Latest / Simply Bitcoin / Mining Bitcoin with Nuclear Energy | EP 767

Transcript

Mining Bitcoin with Nuclear Energy | EP 767 · Simply Bitcoin

• 0:08
  Yo, we're gonna simply Bitcoin live with your number one source
• 0:11
  for the peaceful Bitcoin Revolution weaker, breaking news
• 0:14
  culture, medic Warfare, we will be your guide through the
• 0:16
  separation of money and state. We do have that type of news
• 0:20
  today, I'm very excited to cover.
• 0:22
  It kind of cope from, you know, the our friends over at the
• 0:27
  European Central Bank, you have, Christine Lagarde, literally
• 0:30
  blaming the weather for inflation.
• 0:32
  So we're going to play you that clip and we'll talk about it.
• 0:34
  And of course we have Fabio Panetta who's behind these
• 0:38
  Central Bank, digital currency initiative in Europe, coming out
• 0:42
  with me, Maddox on Twitter, basically, bashing Bitcoin.
• 0:46
  The idea of Bitcoin how can never be a money.
• 0:48
  Why you need it? You need a central bank for
• 0:50
  financial stability. Etc, etc, etc.
• 0:53
  And that's fine. And dandy fine.
• 0:54
  You maybe, you could maybe make the argument that that central
• 0:59
  banks have done a good job in Europe, you know.
• 1:01
  But in most of the world that, you know, in most of the world's
• 1:06
  countries whether it's Argentina.
• 1:08
  Or turkey or Venezuela, those central banks.
• 1:11
  In those countries, they don't have the ability to just create
• 1:15
  print money without causing ridiculous inflation.
• 1:17
  So, this idea that somehow central banks have done their
• 1:21
  job and that Bitcoin is not a viable.
• 1:24
  Alternative is just it's a bit of financial privilege and it's
• 1:27
  a bit of gas lighting, right? But we're getting to the point
• 1:31
  in the movie where I think they've ran out of excuses, say
• 1:34
  feedings done this great job where he has this this giant
• 1:36
  thread of All these different excuses as to why inflation is a
• 1:41
  thing, blaming everything and anything, but themselves, which
• 1:44
  is I find. Absolutely hilarious should not
• 1:47
  come as a surprise to you if you're a Bitcoin, ER, and then
• 1:51
  they're in the culture segment, I'm actually really really
• 1:53
  excited because we're going to cover a very, very interesting
• 1:56
  topic. I'm going to bring up my
• 1:57
  legendary co-host, who's an HD today?
• 2:00
  The only Optimist Fields. I got new internet finally
• 2:03
  hooked up into five or so. Hopefully, this is looking good.
• 2:07
  But yeah, man. I am super excited for today's
• 2:09
  culture. We got co-founder and CEO of
• 2:12
  Terror wolf and we got linked up because they had some good news
• 2:16
  story the other, I don't know, maybe like a month or so ago
• 2:18
  about plugging Bitcoin miners into nuclear power and you know
• 2:22
  how that gets us excited. So we're going to go all in on
• 2:25
  Terra wolf today and I think you guys are going to truly enjoy
• 2:28
  today's episode, let's get into this nuclear nuclear Bitcoin.
• 2:32
  Nuclear Bitcoin, what's up? Ms are, welcome to the show.
• 2:35
  Happy to have you. Thanks for having me.
• 2:37
  I'm very happy to be here. Why don't you give everyone a
• 2:41
  quip quick elevator pitch of what is Tara?
• 2:44
  Wolf, sure terrible, fizzes zero-carbon Bitcoin miner, my
• 2:51
  partner, co-founder and I found a company in January of twenty,
• 2:55
  twenty one. Before that, we've been
• 2:57
  operating owning developing power plants across the world.
• 3:01
  So, at our Peak, we had over 5 gigawatts, it's 5,000.
• 3:04
  Megawatts of capacity. So we are intimately familiar.
• 3:08
  No, you're with, how do you produce power, where you sell
• 3:10
  Power, what's the value of that power?
• 3:12
  And what really got me into Bitcoin was really just
• 3:15
  understanding the interplay between Mining and the energy
• 3:19
  grid. And that's when I started
• 3:21
  looking at Bitcoin, this is probably back in 1718 once I
• 3:24
  understood Bitcoin. I was like this thing.
• 3:25
  This is Bitcoins amazing in and of itself.
• 3:28
  And when you really think about how power and energy integrates
• 3:32
  with the mining, it became even, you know, even more amazing,
• 3:35
  just giving our background. And so we started kind of mining
• 3:38
  in 2019 time frame just on her own.
• 3:42
  Again, this whole idea that, you know, we understand how power is
• 3:45
  produced where it's produced, what's the value of that power?
• 3:48
  And we think about Bitcoin mining.
• 3:49
  It's all about the lowest cost of production and so having that
• 3:52
  sophisticated Nuance understanding of how to procure
• 3:55
  energy at a good price, not just today.
• 3:57
  But you know tomorrow five years from now, seven years from now
• 3:59
  and understanding the regulatory construct in which energy and
• 4:03
  power operates in that, we know we thought was critical.
• 4:05
  And so when I started having discussions with people, Space,
• 4:08
  you know I said, hey I don't know how to mine Bitcoin but I
• 4:10
  know power, let me talk to people whom I Bitcoin, it became
• 4:13
  very apparent to me that most people had no idea what they're
• 4:16
  talking about, respect and power that work that we're Mining.
• 4:19
  And so you know, we don't think we're Geniuses but you know,
• 4:22
  we've been doing power for 20 years.
• 4:23
  We said, hey, you know, we have a lot to add here and when we
• 4:26
  think about Bitcoin mining, it's really energy infrastructure
• 4:30
  that drives Bitcoin mining and again the ability to deliver
• 4:33
  your hash to the network at the lowest cost possible.
• 4:37
  That's both efficiency and operations, the cost of
• 4:40
  production in terms, your cost of power and obviously just
• 4:42
  efficiency or minor. So we had terrible, we have two
• 4:45
  sites, 21, and Upstate New York, we retired the last two coal
• 4:50
  plants, the state of New York, those coal plants, we bought
• 4:55
  them knowing that we would preside over the retirement of
• 4:57
  those facilities. So we weren't out there saying,
• 4:59
  hey we're going to run coal plants for 20 years.
• 5:01
  We've bought them knowing that we would retire those two
• 5:04
  facilities and we did at the time.
• 5:06
  Your this is And we met with the governor's office.
• 5:10
  And I told them at that time, I said, listen, we know we're
• 5:13
  going to preside over their time of these facilities.
• 5:15
  We are going to transition these facilities.
• 5:17
  You know, we've got about 700 megawatts of interconnection
• 5:20
  capability at one site in particular.
• 5:21
  That's our Upstate New York site now where the grid is fully
• 5:25
  developed around. Moving 700, megawatts of power
• 5:29
  in and out of the site. And the easiest thing to do is
• 5:31
  actually to retire, this coal, plant, what's more difficult is,
• 5:34
  what do you do with the site afterwards?
• 5:35
  And so, at the time, I I know what we were going to do, but I
• 5:39
  knew that we were going to do something electrically, right?
• 5:40
  So that's how again going back to 2016.
• 5:43
  We had this idea that utilizing energy, infrastructure,
• 5:46
  utilizing the grid and being able to understand how to bring
• 5:49
  loads or bring loads to sites, you know, could be beneficial to
• 5:51
  the grid. So that's one side and Upstate
• 5:53
  New York. It's 110 megawatts, the total
• 5:55
  capacity. We just announced last week that
• 5:57
  we brought our second building online.
• 5:58
  At that site. We set about 25 miles away from
• 6:01
  the high Agri Hydro facility. So, 91 percent plus of the
• 6:06
  carpet, the key H electricity, we consume at that site.
• 6:09
  Come from zero-carbon energy, source, and we've got a plan to
• 6:13
  bring that to 100%, you know, in the next few years that site has
• 6:16
  the capability to be up to, you know, 500 megawatts over time
• 6:20
  and so we're actually working on thinking about, you know, kind
• 6:23
  of next phases at that site. Second site that we have was the
• 6:27
  announcement you referred to earlier around a nuclear site.
• 6:29
  So we have 50 megawatts of operating capacity at the
• 6:32
  Susquehanna nuclear facility. We think it's, I think it's the
• 6:35
  largest behind the meter on Operation for nuclear-powered
• 6:39
  Bitcoin in the country. A 100% of the kilowatt hours of
• 6:44
  electricity, that supplies their come from a zero-carbon energy
• 6:47
  source called this nuclear power plant.
• 6:49
  And again, when you think about why we located there, it's the
• 6:52
  same thing, you know. Nuclear power plant wants to
• 6:54
  have want to be able to run at a high level of capacity.
• 6:58
  At all hours of the day, you know where the market is today
• 7:01
  that pricing doesn't support that and so having an energy
• 7:05
  synchronous load called Bitcoin mining you know was To that
• 7:08
  operator there. It's a two-and-a-half gigawatt
• 7:10
  site. We've got the ability to expand
• 7:13
  another 50 megawatts there as well.
• 7:15
  And so when we look at our portfolio, we got two sites
• 7:18
  again nuclear, you know, 100% zero carbon Hydro, you know, 91
• 7:23
  percent plus the, you know, zero carbon and again we're doing
• 7:26
  that because having, you know, we think the entire grid is
• 7:31
  decarbonizing and so we think we're ahead of the curve and in
• 7:34
  the we're in the head of the curve.
• 7:35
  In a way that we also think that we're getting the benefit of
• 7:37
  Lowest price possible in the market.
• 7:39
  So that's kind of critical to what we do and so we pride
• 7:41
  ourselves on being energy, infrastructure, operators and
• 7:44
  understanding again kind of how the energy grid works and being
• 7:47
  able to locate the Bitcoin mining loads in the most
• 7:50
  efficient way. And part of what I've been doing
• 7:53
  in the last couple years, you know is for 20-plus years.
• 7:56
  Again, we were talking to Regulators utilities you know in
• 8:00
  the power space is educating people about what Bitcoin mining
• 8:04
  really is, right? I mean, I think there's a lot of
• 8:06
  misunderstanding. Maybe it's laziness nonpartisan
• 8:10
  people, not to spend the time to understand what's going on.
• 8:12
  But, you know, when you really understand how Bitcoin mining
• 8:15
  load works, it can be very accretive to the operation of
• 8:18
  the overall grid. And so, you know, I spent a lot
• 8:20
  of time trying to again demystify and educate them and
• 8:23
  say, hey, it's just take away labels.
• 8:25
  You know, sometimes labels carry a lot of weight to them.
• 8:28
  Let's just kind of take labels aside and think about what these
• 8:30
  loads are how they work. And how when done properly,
• 8:33
  right? When done properly how best they
• 8:35
  can kind of integrate into the grid.
• 8:37
  And, you know, I'm, you know, and I think we as bitcoiners
• 8:40
  also need to be honest, you know, with others, especially
• 8:44
  those kind of on the outside and saying, you know, there's a
• 8:46
  right way to do this and there's not a right way to do this.
