I don't believe sufficient ever have a good money against before
we take something out of the names of governments, welcome
back everyone. We're simply Bitcoin.
We break down the news. The daily fail me review,
software releases Hardware releases and the websites by
plebs joining us today. Fellow Bitcoin ER, minor Chief
mining officer at bit Farms. I'm talking about Ben gonyo he's
joining us. We are diving into the numbers
though. Let's do it.
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the time. Recording the block height of
seven hundred. Twenty eight thousand, eight
hundred forty-seven the Bitcoin price 40 3910 chain rewrite days
739 total public lightning capacity 3560 4.53 I do believe
that's higher than yesterday. Nico Moscow.
Time 2277 blocks to the having 111,000 153 and the samurai
Whirlpool unspent capacity, Samurai Whirlpool is Is a coin
or collaborative spend service. It is not a mixer and the
unspent capacity is 4390 dot. 98 the numbers, the numbers.
The numbers are, dude. It's so funny.
We got a comment on yesterday's video.
It said, Moscow, time reported exactly so the Moscow time meme
was created before the events that are happening in Ukraine,
so Anyways, it's funny. But no I think they were
trolling us. But anyways, guys, you know, the
deal to show. If you're new to this channel,
we don't speculate. We're not going to tell you
where the price, we think the price is going to go like a lot
of other YouTubers like to focus on the signal on be cut and what
we do advocate for is long time preference you know Fiat mine as
much as possible from your Fiat job and just dump that into
Bitcoin. And I have this very good tool
that highlights the power of DCA and we're going to go to it.
It's called DC a Bitcoin.com. Right, and look, $10 a week,
right? That's, you know, that's not,
you know, not a crazy amount of money.
And if you started doing that, you know, for a weekly basis as
I move it to a daily basis, right?
Let's move it to a daily basis, right invested a total right of
here, we go of 18,000 dollars, right?
You do this for five years today would be worth a hundred and
fifty two thousand. If you did the same thing with
the SMP or the Dow Jones, Right? You invested 18,000 18,000 here
and it could be 20 1859 and for the Dow Jones would be twenty
three thousand seven hundred ninety three thousand that is
absolutely depressing, right? To be honest with you.
So and you could kind of change it up a little bit, right?
Let's say you wanted to invest a little bit more, right?
Let's say you wanted to invest $50, right?
You want to move up? You invested a total of 100,000
over a period of five years, right?
And today would be worth almost a million dollars.
One hundred and sixty two thousand dollar that is the
power of DCA. That is what we advocate for on
this show. Let's say you can note.
This is what I hear. A lot of people do.
Let's do 100 bucks a week weekly.
So that would be a total of twenty six thousand today.
Be worth 219,000, right? So let's move it on to lets you
know, because we're advocates for long time preference here on
this show. Let's say you do that for eight
years, right? You total invested a period of
eight years if you invested $100 Letters on a weekly basis.
If you did that for eight years right, the total amount you
would have invested would be 40 1800.
The total amount you would have today would be two million five
hundred thousand dollars. That is the power of DCA?
That is why we Advocate it for on the show.
If you have something like Bitcoin, why you going to risk
it and trading experience what? Phil and I have experienced
because more likely than not specially if you get into
Bitcoin. What happens is you get really
attracted to the Shit coin, especially in the beginning
you're like oh it's faster Bitcoins, boring.
Whatever this It's not and then perhaps you double your toes in
a little bit. You get rekt it, humbles you
then you go full Bitcoin, right? So anyways been what are your
thoughts on DCA saying? You have any stories about it
except for ETC? Yeah.
And EPA is also what I recommend to people too.
Who are getting into Bitcoin? It's just the easiest safest way
I think to get the exposure, you know, it's great method for
everybody. Anybody can do it.
There's lots of platforms out there to get involved.
And it makes a lot of sense and you take away that that risk of
hey, I put in all my money into Bitcoin today and it's down 20%
tomorrow which, you know, that's that's the sort of thing that
really kills people on bitcoin. It's just a bad, bad luck and
bad timing. And if you di CA you never have
that experience. So, I highly recommend it and,
you know, mining is, is my way of daily cost averaging into a
Bitcoin as well. So I'm just taking it one step
further, it's Because I thought you mind with the pickaxe but
apparently you map your mind with the Reich.
I didn't know. But yeah, you get Mark the
Toshi's that way. Hmm.
Break It Anyways. Phil what are your thoughts on
this? I'm a bit of a DC ad Jen.
So I do dollar cost average but also at the same time, I do
random purchases because I can't help myself.
So if the Bitcoin price dumps I have to buy some.
But also at the same time, when the Bitcoin price pumps, I get
this fomo that I haven't bought enough so it's really weird.
So yeah. So I do a bit of both and I
don't recommend anyone follow my nan method because I don't
really consider it a method but yes, DCA.
Yeah. But that's General because I
don't think anybody could has the discipline not to smash by
okay as long as you sleep, I feel like there's somebody out
there that's that's discipline. Deny.
This is the coin, you're speaking of unicorns so it look
look okay at the end of the day because it's like a dopamine
fix. I'm not, I'm not lying, right?
