WEBVTT 0 00:00:00.009 --> 00:00:03.109 What's going on y'all? Welcome back to the Mining Pod. 1 00:00:03.119 --> 00:00:07.469 This week's news roundup edition with your boy Colin 2 00:00:07.820 --> 00:00:11.109 and your boys Charlie and Matt. Gentlemen. How are we doing today? 3 00:00:11.720 --> 00:00:16.549 Oh, I'm, I'm fantastic. Bitcoin currently is 98 maybe 99,000. 4 00:00:16.569 --> 00:00:17.860 So by the time you're listening to this, 5 00:00:17.870 --> 00:00:21.909 we will know whether to hit 100 K in between this podcast and the dropping. 6 00:00:22.309 --> 00:00:25.829 Yeah, we might do a little uh breaking news segment if we 7 00:00:26.219 --> 00:00:29.870 rip past 100 K during this round up. But 8 00:00:30.209 --> 00:00:33.970 price aside, we've got a pretty stacked 9 00:00:34.169 --> 00:00:36.189 lineup for today's roundup. 10 00:00:36.200 --> 00:00:38.849 We're gonna be going over asic prices from the 11 00:00:38.860 --> 00:00:41.750 mining pod newsletter that we sent out this week. 12 00:00:41.840 --> 00:00:44.830 We're gonna do an update on the Russian mining 13 00:00:44.840 --> 00:00:50.310 restrictions for certain regions given uh energy shortfalls during this 14 00:00:50.423 --> 00:00:51.763 consuming winter season. 15 00:00:52.222 --> 00:00:53.733 A pretty cool story about Hill 16 00:00:53.882 --> 00:00:54.222 Corp, 17 00:00:54.373 --> 00:00:57.722 an oil and gas company piloting mining in Alaska, 18 00:00:57.943 --> 00:01:02.162 an off grid oil site, mining pilot. Pretty interesting. 19 00:01:02.303 --> 00:01:06.693 We're going to go into an update on A I pivots from Bitcoin miners, 20 00:01:06.703 --> 00:01:08.803 a few that have slipped through the crack in our coverage. 21 00:01:08.813 --> 00:01:10.513 We're also going to be looking at the 22 00:01:10.636 --> 00:01:13.996 multi billions of dollars worth of shorts 23 00:01:14.236 --> 00:01:16.865 open against mining stocks. 24 00:01:17.005 --> 00:01:19.606 And then for this week's cry corner, 25 00:01:19.615 --> 00:01:26.435 a delicious update that Gary Ginzler will be resigning on January 20th 26 00:01:26.636 --> 00:01:30.776 next year. But before we hop into it, a quick word from our sponsors, 27 00:01:31.059 --> 00:01:32.660 are you a retail or institutional 28 00:01:32.669 --> 00:01:34.709 investor interested in Bitcoin mining companies? 29 00:01:34.720 --> 00:01:37.400 The minor maag brings you free data and analysis from all 30 00:01:37.410 --> 00:01:41.160 major NASDAQ listed Bitcoin mining operations to know who stands out, 31 00:01:41.169 --> 00:01:44.319 check out visualized metrics and data dependent stories at the Miner 32 00:01:44.550 --> 00:01:45.349 maag.com. 33 00:01:45.690 --> 00:01:48.319 Thanks for listening to the Mining Pod. Want more. 34 00:01:48.330 --> 00:01:52.260 Subscribe to our main feed on Apple, Spotify, youtube or wherever else. 35 00:01:52.269 --> 00:01:55.500 You get your podcast for another weekly show on Bitcoin Stocks 36 00:01:55.779 --> 00:01:59.480 and check out our newsletter at Mining pod dot blog space dot media today. 37 00:02:00.589 --> 00:02:01.330 All right, gents, 38 00:02:01.339 --> 00:02:07.250 we're back and we're going to start off per usual and I did not say this during the 39 00:02:07.459 --> 00:02:10.008 intro, but people get it. We do this every week 40 00:02:10.419 --> 00:02:12.210 with this week's difficulty update. 41 00:02:12.520 --> 00:02:14.759 So Matt, I'm going to 42 00:02:15.339 --> 00:02:19.869 kick it over to you. Let me get Mle dot Space pulled up, 43 00:02:20.479 --> 00:02:21.949 Matt. What are we seeing? 