WEBVTT - America Is Rebuilding on the Bitcoin Standard | Matt Prusak 0:00:00.240 --> 0:00:02.440 So we joined up with the Trump brothers. Eric Trump 0:00:02.560 --> 0:00:05.680 joined as a co founder, chief strategy officer. Donald Trum 0:00:05.720 --> 0:00:08.200 Junior came in as an investor and advisor to really 0:00:08.240 --> 0:00:10.799 create that distinct American brand in the bitcoin space. 0:00:10.920 --> 0:00:13.640 It's interesting sort of where we see bitcoin ad and 0:00:13.680 --> 0:00:17.400 why billionaire real estate developers seem to be abandoning the 0:00:17.640 --> 0:00:20.040 real estate and coming over to bitcoin. 0:00:20.120 --> 0:00:22.400 It's a heck of a lot less work to accumulate 0:00:22.400 --> 0:00:25.160 bitcoin than it is to build enormous hotels and golf 0:00:25.200 --> 0:00:25.799 course developments. 0:00:25.920 --> 0:00:27.920 You have President of the Free World, you know, Donald Trump, 0:00:28.000 --> 0:00:30.480 buying bitcoin and the Trump family buying bitcoin, and then 0:00:30.520 --> 0:00:32.760 you still have like your cousin down the street telling 0:00:32.760 --> 0:00:33.639 you it's like a scam. 0:00:33.720 --> 0:00:36.600 What bitcoin is offering is a much easier way to 0:00:36.760 --> 0:00:40.800 store value and store the efforts of your labor into 0:00:40.840 --> 0:00:43.479 a commodity that, over time is becoming more and more valuable. 0:00:43.680 --> 0:00:47.159 How do you approach thinking about building out the infrastructure. 0:00:46.560 --> 0:00:47.840 For America with bitcoin mining? 0:00:47.920 --> 0:00:50.240 There's really two kinds of infrastructure we're building out. There's 0:00:50.280 --> 0:00:52.959 the physical infrastructure of the mining, and then there's the 0:00:52.960 --> 0:00:55.920 financial system infrastructure that you might find with bitcoin treasuries. 0:00:56.040 --> 0:00:58.680 What's their experience, like trying to build this infrastructure out right. 0:00:58.560 --> 0:01:00.440 Now, this is something that unfortunately. 0:01:02.120 --> 0:01:04.080 All right, Matt, I'm excited to dig into this day. 0:01:04.160 --> 0:01:06.200 Thanks for taking the time to come and speak to me. 0:01:06.800 --> 0:01:09.080 Great to be here. Excited for the discussion. 0:01:09.480 --> 0:01:12.800 Yeah, I mean, we were just talking about Texas and Austin, 0:01:12.840 --> 0:01:15.120 which obviously you're headquartered there. Sort of like the bitcoin 0:01:15.200 --> 0:01:17.600 mining capital of the world, I guess, but I want 0:01:17.600 --> 0:01:19.120 to I want to kind of get understanding from you, 0:01:19.200 --> 0:01:21.039 sort of how you're looking at the world right now. 0:01:21.040 --> 0:01:24.840 It's pretty interesting what's happening from a macro standpoint. JP 0:01:24.920 --> 0:01:28.600 Morgan is talking about this debasement trade golden bitcoin. Then 0:01:28.640 --> 0:01:31.400 we have this renewed interest in building the infrastructure of 0:01:31.400 --> 0:01:34.800 the United States with bitcoin mining obviously. Then there's this 0:01:34.840 --> 0:01:37.040 whole sort of new trend of companies buying bitcoin of 0:01:37.040 --> 0:01:38.760 the balance sheet and treasury. So there's a lot of 0:01:38.760 --> 0:01:41.480 fun stuff I want to cover with you. But let's 0:01:41.520 --> 0:01:42.960 just talk about for a second. Since we were just 0:01:42.959 --> 0:01:47.000 talking about Texas, why are you in Austin. Why are 0:01:47.000 --> 0:01:49.200 all the bitcoin miners in Austin or in Texas? What's 0:01:49.240 --> 0:01:49.800 going on there? 0:01:50.120 --> 0:01:52.640 It's a great question. So I've been in Austin now 0:01:52.680 --> 0:01:55.920 actually for five six years now, pre pre bitcoin mining. 