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Have you ever wondered how raw 
energy, measured in watts and 

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kilowatt hours is actually 
turned into digital money? 

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In this episode, you'll learn 
why Bitcoin isn't just finance, 

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it's the world's first 
scientific accounting system. 

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I'm joined by Jacob Scanlon, 
founder of the Hash Power 

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Academy, to look at the world 
through a What's the Sets lens. 

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We bridge the gap between energy
and money, exploring how Bitcoin

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acts as the de facto market rate
for the physical world, and why 

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understanding the physics of 
mining is the ultimate key to 

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your sovereign future. 
But wait until you hear why 

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Jacob thinks that everything in 
the physical world will 

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eventually trend to zero against
Bitcoin. 

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All right, let's dive in. 
Jacob Scanlon, welcome to 

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Bitcoin for Millennials. 
Thank you for having me. 

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How's it going? 
Yeah, good man. 

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This was a long time coming. 
I think I've discovered your 

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YouTube videos probably over a 
year ago or something. 

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And I think, I think it's really
interesting how you are 

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approaching Bitcoin really from 
the mining perspective, but not 

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in a way that I think other 
people approach mining. 

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So you have hash power Academy, 
maybe you can explain a bit 

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about why you have a a different
approach in this this gap I 

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think you saw in in Bitcoin 
education. 

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Oh, well, the big zoomed out 
picture that I think anyone in 

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the whole Bitcoin space or or 
outside can attest to is people 

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go to conferences, for example, 
of, you know, what you're 

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interested in. 
So if you go to a Bitcoin 

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conference run by say Bitcoin 
Magazine or the the big ones, 

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the Vegas this and that, a lot 
of the talking points are 

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finance and the, the financial 
utility of Bitcoin, right? 

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All the different things you can
do with Bitcoin in the context 

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of money and finance. 
And then you go to a mining 

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conference, right, mining, the 
sharps and all the others. 

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And, and basically there, 
they're very obsessed with 

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energy. 
They always need money, but 

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they're always obsessed with the
energy context, the utility that

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Bitcoin mining can have in the 
energy sector. 

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So these two big sectors and 
people typically go to both 

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conferences when they're more on
the mining side, but there's 

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there's few people that 
understand the energy side of 

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Bitcoin as much as the the 
people actively in that area. 

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And so for me, it was learning 
about Bitcoin like anyone does, 

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but seeing where these two 
worlds collide really. 

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And if you bring it down to the 
commodities in Bitcoin, it's 

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electricity being turned into 
processing power, finding it's 

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way onto the Internet, creating 
blocks of data that that we call

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money Bitcoin. 
And when you stitch that whole 

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story together, you've got 
Bitcoin mining, proof of work 

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and cryptography and all these 
other subject areas that that 

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connect these two massive areas 
of energy and finance. 

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So quite simply the the Hash 
Power Academy is hash power, 

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that commodity in the middle and
teaches and explores how the 

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world's of energy and finance 
really connect going into the 

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past, what it's like today. 
And then what I'm working on at 

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the moment is what what is a 
Bitcoin world, society, economy,

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infrastructure and everything 
else going to look like in the 

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future. 
And I think we can can dive into

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that later in the conversation. 
Yeah, that's the big pictures, 

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this missing piece in the 
middle. 

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Whilst the finance world focused
on finance and the energy side 

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are focused on energy. 
But compute SHA 256 hash power 

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is that that bridge. 
And so that's that's the 

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educational way of of seeing the
big picture. 

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Yeah. 
Yeah, awesome. 

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I, I saw some videos with you 
and the whiteboard and you're 

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diving into, I think a lot of 
like essential topics, 

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understanding this flow of 
energy basically that is, is 

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obviously used as input. 
There's stuff happening, then 

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there's, then there's output. 
And what I really like is that 

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your teaching starts with the 
energy, right, like the watts 

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and the kilowatt hours, rather 
than just the economics of, of 

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Bitcoin. 
And maybe you can, we can take 

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some time to explain why you 
think that is so important. 

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Then I'll, I'll add why I think 
it's interesting because one of 

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my biggest insights around 
Bitcoin and energy actually came

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from a guy called Nate Hagen or 
Nate Hagen's. 

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He said at one point, you know, 
if you look around anything you 

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see costs energy to create or 
maintain. 

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So even when you know, you look 
at the, the wood behind me or, 

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or behind you, right? 
Like that came from a tree and a

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tree grew because there was 
energy from the sun, etcetera, 

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right. 
So if, if you can kind of 

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conceptualize or visualize the 
fact that there's like a, some 

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sort of compacted energy in this
wood, not only from what was 

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captured in the wood by the sun,
but also there was a person who 

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made this, you know, it was 
transported and whatever. 

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And I, I really liked that 
explanation because it made it 

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so simple. 
When you then connect it to the 

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economic part of Bitcoin where 
you talk about, OK, if, if money

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is energy and anything you can 
buy with money takes energy to 

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create or maintain, yeah, you 
should be able to buy those 

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things with energy or else 
there's no like valid and and 

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equal exchange. 
So that's the economic part. 

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But I want to ask you about, you
know, your your revelation or 

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your insights about this. 
So I'll start where everyone 

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starts, which is financial 
history of constantly trying to 

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figure out some physical thing 
that we can measure quantities 

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of it to buy other things, 
right. 

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We we the all the different 
historical attributes of 

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attempts to make different 
things in the physical world, 

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money to account physical things
and all different people in 

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history, recent history have 
conceptualized the idea of money

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backed by energy, a scientific 
accounting system. 

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So it was this how how do we 
measure, you know, how do we 

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measure the world of of energy 
with the information world, 

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which is the Internet and 
Bitcoin quite literally does 

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that. 
It's a scientific accounting 

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system of the physical world. 
And there's a few pieces of this

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story, but let me take you 
through the journey to what you 

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alluded to, which is everyone 
teaches Bitcoin from financial 

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history. 
And then you start hitting the 

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technical subjects. 
The, the litmus test of Bitcoin 

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is obviously the difficulty 
adjustment. 

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And that truly is that, that 
boundary layer between the, the 

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sort of first few modules, which
are important to learn, which is

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the energy side 1st. 
And that's, that's what the hash

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Power Academy really focuses on.
So to teach Bitcoin in a 

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different way, which is not 
financial history, financial 

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subjects, and then bam, straight
in some technical areas and 

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mining. 
It's to start with the energy 

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story. 
Where does energy come from? 

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Why is it important how we 
transport it from producer to 

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consumer? 
And when we have a waste and an 

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excess, an excess energy, we can
mine it. 

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And so Bitcoin as a system 
starts as miners do, finding 

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excess wasted energy in the 
global system, shall we say, and

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turning it into money. 
And then you can start 

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visualizing energy as energy you
didn't use. 

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It's, it's energy credits. 
It's what is money. 

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You want to consume it at a 
later date. 

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And if that money is going to 
purchase something that costs 

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time and energy to produce at a 
later date, well, that, that, 

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that amount of time and energy 
stored in the money that that 

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store of value that we see in 
Bitcoin is why everything trends

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to 0 relative to Bitcoin. 
And, and so the, the storyline 

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of learning about energy first, 
then going into the Bitcoin 

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mining site of how that energy 
transforms into processing power

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and then it's randomly finding 
the next block in the chain 

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somewhere out there and then 
that connecting to the 

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information money. 
But what that does at a big, big

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picture, to keep it really 
simple, is we have now a 

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scientific accounting system of 
21 million units moving around 

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into people's hands between 
wallets, accounting a physical 

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world of electricity available 
in the in the system. 

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And another way, for example, to
see hash power that the network 

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hash rate, which is a metric I'm
sure many people are familiar 

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to, is it's just energy that's 
available to be sold. 

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If you think about it, that is 
the computer is online producing

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hash rate, producing blocks, 
proving that there is a computer

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out there using power, but it 
has the possibility to switch 

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off and maybe sell that power 
locally to the grid. 

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And so you can look at the 
entire network hash rate as 

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actively online computers that 
could potentially sell that 

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power. 
So what Bitcoin does is it it 

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accounts the space between 
what's not being used. 

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So if Bitcoin transitions 
globally to use all of the 

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world's energy, shall we say, 
let's zoom it way into the 

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future. 
We have a system to to measure 

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all the energy we're not using, 
which by inference suggests we 

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can measure all the energy we 
are using. 

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When it comes to holding Bitcoin
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Visit on rampbitcoin.com to 

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That's BR AM to receive $150.00 
in Bitcoin after your first 

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deposit on ramp. 
Strength in many, simplicity in 

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one. 
And when you have a monetary 

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system that can physically 
connect our money or our system 

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of moving resources around with 
the very practical real world 

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cost to move things around, 
shall we say, then you can 

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measure things accurately. 
Because we right now live in a 

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world where our accounting 
system, money for resources 

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misallocates. 
They print a load of numbers, 

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buy up a load of resources 
artificially and it and it warps

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the system. 
It's a, there's a misalignment 

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between our money system right 
now of Fiat and the physical 

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real world cost of things. 
And that misalignment is is paid

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for and suffered by people that 
hold those debt dollars. 

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And so Bitcoin just flips the 
whole thing around and we now 

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account the physical world 
directly in money that accounts 

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to physics. 
And now we can measure all 

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physical things with the money. 
Yeah, it goes a bit off the deep

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end, but that's really the 
premise. 

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I, I think that is that is 
really interesting that it's in 

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a, in a, in like a thermodynamic
sense. 

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It makes no sense. 
It makes no sense that you can 

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have energy from nothing and or 
create something that represents

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energy basically. 
This this is what Elon Musk 

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alludes to in in understanding 
the clear comparison that Fiat 

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money is just numbers on a 
database, right? 

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Your bank account number is just
a number. 

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Now you have to as the human 
adhere to the fact that that 

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number controls your life in all
manner of ways because that 

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number measures everything in 
life. 

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But if that measurement is 
warped prices, if the the 

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backing and the value of that 
money as you hold it declines, 

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it just it just continues. 
The same problem of resources 

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are being mismanaged, over 
consumed because we have money 

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that cheats, that cheats, that 
law of physics. 