44 00:02:22.389 --> 00:02:22.529 Yeah, 45 00:02:22.539 --> 00:02:28.130 we got an estimated retarget coming up December 2nd at the time of recording where 46 00:02:28.419 --> 00:02:30.050 about 1500 47 00:02:30.699 --> 00:02:31.710 blocks out. 48 00:02:32.169 --> 00:02:33.639 Uh Times are good 49 00:02:33.779 --> 00:02:35.160 right now. Times are good. 50 00:02:35.369 --> 00:02:42.500 Um We have hash price sitting at just over $60 per pet of hash per day, 51 00:02:42.509 --> 00:02:47.559 which has been maintained over the last about a week and a half, 52 00:02:48.009 --> 00:02:49.919 which is really strong, uh, 53 00:02:49.949 --> 00:02:52.259 a really strong level since the Bitcoin 54 00:02:52.270 --> 00:02:54.889 having basically the highest it's been talked 55 00:02:54.899 --> 00:02:58.350 about this a bit last week outside of a couple major fee spikes. 56 00:02:59.039 --> 00:03:01.779 And miners are, yeah, gonna enjoy this for, 57 00:03:02.389 --> 00:03:02.649 you know, 58 00:03:02.660 --> 00:03:05.880 until an estimated December 2nd blocks are coming in pretty quick right now. 59 00:03:05.889 --> 00:03:09.389 I think quite a bit of machines might have come online. So the next 60 00:03:09.770 --> 00:03:13.699 adjustment is as of as of right now, you know, subject to change. Of course, 61 00:03:14.199 --> 00:03:14.750 uh a 62 00:03:14.869 --> 00:03:17.100 little over 9% increase 63 00:03:18.059 --> 00:03:19.919 which will be, which will be significant. 64 00:03:20.389 --> 00:03:20.550 But 65 00:03:21.110 --> 00:03:25.039 that's the, that's the outlook for difficulty. 66 00:03:25.210 --> 00:03:25.759 Any 67 00:03:25.940 --> 00:03:27.279 Charlie, any uh 68 00:03:27.610 --> 00:03:30.210 any expected fee spikes in the next 69 00:03:30.479 --> 00:03:33.050 couple weeks, week or so to impact this equation. 70 00:03:33.229 --> 00:03:36.179 I mean, if you just look at the past two weeks, we saw 71 00:03:36.309 --> 00:03:40.529 transaction activity on Bitcoin pick up driven of course by 72 00:03:40.539 --> 00:03:44.990 ruins and ruins mints which then did reflect materially and 73 00:03:45.250 --> 00:03:51.160 like a two or three to maybe even 10 X increase in fee rates depending on which like, 74 00:03:51.309 --> 00:03:55.160 you know, few blocks you look at. But we have seen a material increase in fees. 75 00:03:55.320 --> 00:04:01.360 And if history is to be an example, then after a Bitcoin price run up, 76 00:04:01.369 --> 00:04:06.699 we often see the beta assets and the assets on Bitcoin also heat up. 77 00:04:06.710 --> 00:04:09.110 So my finger in the wind says 78 00:04:09.369 --> 00:04:10.940 Bitcoin to 100 K. 79 00:04:11.070 --> 00:04:15.729 So do secondary asset mints and activity on Bitcoin. 80 00:04:15.740 --> 00:04:17.820 So I would be long transaction fee rates. 81 00:04:17.970 --> 00:04:19.589 As long as Bitcoin is going up 82 00:04:19.980 --> 00:04:22.709 liquidity, shifting to meme coins on Bitcoin. 83 00:04:22.839 --> 00:04:25.709 It's a, it's a real mechanic. Now you have to admit it. 84 00:04:26.359 --> 00:04:30.640 It is. Well, it, it's, you know, it fits in with kind of normal market or normal. 85 00:04:30.649 --> 00:04:31.500 But you know what I mean? 86 00:04:31.600 --> 00:04:35.609 Typically during bull runs, Bitcoin reps, liquidity cycles into ALTs, 87 00:04:35.959 --> 00:04:40.119 liquidity sells from ALTs goes back into Bitcoin rinse and repeat until, 88 00:04:40.380 --> 00:04:40.989 until, you know, 89 00:04:41.000 --> 00:04:43.040 everything comes crashing down and everyone's poor begging 90 00:04:43.049 --> 00:04:44.859 on the street living in cardboard boxes. 