1 00:00:00,000 --> 00:00:02,360 Speaker 1: Hey, everyone, welcome to another episode of the Mark Mos 2 00:00:02,480 --> 00:00:05,080 Speaker 1: Show where we talk about bitcoin and we talk about 3 00:00:05,080 --> 00:00:08,920 Speaker 1: the decentralized revolution. I'm really just trying to bring everything 4 00:00:08,960 --> 00:00:12,239 Speaker 1: that's happening in the world into context so you can 5 00:00:12,320 --> 00:00:14,640 Speaker 1: understand it, because I know, I know things are crazy 6 00:00:14,680 --> 00:00:22,119 Speaker 1: out there right now, politics, finance, technology, everything's moving, inflation, deflation, economy, whatever, 7 00:00:22,440 --> 00:00:24,040 Speaker 1: and so I'm trying to bring that to you each 8 00:00:24,120 --> 00:00:28,120 Speaker 1: and every week. And UM in the studio right now 9 00:00:28,240 --> 00:00:31,760 Speaker 1: with a friend with Gibbs. He's uh the CEO of 10 00:00:31,800 --> 00:00:34,120 Speaker 1: Compass Mining and you can find him on Twitter at 11 00:00:34,120 --> 00:00:38,760 Speaker 1: bitcoin Broski, and um, I want to bring to you. UM, 12 00:00:38,800 --> 00:00:41,080 Speaker 1: I try to bring to you some interesting perspectives each 13 00:00:41,080 --> 00:00:43,080 Speaker 1: and every week. So anyway, with thanks for joining me 14 00:00:43,120 --> 00:00:44,680 Speaker 1: in the studio today, Mark, thanks for having me on. 15 00:00:44,720 --> 00:00:46,960 Speaker 1: I appreciate this. Yeah. Cool that you just happened to 16 00:00:46,960 --> 00:00:49,120 Speaker 1: be in l A and you could swing by swing 17 00:00:49,159 --> 00:00:52,080 Speaker 1: by these studios here, UM, not a bad place. I've 18 00:00:52,080 --> 00:00:54,000 Speaker 1: had a great set up here. Yeah, I got a 19 00:00:54,000 --> 00:00:56,320 Speaker 1: pretty good setup. I mean, you know, we can do 20 00:00:56,360 --> 00:00:58,800 Speaker 1: it remote over zoom, but it's much more fun being 21 00:00:58,800 --> 00:01:01,080 Speaker 1: in the in the studio here. You just can't recreate 22 00:01:01,120 --> 00:01:04,720 Speaker 1: the person to person experience, right, yeah, exactly, Yeah, there's 23 00:01:04,760 --> 00:01:08,280 Speaker 1: definitely definitely better doing it person to person. UM. I 24 00:01:08,360 --> 00:01:12,240 Speaker 1: want to talk obviously we're talking about bitcoin. Um. You know, 25 00:01:12,400 --> 00:01:15,679 Speaker 1: one of the things that bitcoin has so many things 26 00:01:15,720 --> 00:01:18,320 Speaker 1: that are revolutionary about it, um, but I love the 27 00:01:18,360 --> 00:01:22,040 Speaker 1: fact that it's like open borderless, permission lists, the essentilized, etcetera. 28 00:01:22,080 --> 00:01:24,680 Speaker 1: And one of them is that it's permissionless, and so 29 00:01:24,720 --> 00:01:28,400 Speaker 1: that means that you don't need permission. So there's a 30 00:01:29,000 --> 00:01:30,360 Speaker 1: I saw that you you know, as of a couple 31 00:01:30,400 --> 00:01:32,280 Speaker 1: of years ago, you and said there was two billion 32 00:01:32,319 --> 00:01:34,360 Speaker 1: adults in the world that didn't have bank accounts. Someone 33 00:01:34,480 --> 00:01:36,440 Speaker 1: said the other day four billion, So it's somewhere in 34 00:01:36,440 --> 00:01:39,080 Speaker 1: that number. Um, And they don't have it because they 35 00:01:39,080 --> 00:01:42,720 Speaker 1: don't have permission. But anybody can just download a bitcoin 36 00:01:42,800 --> 00:01:47,440 Speaker 1: wallet and have bitcoin without permission. And on top of that, 37 00:01:48,280 --> 00:01:51,720 Speaker 1: anybody can join the network and start mining bitcoin as 38 00:01:51,720 --> 00:01:56,880 Speaker 1: well without permission. You can't just uh log into Facebook's 39 00:01:56,880 --> 00:02:00,320 Speaker 1: API and start building stuff on Facebook, but you can 40 00:02:00,360 --> 00:02:02,680 Speaker 1: with bitcoin. Talk to us about that permission list piece 41 00:02:02,680 --> 00:02:04,600 Speaker 1: of bitcoin and the way you see it, you know, 42 00:02:04,800 --> 00:02:06,800 Speaker 1: first and foremost, I think the formula of the four 43 00:02:06,800 --> 00:02:08,960 Speaker 1: billion number is correct. I think it's more than two 44 00:02:09,040 --> 00:02:11,160 Speaker 1: that that are without bank accounts. And you're absolutely right 45 00:02:11,160 --> 00:02:14,480 Speaker 1: when it comes to the permissionless aspect of bitcoin. It's 46 00:02:14,600 --> 00:02:18,160 Speaker 1: so important that that permissionlessness exists when it comes to 47 00:02:18,160 --> 00:02:21,800 Speaker 1: supporting the network. If if everyone needed permission to mind bitcoin, 48 00:02:21,840 --> 00:02:23,360 Speaker 1: never would have got off the ground or run a 49 00:02:23,400 --> 00:02:27,160 Speaker 1: node or Yeah. I mean that aspect of it makes 50 00:02:27,200 --> 00:02:29,480 Speaker 1: it such a great thing. And you know when we 51 00:02:29,600 --> 00:02:32,440 Speaker 1: when we launched Compass, it was a big part of 52 00:02:32,440 --> 00:02:35,119 Speaker 1: of our battle cry. Right, since there's this permission list, 53 00:02:35,160 --> 00:02:37,040 Speaker 1: the next thing that you need to do is add 54 00:02:37,440 --> 00:02:41,160 Speaker 1: a democratization to that permission list, because there is still 55 00:02:41,240 --> 00:02:43,600 Speaker 1: this hurdle that people have to overcome if they want 56 00:02:43,600 --> 00:02:45,280 Speaker 1: to get into mining or running a note, and that's 57 00:02:45,320 --> 00:02:48,760 Speaker 1: the cost to get started, right, So there is an 58 00:02:48,760 --> 00:02:50,959 Speaker 1: element of that to it, and we're working every day 59 00:02:51,000 --> 00:02:54,640 Speaker 1: to decrease that cost and eliminate that hurdle so that 60 00:02:54,720 --> 00:02:57,440 Speaker 1: truly everyone can mind bitcoin or run a note or 61 00:02:57,520 --> 00:03:00,320 Speaker 1: participate in the network. Yeah, a lot of people, um 62 00:03:00,360 --> 00:03:02,359 Speaker 1: a lot of criticism. Actually, I spent I think three 63 00:03:02,360 --> 00:03:05,600 Speaker 1: weeks breaking down like the top fud things that people 64 00:03:05,639 --> 00:03:08,280 Speaker 1: would say, and one of them being that you know, 65 00:03:08,360 --> 00:03:12,880 Speaker 1: bitcoin is not fair because because you know people have 66 00:03:12,960 --> 00:03:15,040 Speaker 1: access to it, the rich people have this unfair advantage. 67 00:03:15,040 --> 00:03:17,839 Speaker 1: But I said no, because everyone has the same opportunity 68 00:03:17,880 --> 00:03:23,239 Speaker 1: to mine bitcoin. Um. Now, granted, there's these giant firms 69 00:03:23,280 --> 00:03:26,440 Speaker 1: that can go buy you know, hundreds of millions of 70 00:03:26,440 --> 00:03:29,919 Speaker 1: dollars of equipment, but then someone could buy one mining 71 00:03:30,280 --> 00:03:33,240 Speaker 1: one mining rig, right, and they do. They have the 72 00:03:33,320 --> 00:03:37,880 Speaker 1: same opportunity they do. I mean, economies of scale differ slightly, 73 00:03:38,440 --> 00:03:40,840 Speaker 1: but I liken it to real estate. Right, if you're 74 00:03:40,880 --> 00:03:44,119 Speaker 1: looking at a black rock or a massive land developer, 75 00:03:44,680 --> 00:03:48,440 Speaker 1: they have an outsized reward for developing that land and 76 00:03:48,440 --> 00:03:51,640 Speaker 1: and you know, selling that property versus let's say someone 77 00:03:51,680 --> 00:03:54,560 Speaker 1: who's just buying one income producing property or rental property 78 00:03:54,640 --> 00:03:57,120 Speaker 1: or whatever the case may be. It's very similar to mining. 79 00:03:57,240 --> 00:04:00,240 Speaker 1: You have an ability to generate revenue, but the amount 80 00:04:00,240 --> 00:04:03,120 Speaker 1: of revenue you generate, As with most things, it's it's 81 00:04:03,120 --> 00:04:07,120 Speaker 1: a capital and capital out right, so equation. So um, 82 00:04:07,120 --> 00:04:10,400 Speaker 1: while someone might be able to buy a thousand mining 83 00:04:10,520 --> 00:04:13,440 Speaker 1: rigs and I can buy one mining rig on a 84 00:04:13,600 --> 00:04:17,839 Speaker 1: per rig basis, are we doing about the same have 85 00:04:17,880 --> 00:04:20,240 Speaker 1: a thousand of them? Kind of to the real estate 86 00:04:20,240 --> 00:04:23,239 Speaker 1: example that you said, Um, I can buy one single 87 00:04:23,279 --> 00:04:25,960 Speaker 1: family rental home. Black Rock can buy a thousand single 88 00:04:25,960 --> 00:04:28,960 Speaker 1: family rental homes. But on a per single family rental home, 89 00:04:29,040 --> 00:04:30,839 Speaker 1: we're doing about the same. Now, granted they make it 90 00:04:30,880 --> 00:04:33,679 Speaker 1: a little bit better terms correct because of the volume, 91 00:04:33,839 --> 00:04:36,480 Speaker 1: but your unit economics are generally the unit economics not 92 00:04:36,600 --> 00:04:39,640 Speaker 1: the same. And so for that piece of fud it's 93 00:04:39,680 --> 00:04:43,440 Speaker 1: not really true because yes, because they have more money, Um, 94 00:04:43,480 --> 00:04:45,240 Speaker 1: they can have more rigs just like Black Rock and 95 00:04:45,279 --> 00:04:49,000 Speaker 1: buy more homes. But um, we have the same opportunity 96 00:04:49,240 --> 00:04:52,360 Speaker 1: to join the network and mine on the network. That's correct, 97 00:04:52,520 --> 00:04:56,440 Speaker 1: And this is really where Compass works to help people, right, 98 00:04:56,600 --> 00:04:59,280 Speaker 1: is because the economies of scale do make a slight difference, 99 00:05:00,000 --> 00:05:02,960 Speaker 1: and we're able to give people this that are coming 100 00:05:02,960 --> 00:05:05,320 Speaker 1: in on an individual level the ability to tap those 101 00:05:05,320 --> 00:05:08,520 Speaker 1: same economies of scale, and the economies of scale matter. 