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If money can be printed for free
and can buy things that have a 

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cost of energy to create, 
produce, consume, where did the 

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energy come from? 
Where, where, where did the And 

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that's the theft it extracts 
from all the others, 

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unfortunately holding that, 
that, yeah, that temporal store 

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of energy. 
A leveled exchange. 

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A fair exchange would be energy 
for energy. 

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Like now, but also in the future
when I want to spend the reward 

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again, right? 
And and we're up to the point 

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now with Bitcoin where we can 
measure that within a fair 

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accuracy, which it boils down to
right now there is an energy 

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auction that Bitcoin offers 450 
Bitcoin 144 blocks plus all the 

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fees is a typical day. 
That is the auction of all of 

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00:14:11,480 --> 00:14:15,480
the energy that the miners are 
using to try and capture that 

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that cake of 450 slices plus. 
And that prices all of that 

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energy. 
The real time network hash rate 

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references, references an amount
of energy and it's not priced 

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00:14:29,240 --> 00:14:32,520
against, you know, the infinite 
energy potential is not priced 

230
00:14:32,520 --> 00:14:35,120
against 21 million. 
It's priced against the amount 

231
00:14:35,120 --> 00:14:37,720
of Bitcoin going through blocks 
being paid out. 

232
00:14:38,040 --> 00:14:41,280
That sets a price for energy in 
Bitcoin. 

233
00:14:41,800 --> 00:14:45,160
And I can throw you in a little 
bit into the future here and 

234
00:14:45,160 --> 00:14:48,720
give you a really I've, I've 
managed to boil down my Bitcoin 

235
00:14:48,720 --> 00:14:53,080
per kWh pricing metric to a 
really clear analogy, which is 

236
00:14:53,080 --> 00:14:56,120
this. 
Let's say I'm producing power 

237
00:14:56,880 --> 00:15:01,520
and I'm mining with it. 
I'm turning it into 117 SAT's of

238
00:15:01,520 --> 00:15:05,600
Bitcoin per kWh. 
If you're staying in the cabin 

239
00:15:05,680 --> 00:15:13,120
next door and you need one kWh, 
if I scale down my computer to 

240
00:15:13,120 --> 00:15:18,560
give you that one kWh, I'm 
missing out on 117 SAT's, right?

241
00:15:18,720 --> 00:15:23,200
And that, that, that is a boiled
down version of your computer 

242
00:15:23,200 --> 00:15:26,400
compared to the total network 
hash rate and that rough amount 

243
00:15:26,400 --> 00:15:30,760
of Bitcoin you would mine as 
your percentage, that sets a 

244
00:15:30,760 --> 00:15:33,400
price for energy in Bitcoin 
quite literally. 

245
00:15:33,640 --> 00:15:38,040
Does it matter if you in the 
cabin next door paid me 117 

246
00:15:38,040 --> 00:15:42,160
SAT's or I mind it to the can 
turn the computer on and mind it

247
00:15:42,160 --> 00:15:45,240
to the network. 
That sets a free market price 

248
00:15:45,240 --> 00:15:49,920
for energy in Bitcoin through 
block rewards priced against 

249
00:15:50,000 --> 00:15:52,120
your efficiency of computer. 
Yeah. 

250
00:15:52,400 --> 00:15:58,200
And that that starts a pricing 
of the entire world in energy, 

251
00:15:58,600 --> 00:16:03,800
which we can price in Bitcoin 
because if your electric car 

252
00:16:04,320 --> 00:16:08,960
requires 100 kilowatt hours to 
drive X amount of distance when 

253
00:16:08,960 --> 00:16:13,280
you charge that car, that car 
charging station could be mining

254
00:16:13,360 --> 00:16:18,400
117 SAT's. 
So the way to see Bitcoin is 

255
00:16:18,400 --> 00:16:23,880
that it's it's call it central 
central banking analogy would be

256
00:16:23,880 --> 00:16:26,160
that it doesn't set an interest 
rate. 

257
00:16:26,160 --> 00:16:30,560
It sets an energy rate. 
It sets a price for energy of if

258
00:16:30,560 --> 00:16:32,920
I give you my energy, I'm 
missing out on a constant of 

259
00:16:32,920 --> 00:16:37,720
Bitcoin I could be mining. 
So the the, the the de facto 

260
00:16:37,720 --> 00:16:41,280
market rate for energy becomes 
Bitcoin as a default. 

261
00:16:41,880 --> 00:16:44,480
And then maybe I'd want to sell 
you the energy next door at not 

262
00:16:44,480 --> 00:16:48,720
117, maybe 130 because I can 
make a little extra. 

263
00:16:49,160 --> 00:16:50,600
Yeah. 
So mine is going to make more in

264
00:16:50,600 --> 00:16:54,320
the future selling their energy 
than giving it to the network. 

265
00:16:54,680 --> 00:16:58,360
But the network becomes the 
pricing of the energy in a 

266
00:16:58,440 --> 00:17:01,480
decentralized way. 
If there's loads more fees, the 

267
00:17:01,480 --> 00:17:03,880
price of energy goes up. 
If there's no fees, price of 

268
00:17:03,880 --> 00:17:07,079
energy goes down. 
And so that, that slows and 

269
00:17:07,079 --> 00:17:09,680
speeds up the economy as well. 
If the, if the economy is 

270
00:17:09,680 --> 00:17:12,119
running hot, the fee markets 
going crazy. 

271
00:17:12,680 --> 00:17:16,760
We, we hope for that day as 
miners, the economy runs hot, 

272
00:17:16,760 --> 00:17:20,200
price of energy goes up. 
And so you start seeing this, 

273
00:17:20,200 --> 00:17:26,079
this way of, of attaching 
Bitcoin to energy and all of the

274
00:17:26,079 --> 00:17:30,480
maths is very clear and can be, 
can be studied the hash power 

275
00:17:30,480 --> 00:17:36,840
Academy and but it's what it 
takes us into next and and 

276
00:17:36,840 --> 00:17:38,760
that's where it gets really 
exciting. 

277
00:17:40,800 --> 00:17:46,000
Yeah, I think you're kind of 
describing like a hurdle rate 

278
00:17:46,000 --> 00:17:47,920
for energy. 
More people should understand 

279
00:17:47,920 --> 00:17:53,200
this, like when we optimize any 
energy source creation with 

280
00:17:53,200 --> 00:17:57,320
Bitcoin running, you will pay 
less and we will get to more 

281
00:17:57,320 --> 00:18:00,280
available energy, which 
eventually gives us 

282
00:18:00,640 --> 00:18:02,440
opportunities to build a 
society. 

283
00:18:02,440 --> 00:18:04,840
Whatever. 
There's no there's no low energy

284
00:18:04,840 --> 00:18:06,800
society that was ever grown, 
right? 

285
00:18:07,040 --> 00:18:09,080
There's there's another vector 
to this. 

286
00:18:09,080 --> 00:18:12,120
There's the energy vector, the 
one that we've been discussing. 

287
00:18:12,120 --> 00:18:14,840
And then there's also the 
compute technology vector. 

288
00:18:14,840 --> 00:18:19,880
Think about microchips and the 
very, you know, geopolitical 

289
00:18:19,880 --> 00:18:22,200
aspect of microchips comes into 
that as well. 

290
00:18:22,200 --> 00:18:28,200
But it really is a case of if 
you, if you have a better access

291
00:18:28,520 --> 00:18:32,040
compared to others to cheap 
energy, you're going to make 

292
00:18:32,040 --> 00:18:35,560
more Bitcoin in, in layman's 
terms, if you have better 

293
00:18:35,560 --> 00:18:38,400
compute and microchip 
technology, a more efficient 

294
00:18:38,400 --> 00:18:42,800
chip that converts the energy 
into hash rate into Bitcoin at a

295
00:18:42,800 --> 00:18:45,240
better and more efficient rate, 
you earn more Bitcoin. 

296
00:18:45,520 --> 00:18:49,000
So there is a financial 
incentive to make our energy and

297
00:18:49,000 --> 00:18:53,040
technology systems better in the
world for that cohort of humans 

298
00:18:53,240 --> 00:18:56,680
that want to go and make money. 
And, and I'm sure there's 

299
00:18:56,680 --> 00:19:01,280
thousands of years of history of
people wanting to create money 

300
00:19:01,560 --> 00:19:04,520
through the, through the system.
What should we say? 

301
00:19:04,960 --> 00:19:09,880
And so the technology vector is 
if we, if we have a group that 

302
00:19:09,880 --> 00:19:13,320
are constantly doing the R&D to 
make a better, more dense, more 

303
00:19:13,320 --> 00:19:17,600
powerful chip, it leaves a 
trail, an old, a trail of older 

304
00:19:17,600 --> 00:19:21,400
generations of chips to the 
point that, you know, the old 

305
00:19:21,400 --> 00:19:26,920
iPhone versus the new one 
becomes so cheap and inexpensive

306
00:19:27,200 --> 00:19:30,800
that other, other areas of the 
world, say here in, in Latin 

307
00:19:30,800 --> 00:19:34,880
America, that where I'm at, just
makes those devices cheaper and 

308
00:19:34,880 --> 00:19:39,960
accessible as. 
And so there's this, this group 

309
00:19:39,960 --> 00:19:42,440
that's trying to race to the 
front to, to make money and 

310
00:19:42,440 --> 00:19:45,880
outperform Bitcoin through 
mining, whether it's the energy 

311
00:19:45,880 --> 00:19:48,880
vector and the compute vector. 
And Bitcoin really is the 

312
00:19:48,880 --> 00:19:51,960
intersection of those two. 
But the same on the energy side,

313
00:19:51,960 --> 00:19:55,600
if you've got this group that 
the more energy they produce and

314
00:19:55,600 --> 00:19:58,920
monetize that it links back to 
what we previously discussed, 

315
00:19:58,920 --> 00:20:02,240
which is. 
Bitcoin will buy it all and it 

316
00:20:02,240 --> 00:20:06,280
will price it all. 
So as we expand, you know, and 

317
00:20:06,280 --> 00:20:09,480
that's, that's what you see from
mining profitability continually

318
00:20:09,480 --> 00:20:13,320
dropping as the, the quantity of
Bitcoin that you mine 

319
00:20:13,520 --> 00:20:16,480
continually drops. 
And, and, and it's really coming

320
00:20:16,480 --> 00:20:19,080
part of that, which is there's, 
there's energy, there's more 

321
00:20:19,080 --> 00:20:22,120
hash rate, there's more energy 
under the hash rate expanding 

322
00:20:22,360 --> 00:20:24,640
under that finite supply of 
Bitcoin. 