As long as you do. It progressively over time,
right? You're good, because that
accomplishes the same thing as DC is it takes away the fun out
of it. If you just let it, if you just
leave, it automated the whole point is that you smash by,
you're like yeah. Yeah, you know, it feels good
and then you let it go. Why did I wait?
You know, but it that's the whole experience of it.
But yeah, man, I just wanted to highlight that website because
it highlights the power of what we advocate for.
If you trade more than likely than not, you're going to lose
money. If you buy shit coins, I almost
guarantee you, you're going to lose money unless, you know, you
know, the Insiders, etc, etc. But anyways, Phil, it's time for
the daily fail. Brought to you by Ember app.
Check them out. Amber dot app.
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We've got two completely, unrelated fails, let's dive into
them. Let's get Ben's thoughts on some
of this stuff. Here we go.
Okay, so first we've got tweet by Preston fish Preston is not
our fail, okay, but it's the information that is in the
tweet. That is failure.
Let's dive into it. When a central Banker is getting
into the compelling arguments phase of whether a currency
should or shouldn't be a global Reserve currency.
That's not a good sign. And what is he doing?
He is retweeting from Financial juice or breaking news.
Never really heard of but anyways, feds Barkin.
There are numerous compelling Arguments for the dollar to
remain the world's Reserve currency.
And let's take a look crypto cloaks.
Our sponsor wrote back Right here.
This is beautiful. So it's not a good Reserve
currency anymore. Perfect, that's why we Bitcoin.
Yes. That is exactly why we Bitcoin.
So look, that's really cringe. Okay, this is the to me.
This is the beginning of the narrative falling apart stage
because now, all of a sudden. So, so, hold on a second.
It's qualities are no longer the compelling argument.
It can't stand on its own. So, oh now we bring in the
puppet show and they start to spin you a story of why it's
compelling. I don't know.
Look, I know you're a minor. This may not be like really on
topic for you. But do you have any?
You have any thoughts on this? II was talking about central
banks and the Fiat money printer is.
So that's not an issue with me. I think it's pretty amazing that
they admitted out loud. You know.
Surely they've known this for a very, very long time, right?
And surely this has been an internal position but actually
coming out and saying something like this.
I think is pretty bullish on bitcoin.
You know, most of the time what you get out of the fed or any
other Central Bank is guidance, right?
And and then of that, Any sense they say, Hey, you know, expect
us to do this in three months and then hey, expected through
this and six weeks and then it comes down to the time and they
don't do anything and nobody cares because they're on to the
next three months guidance. You know, there's, there's a lot
of things like that happening and the FED where they just
don't manipulate the numbers so much.
And as this is why we need Bitcoin, you know, you don't
even get an actual unemployment number from the Federal Reserve,
you get a number that's published and then that's revise
that then that's revised again and then that's revised again.
By and by the time in three guys, three or four times,
nobody looks back on those revisions.
They're only looking at the one that's being published now.
And so, you know, they can say whatever they want, you know, in
order to get those results, it doesn't have to be, you know,
true or realistic. They can do whatever they want.
So the to hear the Cat come out of the bag like that I think is,
is pretty bullish smashed by Smith's first smash.
Smash Jen. Okay sorry Nico go on dude.
No, I look I think Ben said it beautifully.
I think that you know, the the Wizard of Oz analogy that I
always use, right? That the curtain is being
exposed behind there. There's just nothing.
There's just a dude. Pressing an old guy on a Windows
1999, pressing the P button and yeah look it but they sure know
how to play percent, that's for sure.
Anyways. Phil what's the next family?
All right, you know, we're not going to stop.
Anyways, this is we were we were tagged by Hands films in this
one again, right, he has been providing us.
Awesome, fail, stuff, follow hands.
Maybe I'll put as, yeah, I'll put this information in our in
the show notes. Okay, let's dive into this
terrible, ridiculous story, totally clickbait.
And of course, I had to click. So, here we go.
Because hands shared it with us. So aetherium runs towards
deflation with upcoming updates, leaving Bitcoin behind.
Oh yes, I'm sure it's leaving Bitcoin behind.
Here we go. Cerium is expected to become
deflationary after it leaves proof-of-work, and Mining behind
and completely transitions to piece of shit proof of stake.
A staking protocol. The reason is that the
transition is expected to decrease the theorems issuance
rate by about 90% and ever since the implementation of a theory
Improvement protocol 1559 as part of the London hard Fork,
the network has been burning the near totality of its And fees.
The amount of eith issued is projected to drop by 90%.
You guys hear what I'm telling you.
These are amazing numbers, right?
Anybody who's anybody? Who's thinking about why?
That's awesome. Great.
You know, why not? Why not etherium, okay?
Anyways, obviously got me thinking, what the hell are they
talking about? We all know that you can't
verify the circulating supply of etherium, and we all know that
you can't verify the Mac Supply. So look.
So I said I said, all right, let's just go dive into it.
Let's go take a look. What is what is being said?
Ed right now about the etherium max Supply.
Okay? So this article from January
24th 2021 as of the writing of this article, there are around a
hundred and fourteen point, three million eith.
I don't know why, but I remember them bragging about how there
was like 99 million. Anyways, it doesn't even make a
difference in circulation. This will keep changing and you
can verify the circulating Supply information on various
etherium block explorers and websites.
However, you'll never find out the max Supply.