0:01:55.920 --> 0:01:58.480 Actually I moved here initially I helped build COVID testing 0:01:58.480 --> 0:02:01.640 infrastructure for this state government. So we were doing at 0:02:01.640 --> 0:02:03.840 the time, my partners and I a bunch of COVID 0:02:03.920 --> 0:02:08.240 laboratory work, building big, heavy infrastructure to help support country 0:02:08.240 --> 0:02:11.359 and need. And yeah, I realized how much I love 0:02:11.400 --> 0:02:14.240 the dynamism here, the ability to build, the ability to grow, 0:02:14.320 --> 0:02:17.760 the responsiveness of the government to making sure that private 0:02:17.800 --> 0:02:20.480 enterprise can thrive. And so when the opportunity came to 0:02:20.480 --> 0:02:23.399 build large scale bitcoin infrastructure with at the time US 0:02:23.520 --> 0:02:25.840 Bitcoin Corp, it was a chance to seize the moment 0:02:25.840 --> 0:02:28.000 and repeat a lot of that same playbook that we'd 0:02:28.280 --> 0:02:31.040 crafted for a healthcare and apply that to heavy in 0:02:31.080 --> 0:02:34.360 for a four bitcoin so hut eight. Our sister company 0:02:34.720 --> 0:02:37.359 is actually headquartered in Miami. So in many ways, there 0:02:37.360 --> 0:02:39.880 are two crypto capitals in the United States. Of the 0:02:39.960 --> 0:02:42.720 New Cities, there's a there's a Miami style, a bit 0:02:42.760 --> 0:02:45.000 of the sizzle, and then of course you've got Texas which. 0:02:44.800 --> 0:02:47.120 Is as well. One is crypto and one's bitcoin. 0:02:47.560 --> 0:02:49.919 Are I think you're exactly right. I think I think 0:02:49.960 --> 0:02:50.880 Texas is the bigcoin. 0:02:50.960 --> 0:02:51.160 Help. 0:02:51.760 --> 0:02:55.440 Yeah, okay, So you mentioned the sister company, HUT eight, 0:02:55.639 --> 0:02:58.440 so you're a spin off of HUT eight. I thought 0:02:58.520 --> 0:03:01.560 HUT eight was a Canadian company, right. 0:03:01.400 --> 0:03:03.240 So why don't we rewind the clock a little bit? 0:03:03.320 --> 0:03:03.400 So? 0:03:03.720 --> 0:03:06.880 US Bitcoin Corp. Was a company founded in twenty twenty. 0:03:06.960 --> 0:03:09.239 I was the chief commercial officer there. With my partners 0:03:09.280 --> 0:03:12.440 Mike and Asher, we grew US Bitcoin Corp. To become 0:03:12.440 --> 0:03:14.720 one of the largest private bitcoin mining companies in the 0:03:14.800 --> 0:03:18.080 United States. Several years later, we decided to merge that 0:03:18.160 --> 0:03:20.600 company into HUT eight. It was a great partnership. The 0:03:20.639 --> 0:03:24.959 HUT eight team, which was Canadian, had a great bitcoin hoddle, 0:03:25.120 --> 0:03:27.400 which is over a billion dollars worth a bitcoin. Still 0:03:27.400 --> 0:03:30.480 have that on the balance sheet, great cabern markets, good 0:03:30.520 --> 0:03:33.240 brand name, and a really exciting partner for what we 0:03:33.240 --> 0:03:36.000 were able to bring operationally. So we merged with them 0:03:36.280 --> 0:03:37.720 and what at the time was one of the largest 0:03:37.760 --> 0:03:40.520 mergers in the history of cryptel And in that merger, 0:03:40.640 --> 0:03:43.400 we reflagged the company to an American company and moved 0:03:43.440 --> 0:03:47.240 the headquarters from up north in Toronto down to sunny Miami, Florida. 0:03:47.640 --> 0:03:51.080 Okay, okay, okay, So I wondered about that. Was that 0:03:51.160 --> 0:03:53.400 right around the same time I believe I saw announcements, 0:03:53.480 --> 0:03:55.520 you got some of the one of the Trumps, I 0:03:55.560 --> 0:03:56.360 believe on board. 0:03:57.160 --> 0:04:00.600 That's exactly right. So fast forward a bit. We'd already 0:04:00.680 --> 0:04:03.440 merged USBGC into hot Eate and created sort of a 0:04:03.480 --> 0:04:07.360 more key publicly traded bitcoin and energy infrastructure company. But 0:04:07.440 --> 0:04:09.640 as the old expression goes, there's really only two businesses 0:04:09.640 --> 0:04:12.000 in this world. There's bundling and there's unbundling. And the 0:04:12.040 --> 0:04:14.640 time had come to unbundle a lot of this bigcoin 0:04:14.680 --> 0:04:17.800 emphasis into a pure play brand that became American Bitcoin. 