323
00:20:25,120 --> 00:20:28,280
And so people holding the 
Bitcoin, every difficulty 

324
00:20:28,280 --> 00:20:31,880
adjustment is the miners adding 
more energy value to your 

325
00:20:31,880 --> 00:20:34,040
Bitcoin. 
So the next time you meet a 

326
00:20:34,040 --> 00:20:36,080
miner, thank him, shake his 
hand. 

327
00:20:36,080 --> 00:20:39,920
And next time you meet a a large
industrial miner that's plugged 

328
00:20:39,920 --> 00:20:43,880
in 10% of the network, they just
added 10% energy value to your 

329
00:20:43,880 --> 00:20:47,320
SAS approximately. 
So I like just. 

330
00:20:47,520 --> 00:20:52,920
Expansion of R&D just leaves 
that trail of of affordability 

331
00:20:52,960 --> 00:20:56,880
of these technologies and and 
cheaper power, cheaper energy is

332
00:20:56,880 --> 00:21:00,560
just so important right now. 
It really boils down to if we 

333
00:21:00,560 --> 00:21:04,760
see a negative change in 
difficulty over a four year 

334
00:21:04,760 --> 00:21:07,640
period, then I'd be concerned 
like that. 

335
00:21:07,640 --> 00:21:11,240
Like if difficulty is going up, 
that is the network is growing, 

336
00:21:11,240 --> 00:21:15,240
the amount of energy behind 
numbers on a screen is growing, 

337
00:21:15,240 --> 00:21:21,200
the the the real world physical 
side of the Bitcoin network is 

338
00:21:21,200 --> 00:21:24,120
growing. 
This is why Max Kaiser talks 

339
00:21:24,120 --> 00:21:26,200
about the hash rate side of 
things a lot as well. 

340
00:21:26,400 --> 00:21:32,440
He sees hash rate as the the key
signal, the the metric, the the 

341
00:21:32,440 --> 00:21:36,240
signal of of the network. 
And he argues that sort of 

342
00:21:36,240 --> 00:21:38,600
drives price, I believe as well.
It's yeah. 

343
00:21:39,240 --> 00:21:41,480
The hash rate is also kind of 
like. 

344
00:21:41,680 --> 00:21:44,160
How would you illustrate that? 
It's kind of like how many 

345
00:21:44,160 --> 00:21:48,120
people are are participating in 
the gold rush or something like 

346
00:21:48,120 --> 00:21:50,240
that, right? 
It's just like growing and 

347
00:21:50,240 --> 00:21:54,640
growing, but the amount of 
Bitcoin you can find is slowly 

348
00:21:54,640 --> 00:21:57,320
lowering, right? 
So that is what creates the 

349
00:21:57,320 --> 00:22:01,960
incentives for the miners to 
innovate to find the cheapest 

350
00:22:01,960 --> 00:22:04,280
energy, right? 
I think that is where that that 

351
00:22:04,280 --> 00:22:07,040
incentive comes from. 
So you either find energy 

352
00:22:07,040 --> 00:22:11,320
sources that are lower cost or 
you innovate in the way that you

353
00:22:11,320 --> 00:22:16,400
capture energy and that is where
the extreme competition 

354
00:22:16,400 --> 00:22:18,000
basically comes from then, 
right? 

355
00:22:20,160 --> 00:22:24,600
It does and and same same thing 
with the the hardware 

356
00:22:24,600 --> 00:22:27,320
manufacturers, they're making 
better chips to get more 

357
00:22:27,320 --> 00:22:29,760
Bitcoin. 
The energy companies they're 

358
00:22:29,760 --> 00:22:33,040
going to, you know, plug in, tap
into every bit of wasted energy 

359
00:22:33,040 --> 00:22:35,080
that they're leaking to earn 
Bitcoin. 

360
00:22:35,720 --> 00:22:39,520
But the the opportunity for the 
individual to participate in 

361
00:22:39,520 --> 00:22:45,720
this is if you have a Bitcoin 
miner, you buy one, you're going

362
00:22:45,720 --> 00:22:48,960
to pay retail price. 
You're competing the economics 

363
00:22:48,960 --> 00:22:52,840
of scale of say the whole, the, 
the, the large industrial miners

364
00:22:52,840 --> 00:22:56,600
buying thousands of machines at 
half price that what you pay. 

365
00:22:57,240 --> 00:23:01,360
And so the individuals, not to 
say they're screwed, but it's, 

366
00:23:01,400 --> 00:23:05,880
it's, it's looking for what 
opportunities come become part 

367
00:23:05,880 --> 00:23:08,600
of the mining story. 
And I'm sure you, you may have 

368
00:23:08,600 --> 00:23:12,640
had a few guests that may talk 
about the heat use applications 

369
00:23:12,640 --> 00:23:15,680
of mining, which is a great 
physical constraint, Which is to

370
00:23:15,680 --> 00:23:20,320
say you don't need thousands of 
computers, massive data centres 

371
00:23:20,640 --> 00:23:25,360
to heat, you know, a large, you 
know, acreage of greenhousing or

372
00:23:25,840 --> 00:23:28,720
the district heating is a really
good one in Europe. 

373
00:23:29,760 --> 00:23:33,240
But the individual's 
opportunity, for example, I'm 

374
00:23:33,240 --> 00:23:37,800
here in El Salvador where the 
electric bill sits at around 

375
00:23:38,000 --> 00:23:43,240
$0.25 up to 30 cent a kWh. 
Now that's really high and 

376
00:23:43,240 --> 00:23:46,280
that's just about survivable in 
the UK. 

377
00:23:46,280 --> 00:23:50,040
But here where the salaries are 
much, much lower, under $1000 

378
00:23:50,360 --> 00:23:54,800
even to the average more rurally
like 300 or less dollars. 

379
00:23:55,360 --> 00:23:59,400
So if your electric bill comes 
and takes 50-60 dollars, that's 

380
00:23:59,400 --> 00:24:02,840
a fat chunk of your of your 
salary, your income or 

381
00:24:02,840 --> 00:24:06,680
remittance from the US. 
And So what if, what if there 

382
00:24:06,680 --> 00:24:10,040
was other ways that mining could
participate here with the 

383
00:24:10,040 --> 00:24:14,280
excessive amount of solar and 
individuals that could use 

384
00:24:14,400 --> 00:24:17,960
Bitcoin miners, yes, to make 
money that they can spend 

385
00:24:17,960 --> 00:24:22,040
locally, which is another great 
subject area, But also dry 

386
00:24:22,040 --> 00:24:24,400
mangoes. 
There's a load of wasted, we 

387
00:24:24,560 --> 00:24:27,320
keep talking about wasted 
energy, wasted food. 

388
00:24:27,320 --> 00:24:31,880
There's excessive amounts of of 
production here and lots of heat

389
00:24:31,960 --> 00:24:35,000
uses. 
So drying mangoes, bananas and 

390
00:24:35,000 --> 00:24:37,760
citrus fruit type stuff, even to
beef. 

391
00:24:38,200 --> 00:24:42,480
And that is an economic 
opportunity for an individual. 

392
00:24:42,480 --> 00:24:45,240
And I keep saying that because 
it's the competition of the 

393
00:24:45,240 --> 00:24:48,720
large industrial scale miners is
they're pretty much limited to 

394
00:24:49,040 --> 00:24:52,520
buy power cheap, get efficient 
machines and run them 

395
00:24:52,520 --> 00:24:55,480
effectively. 
But a local could take an old 

396
00:24:55,480 --> 00:24:59,720
machine, dry mangoes and get a 
few sats for it or heat a tank 

397
00:24:59,720 --> 00:25:01,880
of water in their in their 
grandmother's house. 

398
00:25:02,960 --> 00:25:06,520
That there's, there's just an 
endless amount of of stories to 

399
00:25:06,520 --> 00:25:10,800
tell that I want to, to develop 
here in, in El Salvador because 

400
00:25:10,800 --> 00:25:14,520
it's Bitcoin country and and 
even even the Bitcoin country 

401
00:25:14,760 --> 00:25:18,000
has a lacking of, of Bitcoin 
mining. 

402
00:25:18,560 --> 00:25:22,320
And even where I'm at here in 
Berlin, so the mountain town in 

403
00:25:22,320 --> 00:25:25,960
El Salvador, just outside the 
town is where they have the 

404
00:25:25,960 --> 00:25:30,200
geothermal plant with Bitcoin 
mining there, but nobody can see

405
00:25:30,200 --> 00:25:33,280
it, nobody can learn about it 
because it's on a on a military 

406
00:25:33,280 --> 00:25:37,520
site essentially. 
And so education needs more 

407
00:25:38,320 --> 00:25:42,840
utility for individuals to 
access Bitcoin mining, learn 

408
00:25:42,840 --> 00:25:44,640
about it from the individual 
level. 

409
00:25:44,760 --> 00:25:48,280
We need more building systems, 
products, markets, services 

410
00:25:48,280 --> 00:25:52,360
where it's just a computer has 
this heat use, which is only an 

411
00:25:52,360 --> 00:25:55,080
opportunity really for the 
individual, which could 

412
00:25:55,080 --> 00:25:58,520
potentially mean that they could
outperform the economics of 

413
00:25:58,520 --> 00:26:00,720
large industrial scale scale 
mining. 

