Greg Foss Partners Whit Gibbs, Ten31 To Launch "WeWork for Bitcoin Mining"

Popular Macro Elder and Bitcoin podcast guest Greg Foss and Whit Gibbs, one of the original co-founders of Compass Mining, announced they are launching a new company "WeHash" which is being marketed as "the WeWork of Bitcoin Mining". The new company is reportedly backed by Bitcoin technology investment firm Ten31 and will offer turnkey co-mining space including electrical outlets, cubicles, and server racks located in commercial office buildings in major city centers across North America.

"Most Bitcoin miners are not large publicly traded companies or otherwise enterprise scale businesses. Many are self-employed or just moonlight as Bitcoin miners so it can be difficult to find dedicated space for doing the proof-of-work necessary in this industry", Foss said in a published statement on Wednesday. He continued, "A lot of these individual proprietors have families at home and their wife has been nagging them to do something about all the noise and heat given off by their mining rigs running in the basement, garage, or bedroom of their family home. In a very real sense, they need co-working spaces for the sake of their kids! WeHash is for the kids!"

Gibbs told The Bugle that WeHash is NOT cloud mining nor is it a managed mining service. "We stay out of your way and out of your business. We provide the space, power, and office infrastructure you need to hash." Gibbs also told The Bugle tenants are encouraged to use the excess heat from their miners however they wish. Using the heat to dry tobacco or cannabis plants (in states and jurisdictions where they are legal), for example, would be allowed as long as it was confined to their assigned cubicle.

Foss, who had been quiet on social media for over a year, seemingly announced his return to X this week in a sobering post admitting he lost all the Bitcoin he had been stacking, since becoming Orange Pilled last cycle, on a Canadian power play that went south. In the post Foss also states that he needs a new job and asks who is hiring.

According to Foss he was contacted by fellow entrepreneur and Bitcoiner Whit Gibbs within a few hours of posting the tweet. "We talked about my situation and what I wanted to next in the space. Whit is a great guy with a lot of experience in the Bitcoin mining industry. Both of us have made a lot of mistakes when it comes to Bitcoin mining and investments related to Bitcoin mining. We both know what NOT to do now so we're really optimistic that we can learn from the past to succeed in this venture." Foss told The Bugle. Gibbs agreed with Foss's comments saying, "Its really just math. Simple grade 11 math!" resulting in both men having a laugh.

After a five hour phone call between Foss and Gibbs discussing the game theory of their plans they got in touch with Matt Odell about funding and asked if Ten31 was interested in seeding WeHash. "Ten31 isn't focused on investing in companies that make money. They invest in companies that spend all their money advertising on Bitcoin podcasts like Rabbit Hole Recap and TFTC." Foss said. Once Odell heard about the idea as well as Foss and Gibbs track record of losing money, he didn't hesitate. According to Foss Odell loved their idea and promised them the money they needed at terms they were willing to accept. "Honestly, the only binding requirement Odell had was that we make sure to create a Nostr account for WeHash and commit to finding ways to integrate the Nostr protocol with our business somehow." Gibbs said.

The company said more details about locations, co-working space prices, and power costs would be announced in coming weeks. However, Gibbs told The Bugle that all spaces will be optimized to run Bitaxes as well as larger units such as Antminers. They also said every co-working location will include a professional grade podcast studio for customers to record their podcasts, X Spaces, and make YouTube tutorials. When The Bugle asked if Foss and Gibbs had any plans to launch a new podcast to help market WeHash, neither men gave a definitive answer but both of them smiled and said, "stay tuned!"