0:04:17.960 --> 0:04:20.200 So we joined up with the Trump brothers. Eric Trump 0:04:20.320 --> 0:04:23.640 joined as a co founder chief strategy officer. Donald Trum 0:04:23.680 --> 0:04:26.160 Junior came in as an investor and advisor to really 0:04:26.200 --> 0:04:28.800 create that distinct American brand in the bitcoin space. 0:04:29.000 --> 0:04:29.920 Got it? Got it? 0:04:30.120 --> 0:04:32.080 Do you still have the mining facilities up in Canada 0:04:32.160 --> 0:04:33.920 or have they all been also moved down to the 0:04:34.000 --> 0:04:34.640 United States. 0:04:35.040 --> 0:04:37.120 We have moved the majority of our hash rate to 0:04:37.160 --> 0:04:39.600 the United States. There's so much opportunity to grow here. 0:04:39.760 --> 0:04:42.760 I think that the Canadian enterprise, it's good. It's been 0:04:42.760 --> 0:04:44.359 a nice in many ways. They've joked that it's our 0:04:44.400 --> 0:04:48.120 fifty first state, so we appreciate that hash rate. But 0:04:48.320 --> 0:04:50.960 we've really been growing our operations here, especially in Texas 0:04:51.279 --> 0:04:55.120 as we chase great opportunities and sort of fresh builds 0:04:55.160 --> 0:04:56.799 for the American Bitcoin team. 0:04:57.000 --> 0:05:00.719 Yeah, now let's talk about sort of this environment, this 0:05:00.839 --> 0:05:03.000 macro environment that we're in right now with bitcoin. I 0:05:03.080 --> 0:05:05.360 kind of said earlier in the sort of that intro 0:05:05.480 --> 0:05:07.480 lead up that JP Morgan just sort of came out 0:05:07.480 --> 0:05:10.359 with what they're calling the debasement trade, and they're saying 0:05:10.360 --> 0:05:12.440 what sort of bitcoiners have been talking about for ten years, 0:05:12.480 --> 0:05:14.760 that governm's always going to debase the currency, so we 0:05:14.760 --> 0:05:17.320 should buy hard assets, gold and bitcoin. But I think 0:05:17.320 --> 0:05:19.719 it's interesting specifically for you because you've brought two of 0:05:19.720 --> 0:05:24.320 the Trump sons on to your company, and it's interesting 0:05:24.440 --> 0:05:27.640 sort of where we see bitcoin ad and why billionaire 0:05:27.680 --> 0:05:31.080 real estate developers seem to be abandoning the real estate 0:05:31.520 --> 0:05:33.600 and coming over to bitcoin, which I think is pretty interesting. 0:05:33.680 --> 0:05:34.960 I think people should be paying attention to. 0:05:35.360 --> 0:05:39.040 Oh, you're exactly right, So bitcoin is this really attractive 0:05:39.080 --> 0:05:42.000 store value. So a lot of folks are appealed. Real 0:05:42.080 --> 0:05:43.680 estate has a lot of appeal for folks if you 0:05:43.680 --> 0:05:46.440 think about storing value and it's their nest egg, and 0:05:46.480 --> 0:05:48.880 people are investing in their house and maybe some rental properties. 0:05:49.160 --> 0:05:52.039 What bitcoin is offering is a much easier way to 0:05:52.200 --> 0:05:56.839 store value and store the efforts of your labor into 0:05:56.880 --> 0:05:59.520 a commodity that over time is becoming more and more valuable. 0:06:00.000 --> 0:06:02.520 So as people get excited about buying real estate, a 0:06:02.520 --> 0:06:04.160 lot of them are realizing that whole on this might 0:06:04.200 --> 0:06:06.680 actually make more sense as of bitcoin trade. And so 0:06:06.720 --> 0:06:08.800 it's no surprise to me that a family that's so 0:06:08.800 --> 0:06:11.400 steep in real estate development would see dpeel of what 0:06:11.440 --> 0:06:13.799 we're doing. It's a heck of a lot less work 0:06:14.480 --> 0:06:18.160 to accumulate bitcoin that it is to build enormous hotels 0:06:18.160 --> 0:06:20.720 and golf course developments. Now, building a bitcoin mine is 0:06:20.839 --> 0:06:22.480 quite a lot of work. So we're still putting in 0:06:22.520 --> 0:06:24.720 the effort putting steel in the ground, but it's a 0:06:24.760 --> 0:06:26.760 different sort of mission with a different sort of output. 