414
00:26:01,000 --> 00:26:05,720
When you compare their half 
price computer cheaply, yeah, 

415
00:26:05,720 --> 00:26:09,800
cheaply purchased efficiently 
run da da da da da 100% up time 

416
00:26:09,800 --> 00:26:14,000
is that is that, you know, their
goal versus the the millions of 

417
00:26:14,040 --> 00:26:17,960
old machines out there that are 
going to be repurposed into a 

418
00:26:17,960 --> 00:26:21,920
system that adds value in its 
heat and a little bit of money 

419
00:26:21,920 --> 00:26:25,840
on the side. 
And so there's there's just an 

420
00:26:25,840 --> 00:26:29,280
amazing amount of of different 
opportunities that that I want 

421
00:26:29,280 --> 00:26:33,040
to explore through my content of
what's possible for the 

422
00:26:33,040 --> 00:26:36,200
individual. 
And that that utility of our 

423
00:26:36,200 --> 00:26:40,280
money through mining through the
energy side is what is missing 

424
00:26:40,280 --> 00:26:43,120
in the north. 
So many people with Bitcoin and 

425
00:26:43,120 --> 00:26:46,800
a wallet crossing their fingers 
hoping for this, this Bitcoin 

426
00:26:46,800 --> 00:26:50,600
world to, to appear. 
And here in Berlin, it's, it's 

427
00:26:50,600 --> 00:26:55,000
appearing as there's 200 
merchants and and the mining 

428
00:26:55,000 --> 00:26:58,560
adds to that story as well, 
which is the goal. 

429
00:26:58,560 --> 00:27:03,200
The goal for me here is to get 
some solar mining set up, show 

430
00:27:03,200 --> 00:27:07,040
them that electricity running 
into a battery, into a Bitcoin 

431
00:27:07,040 --> 00:27:12,520
miner to be consumed into a 
Wi-Fi router, into a Bitcoin 

432
00:27:12,520 --> 00:27:17,000
node, into a payment terminal 
specific for Bitcoin where they 

433
00:27:17,000 --> 00:27:21,080
can see the energy just like 
growing any, you know, any 

434
00:27:21,080 --> 00:27:23,960
produce, any plants in the, in 
the productive economy here. 

435
00:27:24,280 --> 00:27:27,440
It's it's coffee country. 
So everyone here is very 

436
00:27:27,440 --> 00:27:31,520
understanding of farming and 
that contention of energy, space

437
00:27:31,520 --> 00:27:33,560
and time. 
You have to contend with the 

438
00:27:33,560 --> 00:27:36,280
energy from the sun and when 
it's available, you have to 

439
00:27:36,440 --> 00:27:40,640
prepare the space, the plot, the
soil, the quality and time. 

440
00:27:40,880 --> 00:27:43,400
You can't just sow seeds and 
consume. 

441
00:27:43,960 --> 00:27:48,160
And so that is the perfect 
analogy for Bitcoin as money 

442
00:27:48,440 --> 00:27:52,880
through a solar mining system 
contending with the sun, the 

443
00:27:52,880 --> 00:27:55,880
most effective panels, the most 
effective wiring. 

444
00:27:55,880 --> 00:27:57,800
It's the most it's the battery 
inverter. 

445
00:27:57,800 --> 00:28:00,120
And you know, it gets all 
technically complicated, but you

446
00:28:00,120 --> 00:28:03,120
zoom out and go, OK, this energy
from the sun is moving through 

447
00:28:03,120 --> 00:28:07,040
the system, moving on to the 
Internet and then moving into my

448
00:28:07,040 --> 00:28:11,160
wallet and I can spend it in 
town here in this this Bitcoin 

449
00:28:11,160 --> 00:28:14,160
economy here. 
People are missing all of that 

450
00:28:14,160 --> 00:28:17,840
story if they just have Bitcoin 
in a wallet and then watch 

451
00:28:17,840 --> 00:28:20,280
videos about all the different 
things that they're interested 

452
00:28:20,280 --> 00:28:22,840
in. 
The entire story goes from the 

453
00:28:22,840 --> 00:28:26,840
sun through the system to your 
wallet and how you interact with

454
00:28:26,840 --> 00:28:31,440
others peer-to-peer. 
And we can tell that entire 

455
00:28:31,440 --> 00:28:35,280
story here in El Salvador and 
explore all the different 

456
00:28:35,280 --> 00:28:40,440
futures of Bitcoin across how 
it's used, the the systems that 

457
00:28:40,440 --> 00:28:43,040
Bitcoin operates, not just 
Bitcoin and wallet. 

458
00:28:43,240 --> 00:28:46,520
I'm going to keep saying that to
everyone because this is this is

459
00:28:46,520 --> 00:28:49,200
what comes next. 
And what's missing from people's

460
00:28:49,200 --> 00:28:54,080
perceptions of Bitcoin is how it
actually gets into the everyday 

461
00:28:54,720 --> 00:28:58,680
person's life. 
And yeah, another massive 

462
00:28:58,680 --> 00:29:01,480
subject area that I definitely 
would love to talk to you about.

463
00:29:03,240 --> 00:29:05,960
From my European friends that 
want to buy Bitcoin with ease, 

464
00:29:05,960 --> 00:29:08,840
checkout Relay. 
I've been a long time fan and 

465
00:29:08,840 --> 00:29:11,960
happy to partner up with what I 
think is the best Bitcoin only 

466
00:29:11,960 --> 00:29:15,280
platform for Europeans. 
They offer a super simple 

467
00:29:15,280 --> 00:29:19,480
beginner friendly app with no 
distractions and no shit coins. 

468
00:29:19,840 --> 00:29:23,040
You can do a quick one time 
smash buy or set up automatic 

469
00:29:23,040 --> 00:29:25,360
purchases when you're stacking 
regularly. 

470
00:29:25,720 --> 00:29:27,360
And here's the thing that 
matters most. 

471
00:29:27,600 --> 00:29:32,280
Relay is 100% self custody. 
Every set you hold is yours, 

472
00:29:32,440 --> 00:29:35,360
your keys, your coins. 
If you want to get started, 

473
00:29:35,360 --> 00:29:38,080
download the app file in my link
below or in the description and 

474
00:29:38,080 --> 00:29:42,440
use code BRUM that's BR AM at 
checkout to get 10% of your 

475
00:29:42,440 --> 00:29:44,400
fees. 
A huge shout out to Relay for 

476
00:29:44,400 --> 00:29:46,440
sponsoring the show. 
Now let's continue. 

477
00:29:46,440 --> 00:29:50,880
The starting point for people is
just, you know, they're not even

478
00:29:50,880 --> 00:29:53,440
thinking about it. 
I think less than, you know, 

479
00:29:53,600 --> 00:29:57,080
the, the, the, the farm to table
cow example. 

480
00:29:57,280 --> 00:30:00,600
What do you think are the 
biggest gaps there? 

481
00:30:00,960 --> 00:30:04,240
Because once someone listens and
understands, whoa, this is 

482
00:30:04,240 --> 00:30:06,960
quality money. 
This is energy money, as many 

483
00:30:06,960 --> 00:30:10,040
people before as I talked about,
but it's actually here right 

484
00:30:10,400 --> 00:30:12,000
then you can see it. 
But how? 

485
00:30:12,000 --> 00:30:17,040
How can we get more people 
interested to actually open 

486
00:30:17,040 --> 00:30:19,920
their mind to even even listen, 
listen to that? 

487
00:30:19,920 --> 00:30:21,440
What are what are your thoughts 
around that? 

488
00:30:21,720 --> 00:30:27,640
Yeah. 
So I think because a lot of 

489
00:30:27,640 --> 00:30:33,360
Bitcoin is is digital, it it 
helps in some ways accessibility

490
00:30:33,360 --> 00:30:36,440
to learn about Bitcoin can go as
far and as wide as the 

491
00:30:36,440 --> 00:30:38,160
information system of the 
Internet. 

492
00:30:38,960 --> 00:30:43,600
But when the digital side of 
Bitcoin is arguably half the 

493
00:30:43,600 --> 00:30:48,040
network, you've got the the 
developers, you've got all the 

494
00:30:48,040 --> 00:30:52,720
different mining pools and then 
you've got just the financial 

495
00:30:52,720 --> 00:30:55,520
sector of, of Bitcoin. 
Essentially those are the sort 

496
00:30:55,800 --> 00:30:59,960
of main everything digital, the 
pools, creating the blocks, 

497
00:30:59,960 --> 00:31:04,640
which developers do their 
developing things and arguing 

498
00:31:04,640 --> 00:31:07,080
and all those. 
And then and then the money 

499
00:31:07,080 --> 00:31:09,080
side, those are the three 
digital sides. 

500
00:31:10,000 --> 00:31:12,760
And then you've got the physical
side, the production of energy, 

501
00:31:13,280 --> 00:31:16,880
the the systems of of electrical
grids or micro grids, and then 

502
00:31:16,880 --> 00:31:21,320
the whole mining area. 
And those areas are massive 

503
00:31:21,320 --> 00:31:25,120
subject areas, like just Bitcoin
mining, massive subject area, 

504
00:31:25,520 --> 00:31:27,640
energy systems, massive subject 
area. 

505
00:31:27,640 --> 00:31:30,200
It's an entire degree producing 
power. 

506
00:31:30,200 --> 00:31:32,320
The oil and gas sector is one 
example. 

507
00:31:32,800 --> 00:31:37,160
That's an entire degree. 
You go into the cryptography an 

508
00:31:37,160 --> 00:31:40,600
entire course, you go into the 
software development site, It's 

509
00:31:40,600 --> 00:31:44,720
an it's a massive area. 
So the goal that I had with 

510
00:31:44,720 --> 00:31:47,800
stitching together all the 
different pieces of Bitcoin as a

511
00:31:47,800 --> 00:31:53,160
story was how do we connect all 
these pieces, these massive 

512
00:31:53,360 --> 00:32:00,360
subject areas and and ologies, 
shall we say, into one coherent 

513
00:32:00,440 --> 00:32:04,320
story. 
And energy is the best start. 

514
00:32:04,920 --> 00:32:08,120
And I think what will support 
the education of that story is, 

515
00:32:08,440 --> 00:32:12,360
is physically seeing it. 
With Bitcoin being mostly 

516
00:32:12,360 --> 00:32:17,280
digital to most people, most I, 
I, I have found a lot of people 

517
00:32:17,280 --> 00:32:20,520
when they do a mining site 
visit, it makes it physical. 