102 00:05:08,560 --> 00:05:11,400 Speaker 1: I mean, when you're talking about a thousand machines versus 103 00:05:11,400 --> 00:05:13,280 Speaker 1: one machine, your power price is going to be a 104 00:05:13,320 --> 00:05:15,280 Speaker 1: little bit different because you've got a bigger draw. Right, 105 00:05:15,320 --> 00:05:17,880 Speaker 1: you consume more, you pay a little bit less um, 106 00:05:17,880 --> 00:05:21,359 Speaker 1: but it's still very very profitable for everyone participating in 107 00:05:21,360 --> 00:05:23,840 Speaker 1: bitcoin mining right now and it has been for the 108 00:05:23,920 --> 00:05:26,960 Speaker 1: last two years. Yeah, I mean no different than back 109 00:05:27,000 --> 00:05:29,920 Speaker 1: to the real estate analogy, because everybody understands that if 110 00:05:29,960 --> 00:05:34,240 Speaker 1: I owned fifty rental properties in this town, the property 111 00:05:34,279 --> 00:05:36,599 Speaker 1: management company I would use would probably give me a 112 00:05:36,600 --> 00:05:38,599 Speaker 1: better rate, and then I can have one full time 113 00:05:38,640 --> 00:05:40,719 Speaker 1: you know manager that can do all that versus you, 114 00:05:40,960 --> 00:05:43,960 Speaker 1: you'd pay more because you just had one. That makes sense. 115 00:05:44,000 --> 00:05:48,120 Speaker 1: But from the permissionless standpoint, we basically all have the 116 00:05:48,160 --> 00:05:53,080 Speaker 1: same opportunity to do that. Absolutely. Yeah. Now, um, you 117 00:05:53,120 --> 00:05:56,200 Speaker 1: know one thing that I love about bitcoin is that 118 00:05:56,320 --> 00:06:00,000 Speaker 1: while it's still new, um, it's actually pretty battle hardened 119 00:06:00,000 --> 00:06:02,599 Speaker 1: at this point, right. I mean, we had the block 120 00:06:02,680 --> 00:06:07,200 Speaker 1: size wars in two thousands seventeen, um, and I believe 121 00:06:07,279 --> 00:06:09,960 Speaker 1: correct me if I'm wrong. We had about eighty percent 122 00:06:10,120 --> 00:06:13,680 Speaker 1: of the miners went against the network in two seventeen, 123 00:06:14,040 --> 00:06:17,479 Speaker 1: and then we saw where China attack the network and 124 00:06:17,480 --> 00:06:21,640 Speaker 1: it was about sixty of the miners. And both those 125 00:06:21,680 --> 00:06:25,320 Speaker 1: times the miners weren't really able to hurt or affect 126 00:06:25,320 --> 00:06:28,640 Speaker 1: the network too much. So for the block size debate, 127 00:06:28,680 --> 00:06:32,760 Speaker 1: the miners certainly influenced things. The Chinese comment that is, uh, 128 00:06:32,839 --> 00:06:35,080 Speaker 1: that's more of the hash rate just resided in China. 129 00:06:35,400 --> 00:06:38,680 Speaker 1: There wasn't an attack on bitcoin by the Chinese government. 130 00:06:38,720 --> 00:06:42,080 Speaker 1: But um, but yeah, the miners in China are certainly 131 00:06:42,120 --> 00:06:45,000 Speaker 1: independent of the government. They they were there to support 132 00:06:45,000 --> 00:06:47,719 Speaker 1: the network. Um. And they're honestly the ones who really 133 00:06:47,720 --> 00:06:49,400 Speaker 1: bootstrapped the network, if you want to look at it 134 00:06:49,440 --> 00:06:51,720 Speaker 1: like that. But you're right, the miners have not had 135 00:06:51,839 --> 00:06:55,400 Speaker 1: and have not taken um you know, the stance of 136 00:06:55,400 --> 00:06:58,280 Speaker 1: of attacking bitcoins network. They've always been very pro bit cooin. 137 00:06:58,320 --> 00:07:00,880 Speaker 1: You'll find that most miners are actually the law longest bitcoin, 138 00:07:00,920 --> 00:07:03,400 Speaker 1: the most bullish on bitcoin, because not only are they 139 00:07:03,440 --> 00:07:06,280 Speaker 1: buying it, they're also buying equipment that costs hundreds of 140 00:07:06,360 --> 00:07:09,400 Speaker 1: billions of dollars to support the network. Yeah. Yeah, the 141 00:07:09,440 --> 00:07:11,880 Speaker 1: cap x right, So the the investment that you have 142 00:07:11,920 --> 00:07:13,640 Speaker 1: to make. So even if I was on my own 143 00:07:13,720 --> 00:07:16,040 Speaker 1: mining and I'm going to spend whatever five thousand or 144 00:07:16,040 --> 00:07:18,520 Speaker 1: ten thousand dollars on an equipment, I'm in for the 145 00:07:18,560 --> 00:07:20,120 Speaker 1: long run because now I have to get that ten 146 00:07:20,160 --> 00:07:22,920 Speaker 1: thousand dollars back plus all the time and whatnot that 147 00:07:22,920 --> 00:07:27,080 Speaker 1: I put into it. So um. In in those two examples, UM, 148 00:07:27,120 --> 00:07:30,760 Speaker 1: the mining couldn't really change the network. You're talking about 149 00:07:30,880 --> 00:07:35,600 Speaker 1: democratizing bitcoin mining, So why why democratize it? Is it 150 00:07:35,680 --> 00:07:37,560 Speaker 1: so people can earn it as opposed to having to 151 00:07:37,600 --> 00:07:41,640 Speaker 1: buy it? So it could miners could influence the network. 152 00:07:41,880 --> 00:07:44,160 Speaker 1: And you know, maybe this is a little a little 153 00:07:44,160 --> 00:07:46,160 Speaker 1: bit of a tinfoil hat scenario, but I think of 154 00:07:46,200 --> 00:07:48,760 Speaker 1: it like, if you have enough of these large public 155 00:07:48,800 --> 00:07:52,160 Speaker 1: mining companies controlling enough of bitcoins hash rate, it's only 156 00:07:52,200 --> 00:07:54,640 Speaker 1: a matter of time before the control of those actual 157 00:07:54,720 --> 00:07:57,960 Speaker 1: companies is held by some of the same players right now, 158 00:07:58,000 --> 00:08:01,480 Speaker 1: which we you know, effectively support bitcoin to fight against. 159 00:08:01,960 --> 00:08:04,040 Speaker 1: So it wouldn't be too far off a stretch to 160 00:08:04,040 --> 00:08:06,120 Speaker 1: think that like a black Rock or some of these 161 00:08:06,120 --> 00:08:08,640 Speaker 1: other big firms could come in and take substantial positions 162 00:08:08,640 --> 00:08:11,880 Speaker 1: and publicly traded mining companies, and then they would have 163 00:08:11,960 --> 00:08:14,640 Speaker 1: sway over the entire bitcoin network. So when we want 164 00:08:14,640 --> 00:08:17,000 Speaker 1: to democratize hash rate, what we want is to put 165 00:08:17,000 --> 00:08:19,200 Speaker 1: a minor in the hands of every person, because if 166 00:08:19,200 --> 00:08:21,800 Speaker 1: we have enough of those note holders throughout the world, 167 00:08:22,080 --> 00:08:25,119 Speaker 1: you're never going to reach that consensus that you need 168 00:08:25,360 --> 00:08:30,120 Speaker 1: to meaningfully influence bitcoins network. Yeah, that's a good point. Um, 169 00:08:30,160 --> 00:08:32,400 Speaker 1: there's been several videos. I haven't I don't think I've 170 00:08:32,400 --> 00:08:35,360 Speaker 1: actually done one, but several videos showing how all the 171 00:08:35,360 --> 00:08:37,600 Speaker 1: biggest companies. If you go they're publicly traded, and you 172 00:08:37,640 --> 00:08:40,840 Speaker 1: go look at who owns their stock, it's pretty much 173 00:08:40,840 --> 00:08:44,880 Speaker 1: black Rock and Vanguard owning them all. Um. And then 174 00:08:44,920 --> 00:08:46,800 Speaker 1: if you look at who owns those they all own 175 00:08:46,840 --> 00:08:49,840 Speaker 1: each other. And so to your point, and even even 176 00:08:49,880 --> 00:08:53,000 Speaker 1: like micro Strategy, I mean they own that as well. Um, 177 00:08:53,040 --> 00:08:55,600 Speaker 1: just because they're they own all those uh those stocks. 178 00:08:55,640 --> 00:08:57,800 Speaker 1: So um, that is that is a risk. I want 179 00:08:57,800 --> 00:09:00,600 Speaker 1: to dig into that risk, um and and play that 180 00:09:00,600 --> 00:09:02,600 Speaker 1: out a little bit. And then I want to talk 181 00:09:02,640 --> 00:09:06,200 Speaker 1: about maybe some of why China wanted to get rid 182 00:09:06,240 --> 00:09:08,400 Speaker 1: of their bitcoin power. I want to talk about that 183 00:09:08,400 --> 00:09:10,600 Speaker 1: as well. You're listening to the Mark Moa show. Of 184 00:09:10,640 --> 00:09:13,479 Speaker 1: course we're talking about bitcoin. We're talking about this decentralized 185 00:09:13,480 --> 00:09:16,440 Speaker 1: revolution that's happening right now. Um, sitting down in the 186 00:09:16,559 --> 00:09:19,520 Speaker 1: studio in Los Angeles with With Gibbs. He is the 187 00:09:19,559 --> 00:09:22,440 Speaker 1: CEO of Compass Mining. You can find him on Twitter 188 00:09:22,520 --> 00:09:26,840 Speaker 1: at bitcoin browski, and uh he knows about bitcoin mining. 