Information and this this is true because they have no Max
apply. So this bullshit about being
deflationary is complete nonsense and now we're going to
defer to the white paper. So look anybody wants they can
definitely go take a look, try to find me a Mac Supply.
Number the the amount of gibberish that is in this white
paper is astounding. But the one thing that I was
able to show that made that that made this extremely comical is
this freaking chart right here. They have no maximum Supply.
What kind of mental fuckery is this?
But what is this like is this a joke long-term inflation rate
for aetherium? But you have no Max Supply.
Yeah, I been do. They why do they want to cap it?
I mean then they stopped their own money for a dress.
It's crazy. They make these claims, you
know, rhetorically hoping they can claim anything that they
want, you know, I actually started out with my new Theory
and I found out about Bitcoin way way earlier, but I thought I
was too late and so when he Theory mm came out I said oh
Man, this is this is my second chance.
I started mining ether back in 2015, but, you know, I quickly
learned the errors of my ways over a couple of years, but but
in my first couple of years, I was a pretty hard s guy and I
went to Defcon 2 in China and I remember people talking oh, the
switch to POS. It's happening.
It's right around the corner. I can't believe you still have F
mining rigs. They're not going to be worth
anything by the end of 2016 because POS is months away.
You know? And I was like, I said, the, I
can't believe you actually believe that but, you know, a
lot of, a lot of people did and the 480 gpus that I was running
on back, then can still runny theory of.
Now, six years later actually seven years after he threw him
once you can still my new theory on the same gpus you did when we
started, if you had good enough ones you know it's it's insane
to me. They're never ever going to
become a Bitcoin they're completely.
Different animal than Bitcoin. I consider the ethereum that we
work of crypto. You know, here's this.
Here's this thing. That looks awesome.
It looks cool. It looks revolutionary.
I want to be a part of it. I want to you know work here but
none of the math works like the whole business model is failed.
Nothing is functioning, but they can raise a lot of money on it
because it looks great and people want to be a part of what
that looks like and so they As a bunch of money saying, hey, we
understand, we know that doesn't work now, but wait till we fix
it, wait till we make it all work and then imagine how
valuable this can be when everything works.
They never admit that, nothing works now.
Just imagine how value will be with if everything goes out, you
know, and perfectly and that's how we work, raise a bunch of
money but you know, these all, all these things have to come
crashing down there. Uh, Sustainable projects over
the long term and eventually at some point people are going to
start realizing. Hey, they haven't delivered on
their promises, they're not delivering on their promises and
they won't deliver on their promises.
And so if you think that, you know, he theorem is going to
replace AWS and that's what you're making your investment.
You know on it's never going to reach that stage.
So they'll kick the can down the road indefinitely and continue
poww indefinitely because They never want to have that full
switch. The second that they fully
switched to POS. Everybody's going to say, wait a
minute, this thing doesn't work. I thought you said when we go
full, POS everything is going to be amazing.
I do have the world's going to change, so they're never going
to get rid of pows because if they did then they'd have to
admit that they were wrong and everybody goes on to the next
thing. Yep, dude, hits and nailed, hit
the nail on the head and it's what I always say, guys, right?
Like, you know, and use the term band, right?
Kick. The Can down the road, and why
is that? Right?
Because B only Bitcoin has figured out how to separate the
monetary policy out of the hands of human beings, right?
And with all these should coins, including a theory of the
monetary policy can be manipulated by human beings,
right? So you see the same type of
behavior in the beginning, it's like yeah, it starts with good
intentions, right. But it's like, but we could just
print a little bit more money, right?
So I think that's the, I think that's the problem with the
theorem. I completely agree.
It's a giant scam. And I think, you know, Bitcoin
really does fix this. But anyways, Phil it's time for
the daily meme review, brought to you by Citadel 21.
It's the best Bitcoin cultural zeenat stories articles Comics
by actual bitcoiners. Every volume has different
artwork by bitcoiners. Of course, Bitcoin artists and
their scarce is only 1000, physical copies made per volume.
Get your print of Citadel 21 today, right?
Everybody first meme is brought To Us by descent iPod circus
came from or group by the way, mr.
Potter's in our Yup. That's right.
And that's where he posted it. So out to the plebs.
All right, let me zoom out. It's you know, it's a classic.
You'll nothing you'll be happy. You'll have fun.
Staying poor, and you'll be happy absolutely hilarious very
well done. All right, shout out to the
plebs. Alright, next one is by t.k.,
first day of homeschooling everything.
The state says, is a lie and everything it has is it has
stolen. Come on kids, let's take it
back. Really happy.
Learning that they do, they do. Oh you guys then this one's
perfect. Fect for you.
Ok, its an S 9, okay, best use case for transhumanism.
If I could just reach zero, as it Outlets, you will mind
nothing and you'll be poor. Come on Hon.
Cogan, that was awesome. All right, next one is by its by
add maximum, if I had to do it Bitcoin measured in Peaks has
2010 verse. 20 20, 20 22 2010 10,000 Bitcoins into pieces.
10,000 Bitcoin 324,000. Peaks has no.
Wait. That's 10 BTC.
Isn't that 10 B? TC is it?
No, it's ten thousands and thousands and thousands of the
original price. I think 10,000 Bitcoin could buy
you a lot more pieces. Yeah, bring the math.