518
00:32:20,520 --> 00:32:24,800
It makes it like real it that 
there's something about seeing 

519
00:32:25,640 --> 00:32:32,080
racks of computers blasting out 
hot air in your face, securing 

520
00:32:32,080 --> 00:32:35,120
the network. 
The, the, the, the noise of 

521
00:32:35,120 --> 00:32:37,680
mining machines is sort of 
embedded now. 

522
00:32:38,000 --> 00:32:41,640
But, but it's, it's, it's haptic
feedback. 

523
00:32:41,640 --> 00:32:43,960
You know the whole thing if you 
pinch yourself, it's, it's 

524
00:32:43,960 --> 00:32:46,960
trying to understand perceptions
and then reality. 

525
00:32:46,960 --> 00:32:51,600
And Bitcoin mining is technical,
so people don't go as much into 

526
00:32:51,600 --> 00:32:56,320
it, but it's the reality side of
Bitcoin at a time that I feel a 

527
00:32:56,320 --> 00:33:00,200
lot of people out there are 
feeling a little bit more on the

528
00:33:00,200 --> 00:33:03,960
idea of having a digital detox. 
So just diving into more 

529
00:33:03,960 --> 00:33:07,880
technical things or, or even 
hear that the Bitcoin centre, 

530
00:33:08,200 --> 00:33:13,800
the, the, the, the technical 
stuff is all digital. 

531
00:33:14,040 --> 00:33:16,960
It's so much more easier to 
teach kids and being more 

532
00:33:16,960 --> 00:33:20,280
interactive when when 
everything's a bit more 

533
00:33:20,280 --> 00:33:22,480
physical. 
You know, we we grow up in the 

534
00:33:22,480 --> 00:33:26,640
physical world and the kids get 
introduced to the digital world 

535
00:33:26,640 --> 00:33:30,200
quite quickly too, too soon. 
But yeah, if we start them with,

536
00:33:30,480 --> 00:33:33,520
you know, I think an educational
series that I want to help 

537
00:33:33,520 --> 00:33:37,440
explore is, is, you know, 
planting plants, showing kids 

538
00:33:37,720 --> 00:33:41,520
that that that low time 
preference with food and then 

539
00:33:41,520 --> 00:33:45,720
also showing it with Bitcoin and
just creating good coherent 

540
00:33:45,720 --> 00:33:50,680
analogies with energy being the 
energy as as the hood, what 

541
00:33:50,680 --> 00:33:55,720
energy is mining being like the 
plants, the the intricacies of 

542
00:33:55,920 --> 00:33:59,400
managing all different things, 
all coming together to create 

543
00:33:59,400 --> 00:34:02,800
that that fruits, the orange 
tree being the example for 

544
00:34:02,800 --> 00:34:05,320
Bitcoin. 
And and then that that that 

545
00:34:05,320 --> 00:34:08,719
fruit side and consumption side 
of of enjoying something. 

546
00:34:09,159 --> 00:34:13,000
And if that if, if a fruit tree 
should say, as the example can 

547
00:34:13,000 --> 00:34:16,800
be analogized to Bitcoin through
physical things, the computer 

548
00:34:16,800 --> 00:34:20,639
there, the plant in front of it,
just showing it all those 

549
00:34:20,639 --> 00:34:22,840
concepts that we want good 
concepts. 

550
00:34:22,840 --> 00:34:29,000
And and as finding solid 
analogies that that teach the 

551
00:34:29,000 --> 00:34:34,080
kids about Bitcoin that aligns 
with the physical world as much 

552
00:34:34,360 --> 00:34:37,920
that can only breed a 
generation. 

553
00:34:38,840 --> 00:34:41,520
They're going to build things 
that are going to be out of our 

554
00:34:41,520 --> 00:34:43,360
perceptions. 
And that's going to be 

555
00:34:43,360 --> 00:34:47,800
incredibly exciting. 
Our jobs now and my job with The

556
00:34:47,800 --> 00:34:51,760
Academy Is to teach the 
fundamentals across the board, 

557
00:34:52,280 --> 00:34:56,480
teach the foundations of what 
just is really coherent and not 

558
00:34:56,480 --> 00:34:58,560
really going to change about 
Bitcoin ever. 

559
00:34:58,840 --> 00:35:03,920
Is Bitcoin ever going to 
fragment that system of energy, 

560
00:35:04,480 --> 00:35:08,600
compute and information is is 
that system ever going to 

561
00:35:08,600 --> 00:35:11,440
fundamentally change? 
And I don't the answer is no. 

562
00:35:12,040 --> 00:35:15,120
So having that as the 
fundamental education means that

563
00:35:15,120 --> 00:35:18,400
the the it's relevant at any 
point in time. 

564
00:35:18,760 --> 00:35:21,480
And the more we find analogies 
to the physical world where 

565
00:35:21,480 --> 00:35:25,920
we're all born and grow up, it, 
it only serves to, to make the 

566
00:35:25,920 --> 00:35:29,760
next generation not have to fill
their minds with Fiat, Fiat, 

567
00:35:29,760 --> 00:35:33,360
Fiat this and that and, and 
this, this trying to make sense 

568
00:35:33,360 --> 00:35:36,240
of these two worlds, but 
teaching the next generation 

569
00:35:36,240 --> 00:35:40,200
about the new world. 
And that, that mindset within 

570
00:35:40,200 --> 00:35:43,920
them is only going to allow them
the, the, the tools and the 

571
00:35:43,920 --> 00:35:48,680
fundamental knowledge to, to 
take the torch and, and be the 

572
00:35:48,680 --> 00:35:53,680
Bitcoiners that, that enjoy the,
the golden age of, of the 

573
00:35:53,680 --> 00:35:56,120
electric economy that we're 
going to have in the next few 

574
00:35:56,120 --> 00:35:59,920
1000 years where you know, 
nothing else can compete. 

575
00:36:00,080 --> 00:36:04,920
We, we, we, we communicate, 
trade, transact resources of the

576
00:36:04,920 --> 00:36:07,760
physical world through this 
thing called the Internet. 

577
00:36:08,240 --> 00:36:14,040
We got to as a society, figure 
out how to keep these energy and

578
00:36:14,040 --> 00:36:17,080
electric grids as balanced and 
aligned as possible. 

579
00:36:17,080 --> 00:36:22,760
And the answer is just Bitcoin. 
Yeah, the answer is Bitcoin. 

580
00:36:23,880 --> 00:36:28,840
Yeah, I I love that. 
I also think that this idea of, 

581
00:36:28,840 --> 00:36:34,080
you know, I'm getting back to 
the feedback loop of like 

582
00:36:34,080 --> 00:36:38,000
there's, there's less and less 
Bitcoin available, there's more 

583
00:36:38,000 --> 00:36:41,480
and more incentive to innovate. 
So there will be more and more 

584
00:36:42,040 --> 00:36:47,840
energy fighting for less Bitcoin
to to mine over time, right? 

585
00:36:47,840 --> 00:36:52,080
And this whole incentive 
structure of innovating in terms

586
00:36:52,080 --> 00:36:57,440
of how you, how you capture, use
distribute energy, I think is 

587
00:36:57,440 --> 00:37:02,080
extremely fascinating. 
And I, I really like what you 

588
00:37:02,080 --> 00:37:04,960
are saying now about like A next
generation, you know, because 

589
00:37:04,960 --> 00:37:08,720
there it is. 
Sometimes you have these critics

590
00:37:08,720 --> 00:37:13,200
that say, well, what happens in 
2140 when the block rewards are 

591
00:37:13,200 --> 00:37:14,960
gone and it's all going to blow 
up. 

592
00:37:14,960 --> 00:37:19,760
So you have to, you know, like 
just this, this stuff, Whereas I

593
00:37:19,760 --> 00:37:26,200
think what people miss is this 
incentive alignment that will 

594
00:37:26,200 --> 00:37:31,840
perpetuate this forward and it 
will only, you know, grow, grow 

595
00:37:31,840 --> 00:37:36,200
bigger and and bigger basically.
So what I wanted to ask you is 

596
00:37:36,200 --> 00:37:39,880
what do you what do you think? 
You know, what, what kind of 

597
00:37:39,880 --> 00:37:44,120
innovations will this next 
generation make when they follow

598
00:37:44,120 --> 00:37:46,800
these incentives? 
Like what will they innovate on 

599
00:37:46,800 --> 00:37:49,840
top of Bitcoin, you think? 
But maybe also, what do you 

600
00:37:49,840 --> 00:37:52,680
think they should they should 
look at? 

601
00:37:52,680 --> 00:37:55,480
What are some things you think 
should actually exist? 

602
00:37:55,480 --> 00:38:00,480
But maybe. 
Exist today you asked that 

603
00:38:00,480 --> 00:38:08,160
question because all I think 
about is is the the so my focus 

604
00:38:08,160 --> 00:38:11,440
of many years and and and going 
into the education that that 

605
00:38:11,440 --> 00:38:14,920
that bridged the world of energy
and finance that the energy 

606
00:38:14,920 --> 00:38:18,640
consumed the compute to the 
mining and then the Bitcoin 

607
00:38:18,640 --> 00:38:22,320
being produced on the other end 
and seeing it not just as a one 

608
00:38:22,320 --> 00:38:28,080
linear series, but actually a 
circular system where that what 

609
00:38:28,080 --> 00:38:31,600
you just alluded to. 
You've got this full supply of 

610
00:38:31,600 --> 00:38:40,040
21 million being distributed on 
140 year energy auction and the 

611
00:38:40,520 --> 00:38:46,240
the dwindling supply of what's 
being offered as issued and then

612
00:38:46,240 --> 00:38:49,440
replaced by what's already out 
there. 

613
00:38:49,680 --> 00:38:52,440
So to anyone that thinks that 
you know what, what happens to 

614
00:38:52,440 --> 00:38:54,320
mining when all the Bitcoin is 
mined? 

615
00:38:54,760 --> 00:38:59,280
It's what's out there moving 
around the, the velocity of the 

616
00:38:59,280 --> 00:39:02,040
network, the the bloodstream of 
information. 