189 00:09:26,840 --> 00:09:28,400 Speaker 1: That's what they do. And I got a lot more 190 00:09:28,520 --> 00:09:30,839 Speaker 1: questions coming up again. You're listening to the Mark mo 191 00:09:31,000 --> 00:09:33,960 Speaker 1: Show talking about bitcoin and the decentralized revolution. I'll be 192 00:09:34,040 --> 00:09:36,520 Speaker 1: right back. Don't go away here, everyone, Welcome back. You 193 00:09:36,559 --> 00:09:38,439 Speaker 1: are listening to the Mark ma Show and we are 194 00:09:38,480 --> 00:09:41,080 Speaker 1: talking about bitcoin. Of course, what else would I be 195 00:09:41,080 --> 00:09:43,839 Speaker 1: talking about the most important thing that will ever happen 196 00:09:43,880 --> 00:09:46,160 Speaker 1: in our lifetime multiple lifetimes for that matter. I'm in 197 00:09:46,200 --> 00:09:48,720 Speaker 1: the studio in l a with sitting down with Gibbs. 198 00:09:48,720 --> 00:09:51,880 Speaker 1: He's the CEO of Compass Mining. You can find him 199 00:09:51,920 --> 00:09:55,120 Speaker 1: on Twitter at bitcoin browski. Um, maybe at some point 200 00:09:55,120 --> 00:09:57,040 Speaker 1: you should maybe make that a little more professional there 201 00:09:57,080 --> 00:10:03,440 Speaker 1: with but but anyway, Uh, yeah, Bitcoin and bitcoin mining 202 00:10:03,559 --> 00:10:05,160 Speaker 1: is such a big important piece. A lot of people 203 00:10:05,160 --> 00:10:07,760 Speaker 1: don't know about it. Compass Mining is helping to democratize 204 00:10:07,800 --> 00:10:11,400 Speaker 1: that for the average person. Now before the break, we 205 00:10:11,400 --> 00:10:15,920 Speaker 1: were talking about that permissionless aspect and how uh you 206 00:10:15,960 --> 00:10:19,080 Speaker 1: know Compass is trying to democratize that. Um, let's go back. 207 00:10:19,120 --> 00:10:20,800 Speaker 1: I want I want to dig into some of what 208 00:10:20,840 --> 00:10:24,320 Speaker 1: you said about maybe these public companies getting this an 209 00:10:24,440 --> 00:10:27,439 Speaker 1: ordinary amount of you know, share of the bitcoin mining power. 210 00:10:27,480 --> 00:10:28,920 Speaker 1: What could happen? There's some risks that I want to 211 00:10:28,920 --> 00:10:31,640 Speaker 1: talk about China and maybe what happened and why they 212 00:10:31,720 --> 00:10:34,559 Speaker 1: got that kicked out. But before we do, let's take 213 00:10:34,559 --> 00:10:37,640 Speaker 1: it back a couple of notches for everybody that's listening, UM, 214 00:10:37,760 --> 00:10:40,840 Speaker 1: give us the I hate when people do this to me. 215 00:10:41,160 --> 00:10:43,840 Speaker 1: They say, explain bitcoin to me like I'm five years 216 00:10:43,880 --> 00:10:46,000 Speaker 1: old and two minutes and I'm like, dude, that ain't 217 00:10:46,000 --> 00:10:48,319 Speaker 1: gonna happen, like I can't do it right, But uh, 218 00:10:48,520 --> 00:10:51,520 Speaker 1: explain mining to us like or five years holding in 219 00:10:51,600 --> 00:10:54,760 Speaker 1: two minutes. Problem. So, if anyone is listening to this 220 00:10:54,880 --> 00:10:57,600 Speaker 1: right now on a phone or on a tablet or 221 00:10:57,600 --> 00:11:01,439 Speaker 1: on a device, right they're listening to radio. It's running 222 00:11:01,440 --> 00:11:04,920 Speaker 1: on that device, and I heart radio is pining servers 223 00:11:04,960 --> 00:11:09,600 Speaker 1: somewhere to support the function of the network itself. Bitcoin 224 00:11:09,679 --> 00:11:13,120 Speaker 1: mining are the servers which run the bitcoin network. So 225 00:11:13,200 --> 00:11:14,959 Speaker 1: just like our heart radio is peing servers so it 226 00:11:15,000 --> 00:11:18,040 Speaker 1: can operate on your cell phone, Bitcoin is paining the 227 00:11:18,040 --> 00:11:20,640 Speaker 1: bitcoin miners network so that it can operate, It can 228 00:11:20,640 --> 00:11:24,720 Speaker 1: process transactions, and it can add new blocks to the blockchain. Right, 229 00:11:24,720 --> 00:11:29,640 Speaker 1: that's why it's called the blockchain. Miners create batches of transactions, 230 00:11:29,679 --> 00:11:32,080 Speaker 1: they put those into blocks, They add those blocks to 231 00:11:32,160 --> 00:11:35,200 Speaker 1: a chain. Which is that blockchain or an immutable ledger, 232 00:11:35,600 --> 00:11:39,280 Speaker 1: and it allows for us to maintain resiliency, keep the 233 00:11:39,320 --> 00:11:42,360 Speaker 1: security of the network, and to keep the chain moving along. 234 00:11:42,400 --> 00:11:44,440 Speaker 1: And that's the easiest way to think of it. So 235 00:11:44,440 --> 00:11:48,000 Speaker 1: they're processing transactions. That is this, Yes, that is simply 236 00:11:48,000 --> 00:11:49,800 Speaker 1: put the best way to think of it. It is 237 00:11:49,840 --> 00:11:53,800 Speaker 1: the security and processing of the blockchain and the network itself. Now, 238 00:11:53,840 --> 00:11:56,080 Speaker 1: Bitcoin actually has a couple of layers, right, So you 239 00:11:56,160 --> 00:11:59,520 Speaker 1: have coin holders if I own coins um and then 240 00:11:59,800 --> 00:12:02,960 Speaker 1: the nodes which run the database. So we have a 241 00:12:03,000 --> 00:12:06,760 Speaker 1: centralized database like Facebook and centralized. Bitcoin is a decentralized database. 242 00:12:06,760 --> 00:12:08,760 Speaker 1: So there's a bunch of databases. Those are the nodes, 243 00:12:08,840 --> 00:12:11,840 Speaker 1: and then you have the miners which then process the 244 00:12:11,840 --> 00:12:16,160 Speaker 1: transactions and I think to your analogy, they're pinging the databases. 245 00:12:16,840 --> 00:12:21,480 Speaker 1: So the miners are then connecting and talking to the nodes. Minors. 246 00:12:21,600 --> 00:12:24,800 Speaker 1: Miners are effectively nodes themselves. So you have nodes which 247 00:12:24,840 --> 00:12:27,679 Speaker 1: are they are an aspect of the network, but they 248 00:12:27,720 --> 00:12:30,120 Speaker 1: do not batch and and add blocks to the chain. 249 00:12:30,200 --> 00:12:33,440 Speaker 1: And then you have the miners, which are nodes. They 250 00:12:33,480 --> 00:12:36,079 Speaker 1: can be pinged, but they also have the ability to 251 00:12:36,120 --> 00:12:39,720 Speaker 1: add new blocks to the block chain. Okay. Um. Now, 252 00:12:40,080 --> 00:12:43,200 Speaker 1: in the early days of bitcoin, you could just download 253 00:12:43,200 --> 00:12:46,400 Speaker 1: it onto an old laptop and probably mine from there. Um. 254 00:12:46,440 --> 00:12:48,760 Speaker 1: Today it's gotten a lot more competitive. We have all 255 00:12:48,760 --> 00:12:51,200 Speaker 1: these you know, specialty computers, these new mining chips that 256 00:12:51,200 --> 00:12:54,000 Speaker 1: have been brought out in etcetera, and so um I 257 00:12:54,040 --> 00:12:57,600 Speaker 1: do still see things about mining on your phone. It 258 00:12:57,640 --> 00:13:00,160 Speaker 1: seems kind of scammy to me. Can you really mind 259 00:13:00,160 --> 00:13:03,400 Speaker 1: bitcoin on the phone? You cannot mind bitcoin on your phone, 260 00:13:03,400 --> 00:13:05,440 Speaker 1: and anything that you ever see that says otherwise, you 261 00:13:05,480 --> 00:13:09,120 Speaker 1: can't really mind any cryptocurrency on your phone. So anyone 262 00:13:09,160 --> 00:13:14,200 Speaker 1: that ever says that it's a buyer beware situation. Um, 263 00:13:14,240 --> 00:13:16,120 Speaker 1: this is an industry that is wrought with people trying 264 00:13:16,160 --> 00:13:20,760 Speaker 1: to sell you pipe dreams, and that's certainly one of them. Yeah, okay, now, um, 265 00:13:21,080 --> 00:13:24,679 Speaker 1: you talk about democratizing bitcoin mining, and uh, here we 266 00:13:24,720 --> 00:13:29,600 Speaker 1: are in southern California, and in southern California where I'm at, 267 00:13:30,160 --> 00:13:33,240 Speaker 1: we have a tiered electricity pricing structure. So the more 268 00:13:33,480 --> 00:13:36,839 Speaker 1: electricity you use, the more you pay. In the summertime, 269 00:13:36,960 --> 00:13:40,400 Speaker 1: at my top tier, I'm paying forty cents per kill 270 00:13:40,440 --> 00:13:43,199 Speaker 1: a lot hour. Can I mind bitcoin at my house? 271 00:13:43,240 --> 00:13:46,160 Speaker 1: At forty cents a killo? What hour? You should not 272 00:13:46,360 --> 00:13:49,079 Speaker 1: mind bitcoin at your house for forty cents per killo? Okay, 273 00:13:49,559 --> 00:13:54,400 Speaker 1: I mean you can profitably profitably mind bitcoin at at 274 00:13:54,400 --> 00:13:58,920 Speaker 1: around thirty cents right now, you can, you can at home. However, 275 00:13:59,000 --> 00:14:02,240 Speaker 1: that's going to change, and as the network grows, as 276 00:14:02,280 --> 00:14:06,000 Speaker 1: more people plug these A six, which are the servers 277 00:14:06,400 --> 00:14:09,560 Speaker 1: designed specifically to mind bitcoin, as they plug those in, 278 00:14:10,120 --> 00:14:13,600 Speaker 1: you're going to run into situations where you're not able 279 00:14:13,640 --> 00:14:15,959 Speaker 1: to to mind profitably at home. Where do you need 280 00:14:16,000 --> 00:14:18,600 Speaker 1: to be to be competitive? Like under five cents? Under 281 00:14:18,640 --> 00:14:21,480 Speaker 1: eight cents? Eight cents, yes, so eight senses where I 282 00:14:21,480 --> 00:14:23,600 Speaker 1: would I would put the absolute cut off a compass. 