• 8:48
  And so, I think, you know, part of the thing is, we need to kind
• 8:50
  of highlight the people. What is right way to do it.
• 8:52
  And again, if done properly this response of load called Bitcoin
• 8:56
  mining and I think is you know going to be a critical resource
• 9:00
  to the overall decarbonization the grid 100%, I think and and
• 9:03
  what's interesting is the we always make this theory of the
• 9:06
  case Fred Segal. Lead to bitcoin energy,
• 9:09
  producers are inevitably going to run into Bitcoin, I don't
• 9:12
  think. And of course, you know, you
• 9:13
  have a lot more experiences are and please correct me.
• 9:15
  If you think I'm wrong in the statement where Bitcoin miners /
• 9:19
  like they they're this unique thing where they're able to
• 9:24
  turn. Otherwise stranded energy,
• 9:25
  you're wasted energy. However, which way you want to
• 9:27
  frame it into money, right? And I don't think any other, I
• 9:32
  can't think of any other tool or any technology that has that
• 9:35
  capability. And because of that, that I
• 9:38
  think that's what makes Bitcoin mining, so attractive to energy
• 9:42
  players as a whole. I think that's why, you know,
• 9:44
  you know, you have energy companies, like she'll
• 9:47
  ConocoPhillips, whether it's gas, prom in Russia, tepco in
• 9:51
  Japan, they're all looking at this and they're saying, hey
• 9:53
  wait a second, there might be something here, right?
• 9:56
  So and you know, based on what you were just saying, just now,
• 9:58
  it seems like you had a very similar story.
• 10:00
  You had a background in energy production and then you look at
• 10:03
  Bitcoin and, you know, it's, I feel like it's a match made in
• 10:06
  heaven. I think it's, it's All roads
• 10:08
  lead to bitcoin. It's, you know, it's it's so
• 10:12
  it's so obvious in hindsight, I guess.
• 10:15
  Yeah. And I think, you know, the, when
• 10:17
  you think about the power grid, right?
• 10:21
  It's all based on system utilization, right?
• 10:24
  So, you know, the grid is design your, there's 8760 hours in the
• 10:28
  year and at 2 a.m. on any given day, the demand and the system
• 10:33
  is fairly low, right? Most people are sleeping.
• 10:35
  There's some, some, some Demand by 2:00 in the afternoon.
• 10:37
  Soon you know demands probably doubled from where it was at
• 10:40
  2:00 in the morning. You know people get up this are
• 10:42
  going to work you know. Office is open up schools, open
• 10:45
  up and so there's a significant gap between you know kind of
• 10:48
  peak demand in any given day and kind of the trough of demand.
• 10:51
  But the system is designed to be not only just Peak Demand on the
• 10:55
  average day but Peak demand the super Peak Demand, right?
• 10:57
  The 200 200 hours a year where the demand is the highest right
• 11:01
  when it's 105 degrees outside and everyone's on their air
• 11:03
  conditioning. And so the system is designed to
• 11:06
  meet that. So by definition Mission right
• 11:08
  by definition, the most Vivid, the vast majority of the hours.
• 11:12
  In the year. The system, the electric grid is
• 11:15
  effectively being underutilized, right?
• 11:17
  That means the transmission lines are under your lies.
• 11:19
  That means the generation sources are underutilized.
• 11:21
  And now you layer on top of that, the fact that almost all
• 11:25
  of the capacity that's being added to the grid is
• 11:27
  intermittent nature, right? Whether it's a solar facility or
• 11:30
  win facility, those operate, you know, 30, 35, you know, maybe
• 11:34
  40% of the hours of the year and so, when they're there, Are
• 11:37
  there great, it's a zero marginal cost product, but when
• 11:40
  they're not there, you know, something kind of needs to fit
• 11:42
  the fill that void and so again having a load that can be
• 11:46
  responsive to the changes in what's happening on the supply
• 11:50
  side is critical and I tell people you know the way the grid
• 11:54
  operates right? Effectively the Paradigm is
• 11:57
  being flipped on its head, you know, if you go back 30 years
• 11:59
  ago the system was designed where the supply would follow
• 12:03
  the demand. And so again like I said to Anna
• 12:06
  to am on any given day. Demand is fairly low 2 p.m. you
• 12:10
  know kind of ramps up over the course of the day.
• 12:12
  And so all of these thermal generators called, coal plants.
• 12:15
  Gasp a sweet, kind of ramped up to meet that Demand, right?
• 12:17
  You had dispatchable generation to meet that demand.
• 12:20
  What we're doing now is is all the coal plants, we gone away,
• 12:23
  you know, gas plants. I think, you know, we're a 30
• 12:25
  year time frame will be challenged as well.
• 12:28
  And so in every new Mega Watt that's being added is
• 12:30
  intermittent and nature, right? And so now all the sudden, when
• 12:33
  the winch, when the sun shines in the Wind Blows, there's
• 12:36
  energy there. And when it doesn't It's not
• 12:38
  there. And so having the demand side
• 12:41
  now, be able to kind of follow the supply side.
• 12:44
  You know, is you know, what we see is kind of, you know, how
• 12:46
  the energy grids going to transition.
• 12:48
  And once the most kind of efficient and effective response
• 12:52
  of low, that's out there, it's Bitcoin mining, right?
• 12:54
  I mean, in any time in increment you know exactly what your
• 12:57
  marginal cost of producing Bitcoin is unit cost of power
• 13:00
  than our cashier in the price of Bitcoin.
• 13:02
  So every 10 minutes you've got two very economically rational
• 13:06
  decision to make with respect to You be an energy sink and right,
• 13:09
  I call these Bitcoin mining, loads is energy tanks, and so,
• 13:12
  responsive loads, you know, Bitcoin mines as responsive
• 13:15
  loads and being properly integrated grid, you know, are
• 13:18
  the key to decarbonization as we know it.
• 13:22
  And in a lot of people say, Hey, you know, Bitcoin mining is, you
• 13:24
  know, not that big and grand scheme of things.
• 13:27
  Not that huge. Yeah, it may be.
• 13:30
  But when you think about how responsive load should work, you
• 13:33
  know, I think the Bitcoin miners are the kind of the textbook
• 13:36
  case of how those should work. Right.
• 13:37
  So I think we as Bitcoin miners has said you know there's a lot
• 13:41
  of Education that goes around it so we're talking to grid
• 13:44
  operators right educating them again around the value
• 13:47
  responsive loads and how to kind of the Grid.
• 13:50
  It's more efficient and effective for the grid to pay
• 13:52
  for that responsiveness. From a demand-side resource like
• 13:55
  a Bitcoin mining load versus trying to just build more stuff,
• 13:58
  right? The the alternative to
• 14:00
  decarbonize the grid and not having responsive loads just
• 14:03
  build more stuff, more wind farms, more transmission lines,
• 14:05
  more solar facilities, not cost a lot of money.
• 14:07
  Takes a lot of time. And so again it's not just kind
• 14:11
  of the accretion that comes through having a responsive load
• 14:13
  and balancing the grid out in times of stress but also over
• 14:17
  the long run. You know I think from a capital
• 14:19
  perspective again focusing on the demand side and focusing on
• 14:23
  the ability to integrate responsive loads into the grid,
• 14:25
  will significantly decrease the total Capital required to kind
• 14:28
  of the Cartwright's grid as well.
• 14:29
  And so again, there's a lot, you know, I'm saying here but you
• 14:31
  know, there's a lot that's kind of embedded within mining that
• 14:34
  just kind of goes beyond the day-to-day that also over the
• 14:37
  long term. ERM I think is critical to
• 14:39
  where, you know, with grids going to get to beautiful.
• 14:41
  Yeah, it's almost like another one of those situations where
• 14:45
  Bitcoin really truly does fix things.
• 14:47
  Anyways, everybody no more delay.
• 14:49
  Let's jump straight into numbers and we'll get back to this
• 14:51
  particular topic. During the culture segment,
• 14:53
  let's start the show. The Bitcoin numbers brought to
• 14:59
  you by novel. At this point, you should be
• 15:01
  running your own Bitcoin note. If you don't use your own
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  Bitcoin node, you're trusting someone else's run your own
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  whirlpool, and Dojo all from the comfort of your own home.
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  And if your digital Nomad, you have absolutely no excuse
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  Everybody I want to tell you about the largest Bitcoin
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  conference on the face of the Earth.
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  It's Bitcoin 2024. It's not going to be in Miami
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  promo code simply to get yourself a major discount to
• 15:47
  bitcoin 2024. At the time of recording, the
• 15:50
  Bitcoin price is thirty thousand, three hundred and
• 15:52
  twenty cents per dollar. 3290 8, block height, 196,000 28
• 15:57
  reachable, Bitcoin node seventeen thousand ninety six
• 16:00
  blocks to having 40 3972 having estimate, April 21st, 2024 total
• 16:06
  lightning network capacity. 5436 capacity value 164 million u.s.
• 16:12
  dollars realized monetary inflation 1.76 percent and the
• 16:15
  market capitalization of Bitcoin 588 billion dollars with Abby.
• 16:21
  Anyways I want to play you a video of opt.
• 16:22
  He's ex girlfriend Christine Lagarde and we're getting To the
• 16:26
  point in the movie, where the central Bankers are blaming
• 16:28
  anything and everything but themselves for being the cause
• 16:31
  of inflation, this is not a parody.
• 16:33
  This is a real video. Let's check it out.
• 16:36
  I'm a change affect inflation. And inflation is the Beast that
• 16:40
  all Central Bankers, whether they were a green jacket or not.
• 16:44
  Want to tame and discipline number two, because it affects
• 16:49
  our balance sheet. Whether it's a three trillion or
• 16:53
  a seven trillion balance sheets, it is affected by climate
• 16:56
  change, climate change effects in three.
• 16:59
  Ladies and gentlemen, the weather, the weather is
• 17:01
  affecting inflation and the central Bankers.
• 17:03
  They want to tame the Beast of inflation even though they are
• 17:06
  the primary cause of inflation. Here's say 15 who just came on
• 17:10
  simply Bitcoin IRL. By the way, I really recommend
• 17:12
  that episode if you guys haven't checked it out and he's very
• 17:16
  long thread on, I don't have time to go through every single
• 17:18
  one of these but it's just just to kind of give you an idea.
• 17:21
  Idea that everything, but money printing is the cause of
• 17:25
  inflation. So he starts off the thread by
• 17:27
  saying. Daily reminder that a Fiat
• 17:29
  Economist is someone who believe.
• 17:31
  Absolutely. Anything causes price Rises,
• 17:33
  accept an increase in the money supply.
• 17:35
  Here's an article from the financial times which we call
• 17:38
  the Fiat times here at simply Bitcoin does Beyonce blamed for
• 17:41
  stubbornly high Swedish inflation.
• 17:43
  That's right. Pop stars are causing inflation.
• 17:45
  Here's another example, spotted in Warsaw Poland in front of the
• 17:49
  Polish Central Bank, In cause of inflation Russian aggression in
• 17:53
  Ukraine, the pandemic and its consequences.