That math is wrong. Anyways maybe should be like 30
million or something and more than pizza anyway, press and
fish. Okay.
So fill already went this in the fail but we're not going to do
that. We're going to do is we're going
to review the memes in the We had.
So this is you know the the Central Banking this is a to
decorated toxic Bitcoin, ER roll.
Please use our currency. Come on.
It's the reserve with full faith and credit please, bro, come on,
it's table. I serve is rough, that's really
good. All right.
Next one, we reviewed this one by rally, but just to kind of
give you guys a repop, this is a dead ski this.
The Dead Sea. It is this Salty's place on
Earth second only to Peter shift and then the scroll down Peter
Golem from the darkest, saltiest steps of the earth formerly
known as per Terkel until he was completely corrupted by gold.
Very, very nice. Very, very nice.
Anyways, for those means, I'm gonna let you know what, no,
because okay, I'm gonna give it Phil very, very good score.
A lot of thought into this. It's an empty water bottle been.
But would you give those memes? I pick up one but probably a
Bitcoin mining right behind me. Yep, Bitcoin mining rake.
This is true that signal right there.
Anyway, silver had the rake, we've never had the right, Phil?
What would you give those memes? All right, I am giving it this
very special, very special to my favorite.
Ripping dip sticker. That I have see what the cat
saying. Yeah, yeah.
Fuck you too. Phil fuck you too.
Anyways, guys, we want to know if you agree.
Grew their scores disagree. Let us know down in the comments
section and make sure to subscribe to us on alternative
video platforms. Because we do talk shit about
the world economic Forum like Rumble.com and a personal
favorite Bitcoin tv.com. They don't censor their because
Bitcoin TV and join our telegram group linked us some tank tank
tank Bitcoin meme serve you. But anyways Phil it's time for
the Daily News brought to you by crypto cloaks.com they make the
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cloaks.com online store. All right so we're going to talk
about mining stuff we've been today.
But there was just so many nuclear bombs of news that we
are going to talk about mining. We're going to get to that,
right? Huge announcement today.
But first I want to get Ben's thoughts on this.
This was a very big deal, right? So US Senate, to consider Bill
exam. Earning El, Salvador Bitcoin
experiment, think about how crazy that is for a second, a
sovereign country passed a bill. The president has an 80%
approval parading and they pass it through their legislator and
the United States is somehow passing a bill to examine if
that's okay. That isn't colonialism.
I don't know what is. Anyways, the article goes on to
say the full, the full US Senate will vote on a bill, looking to
mitigate the To the US Financial system.
That's the Ferrari and sleep, huh?
From El Salvador's adoption of Bitcoin as legal tender after
the bill was passed out of committee, Wednesday,
accountability for cryptocurrency and El Salvador's
act, and it's bipartisan. I might add, it's a Republican
party and the Democratic party. And this is a quote from one of
the Senators as El Salvador has adopted Bitcoin as legal tender.
It's important, we understand and mitigate potential risks to
the US Financial system. So the US dollar the US dollar
which is politicians benefit from, I don't think the
financial resources Whatever. Anyways, he added that
legislation would require the state and treasury Department's
among other federal agencies to mitigate risks such as potential
empowerment of China, and organized criminal
organizations. Who the bill would also asked
the u.s. to monitor remittances from El Salvador, it's so fucked
up because Bitcoin, not the commodity, but the rails is
saving, we already know this. It's going to say Val
salvadorians tens of millions of dollars and remittance.
He's over in remittance fees alone, this is the president
president named buchelli responding to that, and he has a
screen shots of Bill, which will put that in the link
description. He says, never in my wildest
dreams would I have thought the US government would be afraid of
what we are doing here. It's so true.
Right? The US government does not stand
for freedom and that is a proven fact.
So we will stand for Freedom game on bitcoin is Fu money.
Now, check this out, this is so maniacal and fucked up in so
many different ways. I don't even know what to say.
He definitely sniff his own farts.
For sure, how do I know that he puts his credentials?
Not even in the bayou, In his name himself, US, senator Bill,
Cassie empty. Anyways Salvadoran residents in
the United States. Don't like this policy, we're
we're being responsive to their concerns.
The dude has an 80% approval rating, and this guy has the
fucking Gaul to say not only in English, but in Spanish to this
motherfucker doesn't speak Spanish.
Anyways, perhaps they don't trust the president who brags
about trading Bitcoin, naked? Oh, of course he got totally
demolished in the comment section will put it down below
so you guys can check it out. This is what gladstein had to
say, glassing thinks, the Senate is pursuing the legislation
because it's worried El Salvador is directing directly.
Providing a parallel structure to the Sing way foreign aid and
monetary system is given. I'm gonna scratch out for an 8
and monetary system and I'm going to just replace it with
control, right? He added that the bill seems
designed to force the state department to cast aspirations
on El Salvador's Bitcoin plants. And remember what we always say,
right, is that Bitcoin shines a light of Truth and it's doing
exactly that here. Anyways, been, what are your
thoughts on? This is just crazy, dude, it's
just revealing so many things that we need.
Ooh, that were there, but there is no way to prove it.
Oh, for sure, I mean to say right there that El Salvador's
decline strategy as a threat to the United States, obviously,
has a lot of bigger implications.