0:06:26.920 --> 0:06:29.560 Right. But they've been getting involved in all types of 0:06:29.560 --> 0:06:33.800 bitcoin businesses, so from bitcoin treasury companies, bitcoin mining companies, 0:06:33.880 --> 0:06:37.200 you know, bitcoin exchange, right, so almost like spreading their tentacles. 0:06:37.160 --> 0:06:39.400 And as I said, I think I think it's worth noting, 0:06:39.440 --> 0:06:41.040 and that's why I wanted to bring it up. You know, 0:06:41.160 --> 0:06:44.400 you still have interesting enough right where at this time 0:06:44.440 --> 0:06:46.920 where you have Larry Fink, head of black Rock, the 0:06:47.000 --> 0:06:49.040 largest asset manager in the world, saying to buy a bitcoin. 0:06:49.120 --> 0:06:51.240 Paul Tudor Jones has been all over the news for 0:06:51.400 --> 0:06:53.640 years and now this week again about buying bitcoin, and 0:06:53.880 --> 0:06:56.080 you have you know, President of the Free World, you know, 0:06:56.120 --> 0:06:59.240 Donald Trump buying bitcoin and the Trump family buying bitcoin. 0:06:59.279 --> 0:07:01.200 And then you still have like your cousin down the 0:07:01.240 --> 0:07:02.640 street telling you it's like a scam. 0:07:03.600 --> 0:07:06.000 Yeah, there's an old quote where the Gibson about how 0:07:06.000 --> 0:07:08.280 the future is here. It's just not evenly distributed, and 0:07:08.440 --> 0:07:10.800 we're starting to see that happening in real time. I 0:07:10.840 --> 0:07:13.800 remember five, six, seventy to ten years ago trying to 0:07:13.800 --> 0:07:17.520 explain to folks about Bigcoin as an inflation hedge, but 0:07:17.640 --> 0:07:19.640 that was not really getting a lot of attraction. People 0:07:19.680 --> 0:07:22.000 would patiently tell me, you know, Matt, we don't really 0:07:22.040 --> 0:07:24.760 have that. Inflation's calibrated two percent a year. We've kind 0:07:24.800 --> 0:07:26.880 of solved for that here in the United States. What's 0:07:26.960 --> 0:07:29.000 really the appeal to any sort of inflation hedge and 0:07:29.000 --> 0:07:31.240 then now here you and I talking about debasement in 0:07:31.280 --> 0:07:33.520 real time, and it's suddenly that inflation hedge is looking 0:07:33.520 --> 0:07:34.120 pretty compelling. 0:07:34.560 --> 0:07:37.840 Yeah, well, I mean, sure, what's wrong with two percent inflation? Well, 0:07:37.880 --> 0:07:41.000 other than losing ten percent of your wealth every five years, 0:07:41.120 --> 0:07:44.440 I mean, sure, nothing. I guess I would rather not 0:07:44.480 --> 0:07:46.720 lose ten percent of my purchasing power every five years. 0:07:46.760 --> 0:07:49.440 But maybe I'm just maybe I'm simple minded. I don't know. 0:07:49.480 --> 0:07:52.520 And of course it's not two percent. I look at 0:07:52.560 --> 0:07:55.400 inflation as the rate of that monetary debasement, right, And 0:07:55.480 --> 0:07:57.320 so you can look at the money supply. The USM 0:07:57.360 --> 0:08:00.280 two supply has increased by fifty percent in the last 0:08:00.600 --> 0:08:02.840 really forty percent in the last five years. And how 0:08:02.920 --> 0:08:06.160 much is gas up, and how much are homes up, 0:08:06.160 --> 0:08:07.200 and how much is stake up? 0:08:07.280 --> 0:08:08.480 And how much is gold up? 0:08:08.520 --> 0:08:11.400 And right, everything's up forty fifty percent, right, So I 0:08:11.400 --> 0:08:13.480 think that's the real number. But I think it's I 0:08:13.480 --> 0:08:16.320 think it's exciting not just for the debasement trade, the 0:08:16.360 --> 0:08:19.200 store value, but now all the businesses, all the industry 0:08:19.240 --> 0:08:22.280 being built out, and you talk about building infrastructure. So 0:08:22.840 --> 0:08:25.400 right now it seems like the Trump administration is really 0:08:25.400 --> 0:08:29.440 focused on making America great again, making America investable again, 0:08:29.560 --> 0:08:32.160 making America build again, and so building out the infrastructure 0:08:32.160 --> 0:08:35.640 is a big piece of that. How do you approach 0:08:35.679 --> 0:08:39.880 thinking about building out the infrastructure for America with bigcoin mining. 