• 17:56
  Here's another one from the Toronto Star.
• 17:58
  Hi food costs are quote. Now the new normal as labor,
• 18:01
  shortages and extreme climate events, continue to plague the
• 18:04
  sector. Here's another one protects, 'it
• 18:08
  is to blame for inflation. Here's another one.
• 18:11
  What caused u.s. pandemic are inflation, Ben Bernanke and
• 18:14
  Oliver blond chart layout. How it started with supply-side
• 18:17
  constraints, and has now, shifted to labor market
• 18:20
  tightness, which Is having quote, a more significant role
• 18:23
  in pushing prices up here is an example.
• 18:27
  I can't read French, guys. I apologize.
• 18:28
  Here's another one, I know how much High inflation is hurting
• 18:31
  families and businesses across the country.
• 18:33
  But why is inflation particularly high in the in the
• 18:35
  in the UK especially food prices goes on to say, say 15 says the
• 18:41
  most entertaining sport to watch over the next two years will be
• 18:44
  the most the mental gymnastics of Fiat economists explaining to
• 18:47
  you. Why locking people at home?
• 18:49
  Banning them from work and printing trillions of dollars.
• 18:51
  They're actually unrelated to price Rises and economic crisis
• 18:55
  and I just want to play the video One More Time biopsies ex
• 18:57
  girlfriend, Christine Lagarde, blaming the weather for
• 19:00
  inflation climate change affect inflation.
• 19:04
  And inflation is the Beast that all Central Bankers, whether
• 19:07
  they were green jacket or not. Want to tame and discipline?
• 19:13
  That is a heaping pile of dog, shit.
• 19:16
  I don't believe it and I think say 15, you know, who's a lot
• 19:21
  more qualified than I am. Lays out the case but it's just
• 19:25
  absolutely hilarious. Like, the mental, gymnastics the
• 19:28
  lengths to which these people will go to to blame everything
• 19:32
  but themselves. Right it is it's forget about
• 19:35
  the increase in the money supply.
• 19:37
  You know? It is Beyonce, it's a pop star,
• 19:39
  this pops. Star, she's 100% responsible,
• 19:42
  the weather is 100% responsible, the war in Ukraine, the pandemic
• 19:46
  but it's never mentioned about the trillions of dollars that
• 19:49
  they printed out of thin air. It's never talked about, you
• 19:51
  know, and I think bitcoiners are very highly attuned to this to
• 19:56
  us. It's incredibly obvious, but
• 19:57
  it's our job. It's our responsibility to
• 19:59
  really wake up the rest of the world to this reality.
• 20:02
  Hey guys, you know, it's not left first, right?
• 20:04
  It's not red versus blue, it's a party of green.
• 20:07
  The party of Central Bank, digital currencies versus the
• 20:09
  party of order. Inches a party of Bitcoin right
• 20:12
  party of Truth. So yeah I just think it's
• 20:14
  absolutely hilarious. Nazar what's your take on this
• 20:16
  my friend after after you watch this video does this come as a
• 20:22
  surprise to? You know I mean I think you know
• 20:27
  that we had when they know whenever people say hey what are
• 20:30
  you, what are you up to these days?
• 20:31
  I'm Tom and I'm in the Bitcoin mining, you know, it's an
• 20:34
  opportunity to kind of talk about Bitcoin and kind of value.
• 20:38
  And you know I always say hey if You were too.
• 20:41
  If I were to give you the balance sheet of every single
• 20:43
  country in the world and I just took away the names, I took away
• 20:46
  United States or, you know, UK or Japan or take.
• 20:49
  Take take your country and I just kind of deleted the name of
• 20:53
  the country and I just showed you their balance sheet and
• 20:55
  showed you kind of what their cost of debt is you'd say, you
• 21:00
  know, all these companies, I said that told you there's
• 21:02
  companies, right? You say all of them are
• 21:04
  effectively bankrupt, right? There's no way they're ever
• 21:06
  going to repay their debt and, and Governments.
• 21:10
  Now have kind of accepted that there.
• 21:12
  Never repaying the debt, right? That's all about what is the
• 21:15
  right debt load, right? The idea that they can
• 21:17
  infinitely kind of run and they'll be able to again just
• 21:21
  kind of meat that current obligation, but never repay.
• 21:25
  The debt is a big shift, right? A big shift in how these
• 21:29
  countries are considered. And so, when you really push
• 21:32
  people on that and say, hey, just just again, let's all
• 21:34
  agree. These are just numbers that no
• 21:36
  government ever. Going to repay their debt.
• 21:38
  What do you think that means? And again, they can kind of Go
• 21:41
  off into different directions but cross Bitcoin is right.
• 21:44
  I mean, Bitcoin is the solution around that, right?
• 21:46
  I mean, that is the way that kind of balances things out, and
• 21:49
  so doesn't come as a surprise, but I think, you know, there's a
• 21:52
  lot of things are going to be said over the next, 20, 30, 40
• 21:55
  years, you know, as that truth, becomes more and more kind of
• 22:00
  closer to reality, right? I mean again, no government, you
• 22:02
  know, no government today. That exists is ever going to
• 22:04
  repay, you know, how their debts 100% Opti, how do you feel that
• 22:08
  you're responsible for this, you know this Lying out of
• 22:12
  sustaining the guard. You did date her.
• 22:13
  You did date a central Banker. You broke her heart.
• 22:16
  And then as Revenge, she decided to release the Central Bank.
• 22:20
  Digital currencies, how do you feel being responsible for this?
• 22:23
  Well, I'm not taking any personal responsibility for this
• 22:27
  Chrissy has completely lost the plot.
• 22:30
  My response is bro. What like I can't believe this
• 22:33
  is real. The weather affects inflation
• 22:36
  this is it's absolutely insane and we talk about it all the
• 22:39
  time whether we we have say 15 on whether it's just you and I
• 22:42
  Nico or whether the way that Nazar just pointed it out.
• 22:47
  Like the problem of inflation is very simple.
• 22:52
  They have expanded the monetary Supply like it AKA printing more
• 22:56
  money. Like this is, this is the
• 22:58
  barebone Simplicity of the situation.
• 23:02
  And the excuses are getting insane at this point.
• 23:04
  Like it's everything but money printer Gober like it's so
• 23:08
  simple. Once you really understand, The
• 23:10
  mechanics of what is going on here, but I think the real
• 23:14
  signal here Nico is. The fact that they wouldn't be
• 23:17
  saying this, if they didn't think they could get away with
• 23:19
  this, that they didn't think that the average person didn't
• 23:22
  understand how inflation works. So you know, they wouldn't have
• 23:26
  said that if they didn't think it had a chance of a passing off
• 23:30
  as truth. So, on the one hand, it makes me
• 23:33
  very optimistic. That look we know what the
• 23:36
  problem is and we just need to spread that signal as much as
• 23:39
  possible and On the other hand, it's just like, man, we have
• 23:42
  such an uphill battle because the average person doesn't
• 23:45
  understand how economics Works, doesn't understand how the
• 23:48
  monetary system works, and there's a lot of green grass out
• 23:52
  there to teach people, but, you know, it's very difficult to get
• 23:55
  people to even care about economics even though their
• 23:57
  whole lives revolves around it. And this is why they're getting
• 23:59
  poorer. And this is why we just
• 24:01
  constantly beat on that Meme of money printer gelber.
• 24:05
  It's the reason that things are going getting more expensive is
• 24:08
  because they are expanding. Running Supply, and it's very
• 24:12
  simple. But, you know, once you once you
• 24:15
  finally unplug, it's hard not to unsee it, but when you're in it,
• 24:19
  it's like safety and said on the IRL, you know, you're like fish
• 24:22
  in muddy water and you can't tell what is going on?
• 24:24
  What's up from down? And this is where everyone is
• 24:27
  right now. They don't understand how money
• 24:28
  Works. They don't understand how the
• 24:29
  economy works and this is by Design. 100%, it's literally by
• 24:34
  Design, but this is one of those things that Bitcoin also fixes
• 24:38
  but it is an educational thing. And You know, it really falls
• 24:41
  down to us individuals to really get the message out there.
• 24:44
  Just want to read a quick comment from one of our audience
• 24:46
  members, Bitcoin. For Canadian says, it's all
• 24:49
  Optics fault. He broke her heart and now she's
• 24:51
  booked. Oh man.
• 24:53
  Alright, everybody no more delay.
• 24:55
  Let's jump straight into the news.
• 24:56
  We got a lot to talk about it. Check it out.
• 25:00
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  All right, everybody else, want to give a shout-out to the
• 25:41
  orange pill up there building the social layer for Bitcoin, as
• 25:43
  crazy as this sounds. Without the people Bitcoin is
• 25:46
  just ones and zeroes. Bitcoin is the people Bitcoin.
• 25:48
  Is you, it's me, it's opted. Satoshi, download the orange
• 25:51
  Pearl app for iOS or Android and connect with other big Corners
• 25:54
  in real life today. Find other bitcoiners that live
• 25:57
  near you and you can even go into the app totally and on and
• 26:00
  search for other bitcoiners by common interest.
• 26:02
  Orangeville app is also the world's biggest repository for
• 26:05
  Bitcoin only events. If you want to meet other
• 26:07
  bitcoiners in real life, this is the app for you, sign up through
• 26:10
  the App Store and you can even pay and SATs.
• 26:12
  And of course opting I appreciate all the messages and
• 26:14
  we try to get to each and every one of them.
• 26:18
  Anyways, the breaking news for today seems like apple is
• 26:21
  continuing to protect their moat.
• 26:24
  This is Damas, it is a way to interact with the Noster
• 26:28
  protocol. On the iPhone.
• 26:30
  And basically, we've been covering this for the past week
• 26:33
  or so. Apple reached out to Damas and
• 26:35
  they said, hey, you have to remove the lightning, the the
• 26:39
  zap feature from the app. The zap feature is basically a
• 26:42
  way to tip people using lightning with Bitcoin, right?
• 26:47
  So they don't want people they don't want they don't want
• 26:50
  people to be able to do that. And look as a content creator I
• 26:53
  could show you. I post basically each one of our
• 26:56
  episodes. On, you know, on on my own
• 27:00
  profile on Damas. And I used to, I used to get
• 27:05
  tips from people that appreciated, my proof of work
• 27:08
  and they would tip me directly and, you know, sometimes would
• 27:11
  be 1000 sat, sometimes it would be 2,000 sites and it would help
• 27:15
  us, you know, pay the bills and keep making more content for you
• 27:18
  guys and that has been ripped away from me as a content
• 27:22
  creator. So apple is hurting content
• 27:25
  creators like this is, this is ridiculous.
• 27:27
  And what is the reasoning for this?
• 27:29
  The reasoning for this is obvious, they have their own
• 27:31
  payment platform, which is Apple, pay and Apple pay is an
• 27:35
  intermediary, right? So it's prone to censorship.
• 27:39
  It's also prone to exorbitant amount of fees, right?
• 27:42
  The, you know, the awesome part about peer-to-peer is that
• 27:44
  people are zapping me directly for my content.
