Bitcoin mining is often perceived as simply the process of generating cryptocurrency, but it's much more than that. Roundtable anchor Rob Nelson and Marathon Digital's Chief Financial Officer Salman Khan recently discussed the intricate relationship between bitcoin mining, technology, and the future of blockchain applications.

“I always say bitcoin miners are a technology company more than a mining company, and I like to make that distinction,” TheStreet Crypto's Nelson said. He emphasized that while traditional miners extract physical resources, bitcoin miners are developing cutting-edge technology. “To me, you guys are actually more a technology company than anything else,” Nelson said.

Marathon Digital's Khan highlighted the value proposition of bitcoin as both a digital asset and a technological innovation. "This is an asset class by itself, and it's so unique in the sense that the technology aspect is not even valued in the valuation of the miners right now," Khan explained. He noted that Marathon holds the largest bitcoin reserve among public miners, underscoring the financial impact of these digital assets.

Khan drew parallels between the early days of the internet and the current state of blockchain technology. He recalled how the internet was once clunky and slow but has since become indispensable. "Think about taking that same capability and converting that into a safe and secure network like bitcoin and building technologies on top of that," he said. Khan is optimistic about the future, predicting that as blockchain technology matures, it will give rise to more innovative applications.

Nelson posed a forward-looking question about the potential use cases for blockchain technology in the next five to six years. He suggested identity verification as a significant area of application, particularly in an AI (artificial intelligence)-driven future where verifying identities will be crucial. "We need a way to know who's who. We need to know you're really you, or if there's three of you, which two are the actual," Nelson said.

Khan agreed and expanded on this idea, envisioning a secure digital ID that consolidates all personal records, making background checks and credential verification instantaneous. "Now they don't have to run a whole process and it takes a week or 10 days to verify your credentials and your degrees," Khan explained.

Beyond identity verification, Khan highlighted the potential for blockchain in finance, particularly in capital raising. He suggested that bitcoin's secure network could revolutionize crowdfunding and peer-to-peer lending. "You can have bitcoin network to go out and raise capital, peer-to-peer network secured and get access to capital as a company, as a private company, as a public company, as a start-up," Khan said. He sees vast possibilities across various fields, leveraging bitcoin's secure network to add value.