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