• 27:47
  Damas isn't taking a cut of those apps, right?
• 27:50
  So anyways, it goes on to say, this is the tweet this morning.
• 27:55
  They said looks like we're getting removed from the App
• 27:57
  Store even after updating our app to Make it clear that no
• 27:59
  digital content is getting unlocked.
• 28:01
  When users are tipped. Users are only ever tipped after
• 28:04
  posts or made. The idea that content is being
• 28:07
  sold is nonsense. We will be filing an appeal as
• 28:10
  this guideline is Cooley being abused and misapplied.
• 28:13
  And apple has a history of, you know, being anti Bitcoin back in
• 28:17
  2014, they ban Bitcoin wallets from the, from the store.
• 28:21
  And here's the thing because apples are closed Garden, right?
• 28:25
  You can't download apps that are outside of the app stores.
• 28:28
  You have to go to this approval process, which makes it this
• 28:32
  like single point of failure, right?
• 28:33
  It's as weak point that Apple will exploit to protect their
• 28:36
  moat. I actually anticipated this back
• 28:39
  in October of 2022. I said that governments were
• 28:42
  going to use this this week point, but I was wrong.
• 28:46
  It wasn't government. It was a, it was a corporation
• 28:48
  that ended up using this week point.
• 28:50
  Now, if, you know, you are using a desktop Bitcoin Wallet app, I
• 28:54
  think you're immune. I think this could potentially
• 28:56
  be used by government to say, hey, you can Only allow Bitcoin
• 29:01
  wallets that kyc. You can only allow those types
• 29:04
  of wallets to be downloaded from the App Store and stuff like
• 29:07
  that. So I suspect this single point
• 29:10
  of this this week, this week point, that doesn't affect
• 29:13
  Android because Android apparently you could download
• 29:15
  apps that are not that are outside of the App Store of the
• 29:18
  of the Android equivalent app store.
• 29:21
  So it's very interesting. But again, you know, as a
• 29:24
  content creator, actually feel this, this actually hurts me
• 29:27
  because I You get so used to get zaps and that's what we would
• 29:31
  use to fund ourselves on simply Bitcoins.
• 29:34
  So you know this is a this is some some BS the to put it
• 29:38
  nicely on the other side before I get opt-in as ours thoughts on
• 29:43
  the me, Matic Warfare front, the European Central Bank goes on to
• 29:48
  say. They came up with another press
• 29:49
  release. By the way, this Fabio Panetta
• 29:52
  and Fabio Panetta is behind the Central Bank, digital currency
• 29:55
  initiative behind the Europeans, T'rul bank and you know, they're
• 30:01
  playing both sides right? This is a press release in
• 30:05
  January, 20 January 23rd, 2023 also by Fabio Panetta and I
• 30:10
  think the, the language is scary here, right?
• 30:13
  Which is the digital gyro our money, whenever whenever we need
• 30:17
  it versus my money, whenever whenever I need it.
• 30:22
  It says, we an hour, which is interesting, interesting
• 30:28
  vocabulary choices. Anyways, here's the article that
• 30:30
  I really wanted to focus on this was released on the 23rd of
• 30:33
  June. So about three days ago and the
• 30:36
  name is actually a speech and says Paradise Lost how crypto
• 30:40
  failed to deliver on its promises and what to do about it
• 30:43
  and it kind of goes through a bunch of reasonings.
• 30:46
  Obviously, the article is very long so I'm going to get going
• 30:49
  really going to be able to read some of them.
• 30:51
  One of the reasons is instability.
• 30:52
  So another key limitation of unbanked cryptos is there
• 30:55
  instability. I'm backed cryptos, lack and
• 30:58
  traditions. Intrinsic value and have no
• 31:00
  backing reserves or Price, the stabilization mechanisms.
• 31:04
  This makes them inherently highly volatile and unsuitable
• 31:08
  as a means of payment, Bitcoin for instant exhibits volatility
• 31:11
  levels up to four times higher than stocks or gold.
• 31:14
  Now, there's a bit of financial privilege in that number one.
• 31:17
  Number two, sorry, European Central Bank you don't get to
• 31:22
  decide. What has intrinsic value or not?
• 31:25
  The free market does. And the free market is telling
• 31:27
  me that Bitcoin is currently We were thirty thousand two hundred
• 31:30
  and forty dollars. If you're in turkey or in
• 31:32
  Argentina, Bitcoin has already made an all-time high in those
• 31:35
  countries and then that leads me to the other point, which is
• 31:41
  that Bitcoin, perhaps in Europe, where countries have the
• 31:49
  financial privilege of having relatively stable Fiat
• 31:52
  currencies that the inflation rate isn't so crazy.
• 31:54
  You can make this argument, but if you're in Argentina, this
• 31:59
  Argent this, this argument doesn't hold its weight and keep
• 32:04
  in mind that they're playing both sides because
• 32:05
  organizations, like the IMF part of the the debt deal that they
• 32:09
  offered Argentina came with the conditions that the Government
• 32:13
  of Argentina had 2D incentivize the adoption of Bitcoin in the
• 32:16
  country, right? So if they really didn't believe
• 32:19
  this thing didn't have intrinsic value.
• 32:21
  If they didn't really believe that this thing didn't have, you
• 32:24
  know, any type of utility, why are they giving Argentina those
• 32:27
  types of deals. So, they're playing both sides
• 32:29
  here, right? And again, like I'm a big
• 32:32
  believer in incentives. Obviously, this guy's the main
• 32:35
  push behind Central Bank digital currencies and what is bitcoin
• 32:38
  but not a competition to Central Bank digital currencies.
• 32:41
  I would even make the argument that She'll make digital
• 32:43
  currencies were born out of necessity because I think
• 32:47
  writing, I think, governments and central banks saw the
• 32:49
  writing on the wall and they saw that, hey, people would if they
• 32:52
  had an, if they had the ability or the option to choose an
• 32:55
  alternative they would. So it goes on to say, it gives a
• 33:00
  bunch of other reasons, right, wrist from growing
• 33:03
  centralization of the crypto ecosystem, the re-emergence of
• 33:07
  classic financial sector, shortcomings and
• 33:09
  vulnerabilities. It goes on to say that, you
• 33:12
  know, Oh, that they shouldn't. They should isolate the industry
• 33:16
  from the traditional Financial system.
• 33:18
  So again, it's not like let the free market decide what people
• 33:21
  want to choose as their money. No, it's the Central Bank
• 33:24
  stepping in and saying this isn't money, we have the
• 33:28
  authority to decide what is money and you should listen to
• 33:32
  us. But these are the same people
• 33:33
  that are also telling you that whether is the cause of
• 33:37
  inflation, right? So I don't know about you guys
• 33:40
  but I think this is some BS. It goes on to say the public
• 33:44
  response, backing regulating innovating not giving into to
• 33:48
  the temptation to offer public backing to cryptos first attempt
• 33:51
  a Shinto offer offer public backing to cryptos must be
• 33:54
  resisted. The idea of Permitting stable
• 33:56
  coin issuers as non-bank financial institutions to hold
• 33:59
  their Reserves at central banks. Might seem appealing but could
• 34:02
  lead to Serious adverse consequences by granting stable
• 34:05
  coins. Access to the central bank's
• 34:06
  balance sheet, we would effectively outsourced, the
• 34:08
  provision of central bank money and I think that's a key word
• 34:11
  there, right? Is outsourced to provision.
• 34:14
  So this, I think, in my opinion is about just truly about
• 34:18
  keeping power and control. And I think this last paragraph
• 34:21
  really summarizes that nicely goes on to say this would
• 34:24
  compromise, monetary sovereignty, Financial
• 34:27
  stability, keyword there. What about the financial
• 34:29
  stability in Venezuela? But about the financial
• 34:31
  stability in Turkey. What about the financial
• 34:33
  stability in Argentina? Those are never talked about,
• 34:36
  right? The smooth operation of the
• 34:38
  payment system. For example, a stable coin could
• 34:41
  display Sovereign money by using The large customer network of a
• 34:44
  big Tech with far-reaching implications there for Central
• 34:47
  Bank. Should exercise prudence and
• 34:49
  retain control over their balance sheet and the money
• 34:51
  supply. But they've done an absolutely
• 34:54
  terrible job of doing that and then they go on to talk about
• 34:57
  regulation but it's interesting because in the regulation
• 35:00
  paragraph, they talk about regulation, as if it's like,
• 35:04
  yes, we must regulate but what they really hinted to is we must
• 35:08
  regulate to get this thing out of existence which is Actually
• 35:13
  leads me to a thought and I'm curious not Hazard because this
• 35:17
  affects your living and your company which is the proposed
• 35:21
  Dame tax that was you know introduced by the B
• 35:24
  Administration that would tax Bitcoin miners in the United
• 35:27
  States 30% on top of what they were already making.
• 35:31
  Of course, we know how the body Administration feels about the
• 35:33
  industry. The way that I interpreted that
• 35:36
  was there trying to kill the industry in the United States.
• 35:38
  That's what they were trying to do, right?
• 35:39
  To put it bluntly. Of course, we know that that has
• 35:42
  been stopped But, you know, it's just interesting to see the
• 35:47
  established players kind of being a little bit hypocritical
• 35:50
  here. Right there.
• 35:51
  Saying, look, this is about financial stability.
• 35:54
  This is about protecting the people.
• 35:56
  This is about, you know, this is the, these currencies are too
• 35:59
  volatile but they're picking and choosing their arguments because
• 36:02
  that that only applies to places like Europe that only a places
• 36:05
  applies to places like the United States.
• 36:06
  But even then I think what the all-time high for inflation.
• 36:10
  The US was like it was like ten percent.
• 36:11
  It was like about a year or so. So, a year ago or so.
• 36:14
  So again, like, it's moving the goalposts bunch of BS.
• 36:19
  Talk about misaligned incentives.
• 36:21
  The person who's responsible for pushing pushing cbc's in Europe,
• 36:24
  is also, the person who's writing out these very well.
• 36:27
  Written blog posts. Basically making it the case
• 36:30
  against anything that's not central bank money.
• 36:34
  But you know what? That tells me that we're winning
• 36:37
  because they wouldn't be writing these things if we weren't
• 36:40
  running. And I'm telling you right now.
• 36:42
  They're scared and they're only. Excuse is the weather.
• 36:46
  The weather is. What is the sole cause of
• 36:47
  inflation? It's nothing else.
• 36:50
  Do pay attention to what we're doing behind the curtain.
• 36:53
  Scentsy, bdcs are the future. They're the answer to all your
• 36:55
  problems, but I think incentives are going to win the day.
• 36:59
  Anyways, I want to get opt he's take I want to get in the czar's
• 37:02
  take because I do have to leave in about seven minutes off.
• 37:04
  He's going to take over the show but I'm getting his arse take
• 37:06
  real quick, and then we'll poop will push it onto Opti.
• 37:14
  Yeah, I think that's a very good point.
