Jing Wang, Chief Executive Officer and co-founder of OP Labs, joins John Furrier on theCUBE as part of the Crypto Trailblazers NYSE Wired program. The conversation examines the evolving landscape of cryptocurrency and financial technology, highlighting the pivotal role of OP Labs in transforming decentralized computing and advancing innovations in blockchain technology.
In this insightful discussion, Wang shares their expertise on the development and challenges within blockchain technology, emphasizing OP Labs' quest to enhance Ethereum's scalability and efficiency. With a market share of 65% of all Ethereum Layer 2 transactions, OP Labs is a key player in the crypto space. TheCUBE Research and host John Furrier provide an in-depth look at OP Labs' efforts to reduce transaction costs and improve processing speed.
Key insights from the discussion include the ongoing need for scalable blockchain solutions, the pressing demand for lower transaction costs, and the broader adoption of blockchain technology by financial technology and traditional financial institutions. According to Wang, efforts to integrate these technologies are showing significant progress, with customers such as Coinbase and Kraken leading the way for widespread adoption.
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Sean McDonough, New West Data
Jing Wang, Chief Executive Officer and co-founder of OP Labs, joins John Furrier on theCUBE as part of the Crypto Trailblazers NYSE Wired program. The conversation examines the evolving landscape of cryptocurrency and financial technology, highlighting the pivotal role of OP Labs in transforming decentralized computing and advancing innovations in blockchain technology.
In this insightful discussion, Wang shares their expertise on the development and challenges within blockchain technology, emphasizing OP Labs' quest to enhance Ethereum's scalability and efficiency. With a market share of 65% of all Ethereum Layer 2 transactions, OP Labs is a key player in the crypto space. TheCUBE Research and host John Furrier provide an in-depth look at OP Labs' efforts to reduce transaction costs and improve processing speed.
Key insights from the discussion include the ongoing need for scalable blockchain solutions, the pressing demand for lower transaction costs, and the broader adoption of blockchain technology by financial technology and traditional financial institutions. According to Wang, efforts to integrate these technologies are showing significant progress, with customers such as Coinbase and Kraken leading the way for widespread adoption.
>> ... Palo Alto studio, connecting Silicon Valley and Wall Street. I'm John Furrier, host of theCUBE, here with Dave Vellante, my co-host.
Gemma Allen
>> Welcome back to theCUBE Studio here at the New York Stock Exchange. I'm Gemma Allen. This is Crypto Trailblazers, one of our programs with NYSE Wired. And today, we are talking all things crypto and the world of stranded gas. Joining me now is Sean McDonough, President, CEO, and co-founder of New West Data. Welcome, Sean.
Sean McDonough
>> Thank you for having me, Gemma.
Gemma Allen
>> All the way from Alberta.
Sean McDonough
>> Yeah, absolutely.
Gemma Allen
>> So this is a fascinating company. Loved the conversation offline just now. Tell us what exactly is New West Dat? What is it that you guys do?
Sean McDonough
>> So New West Data is the only vertically integrated energy producer, power generator, and distributed compute operator. So what that means is we own and operate the raw energy production, so oil and gas wells. We own and operate the onsite power generation that creates the electricity from associated natural gas. And then we own and operate our own digital infrastructure, which monetizes that electricity through distributed compute.
Gemma Allen
>> Wow. You guys just had a big acquisition, hot off the press. Talk to us about what's happening. Has this gone live? Is this fully through? Is this deal done?
Sean McDonough
>> Yeah.
Gemma Allen
>> And where does this steel take the company?
Sean McDonough
>> Absolutely. So we last week announced the acquisition of a 3,500 BOE a day, so barrel of oil equivalent a day company based in Rocky Mountain House Alberta. So those assets will take us corporately through 4,500 BOE a day and 35 megawatts of power generation to compute.
Gemma Allen
>> Wow. Okay. So break this down a little bit more. This is essentially taking the compute and bringing it to the well, making use of this stranded gas of which there is much, I believe. This is a whole-
Sean McDonough
>> Absolutely....
