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JP BARIC | Mining Bitcoin from a Laptop | Simply Bitcoin TTO · Simply Bitcoin

0:10
All right. What's up everyone?
0:12
It's your boy Opti, we are back for another interview.
0:15
I got an exciting one for you guys, in my opinion from what I
0:19
hear an absolute legend in the mining space so I am super
0:22
stoked to get this conversation going for you guys forgive me.
0:26
I think YouTube is acting up, but I am 100% positive.
0:30
We are streaming right now. So, shouts out to every single.
0:34
One of you guys hanging out with us.
0:36
And without further Ado, let's just get into this.
0:38
What's up? JP is JP.
0:40
A Barrack absolute legend in the space from what I hear with Nico
0:44
and I'm super excited. So, how you doing today?
0:47
Supergirl, great. Thanks for having me on nowhere.
0:52
Without further Ado, let's just get into it bro.
0:55
So Nico tells me that you were mining Bitcoin from a laptop,
1:00
tell the people how that was. So I did download the tools to
1:05
mine Bitcoin on my laptop, but I was already too late back then
1:09
it was GPU. In fpga mining were just
1:11
becoming a thing and I fell into the butter file a basic trap
1:15
which was this company in the United States and said they were
1:17
going to make a 6 and they said it's going to be two weeks and
1:20
two weeks. Turn into two years and finally,
1:23
they shipped my Bitcoin a sec. But I was GPU mining back in
1:26
2014, 2013 time frame and then got into large-scale theory of
1:31
money in 2016. Wow, butterfly Labs OG amazing.
1:36
Well way before my days but I have heard the stories Of the
1:40
butterfly labs. And I think they'll be some
1:43
parallels. I'll probably bring that in a
1:45
little later for everyone. But since you've been around in
1:48
the Bitcoin mining game for so long, what's your view on the
1:51
current state of Bitcoin mining and maybe even a little tidbits
1:55
of way you think it is going. So, I think right now, Bitcoin
1:59
mining is in a unique opportunity to grow and succeed
2:03
in the power industry and playing in the power markets,
2:06
more than it has in the past. You know you have the it
2:09
infrastructure. Was passed last year, that's
2:12
really pushing forward. This development of green clean,
2:16
renewable energy that has no fuel.
2:19
So that means they can sell energy into - price points,
2:22
Bitcoin miners across the Midwest are taking advantage of
2:25
that and they're able to then participate in demand response
2:27
markets which is when you turn off your Bitcoin mining rigs
2:30
because you're not using energy or you're able to able to take
2:33
advantage of it because the prices of energy are negative
2:36
and then actually getting paid to use that energy along with
2:38
mining Bitcoin. So this provides a great
2:41
opportunity for large-scale minors to grow their operations
2:44
in the midwest, in Texas because of all this cheap solar and wind
2:48
that's being subsidized by the federal government will allow
2:50
minors to have a lower cost of deployment or lower cost of
2:54
operations when it comes to mining each Bitcoin.
2:56
So I think it's a great time to get in the industry and its
2:59
really it is maturing utilities are more eager to talk to us as
3:03
Bitcoin Miners and we're coming up with some collaborative
3:05
relationships that are symbiotic for us in the electric grid.
3:10
Of it. If there is someone out there
3:12
thinking about mining, would you recommend that they go all-in
3:15
right now or maybe wait a little bit during this the tail end of
3:19
this bear Market that we're seeing?
3:21
Yeah so I think Bitcoin machines are priced based on the amount
3:25
of Bitcoin it's going to drive over the course of the the
3:28
lifespan of the asset. So right now with the price
3:30
crashing down to twenty-five thousand dollars, do machine
3:35
prices could start if it stays here for a little bit.
3:38
Could start to change and could start to go.
3:40
Down farther than where they are today.
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That's really the key time to be buying machines because B Main
3:45
and mikrobitti. There are taking an effect in
3:47
account that having event when they are pricing these machines
3:49
out, just like you should be as a minor.
3:51
So either now over the next month or two is a good time to
3:54
get in, because if the price starts to run these machine,
3:56
prices are going to increase just how it always works.
3:58
You have to be buying when you think Bitcoin is, is underpriced
4:03
undervalued and that's when you want to be allocating Capital.
4:06
Do you want to go all-in? Now, it's a hard question to
4:09
answer. I would say doll.
4:10
Cost averaging unit a Bitcoin miners is a smart move and then
4:13
also deploying Capital after the having for the having run up
4:16
where you can collect an extreme amount of profits because two
4:19
things occur, people can get on infrastructure, fast enough in
4:22
the Bitcoin price runs up faster than you can build new data
4:26
centers which allows the existing minors to make more
4:28
money. Love it.
4:30
Absolutely love it. I want to Circle back a little
4:32
bit. You were touching on the this
4:36
bear market and Bitcoin mining and energy and it Really seems
4:40
like this, this cycle. The last couple of years, has
4:45
really ushered in the idea to for energy producers that they
4:48
need to get on Bitcoin mining, if they want to continue to make
4:51
profits moving forward, what's your thoughts on all this?
4:53
And then I have one follow-up question to this.
4:56
That I really like to ask friend but what's your thoughts on this
5:00
bear Market? Being kind of like the
5:02
quintessential energy market right now?
5:05
Like I feel like Bitcoin Miners and the Bitcoin narrative in
5:09
general is Into like the big-name energy producers, and I
5:13
think everyone is waking up to what we understand about
5:16
Bitcoin, mining and energy use in general.
5:19
Sure so Bitcoin mining provides an alternative energy Market or
5:24
an alternative energy customer and not as a Bitcoin mining
5:28
itself but Bitcoin itself and extracting.
5:31
These new Bitcoins can be denominated in cost per megawatt
5:35
hour. So the electric industry, when
5:37
we saw electricity, we price electricity were using a
5:40
megawatt hour which stands for million kilowatts of energy.
5:45
So a ton of energy is a unit. And what's happening is the The
5:49
market prices of non-fuel based sources of energy, which is wind
5:54
solar are lowering the price of energy for the other people on
5:58
the grid. Those are your private Nat gas
6:00
operators. Those are your coal plants.
6:02
Those are your nuclear your hydro.
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So they're getting less revenue on a per megawatt hour basis
6:09
because of these subsidized energy sources such as wind and
6:13
solar which are like I said selling into the market just to
6:16
get a tax credit not necessarily even to make money on the
6:18
energy. While those other guys, they
6:21
need to find a way to pay for that asset and to amortize that
6:24
asset. So they can go from selling to
6:26
the market, to selling to bitcoin, by simply building a
6:30
Bitcoin mine and they can understand that.
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The Bitcoin customer is never going to go away and the price
6:36
that Bitcoin is going to pay you in terms of dollars per
6:39
megawatt-hour. Yes, that's going to change and
6:42
yes it will always go down over time but it allows the operator
6:47
to have more flexibility or instead of Selling their load to
6:50
the grid for, let's say, $25 a megawatt hour.
6:53
They consult to the Bitcoin Network for 60 or 70.
6:56
And that's a massive increase in returns for an industry.
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That's used to deploying hundreds of millions, billions
7:03
of dollars of capital. So it only makes logical sense
7:07
that the energy operators, the energy, producers come into the
7:11
Bitcoin mining space in order for them to amortize assets
7:14
faster in order for them to generate further gross margin in
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order for them to participate in.