617
00:39:02,360 --> 00:39:05,920
That's what all the energy of 
the network, those computers out

618
00:39:05,920 --> 00:39:09,280
there plugged in everywhere, 
their energy is being priced 

619
00:39:09,280 --> 00:39:14,160
against that. 
So when the when the next 

620
00:39:14,160 --> 00:39:16,400
halving comes on the next 
halving next time, it keeps 

621
00:39:16,400 --> 00:39:19,760
going, it just keeps bumping up 
the dollar price. 

622
00:39:20,280 --> 00:39:23,360
And if the fee market is dead, 
it's just going to bump up the 

623
00:39:23,360 --> 00:39:28,760
production cost even more. 
And it's the same same effort of

624
00:39:28,760 --> 00:39:32,200
number go up. 
The your Bitcoin is being 

625
00:39:32,200 --> 00:39:36,000
continually repriced against 
more and more energy. 

626
00:39:36,680 --> 00:39:40,840
And as that that happens from 
two things, that's more 

627
00:39:40,840 --> 00:39:44,040
computers joining the network 
and the amount of Bitcoin being 

628
00:39:44,040 --> 00:39:47,280
priced against that compute 
joining the network as less and 

629
00:39:47,280 --> 00:39:50,960
less to a point that we, I 
arguably believe that we shift 

630
00:39:50,960 --> 00:39:56,320
to medium of exchange when the 
block rewards are more fees than

631
00:39:56,320 --> 00:39:59,040
subsidy. 
I think that point that we shift

632
00:39:59,400 --> 00:40:03,120
because it means that all of the
energy of the network is priced 

633
00:40:03,360 --> 00:40:06,280
against what's happening in the 
blocks, the fee market, the 

634
00:40:06,320 --> 00:40:08,280
economic activity of the 
network. 

635
00:40:08,760 --> 00:40:14,400
Right now, dollar drives 
everything because 3.125 Bitcoin

636
00:40:14,720 --> 00:40:19,240
issued from nothing has has no, 
there's no reference to it other

637
00:40:19,240 --> 00:40:22,400
than monetary policy to issue 
the full 21 million. 

638
00:40:22,880 --> 00:40:26,040
And once that happens, same with
what's happening now. 

639
00:40:26,040 --> 00:40:31,880
Miners being miners income, 
shall we say, dwindling to 

640
00:40:31,880 --> 00:40:34,000
nothing. 
What it does is it just 

641
00:40:34,000 --> 00:40:36,840
continually kicks inefficiency 
off the network. 

642
00:40:37,360 --> 00:40:39,720
The network is she's digital 
Mother Nature. 

643
00:40:39,720 --> 00:40:44,640
She doesn't care what computer 
you have, what energy source, 

644
00:40:44,640 --> 00:40:47,360
where you are, how you are, what
you do, how you do it. 

645
00:40:48,360 --> 00:40:51,760
Are you adding blocks? 
Are you making the chain longer 

646
00:40:51,760 --> 00:40:55,720
stronger? 
If not, she's not paying you and

647
00:40:55,720 --> 00:40:59,480
doesn't matter shape, size, 
color, creed, language, you 

648
00:40:59,480 --> 00:41:02,320
could be a, an ape or an alien. 
It doesn't matter. 

649
00:41:02,520 --> 00:41:07,000
The the, the that payout of 
Bitcoin is priced against every 

650
00:41:07,000 --> 00:41:09,720
participant. 
And it's almost like a Trojan 

651
00:41:09,720 --> 00:41:14,080
horse because the people holding
Bitcoin trying to later, you 

652
00:41:14,080 --> 00:41:19,040
know, consuming the money to to 
buy things in a world where 

653
00:41:19,040 --> 00:41:22,200
there's a lot of people building
up systems that help produce 

654
00:41:22,200 --> 00:41:26,080
things. 
So what I see Bitcoin doing in 

655
00:41:26,080 --> 00:41:32,440
comparison to the Fiat dollar 
system is the Fiat system tries 

656
00:41:32,440 --> 00:41:36,440
to create money, money units to 
go and pay for things that 

657
00:41:36,440 --> 00:41:41,120
create productivity, create 
energy, shall we say as well, 

658
00:41:41,160 --> 00:41:44,960
you know, the debt to go and 
produce a new billion dollar 

659
00:41:44,960 --> 00:41:50,520
energy project. 
That's a vaguely good example if

660
00:41:50,520 --> 00:41:53,960
it was in a if it was 
efficiently done of of good use 

661
00:41:53,960 --> 00:41:56,240
of money to to produce more 
energy for everyone. 

662
00:41:57,000 --> 00:42:01,480
But public money produces a new 
energy energy system, and then 

663
00:42:01,480 --> 00:42:04,800
we're also paying for the 
electricity when public money 

664
00:42:04,920 --> 00:42:08,920
built the damn thing anyway. 
But Bitcoin does it the other 

665
00:42:08,920 --> 00:42:11,560
way around. 
If you want the money, produce 

666
00:42:11,560 --> 00:42:14,880
the energy, not the it's not 
money to make the energy. 

667
00:42:14,960 --> 00:42:20,480
Bitcoin is you produce energy, 
you can monetize it or set it as

668
00:42:20,480 --> 00:42:23,880
the price to sell it locally 
because if you start producing 

669
00:42:23,880 --> 00:42:27,760
energy, you're seeing how you 
can get the highest economic 

670
00:42:27,760 --> 00:42:31,080
return for it. 
Bitcoin will pay you 117 

671
00:42:31,080 --> 00:42:35,280
Satoshi's a kilowatt, but if 
your neighbor needs it, you care

672
00:42:35,360 --> 00:42:38,000
for the monetary value of your 
energy, so you sell it to next 

673
00:42:38,000 --> 00:42:41,480
door and and that is a 
peer-to-peer energy trade. 

674
00:42:41,840 --> 00:42:44,520
So just to jump all the way back
to your original question of 

675
00:42:44,520 --> 00:42:48,680
what the the kids can be doing 
is as we hand them the 

676
00:42:48,680 --> 00:42:53,560
fundamental knowledge, as we 
hand them the, the, the tools, 

677
00:42:53,560 --> 00:42:58,520
the software and all these other
things, they're going to put all

678
00:42:58,520 --> 00:43:01,120
of those pieces together in ways
that we didn't even 

679
00:43:01,120 --> 00:43:04,040
conceptualize. 
And a lot of it, I believe, will

680
00:43:04,040 --> 00:43:09,240
be energy related as to maybe 
projects and businesses such as 

681
00:43:09,480 --> 00:43:12,920
a laundry service. 
You can heat the water and dry 

682
00:43:12,920 --> 00:43:16,000
the clothes with a computer that
churns out hot air and hot 

683
00:43:16,000 --> 00:43:19,040
water. 
So that's a system that could be

684
00:43:19,040 --> 00:43:21,800
explored, That's a franchise 
that could be expanded. 

685
00:43:22,240 --> 00:43:27,040
And if that business as an 
example makes more money as a 

686
00:43:27,040 --> 00:43:32,880
business with the same number of
customers as a rival Lavenderia 

687
00:43:32,880 --> 00:43:36,400
Laundry place, should we say if 
you make more money because 

688
00:43:36,400 --> 00:43:40,280
you've got a better technology, 
an old computer that spits out a

689
00:43:40,280 --> 00:43:43,520
few, a few bit, a little bit of 
Bitcoin as you're making the 

690
00:43:43,520 --> 00:43:46,320
heat. 
If that bit, if that as a 

691
00:43:46,320 --> 00:43:52,720
business is marginally better 
than the competitors, then we we

692
00:43:52,720 --> 00:43:59,320
get adoption in that way. 
If heating systems become all, 

693
00:43:59,320 --> 00:44:03,120
you know, hash rate heating 
systems, just a tiny rounding 

694
00:44:03,120 --> 00:44:07,320
error percentage of global 
heating systems becoming Bitcoin

695
00:44:07,480 --> 00:44:11,680
mining systems completely 
becomes the majority of the 

696
00:44:11,680 --> 00:44:15,480
entire network of hash rate. 
And that will demonetize the 

697
00:44:15,480 --> 00:44:19,920
public miners unless they adapt 
to be part of those technologies

698
00:44:19,920 --> 00:44:23,280
that integrate and decentralize 
mining to the individual home 

699
00:44:23,440 --> 00:44:26,000
through a computer as a heating 
system. 

700
00:44:26,520 --> 00:44:29,960
And the reason I say that is a 
perspective that I've really 

701
00:44:30,120 --> 00:44:35,240
learned here talking to an El 
Salvadorian farmer who's seeing 

702
00:44:35,760 --> 00:44:40,880
the Kelly on the TV talking 
about Bitcoin at the top. 

703
00:44:41,000 --> 00:44:44,440
And he's a a landowner in the 
middle, you know, relatively 

704
00:44:44,440 --> 00:44:46,960
wealthy compared to to the 
majority of people. 

705
00:44:47,400 --> 00:44:50,920
And then he's seeing this 
grassroots adoption of Bitcoin 

706
00:44:50,920 --> 00:44:55,600
underneath and they're in the 
middle, like, you know, wanting 

707
00:44:55,600 --> 00:44:58,280
to get involved, not figuring 
out how or why. 

708
00:44:59,000 --> 00:45:02,200
And the first thing is, hey, get
a wallet, put some Bitcoin in 

709
00:45:02,200 --> 00:45:04,280
it. 
And he looked at me strangely, 

710
00:45:04,280 --> 00:45:06,840
like, what do I do with that? 
What do I do with it? 

711
00:45:07,680 --> 00:45:12,960
And So what I'm thinking is, is 
really going to be that the, the

712
00:45:13,280 --> 00:45:16,760
our generation have made all the
digital tools for it to scale. 

713
00:45:16,760 --> 00:45:19,760
There's, there's endless amounts
of wallets and platforms and 

714
00:45:19,760 --> 00:45:23,520
services and community based 
models like that. 

715
00:45:23,520 --> 00:45:27,440
Feti and E cat like the software
is there. 