• 37:16
  As you said that, we are winning because you know, for energy, if
• 37:19
  you think about right, there is over 1200 gigawatts of installed
• 37:25
  capacity in the United States from a power perspective. 1200,
• 37:30
  you know, the best estimates on what the Bitcoin mining load is
• 37:32
  in. The country is, is somewhere
• 37:34
  around, you know, five to eight gigawatts, right?
• 37:36
  So five to eight over 1200 is a very small percentage, right?
• 37:40
  So in some Since all of the noise and the talk--i here on
• 37:44
  Bitcoin mining and energy usage is a lot of noise, right?
• 37:47
  I mean in the grand scheme of things, it's not a significant
• 37:49
  user. And so to your point there is
• 37:52
  this, I think you know we are punching well above our weight
• 37:55
  in terms of how we're thought about, right?
• 37:56
  So I think it's good news, you know, every little thing that's
• 37:59
  on the industry is discussed is magnified.
• 38:02
  Everyone kind of looks at it. So, so again, from an energy
• 38:05
  perspective where, you know, overall relatively small
• 38:07
  portion, but if you were to read the news, we think that, you
• 38:09
  know, we're about to like, run over the country, which is kind
• 38:11
  of When minds and that's nowhere near the case.
• 38:14
  And so, the Dame tax is just another example, right?
• 38:17
  I mean again in the grand scheme of things, the total energy
• 38:20
  usage that Bitcoin mining is doing in the United States is
• 38:23
  you know, very small percentage. You know, and again the damn tax
• 38:26
  you know, was a wave you know, can that's just a political kind
• 38:29
  of a thing to kind of put out there where the punching bag.
• 38:32
  It's good to kind of throw it out at us and right now and I
• 38:35
  think, you know, they get the benefit of, you know, there's
• 38:37
  not much downside to it, but day, by day, week by week month
• 38:41
  by month, At time is really starting to turn, right?
• 38:43
  As people better understand what Bitcoin is as people better
• 38:46
  start to understand how these these grids work.
• 38:49
  And I think that that tide is turning and so I think you know,
• 38:52
  the work you all are doing is great because we're just we just
• 38:54
  gonna stay at it, right? We're always going to stay at
• 38:56
  it. They can kind of throw these
• 38:57
  things at us and when people really start to break it down
• 39:00
  and really try to understand what they're trying to do, it
• 39:02
  becomes pretty clear that to your point.
• 39:03
  There's not a cohesive and coherent line of thinking around
• 39:07
  it, it's just kind of, you know what's kind of sounds good
• 39:09
  today? Let's try it out.
• 39:11
  But again You know, we're punching well above our way and
• 39:14
  we're getting, you know, in some sense we're getting more
• 39:16
  attention than we should be given where we are.
• 39:19
  But again, that's because, you know, fundamental to bitcoin,
• 39:21
  you know, there's kind of I felt a kind of a real asset here,
• 39:25
  kind of a real tool for the people that's kind of hanging
• 39:28
  out there. And so I'm, you know, we're
• 39:30
  going to have to kind of take our lumps but I don't think it's
• 39:33
  going to really stop anything and then again I always come
• 39:35
  back to energy because that's what I know.
• 39:37
  I mean, you know, when you look at it on a percentage basis it's
• 39:39
  small, but when you look at a comet impact basis, Be huge 100%
• 39:43
  And I love the way that you approached it from from you know
• 39:47
  your angle the the position of energy and we we said this on
• 39:51
  the show many times, right? If you control energy, you
• 39:53
  control people and I think fundamentally whether it's a
• 39:56
  Dane tax or whether it's these excuses by the European Central
• 39:59
  Bank or the IMF, right? I think that they get a
• 40:02
  tremendous amount of power from being able to control the money
• 40:06
  supply and in, you know, and secondary effect of that is
• 40:10
  being able to control. Because of that.
• 40:13
  And then all of a sudden Bitcoin comes along and it's this
• 40:16
  decentralized alternative of which No One controls, right.
• 40:20
  It actually in a protects. The lower middle class has
• 40:23
  tremendously. I think it's middle class money
• 40:26
  and, you know, they the central planners can't have that they're
• 40:30
  like, no, we could do it better but and, you know, say okay
• 40:33
  maybe you give him the benefit of the doubt but history has
• 40:35
  shown that they have continued to abuse that power.
• 40:39
  And then worse off they take absolutely No responsibility.
• 40:42
  They would rather blame the weather and they would rather
• 40:45
  blame popular pop stars than say, hey guys, we caused this,
• 40:50
  we printed the money, and because we printed the money, it
• 40:53
  devalued everyone else's money, right?
• 40:55
  Anyways Opti, what's your take? Yeah.
• 40:58
  So circling back a little bit, you know, as an Apple user, I'm
• 41:01
  a little bit conflicted about the Damas news but because I
• 41:05
  love Apple products, I think the great.
• 41:07
  So like guys tell me in the chat like what do I use now, but I
• 41:11
  think it's very Interesting that we are seeing Apple fight Damas
• 41:15
  or, you know, Bitcoin being proliferated in different apps
• 41:18
  because we've been hearing the talk coming from Elan that he
• 41:21
  wants and everything at, but I think apple is probably closer
• 41:25
  to rolling out and everything app than anyone else is.
• 41:28
  And so, obviously apple is doing its best to protect its position
• 41:32
  with Apple pay and Apple pay payment platform.
• 41:35
  So it's sad to see. Apple go down this rap rap.
• 41:38
  We're sorry this route, but this is the free market at work,
• 41:43
  right? Like apple is a private
• 41:45
  Corporation, they can do whatever they want on their
• 41:47
  platforms and hey, if they're making a bad business decision
• 41:51
  Bitcoin, entrepreneurs will route around it and they will
• 41:54
  get wrecked in the long run. So this is the corporate Takashi
• 41:57
  playing out. This is the free market playing
• 41:59
  out and you know it just it is what it is.
• 42:02
  And then also on the Fabio Panetta News man, the cabal is
• 42:07
  so scared. The Fiat cabal out there the
• 42:09
  Fiat Matrix is absolutely terrified and what year Is it
• 42:12
  like the Fabio Panetta talking points?
• 42:15
  Its arguments are not only half baked but they've been debunked
• 42:19
  in like 2017. So it's just funny that they
• 42:22
  still roll out the same narratives over and over and
• 42:25
  over again. And I had something I say all
• 42:28
  the time that the only reason they will use these narratives
• 42:31
  and continue to use these narratives if they are working.
• 42:34
  So obviously, people are still falling for them and as a
• 42:37
  Bitcoin, as a Bitcoin educator, as a Bitcoin, I don't think I
• 42:42
  hate when I say this, but Bitcoin propagandists.
• 42:44
  We need to do better spreading the signal and educating our
• 42:48
  friends. And winning the hearts and minds
• 42:49
  of the masses. Because, again, they wouldn't be
• 42:52
  saying this stuff over and over and over again, if it wasn't
• 42:55
  working, if it wasn't gaining traction, if they weren't, in
• 42:57
  control of the propaganda machines out there, the
• 43:00
  corporate press. So it just shows that there is a
• 43:05
  lot of room for us to grow, but also, it's an uphill battle, and
• 43:09
  it's kind of like what in as I was saying.
• 43:11
  Now that there is a lot of Education to be done and we just
• 43:18
  have to continue to beat the drum and continue to spread that
• 43:20
  signal. Amen to that.
• 43:22
  All right guys, before we go into the culture, you want to
• 43:24
  make it over the Finish Line with your generation of wealth.
• 43:26
  That's why you want to store your Bitcoin wallet, back up
• 43:29
  seed words and pass phrases. You want to store them on steel
• 43:32
  and there's no better place to do it.
• 43:34
  Then the bit plates Domino they're designed to preserve
• 43:36
  Bitcoin wallet back up seed words and passphrase.
• 43:39
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• 43:41
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• 43:44
  against extremes of temperatures.
• 43:46
  You can use the promo code simply to get 10% off anything
• 43:49
  on B plates.com. Anyways, everybody Opti it's
• 43:53
  your show. I'll see you guys tomorrow.
• 43:58
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  Swan Bitcoin.com today. Alright guys, so before we get
• 44:25
  into this Of course, let me bring up my screen real quick.
• 44:32
  Nazar, I'm super excited to have you on the show today because
• 44:37
  one of my friends close friends. I was actually hanging out with
• 44:39
  him this weekend. He's very big on the idea that
• 44:44
  Bitcoins real killer, app is what it does for energy.
• 44:48
  And he's been beating this drum for a long time.
• 44:51
  And I think you and your company is a shining example of what is
• 44:55
  coming. Coming down the pipeline and
• 44:58
  where Bitcoin is really going to change the world and it's not
• 45:01
  just for the individual saving but it's about what Bitcoin
• 45:06
  miners will do for the energy grid.
• 45:08
  But there's something you said in the beginning of the show
• 45:10
  that I thought was very interesting and I'd like to
• 45:13
  maybe unpack this a little bit, but you said something that the
• 45:15
  biggest issue you're seeing in regards to not only the Bitcoin
• 45:19
  space. But but the World At Large is
• 45:21
  the misconceptions about energy. So what were you talking about
• 45:24
  there and then we'll go into and talk about.
• 45:26
  Moreover, terrible facilities, and stuff.
• 45:28
  Yeah, there's just a misunderstanding, right?
• 45:30
  When people just talk about energy usage, right?
• 45:32
  Energy usage has to be kind of understood in the context of
• 45:38
  what is the capacity of the market.
• 45:41
  And then what is that incremental megawatt-hour doing
• 45:43
  and what is it showing up right? If I just tell you I want to
• 45:46
  consume you know for megawatts you know in my consuming at all
• 45:51
  hours of the day. Am I consuming it?
• 45:52
  Half of the time? Am I consuming 80% of the time
• 45:55
  and the The implications are ramifications of that are all
• 45:58
  very different just depending on what the answer is, right?
• 46:00
  And so, people always just talked about in generalities,
• 46:03
  just like adding load is bad, and adding load can be bad, but
• 46:09
  adding the proper load, can actually be very beneficial to
• 46:11
  the grid and so again, there's again and that's why there's
• 46:14
  there, you know, the concept. I think that is always kind of
• 46:16
  overlooked and misunderstood as system utilization, right?
• 46:19
  The energy grid is a massive grid as a ton of fixed costs,
• 46:23
  in, right? It did you transition?
• 46:26
  Mission lines all upfront, fixed cost, wind farm all upfront
• 46:29
  fixed cost solar facility. All upfront fixed costs, right?
• 46:32
  So all of these things that have high upfront fixed costs, mean
• 46:36
  that system, utilization is critical to what the overall
• 46:38
  economic system are. So, when you talk about adding
• 46:40
  loads, it's not just how big the load is, but how big is that low
• 46:43
  in the context of where it's being put in?
• 46:45
  And when is that load actually going to use energy?
• 46:48
  And what ability does it have to now use energy, right?
• 46:51
  You need to answer all of those questions before.
• 46:53
  You can kind of figure out whether it's good or bad for the
• 46:55
  system, Absolutely. Love it and you touched on
• 46:58
  something else that will probably be talking about a lot
• 47:00
  today. It's the idea of balancing the
• 47:02
  grid and how Bitcoin miners are an asset to the energy grid.