0:08:40.000 --> 0:08:42.719 In America, there's really two kinds of infrastructure we're building out. 0:08:42.760 --> 0:08:45.640 There's the physical infrastructure of the mining and then there's 0:08:45.720 --> 0:08:48.960 the financial system infrastructure that you might find with bigcoin treasuries. 0:08:49.240 --> 0:08:52.040 So the Trump administration has actually been fantastic for both 0:08:52.040 --> 0:08:54.800 of those. So to the mining side of the business, 0:08:54.920 --> 0:08:57.520 we have a pro energy government. We've got folks that 0:08:57.640 --> 0:09:00.440 understand that we need more energy and we need it now. 0:09:00.480 --> 0:09:03.560 We need generative capacity, we need better transmission lines, we 0:09:03.600 --> 0:09:05.880 need more sophisticated forms of off taking. We need to 0:09:05.880 --> 0:09:08.079 be able to trade around peaks. These are all things 0:09:08.120 --> 0:09:11.000 that bigcoiners and bigcoin miners have been swimming for years. 0:09:11.320 --> 0:09:14.360 So having an administration that's genuinely bullish on the electron 0:09:14.640 --> 0:09:16.280 it's good for us and good for what we want 0:09:16.320 --> 0:09:18.720 to deal on the power side. On the treasury side, 0:09:18.760 --> 0:09:21.240 there's a whole host of financial infrastructure that's also getting 0:09:21.240 --> 0:09:23.480 built out in real time. Earlier this year we saw 0:09:23.520 --> 0:09:26.200 the Genius Act get through the government. That was a 0:09:26.240 --> 0:09:28.760 fantastic piece of legislature. There's a few more market structure 0:09:28.800 --> 0:09:30.800 bills that are in the works. These to me are 0:09:30.840 --> 0:09:33.160 seminal texts. These are the sorts of laws that they're 0:09:33.160 --> 0:09:35.400 going to look back on the way that oftentimes securities 0:09:35.440 --> 0:09:38.160 lawyers look back on the nineteen thirties as the cornerstones 0:09:38.160 --> 0:09:40.880 of what created the American financial system. We're doing that over, 0:09:40.920 --> 0:09:42.120 but we're doing on a blockchain. 0:09:42.280 --> 0:09:44.560 Yeah, some of the things I saw Trump doing in 0:09:44.600 --> 0:09:46.240 some of the executive orders that he put through in 0:09:46.280 --> 0:09:49.240 these initiatives that he started this year was also in 0:09:49.320 --> 0:09:51.960 part of trying to really kind of reindustrialize the United States, 0:09:52.040 --> 0:09:55.280 was to peel back a lot of the yellow tape, 0:09:55.320 --> 0:09:57.960 the red tape that sort of bogs all of this 0:09:58.080 --> 0:10:02.160 growth down. Experienced that I mean, as any of that 0:10:02.240 --> 0:10:04.560 helped you, what's their experience like trying to build this 0:10:04.600 --> 0:10:05.680 infrastructure out right now? 0:10:05.960 --> 0:10:08.280 So if you look at past administrations, we'd same as 0:10:08.320 --> 0:10:10.679 everyone else. We're dealing with the fairly hostile environment. And 0:10:10.760 --> 0:10:13.280 it came to opening things like bank accounts. You would 0:10:13.320 --> 0:10:15.160 be one day doing business, in the next day being 0:10:15.160 --> 0:10:17.760 told that you frankly weren't welcome and your money was stuck, 0:10:17.800 --> 0:10:20.439 and so we were somewhat victims of our own financial 0:10:20.480 --> 0:10:23.760 system as Americans. This is something that fortunately has really 0:10:23.800 --> 0:10:27.800 stopped that operation showpoint era is over, and we're better 0:10:27.960 --> 0:10:31.200 forward as a country. So those permittings and that chokehold 0:10:31.240 --> 0:10:33.640 that they had on the ins and out points of 0:10:33.760 --> 0:10:36.960 crypto were pretty serious and things that really slowed down 0:10:37.240 --> 0:10:39.400 the ability to build this industry here in the United States, 0:10:39.600 --> 0:10:41.760 And now that that's been rectified, we're obviously seeing so 0:10:41.800 --> 0:10:43.520 many of the jobs and so much of that energy 0:10:43.559 --> 0:10:44.520 coming back stateside. 