His company banned cryptocurrency advertising earlier this year, causing the digital currency market to lose hundreds of billions of dollars in months, yet Google co-founder Sergey Brin admitted on Monday that he enjoys mining for Ethereum – the no.2 ranked crypto – usually accompanied by his young son.
It has to be one of the most ironic – even hypocritical – admissions anyone will make in 2018; despite banning cryptocurrency advertising from the pages of his search engine Google, an action which helped lose the crypto market over half-a-trillion dollars, Sergey Brin admitted on Monday that in his downtime he enjoys mining for Ether, the coins of the no.2 ranked cryptocurrency Ethereum.
Some critics might say that his admission was like Margaret Thatcher saying she enjoyed coming home to a roaring coal fire (as PM, Thatcher destroyed the UK coal mining industry in the 1980s), former KKK leader David Duke stating he was a big fan of classic Tamla Motown or current US president and wall-builder Donald Trump admitting his favorite fast-food was Mexican.
And yet his comments seem genuine, as is his admiration for blockchain technology.
Where Did Brin Make His Surprise Admission?
Brin, who as well as being Google’s co-founder is also president of its holding company Alphabet Inc., made a surprise appearance on Monday (July 9) as a guest on the panel on Virgin founder Richard Branson’s Blockchain Summit which is being held this week in Morocco. Addressing the other panelists and the audience, Brin said that he mines Ethereum with his ten-year-old son. Brin also admitted that he found the crypto-notion of “zero-knowledge proofs” – the cryptography principle which demands the acceptance proof without revealing the required knowledge “really mind-boggling.”
Also on the panel were Elizabeth Stark, co-founder and CEO of Lightning Labs, and Neha Narula, director of the Digital Currency Initiative at MIT Media Lab.
Ethereum Mining Led To A “Technology Renaissance”
Sergey Brin stated that in his opinion, a recent “boom in computing”(?) was down to Ethereum mining, and that he had written to Google investors back in May that Ethereum mining and the resulting computing boom was creating a “technology renaissance.”
Here’s what he said Monday:
“There are several factors at play in this boom of computing. First, of course, is the steady hum of Moore’s Law…The second factor is greater demand, stemming from advanced graphics in gaming and, surprisingly, from the GPU-friendly proof-of-work algorithms found in some of today’s leading cryptocurrencies, such as Ethereum.”
Ironically, the May letter to investors went out two months after Google had announced its intention to ban crypto advertising, and two months before said ban became a reality.
Of course, as there are two co-founders of Google, the other being Larry Page, maybe Sergey Brin is genuinely a fan of Ethereum and blockchain technology. Maybe the crypto ban from Google’s pages has been down to Page all along.
If that’s the case – c’mon Sergey, grow a pair, stand up to your partner, take a leaf out of Mark Zuckerberg’s book and reverse that ban – just like Facebook did last month.