283 00:14:23,600 --> 00:14:27,320 Speaker 1: We don't list anything for seven that's seven cents or greater. Okay, 284 00:14:27,320 --> 00:14:30,280 Speaker 1: we are under seven cents for all of our offerings, okay, yes, 285 00:14:30,440 --> 00:14:32,800 Speaker 1: and then a seven cents. So so the single biggest 286 00:14:32,840 --> 00:14:35,600 Speaker 1: expense that you have besides buying the the initial upfront 287 00:14:35,600 --> 00:14:38,080 Speaker 1: investment of buying equipment is then running it, which is 288 00:14:38,080 --> 00:14:41,200 Speaker 1: the electricity. And so that's that's your cost. That's correct. 289 00:14:41,200 --> 00:14:42,840 Speaker 1: It's about a hundred and sixty dollars a month per 290 00:14:42,880 --> 00:14:47,080 Speaker 1: machine sine um. What does the average machine go for 291 00:14:47,480 --> 00:14:49,640 Speaker 1: the average machine right now is selling for about nine 292 00:14:49,640 --> 00:14:54,320 Speaker 1: thousand dollars. Yes, and you're looking at making roughly, depending 293 00:14:54,360 --> 00:14:57,680 Speaker 1: on the model, twenty bucks a day. So interesting side note, 294 00:14:57,880 --> 00:15:01,600 Speaker 1: um in I've been, Uh, you know, I've been. I've been. 295 00:15:01,720 --> 00:15:04,480 Speaker 1: My whole career has been investing. I've been investing in energy, 296 00:15:04,760 --> 00:15:07,280 Speaker 1: oil and gas for a long time. In twenty nineteen, 297 00:15:07,440 --> 00:15:09,640 Speaker 1: I'm a GP in the oil field that we have going. 298 00:15:09,720 --> 00:15:12,280 Speaker 1: It's not super profitable. Should should it should have done better. 299 00:15:13,200 --> 00:15:15,920 Speaker 1: But but in twenty nineteen, I was working with a 300 00:15:15,960 --> 00:15:20,200 Speaker 1: publicly traded oil company out of Dallas, Texas, and uh, 301 00:15:20,280 --> 00:15:22,160 Speaker 1: for a while I was trying to see if I 302 00:15:22,160 --> 00:15:23,800 Speaker 1: could find a way to get this flare gas and 303 00:15:23,840 --> 00:15:26,800 Speaker 1: turn into bitcoin mining. And uh, finally I got a company. 304 00:15:26,840 --> 00:15:30,600 Speaker 1: The CEO was into it. Um in in late twenty nineteen, 305 00:15:30,640 --> 00:15:33,440 Speaker 1: I think it was November. We spun off a subsidiary, 306 00:15:33,520 --> 00:15:36,160 Speaker 1: created a new pub a new subsidiary company just to 307 00:15:36,200 --> 00:15:39,440 Speaker 1: do mining on the on the flare gas. UM December. 308 00:15:39,520 --> 00:15:42,040 Speaker 1: I remember going to the company party like January hit 309 00:15:42,080 --> 00:15:44,960 Speaker 1: the road and going to raise money. Had all the 310 00:15:45,040 --> 00:15:47,120 Speaker 1: quotes for the you know we're gonna put up put 311 00:15:47,160 --> 00:15:49,760 Speaker 1: put riggs at the wellheads and do all that. Alright, 312 00:15:49,760 --> 00:15:53,280 Speaker 1: I think the invoices for the mining riggs. At the time, 313 00:15:53,320 --> 00:16:01,720 Speaker 1: we're like like this was, uh January, February, December, nineteen January. 314 00:16:01,840 --> 00:16:03,680 Speaker 1: We went on the road show, raised the money, had 315 00:16:03,720 --> 00:16:06,680 Speaker 1: commitments on the money, had all the invoices to buy 316 00:16:06,680 --> 00:16:08,800 Speaker 1: the mining equipment, a couple of thousand bucks apiece, maybe 317 00:16:08,800 --> 00:16:11,640 Speaker 1: three thousand bucks apiece. Everything ready to go, and then 318 00:16:11,680 --> 00:16:15,800 Speaker 1: March happened. Oil went negative thirty five dollars a barrel. 319 00:16:16,480 --> 00:16:20,760 Speaker 1: That little pubico, uh ceo lost his job and uh 320 00:16:21,080 --> 00:16:24,000 Speaker 1: my whole thing fell apart. I could have looked like 321 00:16:24,040 --> 00:16:26,560 Speaker 1: a freaking hero man. It would have been like the 322 00:16:26,600 --> 00:16:29,080 Speaker 1: best time to start it. Your front ran the trend. 323 00:16:29,400 --> 00:16:31,960 Speaker 1: That's a big trend now, mining with flared gas at 324 00:16:31,960 --> 00:16:33,960 Speaker 1: the forefront of that. I mean there was there, you know, 325 00:16:33,960 --> 00:16:37,000 Speaker 1: there was people people doing it. But since that time, 326 00:16:37,080 --> 00:16:40,160 Speaker 1: so bitcoin also, so oil plummeted to negative thirty five. 327 00:16:40,880 --> 00:16:44,760 Speaker 1: Bitcoin also plummeted to what or whatever, and from that 328 00:16:44,800 --> 00:16:46,880 Speaker 1: price it went from thirty eight dred and today it's 329 00:16:46,880 --> 00:16:50,760 Speaker 1: I don't so we had this massive bowl run in 330 00:16:50,800 --> 00:16:53,600 Speaker 1: the price and so that was good for mining, right, 331 00:16:53,680 --> 00:16:55,480 Speaker 1: the price going up, So I'm guessing is good for 332 00:16:55,520 --> 00:16:57,760 Speaker 1: mining because your cost is fixed right once you buy 333 00:16:57,880 --> 00:17:00,800 Speaker 1: your equipment and you have your fixed electricity. Then if 334 00:17:00,800 --> 00:17:02,960 Speaker 1: the price goes up, you make more money, although the 335 00:17:03,000 --> 00:17:07,640 Speaker 1: difficulty adjustment changes. Um. But then um, as that happened, 336 00:17:07,640 --> 00:17:11,360 Speaker 1: then um, about a year later you had sixty pc 337 00:17:11,440 --> 00:17:13,920 Speaker 1: of the networks shut off in China, which was also 338 00:17:14,000 --> 00:17:16,480 Speaker 1: good for bitcoin mining. So the last two years have 339 00:17:16,560 --> 00:17:19,440 Speaker 1: been very good for bitcoin mining, and I would say 340 00:17:19,440 --> 00:17:23,439 Speaker 1: a golden era. A golden era. UM, I'm curious what 341 00:17:23,640 --> 00:17:27,480 Speaker 1: the next two years looks like with all this institutional 342 00:17:27,600 --> 00:17:29,520 Speaker 1: mining jumping in and then we don't know what the 343 00:17:29,560 --> 00:17:31,320 Speaker 1: price is going to look like, so I want to 344 00:17:31,359 --> 00:17:34,520 Speaker 1: ask you about that. I also want to find out, Um, 345 00:17:34,880 --> 00:17:37,640 Speaker 1: you say it's the golden era of bitcoin mining, but really, 346 00:17:37,640 --> 00:17:39,640 Speaker 1: if we look back through history and we have these 347 00:17:39,680 --> 00:17:43,880 Speaker 1: having cycles, there's good and bad sections of the bitcoin 348 00:17:43,920 --> 00:17:46,439 Speaker 1: mining So I'm curious what that looks like. By the way, 349 00:17:46,480 --> 00:17:49,159 Speaker 1: you're listening to the Mark Moss Show where we talk 350 00:17:49,200 --> 00:17:52,679 Speaker 1: about bitcoin, and we talked about the decentralized revolution. Bitcoin 351 00:17:52,760 --> 00:17:55,520 Speaker 1: is revolutionary for so many reasons, one being its permission 352 00:17:55,560 --> 00:17:57,800 Speaker 1: list and anybody can jump in and mind it. I'm 353 00:17:57,920 --> 00:18:00,800 Speaker 1: joined in the studio in Los Angeles with With Gibbs. 354 00:18:00,800 --> 00:18:03,400 Speaker 1: He is the CEO of Compass Mining. You can find 355 00:18:03,440 --> 00:18:08,159 Speaker 1: him on Twitter at bitcoin browski. They're working to democratize 356 00:18:08,480 --> 00:18:10,760 Speaker 1: bitcoin mining because I can't mind it in California because 357 00:18:10,800 --> 00:18:13,520 Speaker 1: it's forties cents per kilo an hour. But with Compass 358 00:18:13,520 --> 00:18:15,400 Speaker 1: mining and I could do something like that. We're gonna 359 00:18:15,400 --> 00:18:17,600 Speaker 1: be back with those questions and more. Don't go away, 360 00:18:17,840 --> 00:18:19,840 Speaker 1: Hey everyone, welcome back. You are listening to the Mark 361 00:18:19,960 --> 00:18:23,000 Speaker 1: Moa Show and we're talking about bitcoin. Of course, what 362 00:18:23,040 --> 00:18:25,040 Speaker 1: else would I be talking about. We're talking about this 363 00:18:25,040 --> 00:18:31,800 Speaker 1: decentralized revolution that's happening right now. Borderless, permissionless, immutable, censorship resistant. 