716
00:45:27,800 --> 00:45:31,440
It's the hardware, it's, it's 
the, the physical system side 

717
00:45:31,440 --> 00:45:35,400
that needs to expand. 
Because then the farmer that 

718
00:45:35,400 --> 00:45:40,120
understands his store of value 
as utility, he sees of, of a 

719
00:45:40,120 --> 00:45:42,800
landowner, their store of value 
is land. 

720
00:45:42,800 --> 00:45:45,240
Their perception of wealth and 
money is land. 

721
00:45:45,720 --> 00:45:50,720
And so him as him as, as an 
example is he sees the value in 

722
00:45:50,720 --> 00:45:54,000
land of what he can do with it. 
He makes money by utilizing the 

723
00:45:54,000 --> 00:45:56,560
land. 
So Bitcoin and a wallet's just 

724
00:45:57,120 --> 00:45:59,080
what do I do with that? 
Great. 

725
00:45:59,080 --> 00:46:01,200
You could have the best 
software, the best wallet. 

726
00:46:02,400 --> 00:46:04,680
What do I do with it? 
I can spend it in town here. 

727
00:46:05,120 --> 00:46:08,240
That's the unique thing here in 
in El Salvador in a couple of 

728
00:46:08,240 --> 00:46:12,240
places. 
But getting that, the more of 

729
00:46:12,240 --> 00:46:16,000
that the, the majority of that 
story continues to say, because 

730
00:46:16,000 --> 00:46:19,480
I've been talking to different 
El Salvadorian farmers with 

731
00:46:19,480 --> 00:46:22,560
obnoxious amounts of land that 
would be really good for solar 

732
00:46:23,240 --> 00:46:27,440
is they understand that side. 
They understand the productive 

733
00:46:27,440 --> 00:46:31,640
side of, of, of, of an economy. 
They are farmers, they, they 

734
00:46:31,640 --> 00:46:35,760
grow and they provide goods and 
services in exchange for money, 

735
00:46:36,000 --> 00:46:38,400
not the other way around. 
The consumption side being the 

736
00:46:38,400 --> 00:46:42,880
city, shall we say. 
And so introducing the money as 

737
00:46:42,880 --> 00:46:46,120
the consumption good to people 
as the introduction is like, 

738
00:46:46,120 --> 00:46:49,440
what do I do with that? 
But when I show them we can 

739
00:46:49,440 --> 00:46:52,840
produce this new money that the 
Kelly talks about and there's 

740
00:46:52,840 --> 00:46:55,840
this grassroots adoption, all 
these orange stickers with a 

741
00:46:55,840 --> 00:46:59,560
Bitcoin logo everywhere in town 
I go, you can participate with 

742
00:46:59,560 --> 00:47:01,920
this. 
You can, we can produce Bitcoin 

743
00:47:02,640 --> 00:47:06,360
dry the mangoes with the 
computers that run hot because 

744
00:47:06,360 --> 00:47:08,080
in a couple of months there's 
just going to be a flood of 

745
00:47:08,080 --> 00:47:10,800
mangoes everywhere. 
We can dry them and and that's 

746
00:47:10,800 --> 00:47:13,920
economic value being preserved. 
You've got a product that just 

747
00:47:13,920 --> 00:47:18,280
doesn't rot then and there, but 
many months of a good that can 

748
00:47:18,280 --> 00:47:20,280
be stored and consumed at a 
later date. 

749
00:47:20,600 --> 00:47:26,160
So it's all these different 
stories to tell of, well, the 

750
00:47:26,160 --> 00:47:30,600
farmer sees the value in this 
crazy electric bill that's 30 

751
00:47:30,600 --> 00:47:33,320
cent a kilowatt. 
Let's get some solar and bring 

752
00:47:33,320 --> 00:47:37,040
that down to an average of say 4
to 5 cent a kilowatt over the 

753
00:47:37,040 --> 00:47:38,960
lifetime of the panels. 
Great. 

754
00:47:38,960 --> 00:47:42,520
Now you've got cost reduction, 
but now you're producing an 

755
00:47:42,520 --> 00:47:44,640
excess of power. 
What do we do with that? 

756
00:47:45,000 --> 00:47:48,440
Well, we introduced this 
computer Bitcoin miner that will

757
00:47:48,440 --> 00:47:54,280
drain that battery panel or grid
credits into your wallet as 

758
00:47:54,280 --> 00:47:58,560
money anywhere on the planet. 
It will wirelessly transmit your

759
00:47:58,560 --> 00:48:02,720
energy from your grid system at 
home to your wallet as money 

760
00:48:02,960 --> 00:48:06,160
that you can collect the energy 
from one place of the world and 

761
00:48:06,160 --> 00:48:07,960
go and consume and spend it in 
another. 

762
00:48:08,400 --> 00:48:12,680
They understand that because I, 
I've spoken to people that have 

763
00:48:12,840 --> 00:48:16,760
a, a, a solar system, just just 
the solar side, not no mining. 

764
00:48:17,200 --> 00:48:20,280
And they're standing there in 
front of me talking and and I 

765
00:48:20,280 --> 00:48:24,160
said, right now, is there anyone
at your house in, you know, 

766
00:48:24,200 --> 00:48:28,120
insert country here with where 
you know, they're telling me, 

767
00:48:28,120 --> 00:48:31,680
oh, I've got a solar system. 
And I said, is there anyone at 

768
00:48:31,680 --> 00:48:32,680
the house now? 
No. 

769
00:48:33,000 --> 00:48:34,720
Is the battery full? 
Yes. 

770
00:48:35,120 --> 00:48:38,360
Is the sun about to come up? 
Yes, it's like, so you've got a 

771
00:48:38,360 --> 00:48:43,080
full battery and nowhere to 
store that excess energy. 

772
00:48:43,800 --> 00:48:45,920
It's a waste. 
All they could do is add a 

773
00:48:45,920 --> 00:48:48,480
computer. 
So when you're not in the house,

774
00:48:48,520 --> 00:48:51,800
you just drain all of the excess
energy of your system into your 

775
00:48:51,800 --> 00:48:54,760
wallet. 
And so that's a different, 

776
00:48:54,760 --> 00:48:57,840
complete, unique way to see 
Bitcoin. 

777
00:48:58,240 --> 00:49:01,880
And it is the, it's a serious 
effort to decentralize it. 

778
00:49:02,240 --> 00:49:06,800
If we get a mass hyperscale of 
call it solar mining for the 

779
00:49:06,800 --> 00:49:10,440
individual compute systems to 
heat tanks of water. 

780
00:49:10,800 --> 00:49:15,000
And that that education jumps to
people wanting those systems, 

781
00:49:15,000 --> 00:49:20,840
which is my goal here, that that
decentralizes mining, that makes

782
00:49:20,840 --> 00:49:23,600
it understandable why you need a
node that makes it 

783
00:49:23,600 --> 00:49:26,960
understandable then why you need
a wallet, You're getting paid. 

784
00:49:26,960 --> 00:49:30,240
Oh, I need a wallet because I've
got I've got this Bitcoin that's

785
00:49:30,240 --> 00:49:33,360
going to be sent to me from this
this computer that's helping me 

786
00:49:33,360 --> 00:49:36,560
in my everyday life. 
There's there's a lot half the 

787
00:49:36,680 --> 00:49:40,560
half the planet can barely 
function WhatsApp, not your your

788
00:49:40,560 --> 00:49:45,240
amazing technical lightning 
enabled wallet. 

789
00:49:45,800 --> 00:49:47,880
It's great. 
It's great software, great 

790
00:49:47,880 --> 00:49:52,400
solutions, but the everyday 
person, they have to see the 

791
00:49:52,400 --> 00:49:56,640
physical solutions of Bitcoin 
and then they want all the other

792
00:49:56,640 --> 00:49:59,640
pieces and the wallet on their 
phone to receive it. 

793
00:50:00,000 --> 00:50:04,240
The utility side of Bitcoin has 
to be built out and and medium 

794
00:50:04,240 --> 00:50:08,360
of exchange drives that because 
the north, the majority of the 

795
00:50:08,360 --> 00:50:11,560
world are in store of value. 
They've they're holding their 

796
00:50:11,560 --> 00:50:16,000
bitcoins sitting on their hands.
Some are trading or handing it 

797
00:50:16,000 --> 00:50:19,160
off to Wall Street and doing all
other weird, wonderful things, 

798
00:50:19,680 --> 00:50:22,560
probably just trying to explore 
the utility of the money. 

799
00:50:23,200 --> 00:50:26,560
And it's it's the physical side 
that that provides those answers

800
00:50:26,920 --> 00:50:29,800
and and it and it goes to 
society far and large. 

801
00:50:29,800 --> 00:50:33,400
At the moment we're all just too
digitally in depth and we need 

802
00:50:33,400 --> 00:50:37,280
to sort of find this this 
balance for society between our 

803
00:50:37,280 --> 00:50:41,080
digital and physical lives. 
But if Bitcoin offers more 

804
00:50:41,080 --> 00:50:44,920
physical solutions to people's 
lives than digital ones, for 

805
00:50:44,920 --> 00:50:49,680
now, I, I just think that drives
adoption through and through. 

806
00:50:50,360 --> 00:50:53,560
And that's, that's how we get to
that, that world and kids, 

807
00:50:53,560 --> 00:50:55,760
students learning the 
fundamentals and these 

808
00:50:55,760 --> 00:50:57,960
components and how they all 
connect together. 

809
00:50:58,240 --> 00:51:02,120
Then they go out into the world 
and and spend the time exploring

810
00:51:02,120 --> 00:51:05,160
what's possible to solve 
solutions to problems that we 

811
00:51:05,160 --> 00:51:12,040
didn't even think about. 
Yeah, I, I, I, I love it. 

812
00:51:12,040 --> 00:51:17,000
No, no, I think I, it's amazing 
to see how you are laser focused

813
00:51:17,000 --> 00:51:21,600
on, on this part and, and the 
translation for me, you know, 

814
00:51:21,600 --> 00:51:24,600
maybe that should be the title 
on YouTube is like, why you, why

815
00:51:24,880 --> 00:51:28,280
everyone or why you should be 
mining Bitcoin, you know, even 

816
00:51:28,280 --> 00:51:31,720
when you, even when you hate it.
And I, I like that because 

817
00:51:31,960 --> 00:51:37,880
eventually everyone is dependent
on energy and energy efficiency.