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In the energy markets and the demand response markets and in
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order to them to help all shareholders.
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So I think it they should be and they are and it's only going to
7:28
grow in as they move in this space and as we Bitcoin becomes
7:32
more accepted that it's not going to go anywhere.
7:34
Couldn't agree more. Yeah, one of my friends, Mike
7:37
Hobart. He's very big on the idea of
7:39
like, like, say what you want about Bitcoin, about what it
7:42
does to the individual, but I think people are really sleeping
7:45
on the idea of energy companies getting into Bitcoin.
7:49
On and basically opening up a whole new market.
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And that's really going to be one of the biggest and most
7:55
profound changes in, not only the world, but in in the Bitcoin
8:00
mining space in general, and here's a, his kind of, it's not
8:03
really a Trolli question, but it's more of a thought
8:05
experiment. What's your thoughts on energy
8:08
companies becoming Bitcoin miners, or rather Bitcoin?
8:11
Mining companies becoming the new energy companies.
8:16
I think I would say most people like to get excited and say yeah
8:20
Bitcoin mining companies, we're going to be the next energy
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companies. The problem with that is that
8:24
energy companies, they are rooted in our society, both on a
8:28
contractual level in a regulatory level and their
8:32
remotes are huge. So for Bitcoin mining company,
8:35
to go from someone who's operating data centers in that
8:38
skill set to being a power producer, even a private power
8:42
producer, let alone a Scylla T is is a huge change in business
8:49
now. Is it impossible?
8:51
No. Are we going to see it?
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Yes, especially as Bitcoin in the economics behind Bitcoin,
8:58
mining become more apparent as we see forward-looking and
9:01
forward-thinking individuals in the energy industry.
9:05
Especially one that moves very relatively quickly compared to
9:09
your large independent investor-owned utilities so the
9:13
electrical coops anyone can come.
9:15
Min, they could be joined the board.
9:17
They could convince the board to invest in in a substation for a
9:21
low-interest loan from the government.
9:22
The government USDA provides loans to these utilities that
9:25
are Community owned and for about two to three percent
9:28
interest. At least that's what has been
9:30
historically. And so that would allow them to
9:32
build out massive infrastructure and attract some of the biggest
9:35
Bitcoin. Mining players in the area to
9:37
suck up, cheap power because power is sold at the same price
9:41
across all of these markets. So, when we have an And P
9:46
settlement which is when the energy prices settle across all
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of my. So which is an energy Market in
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the midwest. The price is all going to be the
9:53
same and then it's going to be subtracted or added more, add
9:58
more dollars to the cost based on the congestion.
10:01
So, based on how many people are trying to sell energy into that
10:04
one spot and how many people trying to use energy?
10:07
So I believe there are places on the grid where there's a ton of
10:10
congestion, a ton of new demand or ton of new load was added but
10:13
not enough demand. Enough electric demand there
10:17
compared to what we need to be. So there's a huge opportunity
10:20
for a power producer to come in and play the Bitcoin mining game
10:22
and do it well and do it at scale and even if they don't
10:25
take the risk of Bitcoin mining, they could still increase the
10:27
amount of energy they're selling from you know let's say a
10:30
million kilowatts or 10 million kilowatt hours a year to 100
10:34
million 20 million very quickly with the addition of even just
10:38
one large substation, let alone thinking about how do we make a
10:42
gigawatt substation like the Rockdale facility with Wyatt, if
10:46
you're having forward-thinking energy, producers, looking at
10:49
that with like I said, cheap government, Capital cheap
10:52
government debt. It's, I mean, you can't compete
10:55
as a Bitcoin miner with that so it's open.
10:58
But I don't know how many people are going to take it and take
11:01
the risks per se and and have the experience and the knowledge
11:04
and the willingness to want to do that.
11:07
It's easy. And a lot of these electric
11:10
cooperatives. They're they're older older
11:12
folks who don't necessarily understand the value of Bitcoin.
11:15
You might think it's a fad, and, and they're going to miss out on
11:18
the opportunity because it's, it could be huge.
11:19
And it could bring a ton of jobs to their local community, but
11:23
it's sad. Yeah, 100th day of the playbooks
11:26
their home saying. Yeah.
11:29
Agreed, agreed. And, all right, well, we kind of
11:31
jump straight into the energy is but for some reason, I'm, I'm
11:37
hearing the ante Bitcoin mining person in my head right now and
11:41
they're just asking the same question.
11:45
Can you justify using so much energy to mine?
11:47
Bitcoin? What would you be your response
11:50
to this? Considering we are seeing so
11:52
many of the corporate press tried to, you know, continue to
11:57
smear Bitcoin mining. If there is someone out there
12:00
that is thinking the same thing. Maybe you know, maybe we need to
12:03
go to proof of stake. Like why justify the energy use
12:06
of Bitcoin mining? What do you usually tell someone
12:08
out there that is a Bitcoin mining skeptic?
12:12
So what I'll say is there's a great thought Airman about
12:16
bricks and moving bricks from one location to another and then
12:20
moving the bricks back to the same location.
12:22
Now, if you look at the definition of work, you could
12:26
say that there was no work, that was actually done because the
12:28
bricks didn't move. And that's really what we're
12:32
trying to prove here with Bitcoin mining is what is work?
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We can sit on our laptops, we can write a paper.
12:39
We can talk about how we're going to have the best marketing
12:42
plan. We can discuss, you know,
12:45
anything. It comes to like intellectual
12:49
work but when it comes to work on the physical level, it's very
12:54
does this work? Or does it not?
12:55
The bridge built and is the bridge safe, does it?
12:59
Do its job or was it not built and it doesn't work.
13:03
And so that's kind of what we're doing here with Bitcoin mining.
13:06
Were abstracting away this ambiguous definition of work and
13:10
making it so that anyone in the world can prove that they are
13:14
working by using electrons and those electrons prove that this
13:20
work, this computation, this mining process is being done.
13:25
And that. I work as a real cost to it and
13:28
that's very important if the work doesn't have a cost to it,
13:30
then the underlying asset can lose its value.
13:34
And it doesn't have value to actually acquire it which means
13:39
that you're creating it for free and out of thin air and nothing
13:42
is created for free. So Bitcoin has this beautiful
13:45
process which allows minors from all around the world to deploy
13:49
these systems to use energy at resources that are stranded and
13:55
the Why they're going after the stranded resources because they
13:57
have to compete with everyone else to pay for that same
14:00
electron. So the ones that have the
14:02
cheapest energy are the ones that are able to compete the
14:05
longest and so that provides a Bitcoin miners with the
14:09
incentive to go after low-cost stranded energy.
14:12
That no one else wants that's already being wasted.
14:15
A majority of energy is wasted on the electric wires.
14:18
It's dissipated. We can't store energy like we
14:21
can store oil or gold so a lot of this energy is wasted but
14:24
we're already easing it. So what I would say is that
14:27
using energy is a fundamental is provides the fundamental value
14:30
of y. Bitcoin has gone up every four
14:33
years. It's fundamental to the having
14:35
cycle and it's fundamental to the game theory of why Bitcoin
14:38
is the best most secure currency in the world.
14:40
Get them love it, JP and love it.
14:43
Very very simple way to get the point across and we can take
14:48
this this conversation in a lot of different ways right now.