91 00:04:45.130 --> 00:04:47.220 Um One thing to note, 92 00:04:47.950 --> 00:04:50.320 going back to the difficulty really quickly. 93 00:04:50.529 --> 00:04:51.179 Um 94 00:04:52.179 --> 00:04:52.959 I wanna just 95 00:04:53.750 --> 00:04:56.380 uh share this uh chart from our friends at Luxor 96 00:04:56.579 --> 00:04:57.450 and hash rate index. 97 00:04:57.459 --> 00:04:59.369 Bitcoin recently, 98 00:04:59.380 --> 00:05:04.480 uh our hash rate recently hit an all time high on the seven day of looks like 776 99 00:05:05.170 --> 00:05:08.130 782 X hashes a second. Ok. So 100 00:05:08.329 --> 00:05:09.329 for what Matt said, 101 00:05:09.339 --> 00:05:12.420 hash rate is absolutely ripping right now on the three 102 00:05:12.429 --> 00:05:15.429 day went as high as 815 extra hashes a second 103 00:05:15.760 --> 00:05:16.630 today. 104 00:05:16.809 --> 00:05:21.190 And so, I mean, miners as always just relentlessly deploying hash 105 00:05:21.470 --> 00:05:25.690 and, and you know, this, this will probably not slow down considering 106 00:05:25.839 --> 00:05:28.160 like Matt was saying hash price up, you know, 107 00:05:28.429 --> 00:05:31.100 a decent amount still pretty thin margins. 108 00:05:31.109 --> 00:05:34.010 But if you got an X GEN machine, you're feeling much more comfortable during this 109 00:05:34.369 --> 00:05:40.260 or after this. Uh price pop from Bitcoin 815 is wild. What, when one is that? A hash, 110 00:05:41.429 --> 00:05:41.440 oh, 111 00:05:42.010 --> 00:05:44.850 that was like the over, under prediction for a lot of people this year. 112 00:05:44.859 --> 00:05:49.579 And I, I'd be surprised if we hit it, but January ones at a hash incoming, 113 00:05:49.779 --> 00:05:52.070 I think Q one of next year, it's, 114 00:05:52.869 --> 00:05:54.070 I mean, I would be 115 00:05:54.190 --> 00:05:59.160 a little surprised. Obviously, this assumes that Bitcoin is still elevated. 116 00:05:59.420 --> 00:06:04.470 If, if the market, if the bull market ends early, then we could see that not manifest. 117 00:06:04.480 --> 00:06:04.730 But 118 00:06:05.019 --> 00:06:08.170 if Bitcoin continues to rip the all time highs in Q one of next year, 119 00:06:08.179 --> 00:06:11.920 I would be shocked if we didn't exit it around 11 zeta hash 120 00:06:12.619 --> 00:06:13.140 um 121 00:06:13.850 --> 00:06:17.829 would be, you know, a great topic for a show once that happens, 122 00:06:17.839 --> 00:06:19.350 it's just an incredible milestone, 123 00:06:19.660 --> 00:06:20.709 you know, um 124 00:06:21.869 --> 00:06:22.429 you know, 125 00:06:22.440 --> 00:06:24.890 so bit Bitcoin is all around the world rejoicing 126 00:06:24.899 --> 00:06:26.980 at how many cyber Hornets are protecting their, 127 00:06:27.109 --> 00:06:28.410 their generational wealth. 128 00:06:29.089 --> 00:06:30.570 Um OK. Anyway, 129 00:06:31.510 --> 00:06:36.920 now that we have that out of the way, we're gonna hop on to this week's 130 00:06:37.059 --> 00:06:40.660 uh the first week or the first story of this week which 131 00:06:40.670 --> 00:06:43.799 uh we wrote for the newsletter for the Mining Pod this week. 132 00:06:43.809 --> 00:06:46.679 Asic prices rebound hard on Bitcoin rally. 133 00:06:46.799 --> 00:06:50.290 Um Not really anything groundbreaking here, right? 