0:10:45.200 --> 0:10:47.439 Yeah, so when you think about I mean just a 0:10:47.480 --> 0:10:49.400 couple of things that we framed up already, I mean 0:10:49.480 --> 0:10:52.640 from the debasement, trade people waking up to that, the 0:10:52.640 --> 0:10:55.400 Trump administration, the Trump family getting into bitcoin, which is 0:10:55.400 --> 0:10:57.960 obviously a big signal. I think they probably know some 0:10:58.040 --> 0:11:00.320 things we don't have access to, so probably pretty bullish 0:11:00.360 --> 0:11:02.760 on its own. You look at the political headwinds that 0:11:02.800 --> 0:11:06.120 have turned into tailwinds now and are lifting this space up. 0:11:06.520 --> 0:11:09.200 So I'm curious from that macro standpoint, we look at 0:11:09.240 --> 0:11:12.320 a bunch of different factors, like what is your like, 0:11:12.360 --> 0:11:14.520 what are you looking at bitcoin. What do you sort 0:11:14.520 --> 0:11:17.520 of think is this bull case scenario. What are you 0:11:17.559 --> 0:11:19.240 expecting over the next five ten years? 0:11:19.800 --> 0:11:22.120 Bigcoing on for is the average American this off ramp 0:11:22.440 --> 0:11:25.880 from the FIAD debasement situation that really before there was 0:11:25.920 --> 0:11:29.760 no good outcome. Your options were other FIAD currencies, real estate, 0:11:29.800 --> 0:11:32.840 as we've discussed, you could buy some shiny rocks. You know, 0:11:32.880 --> 0:11:34.760 Gold's been on a bit of a tear itself. Yeah, 0:11:34.960 --> 0:11:37.959 there's really nothing great about that is when it comes 0:11:38.000 --> 0:11:40.840 to a good store value in something that has a 0:11:40.880 --> 0:11:45.080 compelling use case or financial future for the country. I'm 0:11:45.120 --> 0:11:48.560 happy that the gold folks are feeling vindicated, but gold, 0:11:48.559 --> 0:11:52.040 to me is not an optimistic trade that is investing 0:11:52.080 --> 0:11:55.720 in this sort of pre monetary system as an escape 0:11:55.760 --> 0:11:59.080 from modern day society. And look, well, I'm glad folks 0:11:59.120 --> 0:12:01.920 have found a story value that works for them. Bitcoin 0:12:01.960 --> 0:12:03.959 offers all that and more and more and more people 0:12:03.960 --> 0:12:06.760 are seeing the value of having their money or their 0:12:06.760 --> 0:12:09.680 their hardware stored in something that has that fungibility, that 0:12:09.760 --> 0:12:12.920 ease of transferability, that verification on the blockchain. There's a 0:12:12.920 --> 0:12:14.800 lot of value add to bitcoin above and beyond what 0:12:14.920 --> 0:12:17.520 the goal or the gold premium would be for stoare value, 0:12:17.760 --> 0:12:19.640 and that's something that I only think is going to increase. 0:12:19.880 --> 0:12:23.720 Yeah, So when you think about, you know, mining bitcoin, 0:12:25.240 --> 0:12:28.680 how do you approach the actual bitcoin that have been mined. 0:12:28.800 --> 0:12:31.360 So I'm just curious like what your strategy is. Is 0:12:31.400 --> 0:12:34.160 it like we're selling this for revenue cover our costs 0:12:34.280 --> 0:12:36.120 or do you have some sort of strategy maybe with 0:12:36.160 --> 0:12:38.800 your shareholders a capital that you've raised that allows you 0:12:38.840 --> 0:12:41.240 to hold it for the long term or are you 0:12:41.320 --> 0:12:43.520 sort of more like opportunistic and maybe you'll sort of 0:12:43.559 --> 0:12:45.719 like buy and hold around cycles. I'm just kind of 0:12:45.760 --> 0:12:47.080 curious what your viewpoint is on that. 0:12:47.400 --> 0:12:50.480 American Bitcoin benefits from having that mining business pretty big 0:12:50.520 --> 0:12:53.040 twenty five eggs as today, scaling from there, and also 0:12:53.080 --> 0:12:56.319 a treasury component. So we haven't sold a single satoshi 0:12:56.360 --> 0:12:58.560 since we all this to the company in April. To 0:12:58.600 --> 0:13:01.520 your point around financial structure, we actually have access to 0:13:01.559 --> 0:13:04.640 a multi billion dollar at the market offering vehicle that 0:13:04.679 --> 0:13:07.760 we're able to use strategically to raise money to buy 0:13:07.760 --> 0:13:10.520 more bitcoin to cover some of these expenses. So we 0:13:10.800 --> 0:13:13.560 really haven't dipped into the till when it comes towards 0:13:13.559 --> 0:13:16.520 liquidating satosis and paying for things, and that's not something 0:13:16.520 --> 0:13:20.000 that we foresee doing for us. Bitcoin is the end 0:13:20.000 --> 0:13:22.560 all bl is what we're really geared towards accumulating, and 0:13:22.600 --> 0:13:24.839 as we think about our north star of bitcoin per share, 0:13:25.240 --> 0:13:27.240 I'm not really interested in things that would reduce the 0:13:27.240 --> 0:13:29.359 bitcoin per share that I can then offer my shareholders. 0:13:30.440 --> 0:13:33.400 So then your publicly traded a bitcoin mining company is 0:13:33.480 --> 0:13:35.240 quite a bit different than what you might see with 0:13:35.320 --> 0:13:39.000 others Mara or Riot or something like that. Whereas they're 0:13:39.240 --> 0:13:41.800 mining bitcoin, they're selling the bitcoin. Maybe some of it 0:13:41.840 --> 0:13:44.800 they keep, but your policy is to get more bitcoin, 0:13:44.880 --> 0:13:46.360 whether you mine it or you buy it. 0:13:46.800 --> 0:13:49.559 Our attitude is that investors in a bitcoin mining or 0:13:49.559 --> 0:13:51.840 a bitcoin treasury company really want one thing, which is 0:13:51.880 --> 0:13:55.160 maximum bitcoin. So oftentimes I really refer to American Bitcoin 0:13:55.200 --> 0:13:58.480 as a bitcoin accumulator for that reason, we're accumulating bitcoin. 0:13:58.559 --> 0:14:00.920 It's that sym well, some of our they may want 0:14:00.960 --> 0:14:02.760 to sell, or they're trying to be strategic and trade 0:14:02.760 --> 0:14:06.120 around it. My version of strategy is dollar cost averaging 0:14:06.160 --> 0:14:08.560 into the hors asset on Earth. I'm not really interested 0:14:08.600 --> 0:14:12.400 in selling. I think that the energy arbitrage aspect is interesting, 0:14:12.600 --> 0:14:14.440 but for me, that's just one part of the operational 0:14:14.480 --> 0:14:17.720 discipline to grow your stack. So I'm very mindful of 0:14:17.760 --> 0:14:20.680 things like s and a very mindful of the cost 0:14:20.680 --> 0:14:24.280 of power per month, curtailment, trading energy, things like that, 0:14:24.560 --> 0:14:26.600 but really only in so far as it allows me 0:14:26.640 --> 0:14:28.480 to hoddle as much bitcoin as possible. 0:14:28.600 --> 0:14:31.480 Every day we see headlines about inflation and dead and 0:14:31.520 --> 0:14:34.920 diminishing control over our own money. That's why I always 0:14:34.920 --> 0:14:37.600 come back to bitcoin because it's built for generations, it's 0:14:37.600 --> 0:14:40.920 built for legacy. But protecting your bitcoin legacy the right 0:14:40.920 --> 0:14:44.760 way is not always simple. 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Because your bitcoin isn't just for. 0:15:45.160 --> 0:15:46.960 Life, it's for generations. 0:15:48.240 --> 0:15:51.280 I mean, that's pretty interesting because as far as I'm aware, 0:15:51.320 --> 0:15:53.800 I mean, all of the public trade bitcoin miners are 0:15:53.840 --> 0:15:57.280 more like gold mining producers, if you will, right, So 0:15:57.320 --> 0:15:59.600 they get in the raw asset, they kind of do 0:15:59.640 --> 0:16:01.120 what they do, you know, do with it and then 0:16:01.320 --> 0:16:02.480 and then they sell it back into the market. So 0:16:02.520 --> 0:16:04.120 the bitcoin miners bring it in, they bring the bitcoin 0:16:04.160 --> 0:16:06.080 in existence, they sell the bitcoin back into the market. 