I just did some quick doodling while you were going through
that mean, El Salvador's GDP is 25 billion.
The world's GDP is 84 trillion. You know, El Salvador relative
to the world, is a fraction of 1% you know to think that what
they do there. It threatened, the US Financial
system is a joke, you know, the only thing that they're doing
there is they're setting the, they're being the first person
there being leading the way they're leading the charge.
And obviously what the US is afraid of, it's not afraid of
what El Salvador is doing its afraid of what all the other
countries are going to do when they adopt Bitcoin.
And I'm personally of the belief that I don't think it's going to
be the country that run their own money, printers that are
going to be the first to adopt Bitcoin.
I think it's going to be the countries that are dollar.
Sized. So there are 30 40 odd countries
in the world that use u.s. dollars for their main currency
and they did it for two reasons. One, they knew that if they did
it themselves, it would be corrupted and it would be
printed to nothing and become worthless and to they wanted
something that was accepted everywhere.
But, you know, this isn't 40. 50 years ago, the world is
completely changed. And, you know, now they have the
ability to do what they wanted to do, originally by adopting a
Bitcoin standard and saying, hey, You know, the u.s. is
corrupt Federal Reserve and their printing money and we have
no control over financial responsibilities and our
financial system. Why don't we adopt a Bitcoin
standard where you can't be corrupted and to its accepted
everywhere. So, you know, this is a, this is
a logical transition. I think for these dollarized
countries to take back, a lot of sovereign tree and I think that
scares the u.s. a lot. Yeah, absolutely.
Phil. What are your thoughts on this?
I just think it's hilarious because the, the essentially,
the US government thinks that this matters like and I know in
their minds that this is incredibly important in this
matters but you said it right there.
I mean look at the GDP compared you know of El Salvador compared
to the world I mean they are a speck really?
I you know on the map on the heat map and they are you know
how can I say this it's like a massive microscope on them.
Right. Because they are doing this.
It's dangerous, foolish, Bitcoin experiment.
I mean, look who decided that there was only one organization
that you can go and get money from.
I mean, you know, I've mentioned this in the past and it's not
just me people, you know, people way smarter than me have
mentioned this before. The SDR is this fake money that
the IMF uses to essentially enslave all these countries
under the guise of financial aid.
All will just give you a longer term to pay it back.
These people are completely insane.
Bitcoin is a fantastic parallel system.
El Salvador should And percent be cheered on to attempt a
parallel system. We should, we should all be
really excited. But for some reason, our there's
a large group of people where their incentives are just to be.
I don't know, I don't know how to say it, other than evil and I
know Nico is right about saying, you know, not everybody's just
sitting there with like, you know, twirling their mustaches
being evil but I honestly think that somehow there's some level
of mental Fakhri. Okay.
Yeah, it's happening. Okay.
And they're like, yes, you know, I want to I want to support this
system because it's good for me and screw these.
People, even though I know that what they're doing is perfectly
fine and probably the right thing.
Yeah, I do think that there's people out there, dude, but it's
not Klaus Schwab every definitely other people.
Anyways, we got very, very lucky guys.
I'll be honest with you because this is a nuclear bomb, we've
predicted this for months now. It was inevitable that Gas and
energy. Companies were going to get into
Bitcoin mining. The incentives are irresistible.
And we got very lucky because Ben Then came on the show when
this news drops. So this is absolutely Bonkers.
We're going to get his comments in a little bit.
I'm going to read some of the article says is by Bloomberg
Exxon ways taking gas to bitcoin pilot countries.
So absolutely crazy ExxonMobil is running which is one of the
you know one of the biggest energy companies in the world.
Exxon Mobil Corp is running a pilot program using excess
natural gas that would otherwise be burned off from North Dakota
oil wells to power cryptocurrency mining
operations. Considering doing the same at
other sites around the globe according to people familiar
with the matter. The oil giant has an agreement
with kurisu Energy Systems to take gas from oil.
Well, pad in the Bakken Shale base into Power, mobile
generators used to run Bitcoin, mining servers on site.
Said the people who asked to not be named because the information
is in public, the pilot program which launched in January 2021
and expanded in. July used up to 80 million cubic
feet of gas per month. That would have otherwise been
burned off or flared. Because there aren't enough
pipelines. So all the fucking green people
that are talking shit. There you go.
Anyways X on the largest US oil producer is considered similar
pilots in Alaska. The coup Weber terminal Nigeria
Argentina's back on Martha shell filled with Jana and Germany.
One of the one of the people said we this is a quote for I'm
sure spokesperson the from axons as we continuously evaluate
emerging Technologies aimed at reducing flared.
Flared. Across our operations and Exxon
expects to meet the world bank's call to and routine flaring by
2030. Because Bitcoins spokesman Sarah
Norton said in an email. She declined to comment on
rumors and speculations regarding the pilot program
pilot project. So Ben I think this is huge but
I'm just a humble pleb. What are your thoughts on this?
It makes perfect sense. The flare gas, mitigation thing
is, I think the nail in the coffin for a lot.
Of these ESG Fudd that we hear coming out about about Bitcoin
mining. I was before I joined this on so
is actually in Alberta selling containerized Bitcoin Minds to
oil and gas companies specifically for this purpose
back in 2018 and 2019 when this wasn't really a big thing.