134 00:06:50.429 --> 00:06:53.690 Um I just wanted to give an update on the Asic market because obviously, 135 00:06:53.700 --> 00:06:55.700 if Bitcoin is going up and hash price is going up, 136 00:06:55.910 --> 00:06:56.070 Asic 137 00:06:56.220 --> 00:06:57.730 prices are going to follow 138 00:06:58.010 --> 00:07:00.329 and some interesting Tbis here. Um 139 00:07:00.940 --> 00:07:02.600 unsurprisingly 140 00:07:03.130 --> 00:07:07.079 from our sources that we talked to for this, we talked to uh Lauren Lynn at Luxor, 141 00:07:07.089 --> 00:07:09.959 we talked to uh Alex Dissinger at Kaboom 142 00:07:10.079 --> 00:07:12.420 Racks and then Blake Davis at Block Wear. 143 00:07:12.470 --> 00:07:17.480 And unsurprisingly, the S 21 series is the most sought after. Currently. 144 00:07:17.640 --> 00:07:21.119 Um the S 21 Pro Vanilla S 21 and S 21 XP 145 00:07:21.440 --> 00:07:23.600 have been some of the most popular 146 00:07:23.929 --> 00:07:26.170 miners during this current rally. 147 00:07:26.279 --> 00:07:30.149 They're the most in demand and their prices have kind of reflected 148 00:07:30.160 --> 00:07:34.510 that they've risen anywhere from 5 to 10% depending on the marketplace 149 00:07:35.549 --> 00:07:38.119 and depending on the uh minimum order quantity. 150 00:07:38.149 --> 00:07:41.750 Uh Another interesting tidbit though from uh Lux or as 151 00:07:41.950 --> 00:07:44.660 price data that was shared with me is that the S 152 00:07:44.670 --> 00:07:47.250 19 J Pro month over month from when I wrote, 153 00:07:47.260 --> 00:07:49.369 this was up like 30%. 154 00:07:50.059 --> 00:07:53.160 And so, you know, this is kind of this cycle s nine, 155 00:07:53.200 --> 00:07:56.559 the S nine trade during the 2020 2021 bull market 156 00:07:56.570 --> 00:07:58.760 was very profitable for anyone who partook in it. 157 00:07:59.000 --> 00:08:02.399 But, you know, s nines were going for nothing. They were being given away 158 00:08:02.579 --> 00:08:06.470 in the last bear market and then they increased exponentially. 159 00:08:06.480 --> 00:08:10.690 I think at the peak, you could sell one for like 1500 or $2000 you know, 160 00:08:10.700 --> 00:08:11.839 just something crazy. 161 00:08:12.049 --> 00:08:13.369 And Alex of Kuma 162 00:08:13.970 --> 00:08:19.920 thinks that he would not be surprised if S 19 J Pros sold for as much as three K. 163 00:08:20.260 --> 00:08:22.549 Uh this bull market, not financial advice. 164 00:08:22.559 --> 00:08:24.170 We'll see if that actually comes to pass, 165 00:08:24.179 --> 00:08:27.540 but kind of an interesting hardware trade that people have been talking about for 166 00:08:27.549 --> 00:08:32.359 a while as Bitcoin climbed to all time highs one last thing for this, 167 00:08:33.099 --> 00:08:37.119 you know, in, in the light or the shadow depending on who you talk to 168 00:08:37.280 --> 00:08:40.789 of Elon Musk's perennial shilling of doge coin 169 00:08:41.039 --> 00:08:45.409 and his and Vivek Ramaswamy department of government efficiency are 170 00:08:45.710 --> 00:08:47.429 just an incredible acronym. 