Gemma Allen
>> Wasteful space at a time when that energy has never been needed more. How does the actual tech work? Like what does this look like in practice?
Sean McDonough
>> Yeah. So I think the first thing to visualize is oil wells are going to make two things. Oil wells will produce oil and they'll produce natural gas. So our oil wells, the oil we produce goes to a tank and when the tanks are full, trucks come and bring the oil away to be sold. The natural gas goes to generators that we build. So power plants that are located at the site, at the oil well sites themselves. Those generators create electricity and that electricity is monetized through compute, so Bitcoin mining or otherwise. That's really it from the tech perspective. We really think about things from an energy production first. As you mentioned, I think it's fair to say that energy is the primary constraint facing us or facing society really as we acknowledge this exponentially increasing demand for compute of all forms. So what we do and why what we do is so disruptive is it's that full vertical integration, full control of energy from the production of the molecule through to the production of the electricity, through to the monetization of that electricity through compute.
Gemma Allen
>> So you have taken what is essentially a broken physical gas pipeline opportunity and turned it into a digital pipeline opportunity, correct?
Sean McDonough
>> Correct.
Gemma Allen
>> Is that like a good summary?
Sean McDonough
>> That's a perfect summary. Yeah.
Gemma Allen
>> How does one solve for the other? So how is it that you can, in such a what seems like relatively straightforward way, though you might tell me this is highly complex and I'm underestimating, but how is it that this opportunity is so available from the perspective of a digital pipeline? Where are these sites based?
Sean McDonough
>> Yeah.
Gemma Allen
>> Help me bring this to life a bit.
Sean McDonough
>> Yeah. So to just visualize it, Alberta, Canada is north of Montana. Think of Alberta like Canada's Texas. So fourth largest oil and gas reserves in the world. An enormous amount of ... When we say stranded gas, I think maybe a better term might be uneconomic gas. So gas which is not a profit driver for its current owners. So those are the companies that we target. When we look at asset bases where we can transform the value. We look at companies that have asset bases where the gas is not profitable, and we can use that gas as a perpetual fuel source for our electricity generation and compute. In terms of the physical location of the assets when you're visualizing it, Canada is, I think everyone can appreciate, it's a pretty big place. We're talking about pretty remote areas in Alberta where the physical resource is located, where the oil and gas wells are located. That's a very new and novel thing. And bringing the compute and the end use of the electricity itself to the production of the energy is really what's so disruptive and what we are really leading the way in showcasing to North America.
Gemma Allen
>> Wow. So it seems as though there's ample opportunity. We hear all the time about energy shortage. Bitcoin mining is clearly one very readily available opportunity of which you guys can avail. And I know we spoke off camera about my impression of Bitcoin miners, using up generators upon generators in Brooklyn, which is obviously far more complex than this. But talk a little bit about how the opportunity is evolving. What is the percentage of oil and gas production versus Bitcoin mining production, and where is that access going?
Sean McDonough
>> Yeah. So I think that's an important piece for our business model. We're very much a producer of oil as well as a producer of compute revenue. So very roughly speaking, about half of our revenue comes from oil sales and half from compute, which is that's how we monetize our natural gas as we express that in compute revenue. That's really how it works. In terms of Bitcoin mining, Bitcoin mining is an extremely flexible form of compute that needs low degrees of connectivity, low levels of uptime, and it's really applicable for really remote locations. As we're scaling here through the recently announced acquisition and further acquisitions and inorganic growth to come in the years to come here, what you'll see from us is more and more incorporation of other forms of compute. So non-Bitcoin forms of compute within that broader AI HBC catchall.
Gemma Allen
>> Wow. And when you think about the transferable opportunities, we talked about AI a little bit when we were getting ready for this interview, talk to me through what you're seeing there. Where are those opportunities landing? Are we talking about rugged AI, AI on the edge? How are these kind of aligning? Or this opportunity for locations like this with energy sources like of which you just described aligning to the broader macro opportunities we're seeing and hearing about day on, day out in the press?