364 00:18:32,840 --> 00:18:37,840 Speaker 1: Bitcoin is also personless. Uh. I was just thinking about this. 365 00:18:37,920 --> 00:18:44,640 Speaker 1: I remember um Andreas Atopolis talked about bitcoin being personless 366 00:18:44,680 --> 00:18:48,560 Speaker 1: and what does that mean. So in order to have 367 00:18:48,720 --> 00:18:51,160 Speaker 1: money today you have to be a person. In order 368 00:18:51,200 --> 00:18:55,240 Speaker 1: to get a bank account, you have to show you 369 00:18:55,280 --> 00:18:59,359 Speaker 1: have to be a person. Bitcoin is personless, So a 370 00:18:59,520 --> 00:19:04,679 Speaker 1: machine could have a Bitcoin wallet. That is true. So 371 00:19:04,800 --> 00:19:06,960 Speaker 1: like if you think about like Tesla and their self 372 00:19:07,080 --> 00:19:10,800 Speaker 1: driving autonomous cars, and the idea is that you could 373 00:19:10,800 --> 00:19:12,920 Speaker 1: go to your car, could drop you off at work, 374 00:19:13,200 --> 00:19:15,480 Speaker 1: and then while you're working, your your tesla could go 375 00:19:15,480 --> 00:19:18,359 Speaker 1: around and run an Airbnb for you or something. So 376 00:19:18,400 --> 00:19:20,840 Speaker 1: you could have an autonomous car with its own bitcoin 377 00:19:20,920 --> 00:19:23,800 Speaker 1: wallet and it could earn money. Bitcoin is person lists, 378 00:19:23,920 --> 00:19:25,560 Speaker 1: But the real question is wouldn't a person have to 379 00:19:25,560 --> 00:19:31,119 Speaker 1: set the wallet up? Yeah, that's kind of like this 380 00:19:31,359 --> 00:19:34,240 Speaker 1: evolution argument, like okay, we evolved from an omib, but 381 00:19:34,359 --> 00:19:37,520 Speaker 1: where did life come from? That's a whole anther subect chickender, 382 00:19:37,800 --> 00:19:40,639 Speaker 1: that's a wholenother subject. Anyway. Uh So I was talking 383 00:19:40,680 --> 00:19:45,480 Speaker 1: about my almost home run becoming a CEO of a 384 00:19:45,520 --> 00:19:49,679 Speaker 1: publicly traded bitcoin mining company, one of many swings and 385 00:19:49,760 --> 00:19:51,480 Speaker 1: mrs I've had in my career. Although I've had some 386 00:19:51,520 --> 00:19:53,800 Speaker 1: home runs too, so that's that's cool. But it went 387 00:19:53,800 --> 00:19:55,760 Speaker 1: into this kind of perfect storm of this golden age, 388 00:19:55,880 --> 00:19:57,879 Speaker 1: this golden Arab bitcoin mine and as you've called it. 389 00:19:58,760 --> 00:20:01,840 Speaker 1: But now we have the flood of bitcoin mining equipment 390 00:20:01,840 --> 00:20:04,879 Speaker 1: coming on board. Um, which actually there's another subjecle we'll 391 00:20:04,880 --> 00:20:08,760 Speaker 1: talk about, but um they're waiting one to two years 392 00:20:09,080 --> 00:20:10,920 Speaker 1: to get equipment. It seems like some of these big, 393 00:20:11,400 --> 00:20:14,720 Speaker 1: big public traded companies I've seen, uh maybe it was 394 00:20:14,800 --> 00:20:16,240 Speaker 1: Mara said they're just gonna go buy a bunch of 395 00:20:16,240 --> 00:20:18,600 Speaker 1: bitcoin while they're waiting kind of a thing. Um, So 396 00:20:18,760 --> 00:20:21,119 Speaker 1: there's that coming on board, and then we don't know 397 00:20:21,160 --> 00:20:22,600 Speaker 1: what's going to happen with the price. So what do 398 00:20:22,640 --> 00:20:24,679 Speaker 1: you think happens. We've we've had the golden AIGs. That 399 00:20:24,720 --> 00:20:26,760 Speaker 1: was your words of bitcoin minding. What does the future 400 00:20:26,760 --> 00:20:30,480 Speaker 1: of bitcoin mining have? So in one word, stability. Now, 401 00:20:30,560 --> 00:20:32,879 Speaker 1: I want to go back to the reason why these 402 00:20:32,880 --> 00:20:35,359 Speaker 1: publicly traded mining companies take a year or two years 403 00:20:35,400 --> 00:20:37,600 Speaker 1: to acquire all of the hardware that they're looking at, 404 00:20:38,080 --> 00:20:40,800 Speaker 1: and that's simply just for price. They're able to get 405 00:20:41,040 --> 00:20:44,840 Speaker 1: steep discounts if they can fund the tape out and 406 00:20:44,880 --> 00:20:48,959 Speaker 1: the manufacturing of these new machines well in advance. So 407 00:20:49,000 --> 00:20:51,760 Speaker 1: when you buy Spot, you're gonna pay generally a forty 408 00:20:51,760 --> 00:20:54,960 Speaker 1: to six premium on the hardware. Versus, if you're willing 409 00:20:54,960 --> 00:20:57,560 Speaker 1: to buy a future's order, you can get that discount 410 00:20:57,560 --> 00:20:59,240 Speaker 1: and you're still going to produce the amount of bitcoin. 411 00:20:59,240 --> 00:21:02,320 Speaker 1: You're just going to have to wait six months, four months, 412 00:21:02,320 --> 00:21:04,880 Speaker 1: whatever it is for that machine to come online. Um. 413 00:21:04,920 --> 00:21:07,120 Speaker 1: With regards to the cycles that we're going to see 414 00:21:07,160 --> 00:21:10,280 Speaker 1: in bitcoin mining, I think it's actually we're entering a 415 00:21:10,440 --> 00:21:14,719 Speaker 1: very exciting time because we now have institutional buyers of 416 00:21:14,760 --> 00:21:19,159 Speaker 1: bitcoin who are eliminating any cell pressure pressure. Right when 417 00:21:19,160 --> 00:21:21,000 Speaker 1: we see a big dip, it gets eaten up by 418 00:21:21,000 --> 00:21:23,639 Speaker 1: big buyers who have got an average entry price of 419 00:21:23,680 --> 00:21:27,000 Speaker 1: around forty dollars, so they obviously need to average down 420 00:21:27,000 --> 00:21:30,000 Speaker 1: if you're gonna see bitcoin drop below forty, these buyers 421 00:21:30,000 --> 00:21:33,480 Speaker 1: are stepping in and keeping us above three in most 422 00:21:33,480 --> 00:21:36,399 Speaker 1: cases could have dropped below sure, But what I think 423 00:21:36,520 --> 00:21:38,160 Speaker 1: is most likely to happen is we're going to see 424 00:21:38,160 --> 00:21:40,960 Speaker 1: bitcoin range at what are our you know, our new 425 00:21:41,000 --> 00:21:43,639 Speaker 1: lows in the thirties, and then we're going to continually 426 00:21:43,680 --> 00:21:46,120 Speaker 1: stair step ups. We'll have a big run, and then 427 00:21:46,160 --> 00:21:48,439 Speaker 1: we'll find a new range low, and then we'll have 428 00:21:48,440 --> 00:21:50,520 Speaker 1: a big run. We'll find a new range low. And 429 00:21:50,560 --> 00:21:52,960 Speaker 1: what this does it gives miners every time there's that 430 00:21:53,040 --> 00:21:56,640 Speaker 1: run to maximize their profitability. And then once that new 431 00:21:56,720 --> 00:22:00,439 Speaker 1: range forms, now we have a new standardized range for 432 00:22:00,640 --> 00:22:03,640 Speaker 1: where mining profitability will sit, and each time will be 433 00:22:03,960 --> 00:22:07,560 Speaker 1: more than the last, going to the increased profitability year 434 00:22:07,600 --> 00:22:09,560 Speaker 1: over year. I mean, there's not gonna be any more bitcoin, 435 00:22:10,160 --> 00:22:12,280 Speaker 1: so because of scarcity, the price of bitcoin should continue 436 00:22:12,280 --> 00:22:15,879 Speaker 1: to increase. Fortunately, with mining equipment now we're seeing a 437 00:22:15,880 --> 00:22:18,359 Speaker 1: little bit of a break from Moore's law, which means 438 00:22:18,400 --> 00:22:22,040 Speaker 1: that every two years we're not seeing a drastic improvement 439 00:22:22,040 --> 00:22:25,520 Speaker 1: in the hardware, but we're still seeing, you know, similar 440 00:22:25,560 --> 00:22:29,080 Speaker 1: machines being priced similarly. So that would say that as 441 00:22:29,320 --> 00:22:31,600 Speaker 1: mining continues to grow, which it will need to as 442 00:22:31,600 --> 00:22:34,960 Speaker 1: a function of bitcoins network, each miner coming on has 443 00:22:35,080 --> 00:22:39,080 Speaker 1: more and more profit potential in the coming years. Yeah, 444 00:22:39,119 --> 00:22:41,200 Speaker 1: Moore's law has to take a break at some point. 445 00:22:41,720 --> 00:22:45,720 Speaker 1: I just bought a brand new seventy five inch flat screen, 446 00:22:47,200 --> 00:22:50,800 Speaker 1: and uh, I've replaced my sixty inch flat screen that 447 00:22:50,880 --> 00:22:54,560 Speaker 1: I had for nine years. And I went to the 448 00:22:54,640 --> 00:22:57,280 Speaker 1: store and I looked at every single one, and I'd 449 00:22:57,320 --> 00:22:59,439 Speaker 1: compared one to the next, and I was like, if 450 00:22:59,440 --> 00:23:01,480 Speaker 1: they didn't have the prices next to them, I couldn't 451 00:23:01,480 --> 00:23:03,800 Speaker 1: even tell the difference. I end up buying one of 452 00:23:03,800 --> 00:23:05,520 Speaker 1: the most you know, one of the more expensive ones. 453 00:23:05,560 --> 00:23:07,040 Speaker 1: I just figured, shoot, if I haven't, if I've gone 454 00:23:07,080 --> 00:23:08,399 Speaker 1: ten years about a new one, I guess it'll give 455 00:23:08,400 --> 00:23:10,119 Speaker 1: me another ten years and I get home and I 456 00:23:10,119 --> 00:23:12,080 Speaker 1: look at my old sixty five Time'm like, I don't. 457 00:23:12,080 --> 00:23:15,120 Speaker 1: I don't think it's any better. And so more's law 458 00:23:15,240 --> 00:23:17,560 Speaker 1: like at some point, like it's incremental, right, Like how 459 00:23:17,600 --> 00:23:20,119 Speaker 1: much better can I get? Well? These chips? Right, So 460 00:23:20,160 --> 00:23:22,600 Speaker 1: when we talk about nanometers, Okay, here's the way to 461 00:23:22,640 --> 00:23:24,560 Speaker 1: think of it. A seven nimeter chip, which was the 462 00:23:24,640 --> 00:23:28,439 Speaker 1: last generation of bitcoin mining machines. Okay, you take a 463 00:23:28,440 --> 00:23:32,400 Speaker 1: strand of hair. A third of one strand of your 464 00:23:32,440 --> 00:23:35,800 Speaker 1: hair is a seven animeter chip the width of it. Right, 465 00:23:35,840 --> 00:23:38,200 Speaker 1: So now we're into five nanometers. Soon we're going to 466 00:23:38,240 --> 00:23:40,720 Speaker 1: be in three nimes. There is a finite amount that 467 00:23:40,720 --> 00:23:42,960 Speaker 1: we're going to be able to achieve with this because 468 00:23:42,960 --> 00:23:48,240 Speaker 1: the technology to produce these ever thinner machines, it's going 469 00:23:48,280 --> 00:23:51,920 Speaker 1: to be just more and more. Yeah. Um, but maybe 470 00:23:51,920 --> 00:23:54,200 Speaker 1: more energy efficient? Is that something that you think will 471 00:23:54,240 --> 00:23:57,320 Speaker 1: probably happen? So maybe maybe the hash power, the performance 472 00:23:57,359 --> 00:23:59,000 Speaker 1: of the machine doesn't get as much, but maybe the 473 00:23:59,280 --> 00:24:02,040 Speaker 1: but the energy can sumption is better. Yes, that's ultimately 474 00:24:02,119 --> 00:24:04,280 Speaker 1: what the new targets are right there, looking for more 475 00:24:04,359 --> 00:24:07,080 Speaker 1: energy efficient chips. Um bit main is just announced their 476 00:24:07,119 --> 00:24:12,080 Speaker 1: water cooled unit there, you know, s nineteen hydro um, 477 00:24:12,119 --> 00:24:15,479 Speaker 1: which we'll see. I mean, there's a lot that can 478 00:24:15,520 --> 00:24:18,640 Speaker 1: happen when you introduce water into something that's normally dry. 479 00:24:18,760 --> 00:24:20,800 Speaker 1: So we'll see how that's engineered. Now. I got a 480 00:24:20,840 --> 00:24:22,560 Speaker 1: lot more questions that I want to ask you. I 481 00:24:22,560 --> 00:24:25,119 Speaker 1: want to I want to dig into uh China. I 482 00:24:25,119 --> 00:24:27,359 Speaker 1: made a video called the Second Fatal Mistake. They may 483 00:24:27,440 --> 00:24:28,680 Speaker 1: I want to talk about that. I want to talk 484 00:24:28,680 --> 00:24:32,160 Speaker 1: about some of this E s G kind of narratives. 