14:51
But you're talking about the having cycle and I really want
14:55
to pick your brain. Rain considering you've been
14:56
around for a few Cycles. What do you think we are right
14:59
now in the current bear Market cycle?
15:02
Not to get into price speculation but as a seasoned
15:04
vet, what are you feeling right now?
15:06
What do you thinking at and what are you looking forward to?
15:10
I'm honestly feeling right now. Flash crash I think there could
15:12
be a flash crash to like you know twenty one twenty two
15:16
thousand we're at 25. It just dropped a thousand
15:18
dollars today. So I'm we've always seen this
15:21
massive flash crash before the run-up.
15:24
Now a lot of people including I myself thought that could have
15:26
been FTX in 20K and we could have been out of the woods where
15:29
we got, we're hitting the support right now at 25,000 and
15:32
if we don't hold the support you know we could see definitely
15:35
that flash crash come and and that's where I'll be buying even
15:39
more coins and going going long on the market because then
15:42
you're ready for the ride all the way up to, you know, 250 300
15:46
wherever it stops, who no one really knows.
15:48
But you're up for the ride, you know, all the way up Bitcoin.
15:51
I think I've read somewhere that, you know, out of a year it
15:53
has nine or nine days that it moves, It more than 10% or
15:57
something crazy. It has these massive days in
15:59
most days, it just sits there. It just either sits there flat
16:01
or goes down. So I think that we're still you
16:04
know, to or years plus has having hasn't happened.
16:07
So we're not going to hit an all-time high, I'll tell you
16:09
that. But once that having happens,
16:11
you know, anything is game. Because the economics of Bitcoin
16:14
of changed at the minor level the machines that are mining
16:17
that are unprofitable going to be turned off, players are going
16:20
to have to shut off equipment and and the Gang you know, keeps
16:23
going keeps playing but network key.
16:25
It's tick-tocking away one block after the next, but that's my
16:29
thoughts on the price right now, you know, don't over leveraged,
16:32
don't spend money. You can't get, but I keep
16:34
stacking sad sigh iPhone mode a little bit impersonal here.
16:37
You know, fought two thousand dollars with a Bitcoin on cash
16:40
app right before this because I was like this price this price
16:42
of a Buy price even if I've been in some 70 dollars a coin you
16:45
know, still get that paycheck and got to put it somewhere
16:47
because US Dollars on holding value as you know, absolute Chad
16:51
Bitcoin. ER but I think this is this is
16:54
the point that I It seems to be missed by a lot of newer
16:58
bitcoiners and it is the idea that Bitcoin miners are the most
17:03
bullish ones on bitcoin because you guys have to put so much
17:07
Capital behind your mining Farms, your mining setups and
17:10
you guys are in it for the long term.
17:12
Whereas if you're just buying Bitcoin you know you can very
17:15
easily dump that Bitcoin for Fiat games but as a Bitcoin
17:18
miner it's not that easy to just dump all your infrastructure and
17:22
change on a whim on what you're going to do.
17:25
And you can feel it's palpable how bullish a Bitcoin miner is
17:29
on bitcoin, the asset and the network moving forward.
17:32
And I think it's because you understand what this does for
17:36
the energy sector. What this does for society, what
17:38
it means to just hold onto an asset that cannot be debased and
17:42
you're like, like me, I've bet my life on bitcoin.
17:46
I'm sure you felt the same way. It's like, I put everything in
17:49
on bitcoin and there's no turning back.
17:52
And I think a lot of people miss that very simple.
17:56
There is no turning back and we're deploying of structure for
17:59
5-10 years. We're not deploying it for a
18:02
week without deploying for six months.
18:04
That's our investment Horizon, that's what we're looking for.
18:07
When it comes to these contracts, in this land of
18:09
humans were signing because we know that Bitcoin mining is not
18:13
going to go away. It's not run by a CEO.
18:15
It's not run by a board. The protocols not going to
18:18
change even how no matter what the media says and even know if
18:22
they're like it's the worst thing in the world the Bitcoin
18:25
community. E and the code will not change
18:26
and that's why you're able to invest.
18:28
The capital are able to invest to know that this Market in this
18:32
opportunity is not going to go away.
18:34
Let alone the value of just building Rackspace to run the
18:37
amount of computing power. We're going to need for AI.
18:40
And for these other uses of compute where Bitcoins can
18:45
easily be repurposed for for that type of operation.
18:49
Absolutely love it. All right, I want to go to this
18:52
pin tweet that you have on your Twitter because it is a Few
18:55
years old now, so I'm sure you're going to have to update
18:58
it. But I'm going to connect this
19:00
with the current hash rate. So you have this tweet here,
19:03
it's pinned on your Twitter at JP Barak on Twitter.
19:06
You go today, the Bitcoin computer is 100,000 times more
19:09
powerful than the top 500 supercomputers in the world
19:12
combined. And I really want to segue this
19:15
into what we're seeing happen in the hash rate right now.
19:19
It seemingly continuously going to all-time high and I'm just
19:24
wondering what What are you thinking?
19:26
As a Bitcoin, miner watching the hash rate, just climb and climb
19:30
and climb? Even though the price is
19:33
dropping, what? It's like a Bitcoin miners are
19:35
crazy, we know why, but for the people that are uninitiated,
19:40
what is going on here? You know, let's go, baby, go.
19:43
We're the chip factories in Taiwan.
19:47
They continue to produce chips night in Night Out, Asic miners,
19:51
continue to get shipped across the world pricing of miners are
19:54
going to To drop until we see that price turn around and in
19:58
Turnbull. So it's the name of the game.
20:01
People are stacking SATs. There's still a significant
20:04
margins to be made. If your well-financed if you
20:07
have access to energy in the 40 40 dollar per megawatt hour
20:11
range, you can still provide a great return even with a flat
20:16
bitcoin price or three, or four percent cut every month.
20:19
So the operators, who are here for the Long Haul.
20:22
Like I said, who aren't checking the difficulty every day or
20:25
Checking the price every day. They're deploying infrastructure
20:28
for the future. They have a multi year Horizon
20:31
and they're investing in extra hashes today especially the pub
20:35
goes, especially large private operators, large, family
20:39
offices. The people who were, you know,
20:42
not going to invest in the, The Bull Run or the people who are
20:45
putting Capital to work today. And it's sad because retail is
20:48
usually left out because they're like, let me buy in at the top
20:51
and not buying at the bottom because it's an emotional
20:53
decision. When the reality is Usually
20:55
buying today because the price is low versus when the price is
21:00
high. And I think that's what we're
21:01
seeing here. We're seeing incremental value
21:03
being deployed to the network you know every day, every day of
21:06
the year. Yeah, it's human psychology is a
21:09
very weird thing. You know, when it drops, I will
21:12
wait for it to go lower when it pumps the like, okay, I need to
21:15
buy some. But anyways, you mentioned
21:18
retail and getting some exposure to bitcoin and in the past at
21:23
least, from 2018 I forget what it was like around 2020 hosting
21:28
mining gets a real bad rap because of some real you know
21:33
not up to par companies. We're not going to name names
21:37
but as someone that does. Host mining what would you tell
21:42
someone thinking about hosting mining?