• 47:05
  You want to elaborate a little bit on this and maybe try to
• 47:08
  dispel all of the energy fund that we get as bitcoiners.
• 47:13
  Yeah, I mean again this it's this concept of responsive load,
• 47:16
  right? Again a load that can be there
• 47:19
  to to take the energy, that's coming off of the grid and then
• 47:23
  can immediately when the system is Stressed just not be there is
• 47:28
  critical to kind of the decarbonization and so again
• 47:31
  it's this balancer between the system capacity that exists as
• 47:36
  well as kind of those gaps on system capacity.
• 47:38
  And so again you know people ask me like hey what's a good place
• 47:40
  to mine? Bitcoin is it?
• 47:42
  You know is it New York is a Pennsylvania as the Texas.
• 47:45
  Is it Finland is it you know Chile and the answer to that is
• 47:49
  all really depends on not just where you are but very know that
• 47:53
  you operate in. There's nodes in New York that
• 47:55
  are horrible, right? I mean in New York City there's
• 47:58
  a ton of Demand on my generation and so he never put a Bitcoin
• 48:00
  mining load in the city of New York.
• 48:02
  Would you put a big one binding load in Upstate New York?
• 48:04
  Absolutely. I mean, that's where we sit or
• 48:07
  we sit, you know, there's a significant oversupply of energy
• 48:10
  and not enough transmission to move that energy out so they're
• 48:13
  putting a load in, whether it's 200.
• 48:15
  Megawatts 400 megawatts hundred megawatts, is you know, well,
• 48:18
  within kind of what that note can do, Texas is no different
• 48:21
  there nodes in Texas that are great and there's nose in Texas
• 48:24
  that are challenged. And so again, You need to look
• 48:26
  at this kind of very granularly. And again, if you can put these
• 48:30
  loads, these energy sinks in new places where there's a lot of
• 48:33
  Supply, not much demand Transmissions limited and on top
• 48:37
  of that, that you can curtail your loads.
• 48:39
  When the system is most stressed again, for a good planner and a
• 48:42
  grid Optimizer, I mean, that's kind of the Holy Grail.
• 48:44
  And so, again, it's all about how these loads are integrated
• 48:48
  into the grip. And, you know, early on right?
• 48:51
  We had smaller big, one operations, right?
• 48:54
  Most of out saying all Companies out there all institutional
• 48:57
  grade were buying from the wholesale Market.
• 49:00
  But, you know, we're still living with the legacies of some
• 49:02
  of the decisions that were made by kind of smaller Bitcoin,
• 49:04
  miners in 2017. 2018, they showed up in towns, they weren't
• 49:08
  buying wholesale. They're buying through the town
• 49:11
  and their loads quickly Grew From 2 megawatts. 25 megawatts
• 49:13
  of 10 megawatts. And all they cared about was
• 49:15
  just kind of mining as much as it could, and they wanted power,
• 49:18
  all hours of the day. And so for those cities that
• 49:21
  were supplying them, that load became a burden, right?
• 49:24
  Those loads are not Properly integrated into the system and
• 49:27
  integrated into how the city was preparing.
• 49:30
  Its power. And so unfortunately, that's not
• 49:33
  how Bitcoin mining institutionally happens today.
• 49:35
  But we're still living with the legacy of kind of, you know,
• 49:37
  answering kind of, you know, the issues that arose when that
• 49:41
  happened back then. So again properly integrated
• 49:44
  loads properly set into kind of Supply, demand, balance and
• 49:47
  properly responsive to changes in Grid, that's what Bitcoin
• 49:51
  mining needs to do and one done. So it really kind of does you
• 49:55
  know, have a beneficial Impact on the overall cost of power and
• 49:58
  the bounce of the system. Amazing.
• 50:00
  All right. So next topic, you guys have a
• 50:03
  berry Big emphasis emphasis on sustainability and zero-carbon
• 50:08
  energy. And you guys are showing that it
• 50:11
  isn't only good for the planet, but it economically makes sense
• 50:15
  as a Bitcoin miner. So you want to touch on this and
• 50:18
  explain to the people out there. Why you guys do what you do?
• 50:22
  Yeah, absolutely. I mean, what's happened, right?
• 50:24
  Just let's look at let's take Take a look at kind of the
• 50:27
  generation of power, you know, 30, 40 years ago, right for the
• 50:32
  assets that will be added to the grid were you know I called
• 50:35
  three big buckets were coal-fired power plants,
• 50:39
  gas-fired power plants and some nukes.
• 50:42
  When you think about it cool and a gas-fired power plant.
• 50:45
  They need to buy coal and gas to generate electricity, right?
• 50:47
  So there's kind of a meaningful marginal production cost.
• 50:51
  That always is there, right? It's whatever.
• 50:53
  The cost of coal and gas is at that point in time.
• 50:56
  There's a cap X and then you have this ongoing kind of cost.
• 50:59
  What's been you know fascinating about the renewable sector.
• 51:03
  I particularly wind and solar is that the overall Capital cost to
• 51:07
  build those facilities is come down extremely significant,
• 51:10
  right. If you were to pick up a report
• 51:11
  from, you know, the early 90s a projected how much renewable
• 51:14
  capacity to be online. They were significantly
• 51:17
  underestimated, would actually happen.
• 51:19
  And the reason for that is they underestimated how low the kind
• 51:22
  of capital costs could go and once that facility is installed,
• 51:26
  If you think about it, there's a zero marginal production cost,
• 51:28
  right? When the sun shines, it works,
• 51:30
  when the wind blows, it works, there's no kind of cost of this
• 51:32
  fuel of kind of coal and gas. And so, part of the reason
• 51:35
  you're seeing this transition, with respect to Renewables is
• 51:38
  that there's this concerted effort to decarbonize but in
• 51:41
  addition to that what's accelerating, that is a fact
• 51:43
  that from a capital perspective, it's actually pretty cheap now.
• 51:46
  And so that is true so long as you can kind of balance load
• 51:50
  out, right? So the, the dollar per kilowatt
• 51:54
  hour cost of production from wind and solar Has gotten to be
• 51:57
  competitive, if not even better than what, a thermal generator
• 51:59
  can be. And so again from a pure kind of
• 52:01
  dollars and cents basis given or capex is gone, you know, it
• 52:05
  makes sense to add renewable capacity to the system and so
• 52:08
  you know, despite people kind of taking an ideological position
• 52:13
  of, you know, Renewables or not again, just for a economics
• 52:16
  perspective, we have gone to a place where those renewable
• 52:19
  megawatt hours are cheaper. And again, that is only true,
• 52:23
  that's only true. If you have the ability to use
• 52:25
  the and side to kind of balance things out, right?
• 52:28
  Because when the sun stops shining in the wind isn't
• 52:29
  blowing and the system is stressed, what's going to
• 52:32
  happen. And if you have to then rely on
• 52:34
  thermal generators to ramp up their inefficient because
• 52:37
  they're ramping up and that's kind of you know and then be you
• 52:40
  got to pay a lot just to kind of keep them around so far.
• 52:43
  More effective is having a load that can kind of be responsive
• 52:46
  to those changes in Supply. And so when you marry responsive
• 52:49
  loads with kind of renewable generation, the overall economic
• 52:54
  cost is far. Lower than kind of you know
• 52:57
  where we were 30 or 40 years ago.
• 52:58
  So I think you know as people again if you just pure maths or
• 53:01
  to look at it again this this this concept of how you know,
• 53:05
  capex on the front end with zero marginal production cost for the
• 53:08
  supply side married and paired with loads that are extremely
• 53:12
  responsive to any changes of any changes.
• 53:15
  In the supply side are by far and away, the kind of cheapest
• 53:18
  way for the system to operate and for everyone to kind of
• 53:22
  consume electricity. And so that's why, you know, we
• 53:24
  think now we think it's the right thing to do.
• 53:26
  Do we think it makes sense economically?
• 53:28
  And again, from from a sustainability perspective, both
• 53:30
  for just, you know, our business right?
• 53:33
  In terms of being able to procure, those costs, as well,
• 53:35
  as kind of sustainability. Overall, we think, you know,
• 53:38
  we're kind of leading the charge and again, leading the charge in
• 53:40
  both, how Bitcoin mining should be done.
• 53:42
  And also educating folks on, you know, kind of how sustainability
• 53:45
  should actually be thought of. I love, I love, I love this
• 53:48
  Sober, Sober takes, but and disconnecting it from just the
• 53:53
  ideology. I love it, just pure math.
• 53:55
  It Works better and it's more economical.
• 53:58
  Okay let's let's jump in a little more terrible Focus so
• 54:02
  maybe you want to give us the history of Terror wolf you kind
• 54:06
  of touched on it earlier. But also the reason we even got
• 54:09
  in touch in the first place was because of your nuclear Mining
• 54:12
  facility. So we can touch on all that and
• 54:14
  I'll put some of these screenshots up here for the
• 54:17
  people out there. Sure, just said you don't
• 54:20
  believe in the power space for for, for quite some time, you
• 54:24
  know? Our first For a, you know in
• 54:29
  kind of the spring of 2020 Coda just hit.
• 54:35
  And you know I met a gentleman by the name of Merrick Okimoto
• 54:38
  but time was kind of the chairman CEO of a company called
• 54:41
  Marathon. Merrick had a vision to make
• 54:44
  Marathon the largest biggest baddest minor Bitcoin miner in
• 54:48
  the world. At the time he was a single and
• 54:51
  sole employee of the company and you know, we basically built 3x
• 54:55
  Ash. Of capacity from Eric.
• 54:57
  And at the time, you know, once I understood how Bitcoin mining
• 55:00
  works. I said, I don't want to be a
• 55:02
  host. If I'm going to participate, I
• 55:04
  want to play in the game. And so again, what we did with
• 55:06
  marathoners, we gave them kind of everything I cost, right?
• 55:09
  I think we were one of, you know, Marathon at the time was
• 55:11
  probably the first public company to clearly paint an SEC
• 55:16
  filing. Tell them to help people with
• 55:17
  the cost of energy, was right 2.8 sense.
• 55:20
  He was a low cost of energy and and we took back equity in the
• 55:23
  company in exchange for that, right?
• 55:25
  So we gave everything to Marathon at Cost.
• 55:27
  We took back equity in the company, and, you know, timing
• 55:30
  is great. We do that deal signed that deal
• 55:32
  in October twenty twenty by, you know, January 2021.
• 55:36
  You know, Marathon told you no one from box to box, tell, you
• 55:39
  know, 20 bucks and, you know, and that was just a pit stop on
• 55:42
  on much higher. And so as we looked at our
• 55:44
  portfolio, we realized that, you know, they we built the
• 55:47
  facility, we procured all the equipment, we operated the
• 55:49
  facility and so we didn't have a vehicle that could raise capital
• 55:53
  and so if we could add the vehicle, I could raise capital.