But you know, I'd go in and speak with some of these large
oil and gas companies and you show them the math and over time
they start to understand it or you show them, you know, they're
their unit of gas. That mmps is going to go for you
know, back then it was about to Canadian dollars.
But you convert that into Bitcoin and you're getting $25
out of that, same unit of gas, why do you want to sell your gas
to the market for two dollars when you can sell it to bitcoin
for $25? You know it's a huge increase,
it takes investment and it takes, you know, capex and
operations and everything else. But Bitcoin is a much more
valuable energy market for gas. Gasps and the flared gas
situation is particularly interesting because this is
marginal cost energy. You know.
This is an energy asked that that was completely written off
on the book. This never being able to be
monetized or used or stored properly great cost effectively
and so Bitcoin comes in here. We monetize this asset at
marginal cost electricity that means that all those old S9,
scan, all can just be redeployed into flare gas, mitigation What
does that do? Well, that extends the useful
lifespan of that equipment which is already at seven years.
No, it's already at seven profitable years for an S9,
depending on where you are and extends out lifespan out for
years. It drastically reduces the cost
of oil and gas companies because they're buying cheaper used
equipment that's appreciated in value.
Which means that they spend less per site and they can reduce
more flare gas across more sites across all the world with the
same amount of capital. I mean, this is a really really
game-changing thing. And if you want to, you know,
talk about reducing emissions, which I think is a bunch of
nonsense. But if you, if that's your goal,
if your goal is to reduce emissions, absolutely, there is
no better technology on the planet than Bitcoin mining
through flare gas because every other technology in the planet
requires private subsidy in order to make it or government
subsidies in order to make it economical.
This is the only technology. In the world that provides an
economic incentives to producers all over the world to directly
reduce their emissions and profit as a result.
The only one so there's no better technology on the planet
for reducing emissions beautiful.
Phil are used militias I am bro. Yes, definitely.
Okay, so look. So we've got let's take a look
at this from like a slightly different, slightly different
angle and definitely much less knowledgeable about mining but
just the overall social picture, right?
So we've got, we've got Governments trying to fight
Bitcoin. Okay?
And we've got all this quote-unquote legislation trying
to push Bitcoin out but yet but yet we've got Intel that with
the, you know, that we announced last week that was announced
that they're going to be joining the mining game right by
creating their own version of Asics and now we've got
ExxonMobil right announcing publicly that they've been doing
this pilot project now since January 2021.
So look. Big corporations suppose,
telling Eco before the show, big corporations, don't move quick.
They move very slowly. Okay?
And they don't often take these types of risk, especially not
this type of this type of business, okay?
Like especially not something like ExxonMobil necessarily or
Intel for that matter. So for them to be diving into
this, they've done their due diligence, they figured out
their numbers and they've realized like look, regardless
of what we're seeing in terms of the news with the, you know, the
maintenance re the corporate owned media and all the BS that
that's Thrown around about Bitcoin, the corporation's, the
larger corporations are coming in and they're starting to make
a dent in the footprint, you know.
So this is very, this is interesting turn of events.
How long do they put it on their balance sheet?
I don't know, but the incentives I think are irresistible
anyways, to address the elephant in the room that we have been
covering the last couple of days.
We had some big news from New York but I'm going to cover this
one first. Luckily we miss this, I mean
they didn't vote for this but the EU vote.
Oats 3223 against the de facto Bitcoin mining been.
It's funny because they advocate for proof of, for proof of
stake, which we know is bullshit, but, you know, proof
of work is bad, but it wasn't only the EU.
It was also the, the New York state.
But this one is a little bit more serious because it's
already passed the committee. Now, it has to be voted on the
legislation, but it hasn't been defeated yet.
And that legislation essentially, kills Bitcoin
mining, right? They say, oh, it's okay if it's
100% Bubble, nothing is 100% renewable.
And the most ironic part is that there's two different standards
of Court banking, their whole, to a said, it's okay with
banking. You don't have to ask questions,
but Bitcoin mining has to be 100% renewable.
You know, I think bitcoiners are by default a little bit, you
know, paranoid. So I would like to think it's
because of control, but I don't know.
Ben, what are your thoughts on this be?
It's BS Pro, it's BS. It's always been nonsense but
You know, that doesn't mean that politicians aren't going to put
forward nonsense. It all almost always means it.
That's exactly the kind of stuff that they're going to propose
you know I think a lot of this stuff comes from the fact that
people don't actually understand electricity and energy and you
know what is energy, how do they can't convert it into
electricity? How is it distributed and
transmitted to your home or business people to understand
it? People think electricity is like
some some mythical thing that you know you just flip on the
light switch and there's just power there and it just You
know, you don't know where it comes from and you don't really
care. And so I think when that's your
perspective, it's really easy to, you know, pick a picks a
Target and say, you know, you're the problem.
I'm going to, I'm going to get rid of you because that'll fix
everything. It won't fix anything in the
energy, infrastructure and Europe.
They've already screwed that up through the policy.
You know, this would just be a doubling down or quadrupling
down of bad mistakes made in the past.
So, you know, I think is very positive that it didn't happen.