21:43
Like, what should they be looking out for and what is the
21:46
best way to go about this? So when it comes to hosting
21:51
mining you want to look for an operator who has been in the
21:55
Yield for multiple years, you want to look for an operator who
22:00
has a contract, a hosting contract that's going to protect
22:03
you during a downward Market. You also want to ensure that
22:07
you're not committing to a long term that you're not able to pay
22:11
the power bills. For, let's say you're going to
22:13
commit to a year, you're in those contracts are committing
22:15
to paying that power bill every month of the year, even if the
22:19
host is not able to run all your machines and being up and
22:22
running. So, what I would say for most
22:23
people in their hosting bills is you want to ensure that you're
22:26
hosting bill is based on the electricity consumed and not a
22:29
flat monthly rate because that's how you can get it run into
22:32
issues and where your profit and loss can be out of whack.
22:36
Now, when it comes to running a consumer-facing hosting
22:41
business, it's something that we decided not to do.
22:45
And why we won't take five or ten hosting machines.
22:48
Is because the amount of work, it takes to handle every
22:50
customer every client. So we focus on larger hosting
22:54
transactions for that. Exact reason or something called
22:57
manage mining program, which is for the guys with 10 machines
23:00
with 15 machines, still making a significant investment of 100
23:03
thousand dollars in plus. But the difference, there is
23:06
that we are custody in the Bitcoin for you.
23:10
And then at the end of every month, we say, the price of
23:13
Bitcoin is this. We're going to we're going to
23:14
send you. We're going to debit the power
23:16
bill debit our fees, and we're going to send you the Bitcoin
23:19
and then it's yours to hold. So there is no power bills.
23:22
The customer support is a lot less.
23:24
There's no The contract is allows us to make sure that we
23:29
can work with you throughout the relationship and you're not
23:31
going to default on your your machines, because there is no
23:34
way to default because it's the top line revenue that's get
23:37
subtracted. So, those are all things that
23:39
we've focused on over the years, to make the hosting experience,
23:43
a better experience for the little God.
23:45
And then recently, we've launched something called a reg
23:48
CF which stands for regulated crowdfunding, and we worked with
23:53
the first one with Josh Terry B fault.
23:55
Josh tray bit fault, raised over six hundred thousand dollars,
23:58
Josh, cherries and influencer in the idea of bit vault is to
24:01
allow anyone to invest at $100 into a Bitcoin mining company.
24:07
That's going to by minors, can have a flat management fee and
24:10
it's going to have an exit strategy already built into it.
24:12
So you know how you're going to get your funds out and it's
24:15
funny, I don't know if you knew this, but core scientific last
24:18
year had the most amount of money spent on private jets out
24:23
of any public company and Oh, it's like you're investing in
24:26
these Pub codes. If you're, you know, if you're
24:28
if you're playing with a hundred two hundred dollars trying to
24:29
buy stock and then their executives are just blowing
24:32
money, you know, right and left, especially in a bull market and
24:35
you have no control over such as a shareholder over that.
24:39
It's what we did with the reg CF in the default was we wanted to
24:41
give transparent pricing to the investors to the reg CF holders
24:47
and that allows for anyone to invest its $100.
24:50
Even unaccredited investors, can invest up to two thousand
24:53
dollars and depending on your how much you're making.
24:55
You can invest more and that's going to be available on Wii
24:58
funder. I'm going to be launching my own
24:59
bit Vault or I'll be managing it for up to 10 years.
25:03
I can't talk about the offering off the platform but I can
25:06
mention that if you want to learn more about it it'll be on
25:08
We fund or.com. JP Barak bit Vault or the
25:11
people's mining company and it should be live in about I would
25:15
say at the end of the month of June so definitely check it out
25:18
if you want exposure and want to have me as your manager of the
25:20
portfolio of Bitcoin, miners Bitcoin in cash.
25:24
And we're gonna be doing some really cool.
25:25
Things with a dividend. So since that's those are the
25:28
three programs we have it in mining store, and how we handle
25:30
the hosting situation and customers.
25:33
And the important things to look into a host or comes down to the
25:36
contract, comes down to the experience, comes down to that
25:39
power rate. And and those are the three most
25:41
important things, interesting. So just to be clear, this is not
25:46
one of those early 2017. Cloud mining things is it.
25:50
Exactly. And that's what I love about it.
25:52
It's not because a cloud minor thing is you're owning A, you
25:56
know, the option to get Tara hashes delivered to you in
25:58
Bitcoin and and that's a security and that's why they
26:01
got, you know, red-handed and got in trouble for it.
26:04
So what we did is we said okay what is the existing security
26:07
law in the United States? That would allow us to solicit
26:09
Securities online and that's called the reg c f and we built
26:13
a company specifically for that operation.
26:17
And then we work with influencers to have them, bring
26:19
on help their fans out and start to stack SATs where they own a
26:23
share. So where there are owning equity
26:25
A in a Bitcoin mining company that buys Bitcoin miners holds
26:28
Bitcoin and distributes dividends to investors.
26:31
So they are still part of a common Enterprise and they're
26:35
still a shareholder with a vote and with the voice.
26:37
But the difference between a cloud hashing contract in this
26:40
one, is that with, as a shareholder, they own the
26:43
underlying assets. They get the depreciation on the
26:45
miners, they get the cash flow, they can sell their share after
26:49
one year. So those are things that we that
26:51
the rates, they have process allows versus if you own a cloud
26:54
house and car Back once the heart contracts done, you'll
26:57
have anything else other than the Bitcoin that got mind and
27:00
sometimes and I would say usually that's actually less
27:02
than the dollars that you put in.
27:04
And the reason why you make money and Cloud hashing was all
27:07
because the price of Bitcoin went up and you would have been
27:10
better off just buying Bitcoin with that money.
27:13
Interesting, interesting. Okay, I want to Pivot a little
27:17
bit here because you did bring up the whole political landscape
27:22
in regards to bitcoin and Bitcoin mining in general, you
27:25
caught up the body and administration you bought up the
27:27
Securities laws. I do have over here on your
27:30
Twitter right here about the right to mine law right here.
27:35
This one is a Montana. What is your view on the
27:40
political landscape right now in regards to bitcoin and Bitcoin
27:43
mining in the US as someone that's been around for a long
27:46
time? Like what are you thinking is
27:48
going on and maybe, what do you think might happen in regards to
27:52
Bitcoin mining? So we are definitely getting
27:55
more political pressure. More political eyes than we have
27:59
ever before in the Bitcoin mining industry.
28:01
And that's because we've grown and the the large industry
28:04
players have definitely stepped up to the plate, allocating
28:06
Capital to the right parties. In order to Lobby the
28:12
politicians into passing bills that we need to pass to protect
28:16
Bitcoin, miners the right to mine bow.
28:18
Build that Dennis and Satoshi action fund or passing are
28:21
amazing. I think what he's doing.
28:23
State-by-state level is really showing a lot of opportunities,
28:28
and showing the need for protection to have a clearly
28:30
defined in the law. It's much easier to fight the
28:33
battle. When you have your foot, in the
28:35
door, and have law, drafted and legislation passed versus having
28:39
to fight that without any legislation, or with
28:43
legislation, that's negatively, impacting your industry.
28:45
So I really appreciate Dennis and Satoshi action, fun?
28:47
If you're not, if you're not aware of what they're doing,
28:49
definitely check them out. They're great cause to the
28:52
industry. Now what?