485 00:24:32,160 --> 00:24:34,680 Speaker 1: But before we do, a lot of people say compass 486 00:24:34,760 --> 00:24:38,000 Speaker 1: mining is a scam, and I dug into some of 487 00:24:38,000 --> 00:24:41,040 Speaker 1: that stuff, and uh, it just seems like I don't 488 00:24:41,080 --> 00:24:42,879 Speaker 1: know why people are saying that. Everyone is just I 489 00:24:42,920 --> 00:24:46,120 Speaker 1: think mad because their bitcoin mining equipment is taking longer 490 00:24:46,160 --> 00:24:48,200 Speaker 1: to get than they thought it was going to take. 491 00:24:48,640 --> 00:24:50,800 Speaker 1: Um as if people don't realize supply chains are broken. 492 00:24:51,080 --> 00:24:53,080 Speaker 1: I'm in southern California. I can see the ships sitting 493 00:24:53,119 --> 00:24:54,800 Speaker 1: off the off the coast all the times, and I 494 00:24:54,800 --> 00:24:57,720 Speaker 1: can see, Uh, do you want to address that? Yeah? 495 00:24:57,760 --> 00:25:01,040 Speaker 1: I mean, look the metric for success that empus is 496 00:25:01,520 --> 00:25:04,159 Speaker 1: the shortest distance between the time you purchase and the 497 00:25:04,200 --> 00:25:06,959 Speaker 1: time that your machine comes online. That's when success can 498 00:25:06,960 --> 00:25:09,080 Speaker 1: be achieved. If we can make that twenty four hours, 499 00:25:09,160 --> 00:25:11,840 Speaker 1: everyone will be happy. Now because this is mining, and 500 00:25:11,880 --> 00:25:14,960 Speaker 1: because this is a bitcoin. After I spend money on 501 00:25:15,000 --> 00:25:18,560 Speaker 1: a product or service, any delay between when I'm able 502 00:25:18,600 --> 00:25:20,919 Speaker 1: to start realizing the benefit of that product or service 503 00:25:21,440 --> 00:25:24,080 Speaker 1: flood creeps in everyone. I'm going to go online and 504 00:25:24,080 --> 00:25:25,800 Speaker 1: I'm going to see, Oh, it must be a scam. 505 00:25:25,880 --> 00:25:28,439 Speaker 1: In the past, these have been scams, and eventually you 506 00:25:28,480 --> 00:25:31,399 Speaker 1: believe the narrative. But ultimately all that has happened is 507 00:25:31,440 --> 00:25:33,600 Speaker 1: Compass has done very well at getting most of our 508 00:25:33,600 --> 00:25:36,919 Speaker 1: miners online within seventy two hours or less. When China 509 00:25:37,000 --> 00:25:41,159 Speaker 1: came offline, it created this unprecedented delay in rack space 510 00:25:41,200 --> 00:25:44,520 Speaker 1: because there just wasn't enough theren't weren't enough facilities to 511 00:25:44,680 --> 00:25:46,960 Speaker 1: host all of this equipment that now needed to find 512 00:25:46,960 --> 00:25:49,879 Speaker 1: a new home, and Compass was impacted. We had twenty 513 00:25:49,880 --> 00:25:54,080 Speaker 1: three megawats of customers, or about seven thousand customers who 514 00:25:54,080 --> 00:25:57,159 Speaker 1: were impacted by these delays um and we had to 515 00:25:57,160 --> 00:26:00,440 Speaker 1: work vigorously to stand up new facilities. Is it is 516 00:26:00,480 --> 00:26:02,800 Speaker 1: it the rack space or is it the mining equipment itself? 517 00:26:02,880 --> 00:26:05,760 Speaker 1: The rack space? Yeah, it's not the actual computer. It's 518 00:26:05,760 --> 00:26:07,960 Speaker 1: a space, that's correct. But the thing is that the 519 00:26:07,960 --> 00:26:10,320 Speaker 1: supply chain plays apart there too. You need electrical equipment, 520 00:26:10,320 --> 00:26:13,320 Speaker 1: you need panels, you need p d us or power supplies. Right, 521 00:26:13,320 --> 00:26:14,919 Speaker 1: all of these things come from China as well, so 522 00:26:14,960 --> 00:26:17,560 Speaker 1: their delays on those. So that's where a lot of 523 00:26:17,600 --> 00:26:19,919 Speaker 1: this comes in. And I mean before these equipment, the 524 00:26:19,920 --> 00:26:22,320 Speaker 1: equipments coming in. If the rack space system, the miners 525 00:26:22,320 --> 00:26:25,160 Speaker 1: are no issue whatsoever. So what's the what's the average 526 00:26:25,320 --> 00:26:27,679 Speaker 1: weight time to get one's done up? So right now 527 00:26:27,680 --> 00:26:30,520 Speaker 1: your average weight time is about four months four months, yes, 528 00:26:30,880 --> 00:26:33,399 Speaker 1: but as of March we'll be back to seventy two 529 00:26:33,440 --> 00:26:35,280 Speaker 1: hours because you have new facilities that are coming on 530 00:26:35,320 --> 00:26:37,880 Speaker 1: board and stuff like that. One we put on about 531 00:26:37,920 --> 00:26:41,080 Speaker 1: forty three megawats were worth of hosted capacity. We already 532 00:26:41,080 --> 00:26:44,840 Speaker 1: have two and eighty two megawats of hosted capacity um 533 00:26:44,840 --> 00:26:49,120 Speaker 1: guaranteed and slotted for two So yeah, uh, that's that's 534 00:26:49,160 --> 00:26:52,159 Speaker 1: a lot. And when when someone buys it through Compass 535 00:26:52,200 --> 00:26:54,040 Speaker 1: and then you host it for them, do they own 536 00:26:54,160 --> 00:26:56,800 Speaker 1: that piece of equipment? They do, Yeah, they receive a 537 00:26:56,840 --> 00:26:58,959 Speaker 1: serial number so that if that if the facility went 538 00:26:59,000 --> 00:27:01,359 Speaker 1: bankrupt or got shut they would get their equipment returned 539 00:27:01,359 --> 00:27:03,440 Speaker 1: to them. They would, they would, And we also have 540 00:27:03,480 --> 00:27:04,879 Speaker 1: a marketplace, so if they wanted to sell it, they 541 00:27:04,920 --> 00:27:07,720 Speaker 1: could sell it right through Compass to somebody else. Are 542 00:27:07,720 --> 00:27:09,560 Speaker 1: people selling them right now? They are? I mean, you 543 00:27:09,600 --> 00:27:12,160 Speaker 1: gotta think if you bought this machine in for three 544 00:27:12,160 --> 00:27:14,280 Speaker 1: thousand and I can sell for ten thousand now. Yeah, 545 00:27:14,359 --> 00:27:16,639 Speaker 1: you bought it in July for you can sell it now, 546 00:27:16,760 --> 00:27:18,879 Speaker 1: or you could have sold in October for fifteen thousand, 547 00:27:18,920 --> 00:27:22,320 Speaker 1: sixteen thousand. So okay, you're listening to the Mark Moa Show. 548 00:27:22,320 --> 00:27:24,560 Speaker 1: We're talking about bitcoin. If you're just tuning in, we're 549 00:27:24,560 --> 00:27:27,760 Speaker 1: talking about bitcoin. We're talking about bitcoin mining specifically. I'm 550 00:27:27,800 --> 00:27:30,760 Speaker 1: in the studio in southern California with With Gibbs. He 551 00:27:30,880 --> 00:27:33,919 Speaker 1: is the CEO of Compass Mining. You can check them 552 00:27:33,920 --> 00:27:38,239 Speaker 1: out there helping to democratize bitcoin mining. We discovered a 553 00:27:38,240 --> 00:27:40,680 Speaker 1: lot of ground. We have more talking about what to expect, 554 00:27:40,760 --> 00:27:44,040 Speaker 1: what's happening in China, and so much more. Check out 555 00:27:44,840 --> 00:27:48,520 Speaker 1: wit at Twitter, at bitcoin Browski, and don't go away. 556 00:27:48,520 --> 00:27:50,760 Speaker 1: I'm gonna be right back with more. All right, welcome back. 557 00:27:50,800 --> 00:27:53,159 Speaker 1: You are listening to the Mark Moa Show where we 558 00:27:53,200 --> 00:27:56,560 Speaker 1: talk about bitcoin and the decentralized revolution that is happening. 559 00:27:56,920 --> 00:27:59,280 Speaker 1: Trying to help you make sense of this. This is 560 00:27:59,440 --> 00:28:04,240 Speaker 1: the bigest opportunity, in my opinion, the greatest risk adjusted 561 00:28:04,320 --> 00:28:07,320 Speaker 1: investment that you may ever see in your life. And 562 00:28:07,760 --> 00:28:08,959 Speaker 1: you want to be in the right position to take 563 00:28:08,960 --> 00:28:11,000 Speaker 1: advantage of that. And you do that by having the 564 00:28:11,200 --> 00:28:16,480 Speaker 1: right information, the education and the information, which is why 565 00:28:16,680 --> 00:28:18,560 Speaker 1: you should be listening each and every week to the 566 00:28:18,560 --> 00:28:21,400 Speaker 1: Markmas Show. I'm in the studio right now sitting down 567 00:28:21,400 --> 00:28:23,879 Speaker 1: with with Gibbs. He is the CEO of Compass Mining. 