Sean McDonough
>> Yeah, absolutely. So when we evaluate applicable forms of compute for our asset bases, we always are looking for the asset base first. So we know, as I just spoke to, there's always some form of compute that is applicable in any level of connectivity. You can mine Bitcoin with Starlink. So what we do is we look at asset first, we acquire assets that have that profile of natural gas production that I spoke to, and then we look at what's the level of fiber connectivity in the area, what's the CapEx to increase that level of connectivity for example. Or if there's no connectivity, then we would stick with Bitcoin there. So really when it comes to which forms of compute will be incorporated here as we scale over the next two years, it will really depend on the location, physical location of the assets in Alberta. There's pretty good fiber in many areas of Alberta where we're looking, but that's really going to be the driver there. Obviously as you know well, different forms of HPC are going to need different levels of connectivity and uptime.
Gemma Allen
>> And what is the biggest blocker or hurdle to scaling that, to actually turning that into something that is super scalable outside of like the neocloud type of scenario where a hyperscaler, for example, can avail of this type of energy. What do you think needs to happen in the next five years to open up these oil and gas fields for this type of op?
Sean McDonough
>> Well, I think you'll see it from us within the next, definitely within the next five years. I think sooner than that. You need to hit a certain level of critical scale of just size of location, right? North of 100 megawatts, you start to really open up your options, I think, for hyperscaler partnerships. That is important to state. That resource and the profile of resource that I've articulated in terms of the profile of natural gas, that's absolutely out there in Alberta. We really conservatively put an estimate of 10 gigawatts worth of natural gas, which is effectively economically constrained in the province. So effectively what you need for true hyperscaler partnerships is larger installations. That's absolutely in the pretty close future, I think for us as we scale.
Gemma Allen
>> When you say it's out there in a region like Alberta, does that need like government intervention? Is it a geopolitical conversation that needs to happen at some point? What are the additional macro narratives, I guess, that are shaping that opportunity being won or lost in a region like Alberta?
Sean McDonough
>> Yeah. Alberta's a super supportive government. The Premier is like the Canadian governor.
Gemma Allen
>> Irish too, by the way.
Sean McDonough
>> Hey, there we go. So from the premier and her cabinet, Premier Smith and all of our ministers extremely supportive. They've been so supportive in engaging with New West Data and with the industry in finding ways where Alberta can be friendly to industry and have industry scale rapidly in the province to capture this opportunity set. Alberta's unique in that it's on the other side of the border from where most of the people in North America live, and on the other side of the Rocky Mountains from the West Coast. So there's so much gas in Alberta and there's real macro constraints to get that gas to market. So on the macro level, what we are leading the way, at New West Data, in doing is on a very large scale bringing ways to monetize and consume Alberta's natural gas to Alberta within the borders of Alberta.
Gemma Allen
>> So this is a company that could potentially unlock some of the AI energy demands that we know and see and hear are real. In terms of your own, though, use of AI in the field, in the discoverability, understanding I guess just how low hanging some of those opportunities are in the broader region versus what you know for sure, how is it being used broadly?
Sean McDonough
>> In terms of as a?
Gemma Allen
>> As a tool.
Sean McDonough
>> As a tool, as a consumer for us?
Gemma Allen
>> Yes, for you guys.
Sean McDonough
>> Well, we're just like any good any business worth its salt nowadays are right in there with our own server hosted AI. And I mean, it is amazing. And certainly in our efficiency, the speed at which we're able to evaluate opportunities, evaluate asset bases, it's amazing. So yeah, working seamlessly.
Gemma Allen
>> And do you build a lot of that tech proprietary yourselves?
Sean McDonough
>> We're using other ... We don't have proprietary software, but we have proprietary data, so all housed within our servers, but yeah.
Gemma Allen
>> Wow. Certainly fascinating field. Okay. So Sean, interesting time, big acquisition. It's about to land. A couple of weeks from now, you'll be back at the office. What's on the roadmap? What does the next 12, 24, 36 months look like for you and the team? That seems like a decade right now, but-
Sean McDonough
>> I know.
Gemma Allen
>> Fill me in.