28:54
I think, Bitcoin mining, and how it can be regulated, I believe
28:58
that Bitcoin mining is an extension of speech code has
29:02
been protecting the United States for many years and code
29:06
is what is running on these computers.
29:08
And so I would argue that any entity or organization or
29:13
governmental body that tries to Define what you can and can't do
29:17
with electricity, what code you can and can't run.
29:21
Is it is explicitly. You know, making controlling
29:25
your speech which is protected by the Constitution, so I
29:29
believe that that's an important aspect of Bitcoin mining.
29:33
And I believe that it's going to be very hard to regulate it
29:36
because of that kind of framework that we've built in
29:39
the u.s. here protecting computer servers.
29:42
Now, utility they also have to have non-discrimination Clauses.
29:46
They can't discriminate against a customer because they're using
29:49
their energy for Bitcoin mining, or they're using their energy to
29:52
grow pot. They can obviously, SLI arrest,
29:54
the person growing pot if it's an illegal state but they can't
29:57
arrest the person for running computer software mining Bitcoin
30:01
because the act of running that software is not illegal and
30:04
there's no illegal things being produced effectively.
30:08
So that's how I'm viewing the climate when it comes to
30:11
regulatory environment and I believe that it's going to be
30:15
wins more. The more wins we can put on the
30:17
board with the right to mine deals.
30:18
Across all the states running nodes running miners.
30:22
The better. It is for For the community and
30:24
the energy industry as a whole lot of it.
30:28
Super bullish. I really like how you said that
30:30
because I agree 100%, I think it's absolutely ridiculous.
30:33
That they're picking winners and choosers telling us how we can
30:37
use our electricity or not when we bought it on the market for
30:39
fruit, you know, fair value. It's like wait, what is going on
30:42
here? It really seemed like the powers
30:46
that be are hell-bent on stopping Bitcoin, mining or
30:49
rather, Bitcoin adoption, in general, and it's like, guys, we
30:52
bought this Energy. It shouldn't matter where this
30:55
energy is going, but you're making a big screen by another
30:58
subsidizing it right. You're spending so much money to
31:00
subsidize has energy. Taxpayers are subsidizing it.
31:03
Why don't we use it? Oh wait, we don't need you to
31:05
use it. So it's a, it's crazy.
31:09
Absolute Madness, kind of on the same on the same wave.
31:14
I did see on your Twitter that you've had some thoughts about
31:17
Gary Gensler. And what's your, what's your
31:20
thoughts going on with GG over there?
31:23
My thoughts with Gary Gensler is, you know, provide regulatory
31:26
Clarity and certainty when it comes to border security is when
31:29
it comes to offering US security.
31:31
That's why we had to go the route, we win.
31:33
I've always wanted to provide a mining contract or part on the
31:37
left, people who in parts of a minor or let people own and then
31:41
a tea that's going to represent a minor.
31:43
But all of that becomes a security.
31:45
And so that's why we went the route of the reg CF is because
31:48
we said, hey, there's a compliant framework, we can work
31:51
in and yes, it's slow. Yes, Has more fees but we can
31:55
successfully solicit Securities. Allow people to get money
31:58
exposure and open the market up to everyone versus, you know,
32:02
having to own a full machine, which is what a lot of these
32:05
mining contracts are doing. Now when it comes to the debate
32:08
of is everything but Bitcoin and security.
32:11
I think we're seeing how that debates going and I think that
32:15
it's not helpful for the crypto community in the United States
32:19
that we are regulating these exchanges and were really Sleep.
32:23
Paving the way for the big Banks to come in and custody the Next
32:27
Generation or the next waves version of crypto by stomping
32:30
out coinbase. And some of these big guys, I
32:32
mean coinbase was I believe the third or fourth largest bank by
32:35
market cap in the u.s. when their stock was growing.
32:38
And it shows that the incumbents they're scared, they are scared
32:42
that. These companies are going to eat
32:43
their lunch, the people are going to hold their value and
32:45
their money and crypto that they're going to take it out of
32:47
the bank and that they're not interested in traditional
32:50
assets. And when enough people say they
32:52
want to opt out of the system, awesome.
32:54
It causes systemic issues which can cause massive runs on the
32:57
banks or massive runs. And as we saw with long-dated,
33:01
treasuries, and mismatch of liabilities and assets for these
33:04
Banks. And that's a scary thing.
33:06
Because if we lose Faith as a country in the overall Market in
33:10
the overall banking system, then there is a lot of things we take
33:14
for granted could, you know, could go to chaos and could blow
33:17
up and effectively? And so you don't like to go down
33:19
that path. But the reality is is I think
33:21
that we're going to keep deflating the dollar.
33:23
And the only way to protect yourself from that, which is
33:25
what really matters is to buy scarce digital assets.
33:29
And in my opinion, Bitcoin is the one and only scares digital
33:33
asset because it requires the mining process.
33:36
And yes there are other coins like poww coins like Litecoin
33:39
that are out there. But Bitcoin is the one that is
33:42
not going to go away no matter what because it is so large and
33:45
so much backing love it. Okay?
33:48
Again I'm hearing the the shit koiner the Army out there
33:54
thinking man, what about proof of stake is proof of steak
33:58
better than proof of work. What would be your response to
34:01
that proof of steak better than proof-of-work?
34:05
Proof of stake? Puts the power of consensus in
34:09
the hands of a few, in the sense where you have people coming
34:13
together on a site and they're just like mining pools, right?
34:16
But there and they stake their etherium and they're and they're
34:19
getting rewards and they're providing consensus to the
34:21
network and that's all Run on the existing infrastructure.
34:28
It's not like people are running their own servers and everyone's
34:30
running their own computers to provide staking Services.
34:34
Now they're going to AWS, they're going to Microsoft,
34:36
they're going to IBM and so you're literally consolidating
34:40
the the processing power per se or the Opera the the server
34:44
level only in the hands of a few big players.
34:47
And so that's where I push back on POS.
34:51
And when it comes to proof-of-work, yes, there are.
34:53
R mining pools. Yes.
34:54
A few of them have a lot of hash rate but it's a much different
34:57
because the infrastructure is what matters, a minor a binding.
35:00
Pull doesn't matter if it has no minors and minors can always
35:04
switch mining pools very quickly.
35:05
It's a quick like it takes you can move over you know 100
35:08
million dollars for the miners invested or 1% or 2% the network
35:13
by just the click of a button. And so with that type of
35:15
Mobility proof of work I think is superior.
35:19
Not only because it creates inherent value for communities.
35:22
It creates jobs Jobs in the area and it's making an impact on
35:27
these rural areas that, you know, the Rust Belt that lost
35:30
manufacturing jobs overseas, and that, that have the need for
35:35
employment for especially for young men across across the
35:38
country. Yeah, couldn't agree more.
35:40
I mean, as someone that's been in Bitcoin, not as long as you
35:43
I've been around for six years I think is this year.
35:47
We know the that Bitcoin is incentivizing energy, used clean
35:52
energy, whether That is wasted energy or like what we saw this
35:56
year even nuclear energy. So what's your thoughts on
35:59
plugging in a six into nuclear power?
