who is so much bigger than him. He also points out that he’s been lucky to meet smart and capable people who have helped him execute his vision.

Marr admits that he was rudderless at a boring law firm job, at first. He now states that he wouldn’t trade entrepreneurship for the world, and Michael agrees that becoming an entrepreneur can feel like a “self-actualization experience.” 

Learn more on the Uncensored Crypto podcast

Check out the full episode for the Uncensored Crypto Podcast on Spotify here, on Apple here, and leave us a review if you feel inspired by what we’re sharing!