Sean McDonough
>> Well, it's been a lot of fun. I think it's going to continue to be a lot of fun. So we're very focused on scale. We're evaluating all options for accessing capital to continue our exponential scale that we've been showing. That includes a potential US public listing among other options.
Gemma Allen
>> I hope you'll be here with us at the NYSE. I love a Canadian partner.
Sean McDonough
>> All right. There you go. But yeah, in general, I think I shared before our interview, there's a huge opportunity here for inorganic growth, the acquisition of more companies with asset profiles that fit that which I outlined, essentially robust production of oil and gas, but gas which is economically hindered and gas which can be transformed through monetization, through compute.
Gemma Allen
>> Well, it's certainly a fascinating time at a very interesting intersection point too in the industry. Sean McDonough, thanks for joining us on theCUBE.
Sean McDonough
>> Thanks very much, Gemma.
Gemma Allen
>> I'm Gemma Allen here at theCUBE Studio at the New York Stock Exchange. This is Crypto Trailblazers, part of our program with NYSE Wired. Thanks for watching.
>> ... Palo Alto studio, connecting Silicon Valley and Wall Street. I'm John Furrier, host of theCUBE, here with Dave Vellante, my co-host.
Gemma Allen
>> Welcome back to theCUBE Studio here at the New York Stock Exchange. I'm Gemma Allen. This is Crypto Trailblazers, one of our programs with NYSE Wired. And today, we are talking all things crypto and the world of stranded gas. Joining me now is Sean McDonough, President, CEO, and co-founder of New West Data. Welcome, Sean.
Sean McDonough
>> Thank you for having me, Gemma.
Gemma Allen
>> All the way from Alberta.
Sean McDonough
>> Yeah, absolutely.
Gemma Allen
>> So this is a fascinating company. Loved the conversation offline just now. Tell us what exactly is New West Dat? What is it that you guys do?
Sean McDonough
>> So New West Data is the only vertically integrated energy producer, power generator, and distributed compute operator. So what that means is we own and operate the raw energy production, so oil and gas wells. We own and operate the onsite power generation that creates the electricity from associated natural gas. And then we own and operate our own digital infrastructure, which monetizes that electricity through distributed compute.
Gemma Allen
>> Wow. You guys just had a big acquisition, hot off the press. Talk to us about what's happening. Has this gone live? Is this fully through? Is this deal done?
Sean McDonough
>> Yeah.
Gemma Allen
>> And where does this steel take the company?
Sean McDonough
>> Absolutely. So we last week announced the acquisition of a 3,500 BOE a day, so barrel of oil equivalent a day company based in Rocky Mountain House Alberta. So those assets will take us corporately through 4,500 BOE a day and 35 megawatts of power generation to compute.
Gemma Allen
>> Wow. Okay. So break this down a little bit more. This is essentially taking the compute and bringing it to the well, making use of this stranded gas of which there is much, I believe. This is a whole-
Sean McDonough
>> Absolutely....
Gemma Allen
>> Wasteful space at a time when that energy has never been needed more. How does the actual tech work? Like what does this look like in practice?
Sean McDonough
>> Yeah. So I think the first thing to visualize is oil wells are going to make two things. Oil wells will produce oil and they'll produce natural gas. So our oil wells, the oil we produce goes to a tank and when the tanks are full, trucks come and bring the oil away to be sold. The natural gas goes to generators that we build. So power plants that are located at the site, at the oil well sites themselves. Those generators create electricity and that electricity is monetized through compute, so Bitcoin mining or otherwise. That's really it from the tech perspective. We really think about things from an energy production first. As you mentioned, I think it's fair to say that energy is the primary constraint facing us or facing society really as we acknowledge this exponentially increasing demand for compute of all forms. So what we do and why what we do is so disruptive is it's that full vertical integration, full control of energy from the production of the molecule through to the production of the electricity, through to the monetization of that electricity through compute.
Gemma Allen
>> So you have taken what is essentially a broken physical gas pipeline opportunity and turned it into a digital pipeline opportunity, correct?