36:03
I love it. I mean it's a very low-cost
36:06
stress generation Source. I think that there's a future in
36:10
it and it provides the ability for the nuclear plant to provide
36:12
a consistent output of energy and then mine Bitcoin on the
36:17
side when the energy is not being used, but nuclear has a
36:20
lot more granularity in something like natural gas or
36:22
coal. So, in that gas and coal, they
36:25
are, would say or more advantageous to the variability
36:28
that they have, when it comes to a generation Source, the nuclear
36:31
nuclear if you want 1,000 megawatts, You go, right?
36:33
If you want 900 megawatts, you go left on the dial and that's
36:37
just the beautiful nature of nuclear.
36:38
One thing to add about nuclear energy, that I think is very
36:41
interesting and people to look into more is the reason why
36:44
nuclear energy is not more proud of prevalent in the United
36:48
States is because of one definition on how we regulate
36:51
nuclear energy. So every governmental agency
36:54
regulates nuclear energy by changing the definition of
36:58
allowable. So, when we build a nuclear
37:01
power plant, we have to build to the minimum allowable amount of
37:06
radiation. And what we can do, or what The
37:09
Regulators do in my belief is that we change the definition of
37:13
allowable to be so hard and so hard to comply with during the
37:18
production and building of these plants that it becomes almost
37:21
impossible and for them to be built cost-effectively versus
37:26
someone like the Navy who has a different definition of
37:28
allowable allows them to build very effective nuclear.
37:33
Submarines nuclear aircraft carriers and allows them to
37:36
deploy their Fleet on this amazing energy source.
37:38
So really looking at the definition of how are we
37:41
defining? What is allowable?
37:42
And obviously we want to have safety procedures but when you
37:45
make the definition of allowable so much harder to comply with
37:49
it, makes it unprofitable for us to build new nuclear and sadly
37:52
just take so much longer. So I'm hoping new tech comes out
37:56
and I'm hoping that we can get more clarity from the regulatory
38:00
bodies and make it clear definition of the Amount of
38:03
allowable radiation the future. Absolutely love it and and
38:07
you're kind of bringing up a narrative that I hear a lot
38:11
coming out, not necessarily from bit corners but those that are
38:14
anti Bitcoin or anti Bitcoin mining.
38:17
And we talk about it all the time.
38:18
It's the incredible Hoops that bitcoiners Bitcoin companies and
38:23
Bitcoin miners have to jump through to basically justify
38:26
what we do. So what's your thoughts on like
38:30
the whole ESG green energy? Narrative that I think is going
38:34
to come down very hard on bitcoin miners.
38:37
We've seen, we're seeing like the initial grumblings of this,
38:40
but I think that this is one of those narratives that is going
38:43
to definitely be weaponized against Bitcoin Miners, And
38:47
there's going to have to be a huge PR move against it, like
38:50
our boy Pierre Richard and his trolling of the New York Times
38:54
absolute Legend, but what's your thoughts on all this?
38:58
Yes, I think esu's environmental sustainable and governance.
39:02
So when it comes to environmental we are using
39:08
strand energy. You know, Bitcoin mining can be
39:11
used to capture methane gas. Bitcoin mining can be utilized
39:15
to provide wind and solar consumption wind and solar.
39:19
Yes. Bitcoin mining can also be used
39:20
at a coal plant because every electrons created is a lever
39:24
electron is equal. It doesn't matter what it was
39:26
created from. When it comes to governance, I
39:28
think Bitcoin is a significant better way.
39:31
It's definitely better way to govern the people to govern the
39:35
amount, the, the money the system at whole it provides more
39:38
protection there. And so, I think that, yes,
39:41
they're going to use the guise of ESG to push down the fact
39:44
that using energy is bad. But that's the fundamental
39:47
difference of understanding how he condom he's function.
39:52
How values created is it all comes from energy.
39:57
We are made Up of energy, everything around us is was
40:01
created with energy that metal pen, you use, or that laptop,
40:06
you have was made from energy from a furnace, from a coal
40:10
plant, from a nuclear bomb, whatever was, and then it came
40:14
into your physical existence. And so, yes, we're bringing more
40:17
awareness to the energy usage of our planet, but it's not
40:22
necessarily A Bad Thing to use energy when it's a productive
40:25
use of energy, if anything, The worst type of energy is building
40:29
energy in the middle of nowhere, where no one needs.
40:33
And it just goes to the pay, the larger, you know, companies
40:38
BlackRock Vanguard State Street and the large energy companies
40:42
are the ones profiting and benefiting from it, which means
40:44
that a select few people are are effectively taxing or not,
40:49
effectively taxing but a select few people are benefiting from
40:51
these tax incentives and whenever we have these massive
40:55
incentive packages, we know that causes inflation.
40:57
Chin, and inflation is taxation without representation and
41:02
that's a serious problem is going to become even bigger
41:05
problem for everyone. As we move forward in the future
41:08
as inflation, is not going away and cost of goods and services
41:11
is only going to increase. Yeah, I I'm a little more left
41:15
left side of the bell curve. I'm just like more energy good.
41:18
They want you in the stone age's, we need energy to improve
41:22
society and push Society do anything.
41:24
Yes, it's incredible. How that is.
41:27
Just a pain, like the average person.
41:29
They're like the the ESG narrative is, is framed in the
41:33
idea of do less, or as anyone that wants to prosper, it's
41:37
like, no, we should be doing more to improve our lot in life.
41:41
Like, how are we The Crazy Ones? I agree completely.
41:46
I think that's what with a I it's going to explode because AI
41:48
allows everyone to have a personal assistant to have a
41:53
tutor to be able to really enable technology to work for
41:57
them. Now, if there's a great book
41:59
called The sovereign individual, and I'm listening to it right
42:01
now for the first time and they talk about the invention of the
42:04
microprocessor, which took away the power from nation states and
42:09
gave it to the people. AI is only going to accelerate
42:12
that you know by 100. So what we've seen with the
42:15
power of our phones and u.s. microprocessors and being able
42:19
to compute and communicate across the world.
42:21
So this is only a trend that the nation states are losing more
42:26
and more power. And individuals are going to
42:28
have the ability to make a bigger impact in the world with
42:32
both Ai and microprocessors. Ie computers.
42:36
Love it. Super glad you brought up AI,
42:38
but before I get into that, we absolutely love the sovereign
42:41
individual. But I did find this tweet here
42:43
on your Twitter. And it's very interesting that
42:47
we're seeing a lot of crypto shit.
42:49
Coin influencers, pivoting from their crypto to Ai.
42:53
And your Tweet here is if you are an AI pivot to energy and
42:57
the Tweet was deleted that you quote tweeted.
42:59
So what is your thinking here and, and what exactly is going
43:02
on? So someone else that if you're
43:05
in crypto pivot to AI or something, and I was like, you
43:08
know, what, a I pay with to energy and that was really
43:11
because of the amount of capital coming into the body and combine
43:14
infrastructure. Act in the amount of really
43:17
investment going into construction jobs, going into
43:21
high-tech, going into these solar panel manufacturing, wind
43:24
power manufacturing. There is a significant amount of
43:27
tax savings for deploying energy that, you know, could be a
43:31
capital could be spent otherwise.
43:33
And so the government's directing, this capital in the
43:34
energy markets. And so, if you're an
43:36
entrepreneur, whenever there's Capital moving in One Direction,
43:39
there's value to be captured, there's systems to be built.