And if again, if their goal is renewable electricity to power
all of Europe than Bitcoin, mining helps incentivize that
development and that, that infrastructure.
So there's no reason why you should want to ban it and say,
hey, we want to be completely renewable.
We should actually invite Bitcoin miners to come in here.
Become anchor, tenant that new hydroelectric, dams become,
anchor tenant, that nuclear power plants, right?
And be able to drive that base, load demand and provide Demand
response. That's necessary to have a
stable and cost-effective grip. Phil, what are your thoughts on
this? This, this might sound a little
hyperbolic, but I feel as though, Banning proof of work
essentially bands, you know, whoever does it essentially
bands themselves from future Prosperity, like I just feel
like it's this, it's this terrible response, you know, as
you were indicating it's just a terrible response, you know, to
to a situation and I feel that they're incredibly misinformed,
of course, I obviously I'm happy that it didn't go through,
right? But like Nico pointed out, New
York, New York, hasn't Struck it down yet.
And yet, for some reason, like there is a heavy.
There is a heavy push over there to really get this out.
Like something about that state, I don't understand it.
Like why they are such enemies of proof of work, you know, but
it's really really odd anyways. Yeah, man.
Look, I think they're, they're, they're taking themselves out of
the market. I said it yesterday, they're
making themselves obsolete, you know, and I think that, at the
end of the day, a lot of this news is just a lot of its look.
It's just a lot of noise, right? We just talked about it before
ExxonMobil, right? Like that, that's the beginning
of the death of the ESG narrative as been indicated.
Absolutely here. New York is definitely gonna
have fun staying poor, if that passes anyways, check this out.
Awesome. Awesome name.
Bit Farms commences production at the bunker that sounds
badass. Anyways, the read a little bit,
the bunker is being constructed. In three phases phase.
One of which is, art has been completed an initial capacity of
12 megawatts decent chunk energizes.
The bunker moves us one step closer to meeting the Target.
Rapid deployment of mining assets is underway.
The bunker is presenting operating at 300 Peta hashes.
It's a lot of miners upon full build-out.
The bunker is expected to be a 48 48 megawatt, facility
housing. 13 thousand miners anticipated to deliver 1300 Peta
hashes per construction is being done in three phases.
So then what is the butter? What's going on Bunker?
For the bunkers. Our newest Bitcoin mind that
we've built our new Bitcoin farm that we've built it since it's
in cubic and this is in a building that was designed to be
a Distillery. And so the requirements for this
building was that it was supposed to be able to withstand
an explosion of The Distillery from inside the And so the
building is three-foot, thick concrete.
I mean if it could just survive, probably a nuclear blast.
So that's why we call it the bunker.
It's their biggest site that we've built so far forty, eight
megawatts. Is huge.
I mean, that's 1.3 x a hash, to think about all those miners the
in plugged in and one location is really quite exciting for us,
but it's not just about fell bunker.
You know, the release their also said we're deploying.
Miners. In Paraguay, I mean, we've got a
lot going on right now. We're operating in four
different countries. Currently we've got multiple
facilities under development, multiple facilities under
upgrading and we just continue to grow like a weed and that's
what all the Bitcoin miners are doing right now.
They're growing like a weed and the reason why Bitcoin miners
are investing now is because they're getting ready for the
rally. They know that that rally is
coming, it's inevitable. That is coming and the way that
you make money as a minor. You by while the markets down,
even if that's all the markets down and you're ready to ride
that leg up, you don't make money as a minor if you buy in
at the peak. It's, it just doesn't work that
way. Nothing works that way.
You cannot buy in the peak and make money.
You always have to buy enough below.
So, incredibly bullish, I think seeing all the growth in the
industry and we really like to to do this, you know, this is
something that we think is a strategic way for us to kind of
give back to the Bitcoin. Mining community and get give
people an alternative. You know, when I was getting
started, there was just a couple of cloud Miners and a couple of
providers but everything was really scammy, everything was
really sketchy and I think that that's really held the industry
back. Part of decentralization is not
just about the physical location of the machines, it's about the
ownership as well. And so what we're trying to do
is be centralized ownership of our hash rate through our public
company and we met Cost-effective transparent
efficient Bitcoin, mining available to anybody in the
world you know, without the huge counterparty risk that you used
to have with with Cloud mining companies and providers not
knowing if they were going to actually do what they said they
were they were going to back out of a contract.
If they were going to cancel something if they just take your
miners away, you know, that's it's really game-changing.
I think what's happening here in the mining industry and that's
just going to bring so much more investment so much more
attraction to bitcoin. And it's really going to be a
big driver of the next leg up. Absolutely, it's funny that you
mentioned the old distillery because I found myself in the
similar situation, which I've told Phil many times, right
where I started after I left that, as well as the place,
where I started mining was this, it's in South Carolina and it
was an old pantyhose Factory that had all the necessary
infrastructure already there. Had to had a had are extractors,
you know, to get the fumes. I was already set up so it's
funny to hear you. It's like oh you're taking
advantage of infrastructure or It's already there.
I'm sure that, you know, the, the electrical infrastructure
somebody's already built out, right?
So yeah, it's just so funny how Bitcoin gives value to things
that would already go to waste whether that's flared gas or
whether that was, you know, old buildings that, you know, no one
ever thought was gonna have any use anymore, so very cool stuff.