Sean McDonough
>> Correct.
Gemma Allen
>> Is that like a good summary?
Sean McDonough
>> That's a perfect summary. Yeah.
Gemma Allen
>> How does one solve for the other? So how is it that you can, in such a what seems like relatively straightforward way, though you might tell me this is highly complex and I'm underestimating, but how is it that this opportunity is so available from the perspective of a digital pipeline? Where are these sites based?
Sean McDonough
>> Yeah.
Gemma Allen
>> Help me bring this to life a bit.
Sean McDonough
>> Yeah. So to just visualize it, Alberta, Canada is north of Montana. Think of Alberta like Canada's Texas. So fourth largest oil and gas reserves in the world. An enormous amount of ... When we say stranded gas, I think maybe a better term might be uneconomic gas. So gas which is not a profit driver for its current owners. So those are the companies that we target. When we look at asset bases where we can transform the value. We look at companies that have asset bases where the gas is not profitable, and we can use that gas as a perpetual fuel source for our electricity generation and compute. In terms of the physical location of the assets when you're visualizing it, Canada is, I think everyone can appreciate, it's a pretty big place. We're talking about pretty remote areas in Alberta where the physical resource is located, where the oil and gas wells are located. That's a very new and novel thing. And bringing the compute and the end use of the electricity itself to the production of the energy is really what's so disruptive and what we are really leading the way in showcasing to North America.
Gemma Allen
>> Wow. So it seems as though there's ample opportunity. We hear all the time about energy shortage. Bitcoin mining is clearly one very readily available opportunity of which you guys can avail. And I know we spoke off camera about my impression of Bitcoin miners, using up generators upon generators in Brooklyn, which is obviously far more complex than this. But talk a little bit about how the opportunity is evolving. What is the percentage of oil and gas production versus Bitcoin mining production, and where is that access going?
Sean McDonough
>> Yeah. So I think that's an important piece for our business model. We're very much a producer of oil as well as a producer of compute revenue. So very roughly speaking, about half of our revenue comes from oil sales and half from compute, which is that's how we monetize our natural gas as we express that in compute revenue. That's really how it works. In terms of Bitcoin mining, Bitcoin mining is an extremely flexible form of compute that needs low degrees of connectivity, low levels of uptime, and it's really applicable for really remote locations. As we're scaling here through the recently announced acquisition and further acquisitions and inorganic growth to come in the years to come here, what you'll see from us is more and more incorporation of other forms of compute. So non-Bitcoin forms of compute within that broader AI HBC catchall.
Gemma Allen
>> Wow. And when you think about the transferable opportunities, we talked about AI a little bit when we were getting ready for this interview, talk to me through what you're seeing there. Where are those opportunities landing? Are we talking about rugged AI, AI on the edge? How are these kind of aligning? Or this opportunity for locations like this with energy sources like of which you just described aligning to the broader macro opportunities we're seeing and hearing about day on, day out in the press?
Sean McDonough
>> Yeah, absolutely. So when we evaluate applicable forms of compute for our asset bases, we always are looking for the asset base first. So we know, as I just spoke to, there's always some form of compute that is applicable in any level of connectivity. You can mine Bitcoin with Starlink. So what we do is we look at asset first, we acquire assets that have that profile of natural gas production that I spoke to, and then we look at what's the level of fiber connectivity in the area, what's the CapEx to increase that level of connectivity for example. Or if there's no connectivity, then we would stick with Bitcoin there. So really when it comes to which forms of compute will be incorporated here as we scale over the next two years, it will really depend on the location, physical location of the assets in Alberta. There's pretty good fiber in many areas of Alberta where we're looking, but that's really going to be the driver there. Obviously as you know well, different forms of HPC are going to need different levels of connectivity and uptime.
Gemma Allen
>> And what is the biggest blocker or hurdle to scaling that, to actually turning that into something that is super scalable outside of like the neocloud type of scenario where a hyperscaler, for example, can avail of this type of energy. What do you think needs to happen in the next five years to open up these oil and gas fields for this type of op?