43:42
And I believe that, G is a great opportunity for the I think with
43:47
AI we're seeing that it's going to be hard to build a moat.
43:50
You know the big companies are coming to Congress saying we
43:52
want to be regulated and Congress is like or the spike
43:55
the committee's are like we've never had an industry come and
43:58
say we want to be regulated. This is weird.
43:59
Why are you guys asking us? And the reality is that they
44:02
want to be the banks of a i they want to make it so you have to
44:05
go to open a, i Microsoft, you know, Google one of those three
44:09
Facebook to get. You're AI license to run your
44:12
AI. The reality is I don't see.
44:14
A, I'm moving in that direction. I see the open source Community
44:18
accelerating. The pace of development of these
44:20
models dramatically and they already are doing it.
44:23
And I see open source owning a eye and making it so that
44:26
everyone can run this, an AI system on there, you know, on
44:30
the computer which means that there are little modes that you
44:33
can bill. If you're working in a, I got
44:35
three different ways tradition. If you doing something very
44:37
different than what everyone else is doing in order to build
44:40
a moat in order to build value, we're in the energy space.
44:43
Is you're looking for cash. Cash flow.
44:45
There's real electrons. Moving.
44:46
It's an investment into the infrastructure in the physical
44:49
world, which has more defined returns and cost associated with
44:53
it. Well, well, I absolutely love it
44:55
cuz I am also kind of an agreement.
44:58
I think the The Narrative of like AI is going to steal our
45:03
lunch and take all of our jobs. I think it's a little misguided
45:07
and dystopia and I always look at it the same way like
45:09
technology is here to improve our lives.
45:12
And I think a I will Inevitably improve our lives in a way.
45:16
We can't even imagine like, humans are very adaptable and
45:22
now we have this new technology that's going to make our lives
45:25
even better. Like, I don't know if you use
45:26
chat gbt guys, but like, it's pretty fucking awesome.
45:30
It's pretty cool to do the things that you want to do very
45:33
quickly. Anyways, I don't market
45:35
Jerusalem wrote, a great, great article, and I called why a, I
45:38
will save the world and he starts off with every student,
45:42
will have it their own personal tutor.
45:44
That never gets tired that is able to work on the child's pace
45:49
and with the child through these different new learning, as
45:52
they're learning these core skill sets that is going to
45:54
change everything. We know.
45:56
So AI has a potential to be all of our serve Butlers and take
46:00
all of this raw computational power kind of like the ability
46:04
to execute on an idea much faster than without a i before.
46:08
So, I'm a big proponent of it and of keeping a decentralized.
46:12
Absolutely love it. Okay.
46:13
Pivoting a I'll bit right now, again we already got your price
46:19
speculation but what is your? I don't know, two-year, future
46:26
crystal ball telling you about Bitcoin, mining moving forward,
46:30
the next two years. Like what are you looking for?
46:33
What do you think is in the roadmap ahead and then to tack
46:36
on top of that? Do you still believe that having
46:38
cycle is intact? I do I still believe that the
46:44
having cycle is intact even though we didn't, you know, hit
46:46
a hundred thousand dollars. I think that has more to do with
46:50
the amount of fake Bitcoins that were being sold or paper
46:52
Bitcoins by, you know, ft x and others then.
46:57
So that's my thoughts on on them having and the four-year cycle.
47:01
I do think that it plays dramatically into the price of
47:05
Bitcoin as we see the float, a Bitcoin is that amount of
47:09
Bitcoins I haven't been so Old or moved for over a year is only
47:12
increasing. And when that floats,
47:14
eliminated, when the price runs as I mentioned, it runs on only
47:16
a few days a year and goes up dramatically.
47:19
That order book is really, really thin.
47:21
So you know, long-term next two years, I think Bitcoin
47:24
development. I don't know where ordinals are
47:27
going to go. I hope there's more clarity on
47:29
the ability to provide cash flow from the SEC through these
47:32
ordinals assets. I hope there's more technology
47:35
built on on Lightning, you know, I think social media was a great
47:38
first step but there's a lot of Interesting opportunities out
47:42
there, people are looking like so I think is sonoda Sy.
47:46
N OT a Adam helping people settle Energy payments using
47:49
lightning every day or every every 15 minutes.
47:52
So it's a huge amount of opportunities out there to build
47:56
on the Bitcoin stack. And with ordinals, there was a
47:59
lot more interest in from developers in Bitcoin, which is
48:04
this core kind of, you know, slow-moving technology, which
48:08
may be be opening up. To The Wider Public public.
48:12
And The Wider developers, love it.
48:14
So again, we're picking your brain, hear someone that's been
48:18
in the space for a long long time.
48:20
But what do you most bullish on right now?
48:22
In General, on bitcoin, like what gets you the most excited?
48:26
Considering you've been doing this for almost a decade?
48:30
The most, you know, what gets me the most exciting is waking up
48:34
everyday and in building new mines and working in local
48:38
communities in the Midwest. And and I Were and bring it on
48:42
young young men and young women and allowing them to have the
48:46
opportunity to service these facilities have high paying jobs
48:49
working in an environment that is productive for their mental
48:52
health and really leading a group, you know, there's a red,
48:55
it something recently that there's really two ways you can
48:57
grow as an individual. The first one is to have kids
49:00
and be a parent and I'm still too young for that and my
49:03
opinion, the second one is to run a company and be an
49:06
entrepreneur. So I think, you know, for me,
49:09
I'm really focused on On I'm just I'm just building a better.
49:12
Better processes better team in more accessibility so if I had
49:15
to go back to answer the question of what I'm most
49:18
excited for, I have to have to toot my own horn a little bit.
49:20
I think I'm really excited for the ability for people to get
49:24
into these infrastructure streams if it's Bitcoin mining,
49:27
if its energy wherever they're, you know, wherever there might
49:31
be but get into real cash flow that's going to pay a dividend
49:35
and and be able to do that through the reg CF process.
49:38
So always exploring exploring what that looks like.
49:40
You can explain how to make that an easier solution and do one
49:43
day launching an app, where provides influencers, the
49:46
ability to work with our fans to provide them, a clear investment
49:51
in an infrastructure project, that's going to pay dividends
49:53
for them, for the rest for 10-15 five years, depending on the
49:57
investment. But the Bitcoin space you know,
50:00
it's it's not the same old same old but it's meant to to not
50:05
really change too much. Yeah, it's stable on purpose.
50:09
This is a feature, not a bug. Ugh, don't need any flashy
50:13
thing, exactly. This is this is what people miss
50:16
all the time. It's like, you don't need a new
50:18
dopamine rush to understand why you love Bitcoin.
50:22
And why is stable monetary policy is so exciting and and
50:27
not only exciting but so needed in the world right now but I
50:30
kind of want to go back to what you're talking about.
50:31
Are you getting more interest recently from from people
50:35
looking into Bitcoin mining than in the past?
50:37
Or is it just like a slow grind up?
50:40
People are waking up to the idea.
50:42
Oh wait, maybe I can you know, make a career out of this
50:44
Bitcoin mining thing. I would say that the people who
50:49
have seen the Playbook before the people who have done it
50:51
before. They're definitely allocating
50:53
Capital. People who are, we're not seeing
50:56
in a loads of new people come in the industry.