818
00:51:37,880 --> 00:51:41,520
Like I said, right, there's no 
country or society that grows 

819
00:51:41,880 --> 00:51:45,040
with low, low energy usage, 
right? 

820
00:51:45,040 --> 00:51:46,640
So. 
It's a great chart. 

821
00:51:46,720 --> 00:51:49,520
Especially in the future, yeah, 
like that chart, yeah, you know 

822
00:51:49,520 --> 00:51:54,920
what I'm talking about. 
Like that it is essential from, 

823
00:51:54,920 --> 00:51:58,840
from like a, a government or 
local level to your, your 

824
00:51:58,840 --> 00:52:02,120
individual level, right. 
So, and, and like you said, 

825
00:52:02,120 --> 00:52:04,440
there's going to be more and 
more opportunity I think also 

826
00:52:04,440 --> 00:52:06,760
for, for individuals to adopt 
it. 

827
00:52:07,120 --> 00:52:10,840
That being said, what do you 
think is the biggest 

828
00:52:10,840 --> 00:52:14,640
misconception that people have 
about Bitcoin mining and how how

829
00:52:14,640 --> 00:52:16,880
do you address that in in your 
teaching? 

830
00:52:19,120 --> 00:52:23,600
Oh, I'll say it straight. 
The the future of Bitcoin mining

831
00:52:23,680 --> 00:52:27,760
and ties into your question, 
which is Bitcoin mining is not 

832
00:52:27,760 --> 00:52:32,600
just about making money, both 
literally, figuratively, 

833
00:52:32,600 --> 00:52:37,840
financially, physically. 
It's there's, there's this whole

834
00:52:37,840 --> 00:52:44,320
side of cost reduction. 
So the example I used of well, 

835
00:52:44,320 --> 00:52:46,960
here in El Salvador, people's 
electric bills are insane. 

836
00:52:47,440 --> 00:52:50,400
And they, so they don't use hot 
water. 

837
00:52:50,560 --> 00:52:53,640
Granted, it's quite hot, but you
know, if you're an older, an 

838
00:52:53,640 --> 00:52:55,800
older lady, you probably want 
some hot water every now and 

839
00:52:55,800 --> 00:52:58,040
again. 
So they don't pay the bill And 

840
00:52:58,040 --> 00:53:00,840
or, you know, they just avoid, 
you know, live in energy poverty

841
00:53:00,880 --> 00:53:02,800
and energy poverty slows 
everything down. 

842
00:53:02,800 --> 00:53:06,040
We want energy expansion. 
You got a housing shortage in 

843
00:53:06,040 --> 00:53:08,000
your country. 
Well, you've probably, you know,

844
00:53:08,760 --> 00:53:11,160
as you build those houses, 
you're going to need more power.

845
00:53:11,160 --> 00:53:13,920
As you expand in AI, you're 
going to need more like more 

846
00:53:13,920 --> 00:53:17,280
power, more power, more power. 
But the mining side is really 

847
00:53:17,280 --> 00:53:21,920
how you, you create cost 
reduction in the sense of here 

848
00:53:21,920 --> 00:53:26,000
in here in El Salvador, they use
these, but when people do want 

849
00:53:26,000 --> 00:53:29,920
hot water, they have these 
electric heaters that's 5000 

850
00:53:29,920 --> 00:53:33,800
watts even more above your head.
So you've got this sort of 

851
00:53:33,800 --> 00:53:37,040
electrically charged water in 
cables all around your head 

852
00:53:37,400 --> 00:53:43,280
blasting hot water on you. 
And if if mining can replace 

853
00:53:43,280 --> 00:53:47,640
that with a tank of hot water 
with, you know, and heat the 

854
00:53:47,640 --> 00:53:51,040
water and an and an economic 
excess of Bitcoin that they can 

855
00:53:51,040 --> 00:53:53,800
spend in town, that is not just 
going on. 

856
00:53:53,800 --> 00:53:56,200
I'm going to buy this machine as
an investment. 

857
00:53:56,640 --> 00:53:58,240
The goal is obviously to make 
money. 

858
00:53:59,640 --> 00:54:02,120
And yeah, it'll make couple 
dollars a day. 

859
00:54:02,480 --> 00:54:04,680
But here's the thing. 
If if you've now attached that 

860
00:54:04,680 --> 00:54:09,680
computer to a tank of water and 
saved that business couple of 

861
00:54:09,680 --> 00:54:13,800
dollars a day in a heating bill,
because the Bitcoin has 

862
00:54:13,800 --> 00:54:17,560
subsidized it and the computer 
creating the heat is more 

863
00:54:17,560 --> 00:54:20,520
efficient than each person 
having an electric heater above 

864
00:54:20,520 --> 00:54:24,120
their head. 
That creates a system where the 

865
00:54:24,120 --> 00:54:29,040
economics are the the miner is 
really effective in that example

866
00:54:29,320 --> 00:54:33,400
because of yes, the Bitcoin 
mined plus the reduction of 

867
00:54:33,400 --> 00:54:40,440
energy in that home plus the the
heat, the heat output of of it 

868
00:54:40,440 --> 00:54:43,080
just across the board. 
The numbers make sense not 

869
00:54:43,080 --> 00:54:45,800
because you're just mining 
Bitcoin, but you create these 

870
00:54:45,800 --> 00:54:49,040
cost savings in in other 
businesses in the in the 

871
00:54:49,040 --> 00:54:52,800
businesses that that need the 
heat The the laundry business is

872
00:54:52,800 --> 00:54:55,200
another example. 
Yeah, that's the biggest 

873
00:54:55,200 --> 00:54:59,520
misconception is Bitcoin mining 
today, going to tomorrow is 

874
00:54:59,520 --> 00:55:03,960
about cost reduction in other 
businesses and how these 

875
00:55:03,960 --> 00:55:09,000
computers aren't just all in a 
massive data center all around, 

876
00:55:09,000 --> 00:55:11,160
you know, massive data centers 
everywhere, but how they 

877
00:55:11,160 --> 00:55:15,280
integrate in homes. 
That that idea is, is is cost 

878
00:55:15,280 --> 00:55:18,800
reduction more than just, you 
know, profitably outperforming 

879
00:55:18,800 --> 00:55:22,400
Bitcoin, But it's it's possible 
for particular businesses to do 

880
00:55:22,400 --> 00:55:24,480
so. 
But that's that's the discovery 

881
00:55:24,480 --> 00:55:26,160
that the market needs to have 
right now. 

882
00:55:26,840 --> 00:55:28,400
Yeah. 
I want to ask you my last 

883
00:55:28,400 --> 00:55:31,040
question to wrap up and I ask 
everyone the same question, 

884
00:55:31,040 --> 00:55:34,480
which is what is a core belief 
you will never let go of? 

885
00:55:36,520 --> 00:55:44,280
Oh, core belief. 
Truth, I think. 

886
00:55:44,840 --> 00:55:51,080
I think same with what was 
mentioned in the conversation 

887
00:55:51,080 --> 00:55:55,880
about misalignment of things 
with our money. 

888
00:55:56,120 --> 00:56:00,520
I think Fiat money, debt, money,
pounds, dollars, EUR, yen, they,

889
00:56:00,600 --> 00:56:05,240
they all create a lie within the
system. 

890
00:56:06,520 --> 00:56:11,640
All of that goes up to the point
of we're missing truth within 

891
00:56:11,640 --> 00:56:14,360
our monetary system of 
accounting. 

892
00:56:14,360 --> 00:56:16,920
We we're missing the truth of 
accounting resources. 

893
00:56:17,360 --> 00:56:20,880
Truth is the fundamental of 
transactions in business, 

894
00:56:20,880 --> 00:56:22,960
whether it's a handshake or a 
contract. 

895
00:56:23,440 --> 00:56:27,000
Truth, Truth goes far and wide. 
And the more we have a world 

896
00:56:27,000 --> 00:56:31,400
that's truthful, it it pushes 
back on the world that we've 

897
00:56:31,400 --> 00:56:35,720
really developed over the last 
20 years of, of people lying to 

898
00:56:35,720 --> 00:56:39,560
themselves and everything else 
in many ways, whether it's 

899
00:56:39,560 --> 00:56:42,360
health, biology and everything 
else. 

900
00:56:42,360 --> 00:56:44,520
Let's not, let's not go 
controversial. 

901
00:56:44,520 --> 00:56:47,640
But yeah, now that's the that's 
the word truth. 

902
00:56:49,840 --> 00:56:52,000
Awesome man. 
Well, thanks so much for sharing

903
00:56:52,000 --> 00:56:53,400
and thanks so much for your 
time. 

904
00:56:53,400 --> 00:56:57,680
I want to invite everyone to, 
you know, follow you on YouTube.

905
00:56:57,680 --> 00:57:00,720
I will put the link in the 
description below so everyone 

906
00:57:00,720 --> 00:57:05,360
can find Hash Power Academy. 
And yeah, let's let's see how it

907
00:57:05,360 --> 00:57:07,080
goes man. 
I'd love to have you back on in 

908
00:57:07,080 --> 00:57:08,600
the future. 
Appreciate it seeing where 

909
00:57:08,600 --> 00:57:10,800
you're at. 
Yeah, getting new insights sites

910
00:57:10,800 --> 00:57:13,000
and yeah man, I hope people 
found this valuable. 

911
00:57:13,000 --> 00:57:15,360
So thanks. 
I hope you enjoyed this episode.

912
00:57:15,440 --> 00:57:18,640
If you did, you can click here 
to find more just like it and 

913
00:57:18,640 --> 00:57:21,560
click here to find all Bitcoin 
for Millennials podcast 

914
00:57:21,640 --> 00:57:24,560
episodes. 
Also, please like this video if 

915
00:57:24,560 --> 00:57:27,200
you want to help shine a light 
on the message of Bitcoin and 

916
00:57:27,200 --> 00:57:29,400
subscribe to my channel to stay 
connected. 

917
00:57:29,640 --> 00:57:31,360
I hope to see you for our next 
episode. 

918
00:57:31,800 --> 00:57:31,960
Bye.