• 55:56
  Do something similar. And so that's where in January
• 55:58
  21, we took, you know, some other sites that we had and
• 56:01
  informed terrible. And so again, we had two great
• 56:04
  sites. You know, one Upstate New York.
• 56:06
  25 miles away from the Niagara Hydro facility and the second
• 56:09
  that you just noted was, you know, this this facility on the
• 56:13
  grounds of Susquehanna nuclear plant.
• 56:15
  And again, we had a long-standing relationship with
• 56:18
  the team. The management team at Talon
• 56:20
  who's our partner there and we were able to kind of again
• 56:23
  demystify and educate them around how Bitcoin mining really
• 56:25
  work. T'.
• 56:26
  And once they really understood it, you know, they were quick to
• 56:28
  say, Hey, you know, this is something that we need our site
• 56:31
  and we'd love to kind of partner work with you and bring it being
• 56:34
  able to scale. This up Susquehanna is a
• 56:36
  two-and-a-half gigawatts. I try to point five.
• 56:39
  Twenty five hundred megawatts of total capacity.
• 56:41
  And so the total initial phase that we built here is about 200
• 56:45
  megawatts of capacity. 50 megawatts.
• 56:46
  We owned 100. 50 megawatts are owned by our partner Talon.
• 56:50
  And we each have the ability to add another 50, megawatts over
• 56:52
  time that load could get up to 300 megawatts and total
• 56:55
  capacity. So, again, as you think about
• 56:57
  the operational profile that nuclear facility having that
• 57:01
  energy sink to be able to again just sink 200 or 300 megawatts
• 57:04
  on any hour of any given day is extremely valuable.
• 57:08
  So they can kind of continue to run the nuclear plant and kind
• 57:11
  of a fixed base load based look capacity.
• 57:13
  So yeah. So I think you know again we
• 57:15
  were early on in that I think we're probably largest
• 57:18
  deployment behind the meter. And again a lot of that comes
• 57:20
  from our ability to to engage with and speak with kind of
• 57:24
  generation owners, you know, a lot of People ask me, hey do you
• 57:27
  expect a lot more mine too kind of happen at nuclear facilities
• 57:31
  in principle of for sure? I mean in principle this again
• 57:34
  is a perfect kind of marriage of having a fixed load on site that
• 57:39
  can kind of, you know, consume energy at any given point.
• 57:41
  And when the system is most rest kind of kind of come off but you
• 57:45
  know, when you talk to kind of a power generator or utility
• 57:49
  operator or even kind of a nuclear plant power, you know
• 57:51
  operator you no concept of time is very different right?
• 57:55
  Bitcoin miners. You know, we got to having
• 57:56
  coming up, we think about weeks and months.
• 57:58
  Anyway, I get stuff done, you know, for nuclear operator they
• 58:01
  think about, you know, they're planning Cycles are five ten,
• 58:03
  fifteen years, you know, they're planning out their outages five
• 58:07
  years from now today. So there's just a mismatch
• 58:09
  between kind of how people think about time and and, you know,
• 58:13
  we're not on the same wavelength.
• 58:14
  And so that's what does take some work to be able to bridge
• 58:16
  that and again and be able to understand how they're thinking
• 58:19
  about it and then be able to translate that and kind of put
• 58:22
  that in terms of what the Bitcoin mining loads can do and
• 58:25
  how they're going to. Wracked with that.
• 58:26
  So I think you know in principle should happen more but in
• 58:29
  practice, right? I just think you know, Bitcoin
• 58:32
  miners that don't come from that Energy background.
• 58:34
  Don't come from having that kind of language and understanding,
• 58:36
  kind of had that perspective, they struggle with kind of
• 58:39
  bridging, that Gap. And so that's, you know, we
• 58:41
  think that's an advantage for us.
• 58:42
  But, you know, I think that's going to take some time for
• 58:45
  that. That bridge to kind of be that
• 58:47
  Brewster occur in that language being spoken.
• 58:51
  Absolutely h. I, this is incredible, but I
• 58:54
  have one more question before I roll.
• 58:56
  When out, what do you think is the biggest misconceptions to
• 58:59
  bridge the gap between energy operators and Bitcoin miners?
• 59:03
  I think it's that they think they're here for the short term
• 59:07
  and at the price of Bitcoin goes down.
• 59:09
  You know, those Bitcoin miners are going to run.
• 59:12
  And I always tell people I say, hey it's not the price of the
• 59:15
  coin really doesn't matter. I mean, whether it's five grand
• 59:17
  or 50 or 100 500 Grand, the price of Bitcoin is just a data
• 59:21
  point, right? It's all about what are the the
• 59:23
  margin that you're making in mining, right?
• 59:24
  So you need to know the price of Bitcoin your cost of energy than
• 59:27
  our cashier. It's all of those three factors
• 59:29
  you need to kind of put together and again, The power business,
• 59:34
  right? Effectively your converter,
• 59:35
  right? Your when you generate a
• 59:36
  kilowatt hour of electricity, you're converting either, you
• 59:39
  know, a ton of coal and mmvt you gasps you know, the Sun or the
• 59:43
  wind, right? You're converting that into a
• 59:45
  kilowatt hour of electricity and that conversion game is the
• 59:47
  same. It's all about.
• 59:49
  What's the spread between your input cost and then kind of what
• 59:52
  you know that kilowatt hour of electricity that can be sold on
• 59:54
  the market. So it's a conversion spread.
• 59:56
  Bitcoin mining is no different, the conversion spread, right?
• 59:58
  What's the cost of power? What's the price of Bitcoin?
• 1:00:00
  What's in our cash rate? And so long as in Conversion,
• 1:00:03
  your economic, you know, again, the price of Bitcoin in some
• 1:00:06
  sense, doesn't really matter. And so once a power plant
• 1:00:09
  operator understands that, and once you can kind of show them
• 1:00:12
  that, hey, if you look at the, you know, there's whatever we
• 1:00:14
  hit a peak of being a 400x, a hash, right?
• 1:00:16
  If you look at kind of what's the distribution of that
• 1:00:19
  efficiency 400x a hash, and you can show that you're in that top
• 1:00:22
  10, 5, 10, 15 % you're always going to run right?
• 1:00:26
  Whether the price of Bitcoins, five grand, or 50 Grand, or 500
• 1:00:28
  Grant. If you are again, got a fish in
• 1:00:30
  miners low-cost power, you're going to run.
• 1:00:32
  So you're going to Make money and so I think again dispelling
• 1:00:35
  that notion that you know price of Bitcoin drops you're going to
• 1:00:38
  run for the hills that's absolutely not true.
• 1:00:40
  Particularly for someone like us again.
• 1:00:41
  There's got a very efficient Fleet of miners.
• 1:00:43
  Got a has a low cost of power. We're here, we're building
• 1:00:47
  infrastructure and we're building our facilities out as
• 1:00:49
  if we're going to be there for 20 years.
• 1:00:51
  And if you look at our facility in Pennsylvania and New York,
• 1:00:54
  those facilities are built to run 20 to 30 years, right?
• 1:00:57
  We're not going anywhere, because we know that on every 10
• 1:01:00
  minute block reward, we're going to be competitive.
• 1:01:03
  Even kind of, you know, our cost of production, absolutely love
• 1:01:06
  it. Absolutely bullish.
• 1:01:08
  Not only on tear wolf, but in Bitcoin miners, in general, I
• 1:01:11
  think few people understand that, hey, as stupidly bullish
• 1:01:14
  as individuals are in regards to bitcoin and the future, Bitcoin
• 1:01:18
  miners are even more bullish because they have to think in
• 1:01:22
  the long term and they aren't going anywhere.
• 1:01:24
  So men as are absolutely, love it.
• 1:01:27
  If you want to, if you want to have another couple minutes to
• 1:01:30
  yeah, one last message, go for it.
• 1:01:33
  Now, I mean, I think again, it's all about Bitcoin mining is this
• 1:01:37
  fascinating thing, right? And we think about just what's
• 1:01:39
  fascinating about Bitcoins decentralisation, it can come
• 1:01:41
  show up anywhere in the world. Bitcoin mining is kind of, you
• 1:01:44
  know, that to a I'd say even higher degree, right?
• 1:01:47
  Because it's all about profitability and the ability to
• 1:01:50
  kind of make Bitcoin and again, the u.s. is, you know, obviously
• 1:01:54
  a large producer today. But it's happening all over the
• 1:01:58
  world, right? And as a Bitcoin miner, you
• 1:02:01
  know, I continue to see that happening, right, you know,
• 1:02:03
  Different points in time at different points in the day at
• 1:02:05
  different times of the year. The the the abyss, excuse me,
• 1:02:10
  the availability of energy changes.
• 1:02:12
  And so, again, the the Bitcoin mining at work again, is this
• 1:02:15
  fascinating thing that I think kind of balances out and is
• 1:02:18
  going to just kind of continue to grow.
• 1:02:20
  And again we as Bitcoin miners are always thinking about
• 1:02:22
  optimization. And so that's where I think, you
• 1:02:25
  know, people talk about, you know, will the network kind of
• 1:02:28
  get too big? Well the network kind of over
• 1:02:31
  consume energy, I think not Of that's going to happen.
• 1:02:33
  Because again, every single one of us has to think every day,
• 1:02:36
  every week about how our loads are operating how they're being
• 1:02:39
  integrated. And when we start to do that,
• 1:02:42
  you know, this this concept of a decentralized, you know, rock
• 1:02:45
  solid asset, you know we think you know is is is going to take
• 1:02:51
  hold and again without the Bitcoin mining Network, there is
• 1:02:54
  no Bitcoin and so therefore, you know, effectively, you know,
• 1:02:56
  we're underwriting this this, you know, global commodity
• 1:02:59
  called Bitcoin that we think, you know, it's going to have
• 1:03:01
  immense value as we go on. On.
• 1:03:04
  Wow. Well, you know, sometimes the
• 1:03:06
  show gets dark when we cover all of the corporate press but I
• 1:03:10
  think, by the end of today's show, everyone is going to be
• 1:03:12
  stupidly bullish on bitcoin like they should be.
• 1:03:15
  All right guys, let's get in the meme review.
• 1:03:16
  Your favorite portion of the show.
• 1:03:21
  The daily meme review brought to you by Kaboom racks.
• 1:03:25
  I get this question all the time.
• 1:03:26
  Nico. Where should I buy Bitcoin?
• 1:03:28
  Miners to answer is Kaboom racks.
• 1:03:30
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• 1:03:48
  Kaboom Max. All right, guys, you already
• 1:03:50
  know the deal. You watch the whole show, just
• 1:03:54
  to get to the mean review. I know how you guys Works
• 1:03:57
  tweets, are the bullets. Memes are the artillery.
• 1:03:59
  Keep tagged me on Twitter at simply Bitcoin TV for the memes
• 1:04:04
  and I will get to as many as possible drop the memes in our
• 1:04:06
  telegram group. And again, I will get to as many
• 1:04:09
  as possible on the show. Forgive today's mean review.
• 1:04:12
  Guys, it's gonna be a little clunkier than usual because I
• 1:04:15
  really want to start this one off with this yellow me.