Sean McDonough
>> Well, I think you'll see it from us within the next, definitely within the next five years. I think sooner than that. You need to hit a certain level of critical scale of just size of location, right? North of 100 megawatts, you start to really open up your options, I think, for hyperscaler partnerships. That is important to state. That resource and the profile of resource that I've articulated in terms of the profile of natural gas, that's absolutely out there in Alberta. We really conservatively put an estimate of 10 gigawatts worth of natural gas, which is effectively economically constrained in the province. So effectively what you need for true hyperscaler partnerships is larger installations. That's absolutely in the pretty close future, I think for us as we scale.
Gemma Allen
>> When you say it's out there in a region like Alberta, does that need like government intervention? Is it a geopolitical conversation that needs to happen at some point? What are the additional macro narratives, I guess, that are shaping that opportunity being won or lost in a region like Alberta?
Sean McDonough
>> Yeah. Alberta's a super supportive government. The Premier is like the Canadian governor.
Gemma Allen
>> Irish too, by the way.
Sean McDonough
>> Hey, there we go. So from the premier and her cabinet, Premier Smith and all of our ministers extremely supportive. They've been so supportive in engaging with New West Data and with the industry in finding ways where Alberta can be friendly to industry and have industry scale rapidly in the province to capture this opportunity set. Alberta's unique in that it's on the other side of the border from where most of the people in North America live, and on the other side of the Rocky Mountains from the West Coast. So there's so much gas in Alberta and there's real macro constraints to get that gas to market. So on the macro level, what we are leading the way, at New West Data, in doing is on a very large scale bringing ways to monetize and consume Alberta's natural gas to Alberta within the borders of Alberta.
Gemma Allen
>> So this is a company that could potentially unlock some of the AI energy demands that we know and see and hear are real. In terms of your own, though, use of AI in the field, in the discoverability, understanding I guess just how low hanging some of those opportunities are in the broader region versus what you know for sure, how is it being used broadly?
Sean McDonough
>> In terms of as a?
Gemma Allen
>> As a tool.
Sean McDonough
>> As a tool, as a consumer for us?
Gemma Allen
>> Yes, for you guys.
Sean McDonough
>> Well, we're just like any good any business worth its salt nowadays are right in there with our own server hosted AI. And I mean, it is amazing. And certainly in our efficiency, the speed at which we're able to evaluate opportunities, evaluate asset bases, it's amazing. So yeah, working seamlessly.
Gemma Allen
>> And do you build a lot of that tech proprietary yourselves?
Sean McDonough
>> We're using other ... We don't have proprietary software, but we have proprietary data, so all housed within our servers, but yeah.
Gemma Allen
>> Wow. Certainly fascinating field. Okay. So Sean, interesting time, big acquisition. It's about to land. A couple of weeks from now, you'll be back at the office. What's on the roadmap? What does the next 12, 24, 36 months look like for you and the team? That seems like a decade right now, but-
Sean McDonough
>> I know.
Gemma Allen
>> Fill me in.
Sean McDonough
>> Well, it's been a lot of fun. I think it's going to continue to be a lot of fun. So we're very focused on scale. We're evaluating all options for accessing capital to continue our exponential scale that we've been showing. That includes a potential US public listing among other options.
Gemma Allen
>> I hope you'll be here with us at the NYSE. I love a Canadian partner.
Sean McDonough
>> All right. There you go. But yeah, in general, I think I shared before our interview, there's a huge opportunity here for inorganic growth, the acquisition of more companies with asset profiles that fit that which I outlined, essentially robust production of oil and gas, but gas which is economically hindered and gas which can be transformed through monetization, through compute.
Gemma Allen
>> Well, it's certainly a fascinating time at a very interesting intersection point too in the industry. Sean McDonough, thanks for joining us on theCUBE.
Sean McDonough
>> Thanks very much, Gemma.
Gemma Allen
>> I'm Gemma Allen here at theCUBE Studio at the New York Stock Exchange. This is Crypto Trailblazers, part of our program with NYSE Wired. Thanks for watching.
John Furrier
Gemma Allen