568 00:28:24,600 --> 00:28:28,320 Speaker 1: They're helping to democratize bitcoin mining for everybody like me 569 00:28:28,440 --> 00:28:30,680 Speaker 1: in southern California. I can't mind bitcoin at my house 570 00:28:30,680 --> 00:28:33,280 Speaker 1: because it's too expensive for the energy, but using a 571 00:28:33,320 --> 00:28:36,040 Speaker 1: company like Compass, I could set up my own bitcoin 572 00:28:36,080 --> 00:28:38,760 Speaker 1: mining um. Anyway, with we've covered a lot of ground here. 573 00:28:39,000 --> 00:28:40,840 Speaker 1: One thing that I really want to talk about, because 574 00:28:40,920 --> 00:28:44,560 Speaker 1: this is probably the biggest hot button issue, is that 575 00:28:46,360 --> 00:28:48,880 Speaker 1: mainstream media tells me that bitcoin mining is gonna boil 576 00:28:48,920 --> 00:28:51,240 Speaker 1: the oceans and it's going to kill the polar bears 577 00:28:51,240 --> 00:28:56,800 Speaker 1: and even Grandma, and uh supposedly it uses more energy 578 00:28:56,800 --> 00:29:01,400 Speaker 1: than uh well, actually I think was it the world 579 00:29:01,440 --> 00:29:05,120 Speaker 1: that Comic Forum said in seventeen that would use more 580 00:29:05,160 --> 00:29:08,720 Speaker 1: electricity than like the entire world, than the world could produce, 581 00:29:08,720 --> 00:29:10,320 Speaker 1: and the world it would use all the electricity of 582 00:29:10,320 --> 00:29:13,040 Speaker 1: the world could producer. And I think I saw yesterday 583 00:29:13,080 --> 00:29:15,640 Speaker 1: that the latest reports showed it only use zero point 584 00:29:15,720 --> 00:29:20,240 Speaker 1: eight percent of energy or something like that. Zero point 585 00:29:20,520 --> 00:29:24,880 Speaker 1: eight percent of the world's production every year. That's correct. Yeah, 586 00:29:25,040 --> 00:29:26,280 Speaker 1: so I went so they said it was going to 587 00:29:26,320 --> 00:29:29,480 Speaker 1: be a percent, and we're at less than zero percent, yeah, 588 00:29:29,600 --> 00:29:32,400 Speaker 1: less or less than one percent. Yeah. So are you 589 00:29:32,480 --> 00:29:34,800 Speaker 1: saying that it's not going to boil the oceans and 590 00:29:34,880 --> 00:29:40,560 Speaker 1: kill the polar bears and Grandma? It's certainly not Grandma's safe. 591 00:29:40,920 --> 00:29:43,080 Speaker 1: What I will say is that I don't want Grandma 592 00:29:43,120 --> 00:29:44,640 Speaker 1: to die. They told me she might know. You know, 593 00:29:45,280 --> 00:29:46,640 Speaker 1: we still got to figure out how to get Grandma 594 00:29:46,680 --> 00:29:48,720 Speaker 1: to set up a wallet and receive transactions without a 595 00:29:48,760 --> 00:29:50,240 Speaker 1: being a headache. I think that's the focus that we 596 00:29:50,280 --> 00:29:53,120 Speaker 1: should pay to Grandma. But you know, mining is mining 597 00:29:53,160 --> 00:29:55,280 Speaker 1: is easy to attack. It's the low hanging fruit. It 598 00:29:55,480 --> 00:29:59,120 Speaker 1: consumes energy. Um. But I really think that anytime you 599 00:29:59,160 --> 00:30:01,920 Speaker 1: see these headlines, the real question is who's putting that 600 00:30:01,920 --> 00:30:04,400 Speaker 1: out there and why and it's it's just I mean, 601 00:30:04,480 --> 00:30:06,840 Speaker 1: Nick Carter said the best. An attack on bitcoin mining 602 00:30:06,920 --> 00:30:08,640 Speaker 1: is just an attack on bitcoin. It's an attack on 603 00:30:08,720 --> 00:30:11,160 Speaker 1: nonstate money. And it's usually perpetuated by the same people 604 00:30:11,160 --> 00:30:13,240 Speaker 1: who are in power right now, who want to stay 605 00:30:13,240 --> 00:30:16,120 Speaker 1: in power. Take away people's ability to control the monetary supply. 606 00:30:16,800 --> 00:30:19,160 Speaker 1: What do they have left? Yeah, the one thing that 607 00:30:19,200 --> 00:30:21,120 Speaker 1: I hate about it, well, there's so many things I hate, 608 00:30:21,160 --> 00:30:22,880 Speaker 1: but the one, the probably the biggest thing that I 609 00:30:22,920 --> 00:30:26,520 Speaker 1: hate is they say it's a waste of electricity. And 610 00:30:26,520 --> 00:30:28,400 Speaker 1: the thing that I hate about that I don't I 611 00:30:28,440 --> 00:30:31,120 Speaker 1: don't like to use that word typically. But what I 612 00:30:31,160 --> 00:30:33,720 Speaker 1: do hate about that is that who are you to 613 00:30:33,840 --> 00:30:36,280 Speaker 1: tell me what a waste is? Or who am I 614 00:30:36,320 --> 00:30:38,480 Speaker 1: to tell somebody else what a waste is? You may 615 00:30:38,520 --> 00:30:40,800 Speaker 1: like to meditate for thirty minutes, what a waste of 616 00:30:40,880 --> 00:30:43,080 Speaker 1: your time sitting there? You could be productive, or you 617 00:30:43,120 --> 00:30:44,960 Speaker 1: might like to play video games or TV or whatever 618 00:30:45,000 --> 00:30:47,400 Speaker 1: it may be. And I who am I to say 619 00:30:47,560 --> 00:30:51,280 Speaker 1: what waste is? One man's trash is another mess treasure, right, 620 00:30:51,360 --> 00:30:54,240 Speaker 1: and so um. Just because you don't find value, and 621 00:30:54,280 --> 00:30:56,320 Speaker 1: it doesn't mean I don't and so I that's what 622 00:30:56,400 --> 00:30:59,480 Speaker 1: I do hate. Um as far as a lot of 623 00:30:59,480 --> 00:31:03,960 Speaker 1: the other misinformation that may be out there, Um I did, 624 00:31:04,000 --> 00:31:06,520 Speaker 1: Actually I did a whole series debunking a bunch of 625 00:31:06,520 --> 00:31:08,960 Speaker 1: these foot headlines, and that was one of them. But um, 626 00:31:08,960 --> 00:31:12,040 Speaker 1: when you look at the data, we actually have a 627 00:31:12,040 --> 00:31:15,080 Speaker 1: lot of wasted electricity or energy right now. And when 628 00:31:15,280 --> 00:31:17,240 Speaker 1: I say wasted, not that it's being used for use 629 00:31:17,280 --> 00:31:19,240 Speaker 1: that you don't like. What I mean is that it's 630 00:31:19,280 --> 00:31:21,720 Speaker 1: actually being produced and no one's even using it, and 631 00:31:21,760 --> 00:31:24,360 Speaker 1: then it just goes to waste, like literally like in 632 00:31:24,400 --> 00:31:27,720 Speaker 1: a waste like in a waste bin. And so um, 633 00:31:27,880 --> 00:31:31,160 Speaker 1: bitcoin can only use really to be profitable, has to 634 00:31:31,240 --> 00:31:33,720 Speaker 1: use wasted energy something like that. Do you want to 635 00:31:33,720 --> 00:31:36,920 Speaker 1: explain that? So bitcoin mining is going to always gravitate 636 00:31:36,920 --> 00:31:40,200 Speaker 1: towards the cheapest, most plentiful sources of power, and naturally 637 00:31:40,240 --> 00:31:42,800 Speaker 1: people are going to sell energy that they wouldn't otherwise 638 00:31:42,800 --> 00:31:45,520 Speaker 1: be able to sell at a discount, right because it's 639 00:31:45,520 --> 00:31:48,000 Speaker 1: it's it's some of some of them. A little of 640 00:31:48,040 --> 00:31:50,880 Speaker 1: something is better than all of nothing. So supply and demand, right, 641 00:31:50,920 --> 00:31:53,480 Speaker 1: So in California, we don't have enough power, which is 642 00:31:53,480 --> 00:31:56,200 Speaker 1: why it's forty cents a lot, correct, in order to 643 00:31:56,200 --> 00:31:58,080 Speaker 1: get it for three cents a lot. Why could I 644 00:31:58,120 --> 00:32:01,640 Speaker 1: get it so cheap. Well, because someone's people are buying it, 645 00:32:01,840 --> 00:32:04,280 Speaker 1: that's right, so that I would go there. Yeah, well, 646 00:32:04,280 --> 00:32:06,160 Speaker 1: I mean and actually I think this impact you. The 647 00:32:06,240 --> 00:32:08,840 Speaker 1: last time that we spoke, we had talked about your 648 00:32:08,880 --> 00:32:11,120 Speaker 1: mining operations back in the day, and I think you 649 00:32:11,160 --> 00:32:13,840 Speaker 1: had something set up in Washington. And the reason that 650 00:32:13,920 --> 00:32:17,360 Speaker 1: Washington shut down is because the power plants in Washington 651 00:32:17,800 --> 00:32:20,840 Speaker 1: had to sell at a seep discount to locals, and 652 00:32:20,920 --> 00:32:22,760 Speaker 1: a lot of miners went there because they had all 653 00:32:22,800 --> 00:32:25,320 Speaker 1: of this excess. Then they realized that they could export 654 00:32:25,320 --> 00:32:27,320 Speaker 1: that energy and send it to California and sell it 655 00:32:27,400 --> 00:32:29,880 Speaker 1: for five times the price, So they shut down all 656 00:32:29,920 --> 00:32:32,240 Speaker 1: of the bitcoin mining facilities so they could sell it 657 00:32:32,280 --> 00:32:34,280 Speaker 1: at a markup somewhere else. And that's just the that's 658 00:32:34,320 --> 00:32:36,880 Speaker 1: the market that's letting the market do its thing. And 659 00:32:36,920 --> 00:32:39,600 Speaker 1: I think that's what pisces me off, is that you 660 00:32:39,600 --> 00:32:42,240 Speaker 1: have people that are trying to interfere with free markets. Right, 661 00:32:42,280 --> 00:32:44,240 Speaker 1: the energy is going to be produced. If you want 662 00:32:44,240 --> 00:32:46,960 Speaker 1: to have a meaningful make a meaningful change on the environment, 663 00:32:47,000 --> 00:32:50,240 Speaker 1: attack industries that are consuming lots and lots of fossil fuels. 