50:58
We're seeing smarter investors, we up their positions, you know,
51:02
dollar cost average into their machines and invest capital in
51:05
it. But like I said, sadly people
51:09
want to keep want to allocate Capital when it's when it's
51:11
exciting, when the price is going up versus when the prices
51:14
down. And and so that's just that's
51:16
kind of what we're Seeing today oh man Gotta Love human
51:19
psychology. It's that's my favorite aspect
51:22
about all this stuff but anyway it's let's use the last couple
51:24
of minutes JP and because I want to be mindful of your time,
51:28
stick it around an hour, but what are you working on?
51:31
What do you want? The people to know, where can
51:33
they reach you and all this good stuff.
51:35
And then I got one last question because I saw your also in the
51:38
Bitcoin content game. But let's go with what are you
51:41
working on right now and what do you want the people to know?
51:45
Sure. So what I want people to know is
51:48
keep stacking SATs every day and put some stats away and don't
51:52
sell them. No matter what.
51:53
Like wait 20 years, make a promise to yourself that you're
51:57
going to put in the safe and you're not going to look at that
52:00
paper wallet. It's something that I regret
52:02
doing and back in 2013 is you know, selling Bitcoin at hundred
52:05
fifty dollars, a coin or whatever and not holding on to
52:07
it longer. So I recommend everyone doing
52:10
that because the prices were talking about today twenty six
52:12
thousand dollars a coin ten years from now.
52:14
Now, those numbers are going to look insanely small compared to
52:17
what there will be. So that's my advice to everyone
52:19
is put away the Bitcoin so you can actually sell it.
52:21
You can't use it and you can't touch it.
52:24
Effectively what I'm working, honors, the red cof working.
52:28
On deploying new facilities, really hiring, and training.
52:31
The right staff to run each facility and building out a
52:36
process or a guideline on how someone can come into our
52:40
organization. At the mining stores of
52:42
technician level one with very little experience.
52:44
Variants. How they can go from making
52:46
twenty two dollars, an hour all the way up to making $40 $50 an
52:50
hour has a key employee in the business and as a operator and
52:54
owner. That's that's where my focus is.
52:57
I want to make sure that my team has clear responsibilities and
53:00
clear outcomes and outlines of how they can succeed in perform
53:05
the best and how we can succeed as an organization and really,
53:08
you know, one stepping foot in front of the other just
53:11
deploying megawatts across the Midwest, love it.
53:14
I absolutely love it. Okay, well you did talk about
53:16
the mining store so let's give it one last plug before we roll
53:19
this out. What are you doing over there at
53:21
the mining store? And what do you guys offer over
53:24
there? Yes, we got the manage mining
53:27
Service. As I mentioned where you're
53:28
going, it's a profit-sharing. Bitcoin mining solution, we do
53:31
out for normal hosting and then we help large clients, build out
53:34
and operate their own sites and own them.
53:37
This is the first facility there on the screen that we ever built
53:40
in Iowa. And we've been doing projects
53:42
all across the nation. And it's an exciting time.
53:46
I'm also on Tick-Tock as well and making content on Instagram
53:50
and if you haven't checked out those videos, they're very it
53:54
can be clicked Beatty, definitely check them out.
53:55
Some of them are trying to get more useful but it's my
53:58
intention to build like a thousand fans and to really
54:01
start sharing the information and knowledge that I have over
54:03
the past 10 years and let the world know why it's important.
54:07
So that's what I'm excited for. Love it.
54:09
I'm glad you touched on the Bitcoin content game because I
54:13
think this is Is a much-needed area.
54:16
It's like hey you know I may not be a developer, I may not be a
54:20
miner but I'm doing my best to try to spread that signal wake
54:24
up more people and have them hold Bitcoin and kudos to you,
54:27
bro, because I know that, you know, it is not as easy as it
54:32
looks to make Bitcoin content or content in general.
54:35
So what's your thoughts on bitcoin content right now?
54:39
I mean, I love it. Keep make it like, we have a
54:41
formula that works really well for viral videos.
54:43
For mining people love to understand that computers can
54:46
make the money and the those videos seem to do really well.
54:49
So definitely check them out. I had a video, get 37 million
54:53
views on just my Tick Tock, and then from there, and BC reached
54:57
out, I was like, last year. Hey come come on dr.
54:59
Phil and explain Bitcoin mining and Bitcoin to dr.
55:02
Phil and so, I had an amazing experience last January and the
55:05
ability to do that. And I'm hoping more
55:07
opportunities like that can come up.
55:09
I'm able to share the knowledge base that I built in simplify
55:13
Bitcoin and Bitcoin mining to to the masses and I'm excited to
55:16
continue to do that. Wow amazing talking to dr.
55:21
Phil about Bitcoin mining. How did I not know about this is
55:24
incredible. Absolutely insane.
55:28
Your Pub, the videos I could I could at this point.
55:32
But oh man. Well before I go, how did he
55:38
respond to? It.
55:40
I mean he was it's a similar. Like I can't touch it.
55:44
I don't really know what this is but he was very open and dr.
55:47
Phil, I mean, he does three shows a day so he is reading
55:49
from the teleprompter, you know, question after question his
55:52
reaction is natural and but he is everything is built around
55:57
him and we had a show it was an hour hour long me and four,
56:00
other guests and I was actually negotiating or kind of standing
56:04
up for why Bitcoin was valuable and then had someone on the
56:07
other side say or was you know like dog shit and it was the
56:09
worst and I had to Explain to him.
56:11
No, no no, that's not the case. And like this is why it's
56:14
valuable and so we're going back and forth so they made it into a
56:16
pretty good drama you know as as dr.
56:19
Phil does. Yeah, they kind of expect it got
56:22
to expect it with dr. Phil anyways.
56:24
Alright, let's let's plug your Twitter will plug mining store
56:27
one more time and then we'll roll this out.
56:29
So we don't take up too much of your time because I'm sure
56:32
you're a busy guy. I appreciate it.
56:35
Thanks again, guys. Love it.
56:37
All right guys, go follow him on Twitter.
56:39
JP Barak mining, store.com. You already know the deal.
56:43
Get in touch with him. All your DMs open.
56:45
Can people get in touch with you?
56:46
Are you a man of the people? Yes Tammy said medium is they're
56:49
open on every platform Instagram and Twitter of the best.
56:52
Let's go. All right guys well hey JP
56:56
really appreciate it. Hang out for a minute and I will
56:58
roll this one out and then we'll let you get on your day.
57:03
All right, guys, really appreciate it.
57:05
I hope you guys got something from this one.
57:07
I absolutely blew my mind. Super bullish, not only on
57:11
bitcoin, but Bitcoin mining in general, obviously.
57:13
But I really loved a lot of JP's take, especially at the end.
57:17
Bitcoin content. Creation game is the next level
57:20
and he's on dr. Phil amazing.
57:24
All right, guys, well hey, we'll be back for our normal show
57:27
tomorrow. Like subscribe.
57:30
Share it. Make sure you get this one to
57:33
your normally friend. Maybe your parents are against
57:36
Bitcoin mining. Maybe your girlfriend is like,
57:38
why are you spending all your money on a 6?
57:40
Well, I think we got a video for you guys.
57:42
Anyways, appreciate all you guys will be back tomorrow for the
57:46
normal show. 1210 12:15 p.m. eastern time on YouTube.
57:50
Peace out, guys.