0:16:06.520 --> 0:16:09.640 But your bitcoin mining company is not that your bitcoin 0:16:09.680 --> 0:16:12.040 mining is your Your bitcoin mining is part of a 0:16:12.080 --> 0:16:16.720 bigger strategy correc of a bitcoin accumulation engine and the bitcoin. 0:16:17.080 --> 0:16:20.360 The bitcoin mining is one component of that business, but 0:16:20.480 --> 0:16:23.440 the overall strategy of the over riding business is to 0:16:23.440 --> 0:16:24.360 accumulate bitcoin. 0:16:25.000 --> 0:16:27.080 Well put, for us, the bitcoin mining is a way 0:16:27.120 --> 0:16:29.640 to accumulate at a discount. I want as much bitcoin 0:16:29.640 --> 0:16:31.440 as possible, as fast as possible. If there's a means 0:16:31.480 --> 0:16:33.240 for me to get it at a fifty percent discount, 0:16:33.320 --> 0:16:34.680 I'm going to do that as long as I can, 0:16:34.760 --> 0:16:37.080 as fast as I can. And that's what mining represents 0:16:37.080 --> 0:16:39.320 to us. It's this way for us to turn energy 0:16:39.360 --> 0:16:41.400 a bitcoin we can go buy spot. So the things 0:16:41.400 --> 0:16:44.200 the treasury companies are doing, preferreds and converts and atfs, 0:16:44.240 --> 0:16:46.760 these are all great financial instruments and each has its 0:16:46.800 --> 0:16:48.920 own place. But to my knowledge, the only way to 0:16:48.920 --> 0:16:51.400 accumulate any bitcoin at a structural discount is to mine. 0:16:51.960 --> 0:16:54.400 So we struck the ground and we've been building big minds. 0:16:54.680 --> 0:16:59.080 Yeah, that's interesting. Now what are you seeing right now 0:16:59.120 --> 0:17:02.240 in the performance of of the discount I should say 0:17:02.280 --> 0:17:04.400 the discount to mining bitcoin because a lot of people 0:17:04.440 --> 0:17:06.040 would look at some of these bitcoin mining companies, the 0:17:06.040 --> 0:17:09.120 public ones, and I mean actually the last couple of months, 0:17:09.119 --> 0:17:10.919 the stock's been doing pretty well on most of these 0:17:10.960 --> 0:17:13.000 publicly traded bitcoin minors. But for the most part, you know, 0:17:13.160 --> 0:17:16.120 last couple of years that hasn't really been performing that well. 0:17:17.520 --> 0:17:19.560 It looks like their costs are so high it's not 0:17:19.600 --> 0:17:22.760 that profitable for the mining bitcoin. What is the profitability 0:17:22.800 --> 0:17:24.040 like to mine bitcoin right now? 0:17:24.680 --> 0:17:27.280 So when it comes to the profitability of mining bitcoin, 0:17:27.359 --> 0:17:30.080 I would really pull American Bitcoin out from our peer group. 0:17:30.080 --> 0:17:32.280 And here's why. If you were starting a brand new 0:17:32.280 --> 0:17:35.879 bitcoin company today, a new bitcoin mine specifically, you're really 0:17:35.920 --> 0:17:40.320 wanting to really buy only one thing, which is the machines, substations, transformers, 0:17:40.560 --> 0:17:44.120 electrical gear, concrete, all of that. The return of capital, 0:17:44.359 --> 0:17:46.520 a return on invested capital, I should say, is not 0:17:46.680 --> 0:17:49.080 that compelling. It's really going to come down to the 0:17:49.080 --> 0:17:51.480 machines and being asset light and then also having as 0:17:51.600 --> 0:17:55.240 few staff as possible that are pulling away from that 0:17:55.400 --> 0:17:58.440 expenditure onto the eggsash. So when we were putting together 0:17:58.480 --> 0:18:01.280 the American Bitcoin model to begin this year, we thought 0:18:01.320 --> 0:18:05.480 we were almost reimagining what a successful bitcoin mining company 0:18:05.480 --> 0:18:08.240 would look like. So for a peers to your point, 0:18:08.320 --> 0:18:10.440