664 00:32:50,400 --> 00:32:52,840 Speaker 1: When you look at bitcoin mining, it consumes a very 665 00:32:52,880 --> 00:32:54,920 Speaker 1: small amount of energy and the majority of the energy 666 00:32:54,960 --> 00:32:57,880 Speaker 1: that it is consuming is coming from renewable sources. So, 667 00:32:58,600 --> 00:33:01,920 Speaker 1: you know, I'm okay just going against that whole narrative overall. 668 00:33:01,960 --> 00:33:03,800 Speaker 1: To be honest with you, I think what they've done 669 00:33:03,880 --> 00:33:06,720 Speaker 1: is they've framed up their argument, and now we're trying 670 00:33:06,760 --> 00:33:10,640 Speaker 1: to argue in their frame. The reality is is that 671 00:33:10,880 --> 00:33:13,959 Speaker 1: humans have flourished because of our use of energy, agreed, 672 00:33:14,280 --> 00:33:16,480 Speaker 1: And so even trying to argue in this E s 673 00:33:16,520 --> 00:33:19,680 Speaker 1: G box that they've built, we're already losing in my opinion. 674 00:33:19,800 --> 00:33:21,360 Speaker 1: But that's a that's that's the topic for a whole 675 00:33:21,360 --> 00:33:23,360 Speaker 1: other story. You know. It's actually a very a very 676 00:33:23,400 --> 00:33:25,880 Speaker 1: valid point though, because we are now, you know, us 677 00:33:26,160 --> 00:33:28,680 Speaker 1: us not arguing within their box is almost like us 678 00:33:28,680 --> 00:33:31,520 Speaker 1: being bringing a pin to a gunfight. Because now we've 679 00:33:31,520 --> 00:33:33,360 Speaker 1: got it out being argued in front of Congress, we've 680 00:33:33,360 --> 00:33:35,560 Speaker 1: got all of these these depositions and hearings that are 681 00:33:35,600 --> 00:33:38,160 Speaker 1: taking place. We need to fight back on the narrative. 682 00:33:38,160 --> 00:33:41,120 Speaker 1: For sure. This brings us back to the previous common 683 00:33:41,200 --> 00:33:43,720 Speaker 1: is why does this narrative. Narrative exists in the first place, 684 00:33:43,800 --> 00:33:47,480 Speaker 1: it's because there's so much of bitcoins network and bitcoin 685 00:33:47,520 --> 00:33:50,480 Speaker 1: in general being held by people like the Black Rocks, 686 00:33:51,080 --> 00:33:54,800 Speaker 1: who have set out to make E s G a thing. Well, 687 00:33:54,840 --> 00:33:56,320 Speaker 1: they like E s G because it's a way they 688 00:33:56,320 --> 00:33:59,920 Speaker 1: can control, they can control. So um, the way that 689 00:34:00,040 --> 00:34:04,000 Speaker 1: they can achieve control is Henry Kissinger told us. He 690 00:34:04,400 --> 00:34:07,880 Speaker 1: told us, he said, control the food, you control the people. 691 00:34:08,360 --> 00:34:12,200 Speaker 1: Control the money, you control a nation, Control the energy, 692 00:34:12,320 --> 00:34:17,440 Speaker 1: you control the world. He told us, food, money, energy, 693 00:34:17,880 --> 00:34:20,840 Speaker 1: those are three things. And so the energy control the world. 694 00:34:20,880 --> 00:34:24,719 Speaker 1: And so if I can set these arbitrary E s 695 00:34:24,800 --> 00:34:28,120 Speaker 1: G narratives, then and I can make you comply to them, 696 00:34:28,120 --> 00:34:29,920 Speaker 1: then I can control and if I can control the 697 00:34:30,040 --> 00:34:32,960 Speaker 1: energy output that you do. And so that's what ultimately 698 00:34:32,960 --> 00:34:35,319 Speaker 1: comes down to is this is this control function. And 699 00:34:35,520 --> 00:34:38,759 Speaker 1: I think unfortunately a lot of people aren't able to 700 00:34:38,880 --> 00:34:43,319 Speaker 1: think very good today. Nobody listened to this show, of course, 701 00:34:43,800 --> 00:34:45,400 Speaker 1: but nobody. You know, people aren't able to think very 702 00:34:45,400 --> 00:34:47,759 Speaker 1: well today because there's so much nuance in this and 703 00:34:47,800 --> 00:34:50,520 Speaker 1: so like, just because I'm saying that people are probably 704 00:34:50,560 --> 00:34:53,360 Speaker 1: listening and thinking. Mark hates the environment that could be 705 00:34:53,360 --> 00:34:55,959 Speaker 1: nothing further from the truth. Like I love him, I'm 706 00:34:56,000 --> 00:34:58,279 Speaker 1: i'm I'm in the ocean surfing almost every day. I'm 707 00:34:58,320 --> 00:35:00,680 Speaker 1: in the mountains snowboarding, and I love desert. It's like 708 00:35:00,920 --> 00:35:03,719 Speaker 1: I love nature and I wanted to be there for 709 00:35:03,840 --> 00:35:07,040 Speaker 1: my great great grandkids or um. Those two things aren't 710 00:35:07,120 --> 00:35:10,680 Speaker 1: mutually exclusive. Right. We can love the environment and still 711 00:35:10,760 --> 00:35:12,920 Speaker 1: believe that they're trying to control the world through an E. 712 00:35:13,040 --> 00:35:15,600 Speaker 1: S G narrative. Well, and I think that's absolutely correct. 713 00:35:15,640 --> 00:35:17,160 Speaker 1: And I think the flip side of this is you 714 00:35:17,160 --> 00:35:19,680 Speaker 1: gotta ask yourself, do you love people? Because if you 715 00:35:19,719 --> 00:35:23,560 Speaker 1: love people, then you need this energy. Right. We look 716 00:35:23,600 --> 00:35:25,920 Speaker 1: at Texas last year there was this deep freeze that 717 00:35:26,000 --> 00:35:29,480 Speaker 1: broke the grid effectively and people died, right, And now 718 00:35:29,520 --> 00:35:31,960 Speaker 1: you look at this year, same storm. Right, We're the 719 00:35:32,000 --> 00:35:35,960 Speaker 1: same freeze you see right now. But the difference is 720 00:35:36,000 --> 00:35:38,600 Speaker 1: that over the last year bitcoin minors have flocked to Texas. 721 00:35:39,000 --> 00:35:42,160 Speaker 1: They've helped to build a better grid, and now we're 722 00:35:42,160 --> 00:35:44,600 Speaker 1: not facing the same blackouts in Texas because the miners 723 00:35:44,640 --> 00:35:46,920 Speaker 1: can feed that energy that they've spent a year building 724 00:35:47,480 --> 00:35:49,680 Speaker 1: back into the network, which can power those people so home, 725 00:35:49,719 --> 00:35:51,600 Speaker 1: so people don't have to die. They don't have to 726 00:35:51,640 --> 00:35:54,520 Speaker 1: freeze to death. It's a great point. I just bought 727 00:35:54,520 --> 00:35:57,120 Speaker 1: a twelve and a half acre ranch just outside of Austin, 728 00:35:57,680 --> 00:36:01,880 Speaker 1: and I got four cows and a goat and a 729 00:36:01,920 --> 00:36:04,440 Speaker 1: donkey and all that with it. And um, I just 730 00:36:04,480 --> 00:36:07,520 Speaker 1: took possession about a week ago. The previous owner was 731 00:36:07,520 --> 00:36:10,520 Speaker 1: renting back for a while and he messaged just yesterday 732 00:36:10,600 --> 00:36:15,479 Speaker 1: and said, uh, hey, ice storm is coming, animals may die, 733 00:36:15,960 --> 00:36:18,040 Speaker 1: Like you better do something. I'm like, what am I 734 00:36:18,040 --> 00:36:19,880 Speaker 1: gonna do? I don't know how to deal with animals 735 00:36:19,880 --> 00:36:23,439 Speaker 1: and ice storm in Texas. I'm in California. Anyway, funny 736 00:36:23,440 --> 00:36:26,360 Speaker 1: story about the ice storm, I guess. But I'm glad. 737 00:36:26,360 --> 00:36:29,399 Speaker 1: I'm glad the electricity will stay on. Yeah yeah, yeah, 738 00:36:29,440 --> 00:36:31,120 Speaker 1: Well we have a ranch hand. So he was like, oh, 739 00:36:31,200 --> 00:36:33,399 Speaker 1: I'll go out there and I'll I'll take care of him. 740 00:36:33,440 --> 00:36:37,200 Speaker 1: So put some jackets on him or something. I don't know. Um. Anyway, 741 00:36:37,200 --> 00:36:39,560 Speaker 1: you're listening to the Markmas Show. We're talking about bitcoin 742 00:36:39,920 --> 00:36:43,000 Speaker 1: and bitcoin mining today. I'm joined in the studio here 743 00:36:43,000 --> 00:36:46,040 Speaker 1: with with Gibbs. He is the CEO of Compass Mining 744 00:36:47,280 --> 00:36:51,120 Speaker 1: and they're helping to democratize bitcoin mining. UM I think 745 00:36:51,160 --> 00:36:54,440 Speaker 1: that bitcoin is the most important thing, that it's the 746 00:36:54,480 --> 00:36:55,960 Speaker 1: most important thing in the world right now. That's why 747 00:36:56,000 --> 00:36:59,359 Speaker 1: I'm decided to focus my whole career on it right now. 748 00:37:00,320 --> 00:37:05,160 Speaker 1: And everybody can do their part by mining some by 749 00:37:05,360 --> 00:37:08,799 Speaker 1: running a node, buying some holding in cold storage, and 750 00:37:08,840 --> 00:37:11,360 Speaker 1: so forth. UM and you can do that with Compass 751 00:37:11,400 --> 00:37:14,280 Speaker 1: Mining or another company like that. UM I would advise 752 00:37:14,320 --> 00:37:16,319 Speaker 1: you to check that out. Check out running a node. Again, 753 00:37:16,320 --> 00:37:18,640 Speaker 1: you're listening to the Mark Mass show. UM check out 754 00:37:18,680 --> 00:37:21,200 Speaker 1: Compass Mining, and thank you so much for listening.