• 1:04:17
  Um it was Act is cracking me up over the weekend, so I want to
• 1:04:21
  play this one. So first meme is by yellow and
• 1:04:24
  he goes everything is macro now. All right.
• 1:04:27
  Listen. Do you know Black Rock?
• 1:04:36
  Yeah, you hold Bitcoin block off is by because everything is
• 1:04:40
  macaroni. Let me get this other memes up
• 1:04:50
  here, man. Yellow killed me, that one was
• 1:04:52
  hilarious. Okay, I know you guys are
• 1:04:54
  feeling the same way on Twitter. Everything is macaron out.
• 1:04:56
  All right. So this next meme is by the BTC
• 1:04:58
  therapist and he goes, you will never get my Bitcoin.
• 1:05:02
  And this goes, this is obviously the Matrix meme.
• 1:05:05
  Where what's-his-name, mr. Know, I forget the agent, the
• 1:05:10
  agent, trying to get out of the Morpheus, is named what's
• 1:05:12
  whatever? Anyways, the government's trying
• 1:05:14
  to extract the Bitcoin seed, phrase from my brain in 2040 and
• 1:05:18
  Morpheus has a Bitcoin logo on his head and agent
• 1:05:21
  what's-his-name. I am, I blinking has FBI on him.
• 1:05:24
  Okay, this next one. Shout out to my boy, Copernicus,
• 1:05:27
  because he was trolling me on our spaces on Friday where I'm,
• 1:05:33
  I'm recently coming around to the idea that Bitcoin is getting
• 1:05:36
  involved with politics. Whether it's on a local level or
• 1:05:39
  state level. Might be an important thing
• 1:05:41
  moving forward. I don't know, call me crazy.
• 1:05:44
  Anyways, my boy Copernicus over here, copernicus's son.
• 1:05:48
  Six goes Opti he tagged assembly Bitcoin account because if
• 1:05:52
  talking to politicians is not a waste of energy, why is my Asic
• 1:05:56
  not going Burr? And we got a guy talking to a
• 1:05:59
  brick wall in the brick wall, has the White House logo on it,
• 1:06:02
  and he's gotten a shake. That is not burying because as
• 1:06:06
  you can tell, it's a pun on the fact that if you are not
• 1:06:10
  plugging in your Asics into the electrical grid, you are wasting
• 1:06:14
  energy anyways. Its next Name Is, by The Swan
• 1:06:16
  account and it Because you are not late to bitcoin.
• 1:06:19
  You are an OG 98% of adoption is ahead.
• 1:06:22
  And we have this chart here by block where Solutions and says
• 1:06:25
  percentage of global population using Bitcoin plus the Bitcoin
• 1:06:28
  Supply issuance and you can see here this one's actually old
• 1:06:31
  now. But you are here guys you are
• 1:06:34
  still early to bitcoin. I don't care what anyone says.
• 1:06:37
  I think what I like at what point zero, zero zero, two
• 1:06:40
  percent. Adoption in regards to
• 1:06:42
  population. You're still early guys just
• 1:06:45
  keep stacking. Okay this next meme is by Well,
• 1:06:48
  Jack Bitcoin memes AKA at. Whoa, Jack Bitcoin on Twitter
• 1:06:51
  and it goes, every big corner has to moods.
• 1:06:54
  And we got liquor. Whoa, Jack Bitcoin.
• 1:06:56
  Over here goes, I must tell everyone.
• 1:06:58
  I know about Bitcoin and then we got the dark orange pilled,
• 1:07:01
  whoa, Jack over here. That is a little more nefarious
• 1:07:05
  and he just smiles and Strikes and goes have fun, staying poor,
• 1:07:08
  if you are not stacking Bitcoin, okay.
• 1:07:09
  This next one is kind of a two-parter.
• 1:07:12
  We have Bobby shell up here AKA at I Bobby shell on Twitter.
• 1:07:17
  And it has a soprano memes and it goes Citadel, BlackRock
• 1:07:21
  Fidelity, Charles Schwab. They are all on the gambling
• 1:07:26
  table and goes never tell anybody outside the family what
• 1:07:29
  you're thinking. And then the meme though is a
• 1:07:32
  variation by Maddow and it's the same meme, but the poker chips
• 1:07:36
  have blue check marks on it. And on that note, we have Matt
• 1:07:42
  Adele here on the very last name by at toxic big Corner.
• 1:07:45
  Go stay humble Stacks at and We got mad Adele here smiling with
• 1:07:49
  his hat. No bugs, no pod, no blue check
• 1:07:52
  and he goes, I will not wear the mask.
• 1:07:53
  I will not take the job. I will not lock down, I will not
• 1:07:56
  install the app. I will not go to the camp, I
• 1:07:58
  will not eat the bugs. I will not live in a pod.
• 1:08:01
  I will not buy the blue check, I will not give up my guns.
• 1:08:03
  I will not denounce. My God, I will not let you win.
• 1:08:06
  I will stay humble and stack sad guys, yard another deal.
• 1:08:13
  Drop your me. Move, you score in the chat.
• 1:08:15
  Wait, which side is it? That's I'd drop it in the chat.
• 1:08:19
  No, wait, that's I'd drop it in the chat and we will cover it
• 1:08:23
  live. So, today, for my mean review
• 1:08:26
  score, I think I've given these all individually but today I'm
• 1:08:32
  giving you a fat stack of Bitcoin, mag physical ziens, all
• 1:08:39
  of them, all of them, not in order but It's the stack of
• 1:08:43
  Bitcoin ziens. Okay there's our, what would be
• 1:08:48
  your mean review score for today's memes?
• 1:08:53
  Let's say eight throwback. Let's go.
• 1:08:57
  Okay. Alright guys, continue to drop
• 1:09:02
  your meme scores in the chat and I will cover them.
• 1:09:05
  Let me see. I haven't updated the music yet
• 1:09:08
  so I will have to update for Wednesday but I don't have any
• 1:09:15
  music here, but is this? Alright drumroll drumroll.
• 1:09:19
  Okay. Take wait, wait wait.
• 1:09:23
  Take the ride. He goes my meme.
• 1:09:26
  Score is a dyslexic Opti known a it's this this is this is mere
• 1:09:33
  not mirrored so it's the opposite.
• 1:09:35
  It gets confusing. Okay this next one is by Elaine
• 1:09:39
  and she goes score. Bitcoin has realized BlackRock
• 1:09:43
  at all don't want Bitcoin for Freedom.
• 1:09:45
  Money. Controlling the world is in
• 1:09:47
  their DNA caution. Yes, every bit Corners alarm,
• 1:09:50
  bells are Ringing in their head. Okay.
• 1:09:53
  This next meme is by j-dub the Laker 21 Mill and he goes meme
• 1:09:59
  score 10,000 degrees from the sun.
• 1:10:01
  Creating hyperinflations. Oh man, okay, oh, Golden Eagle
• 1:10:07
  wrecking. Me says the first one was bad.
• 1:10:09
  I won't even give it a score. What do you mean, man?
• 1:10:12
  What do you mean? That one was great.
• 1:10:14
  Okay, this next meme is by wanna kiss and his score is a hashtag
• 1:10:18
  free copper if you know, you I know.
• 1:10:22
  All right, I'm getting I'm getting roasted in here because
• 1:10:24
  I don't have the music. All right, I'll upload it after
• 1:10:26
  Today's Show. Okay.
• 1:10:28
  All right. Thank you guys, thank you.
• 1:10:29
  Okay, well anyways me and score over your another deal.
• 1:10:37
  Really appreciate every one of you guys but before we go on is
• 1:10:39
  our. Thank you so much for coming on
• 1:10:40
  Today Show stupidly bullish. Not only about what you guys are
• 1:10:44
  doing. I am very hopeful for your
• 1:10:47
  company moving forward but also what you guys represent for
• 1:10:50
  Bitcoin miners. And the energy grid moving
• 1:10:52
  forward. So, continue to do what you're
• 1:10:55
  doing. Continue to educate people and
• 1:10:57
  continue to get those contracts with some energy operators so
• 1:11:01
  that we can maintain and, you know, bring the world into the
• 1:11:05
  21st century. So where can people find you in
• 1:11:08
  Hazard? They can find me.
• 1:11:12
  Drop me a line, I'm just hon. Kjn at Terre, wolf.com Chloe is
• 1:11:18
  our Master social media so we're on Twitter on.
• 1:11:23
  LinkedIn. And so, yeah, look us up
• 1:11:25
  anywhere. And then again, I mean, I know
• 1:11:27
  Kerry has been on here as well. And so we got an amazing team.
• 1:11:30
  And so any one of us hit us up and we're always willing to, you
• 1:11:34
  know, kind of talk about what we're up to.
• 1:11:36
  And again, thanks for having, thanks for having me on here.
• 1:11:38
  And next time I come on, I'll come up with a better score for
• 1:11:41
  the memes. Perfect!
• 1:11:43
  Perfect dude, doing a great job. Don't worry about the mean
• 1:11:47
  score. They they they're okay.
• 1:11:49
  They're Savages over there in the chat box.
• 1:11:51
  Bro. It's all right it's all right
• 1:11:53
  but kudos to you really appreciate it.
• 1:11:55
  If you guys want to jump in on Twitter spaces we are running
• 1:11:58
  the Twitter spaces right now. So we want to continue the
• 1:12:01
  conversation. By all means is are we are on
• 1:12:03
  Twitter spaces as well but thank you for coming out.
• 1:12:07
  I'm going to put you behind the scenes so I can roll this one
• 1:12:09
  out. All right guys you already know
• 1:12:11
  the deal. We are not only on YouTube.
• 1:12:14
  We are also on all of your favorite audio platforms.
• 1:12:20
  Anchor Spotify, Apple We are a part of the valley for Value
• 1:12:22
  economy on Fountain, we appreciate all the support you
• 1:12:25
  guys. Give us means a lot to us and
• 1:12:28
  just continued to spread all the Bitcoin signal.
• 1:12:31
  That's the most important thing to do.
• 1:12:32
  As you can tell, we are in an uphill battle, to educate the
• 1:12:36
  world, educate the masses. And of course, educate
• 1:12:40
  influential people that are doing things because bitcoiners
• 1:12:44
  build and we are changing the world.
• 1:12:47
  So, Stay tuned. We will be back next week.
• 1:12:50
  I'm sure Nico will be back for the full show tomorrow, so we'll
• 1:12:53
  be back to our normally scheduled Joe.
• 1:12:56
  And of course, join us on Twitter and Twitter spaces.
• 1:12:59
  We are going till 2 p.m. live or 2 p.m.
• 1:13:02
  Eastern and we're going to be there right now.
• 1:13:06
  So peace out guys. Until next time this is simply
• 1:13:10
  Bitcoin and we are out. Peace out.
• 1:13:40
  The Bitcoin signal. So come up here, add your two
• 1:13:44
  sets to the conversation. Alright guys, I see, there's a
• 1:13:47
  few people coming up, so one second, one second.
• 1:13:49
  Let me make sure that this is ended Live on YouTube.
• 1:13:53
  Okay, we're done.