Anyways, Phil, what are your thoughts on this?
You know what, I have nothing except that story.
Just made me super bullish, right?
Like that's really what it did. I was just listening to To him.
And I'm like, wow, this is awesome.
And you see the signal like of what Ben said?
He said that when the prices down, this is the time to go and
invest, right? So, while you have like a whole
bunch of other people, bunch of weak hands that are, you know,
running for the exits, you've got people that are doubling
down building infrastructure because they know what's coming
bullish. So, been in the announcement, It
also says that each facility is over 99% powered with
environmentally. Only hydropower.
Is that something that b Farms is trying to stick to just
hydropower? You're not trying to, you know,
might because I remember when I started Mining and it was funny
because you said in 2018 2019 things to change and they did
change because before that it was all about grid Mining and
finding, you know, scouting that cheap electricity.
And I think something happened in the industry.
Could he talk a little bit about that?
Sure. I mean, the hydropower is
something that I think is really unique to our company.
Since 2017, every Bitcoin, we've mind, we've done it.
It with all with hydropower. I mean, really, the province of
Quebec is completely Hydro. There is one that gas peaker
plant, which may get turned on, you know, but often it just
doesn't get tired on at all, you know, it could go years without
being turned on and we're on a curtailment program.
So, if the peaker plant was ever needed to be turned on, we would
already be turned off, you know, to make that power available to
the community. The for us to hydro thing is
Really important on the inflation side of things.
You know, we've been sitting in a multi-year period.
I think we're Commodities where depressed and Nat gas and oil
and we're really been pushed down, you know, and that's
driving. A lot of those Neck gas
electricity prices. As we enter into this
inflationary commodity supercycle, there's going to be
several things that happen on the NAT gas side.
Specifically but Nat gas price has to go go up.
I mean, it has to go up from just inflationary concerns but
then you also have on top of that, you have the gasification
of every coal, plant in North America and seemingly around the
world, which is increasing demand exponentially and that
gas at the same time, regulators and politicians are shutting
down, new gas, plants, new, gas Wells, new gas, pipelines, new.
Gas processing plants. And so you're restricting
Supply. At the same time, your
increasing demand in the middle. The at the beginning of a
commodity supercycle and inflationary, I don't know what
you're going to call this inflationary supercycle to, it's
really quite crazy and so for us, you know, we're trying to
say how do we as a minor? How do we make our minds
profitable for the long term? We know that minor is going to
be generating a good casserole for at least, five or seven
years. How do we set up to make sure
that we can achieve that pole, five to seven years or Beyond?
And I think Hydro is the way to do that.
That there is no real costs associated with maintaining
eyes. Those damn, why is it so cheap
this? It's one of those situations
where the capex is much higher to build a hydro plant, because
it requires so much labor so much engineering so much, you
know, excavation so much cement. But on the backside, you're off
X is cheap because there's no fuel, there's no input.
Like you have Labor and some and some parts but I mean it's very
Very minimal cost. And so if you're looking at
what's going to do the best and inflationary, you know,
supercycle. I want the energy source with a
few with inputs, right? I also want the energy source,
that's the most bureaucratic and slow to change.
And that tends to be Public, Utilities, you know, I don't
want to be in a market that has a free market for price and and
I'm, you know, exposed to that price of that gas as it
continues to go up. I want to be in a place.
Where, you know, the utility can't change their price because
then the mom and pop is going to complain about the price being
changed on them. That's going to give us the most
stable, long-term cost effective power.
We think for running our operation.
So it's really strategic for us about every farm that we have
now is all hydropower. We are building our first nap
gas site down in Argentina but that's kind of a special
situation as well where we're taking advantage of an excess
energy. And access infrastructure.
So we're getting very very low cost power relative to what
we're paying in Quebec. Very, very, very awesome.
Then, thank you so much. But anyways, Phil it's time for
know, is that site for anything. There was an open source
software, Lisa day, 22 everybody about it software releases,
brought to you by Cipher safe. Check them out.
Cipher safe dot IO, it's no secret.
The biggest deal is storing your seed for your Bitcoin.
Do it in the Cipher wheel or the all new Cipher grid.
They both come with a tamper-resistant wire but the
grid comes with a punch tool. We've got I'll be version 1.7
dot 0 and for the people who don't know what that is, that is
a plug-in for YouTube for people to be able to stream, SATs to
YouTubers. The link is down below in the
show notes. Don't forget, we drop our
episodes on audio only platforms.
Check us out. On Apple, podcasts Spotify, and
anchor. And if you want to stream of
some SATs Fountain dot f m--. Awesome.
Thank you for. All right, guys, before we going
to give a very special shout-out to our awesome thread.
Sponsor represent represent LTD.com or rep, hard.com.
And you can take advantage of the link down below for 10% off
anything on the store, Phil Knight, where their hoodies
every episode. I also want to give a very
special shout-out to our awesome guest.
Been you can go give him a follow on Twitter at hash over
Ride. He is the chief mining officer
at bit Farms now that you guys got a lot of the inside scoop at
bit Farms. I'm correct me if I'm wrong, but
they are publicly traded company and Canada.
Definitely, go check it. Check us out guys.
If you could check them out, guys, if you enjoyed the show,
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