171 00:08:47.440 --> 00:08:49.200 I can't believe we live in a universe where 172 00:08:49.210 --> 00:08:52.679 there is going to be a government department that is 173 00:08:52.950 --> 00:08:55.880 that, that derives its name from the first meme coin. 174 00:08:56.210 --> 00:08:57.119 But um 175 00:08:57.580 --> 00:09:01.429 Dogue coin miners like the L nine and L seven are going for crazy 176 00:09:01.799 --> 00:09:04.599 uh amounts. I mean the L nine according to Alex Uncle Boom 177 00:09:04.700 --> 00:09:07.059 Rack is nearing like 20 kl seven, 178 00:09:07.070 --> 00:09:09.729 which was released three years ago going for like seven K. 179 00:09:10.010 --> 00:09:11.419 So um you know, 180 00:09:11.809 --> 00:09:15.789 nothing new here. The sun rises in the east and sets in the west. 181 00:09:15.799 --> 00:09:18.770 It's another bull market and dope coin will not die 182 00:09:19.030 --> 00:09:21.940 and it might even flip Ethereum this bull market. But 183 00:09:22.419 --> 00:09:26.200 um that's, that's kind of it for me on this one. Do you have any thoughts on this? 184 00:09:26.369 --> 00:09:28.219 Yeah, I do have some thoughts. I mean, uh 185 00:09:28.330 --> 00:09:29.690 on the Doge 186 00:09:30.099 --> 00:09:31.890 Coin saga, 187 00:09:32.460 --> 00:09:36.380 the what we're seeing is uh this hasn't really trickled into western 188 00:09:36.619 --> 00:09:39.580 um uh ecosystems yet, but 189 00:09:39.690 --> 00:09:41.830 other previous Forks of Doge 190 00:09:42.520 --> 00:09:43.400 that have been 191 00:09:43.729 --> 00:09:45.710 discontinued their mining, 192 00:09:45.849 --> 00:09:49.200 uh you know, from over a decade ago have been resurrected 193 00:09:49.500 --> 00:09:51.849 and these things have not really been integrated 194 00:09:51.859 --> 00:09:54.799 at the holistic merge mining pool level yet. 195 00:09:55.020 --> 00:09:56.580 So you see Forks of Doge 196 00:09:56.880 --> 00:09:59.520 such as Lucky Coin and Bell's coin 197 00:09:59.659 --> 00:10:01.359 very popular in China, 198 00:10:01.489 --> 00:10:06.799 possibly even more of these coming, which use script hash, so that it's the same uh 199 00:10:07.070 --> 00:10:08.429 hash function 200 00:10:08.679 --> 00:10:10.239 and it's not really reflected, 201 00:10:10.250 --> 00:10:14.799 I think in uh like more conventional investors minds because one, 202 00:10:14.809 --> 00:10:16.799 they don't know what a fork is of a coin 203 00:10:17.070 --> 00:10:17.840 and two 204 00:10:18.059 --> 00:10:21.469 it's not like the pools that you would use aren't 205 00:10:21.479 --> 00:10:24.530 as like simple plug and play uh as they would be 206 00:10:24.640 --> 00:10:27.359 previously. But yeah, these coins are ripping. And if, 207 00:10:27.859 --> 00:10:31.130 and the thing is, you know, if we got any OG Bitcoin miners in the space, 208 00:10:31.640 --> 00:10:33.409 you might remember that like the proof, 209 00:10:33.419 --> 00:10:39.450 the proof of work shit coin fork um meta from like 14 to 16 or 17 was a big one. 210 00:10:39.690 --> 00:10:41.369 And then all the air got sucked out of the room 211 00:10:41.380 --> 00:10:44.750 for the proof of stake as e dominated crypto narrative. 212 00:10:44.760 --> 00:10:44.989 Well, 213 00:10:45.000 --> 00:10:48.419 now that Ethereum has lost its luster and proof of stake is 214 00:10:48.429 --> 00:10:52.669 in a little bit of existential crisis as a viable consensus mechanism, 215 00:10:53.349 --> 00:10:56.690 prove it works back on the table. So we're seeing a lot of these Eastern De 216 00:10:56.820 --> 00:11:00.969 Js spin up these old ancient, formerly deprecated 217 00:11:01.270 --> 00:11:03.090 uh side uh uh 218 00:11:03.479 --> 00:11:05.840 chains and merge by them. So 219 00:11:06.309 --> 00:11:09.330 um not financial advice but bullish on L nines. 220 00:11:09.340 --> 00:11:13.010 And here's the, the, the Bells coin hash rate. I mean, 221 00:11:13.289 --> 00:11:16.359 and obvious. I don't know if this is an error because it doesn't seem like it. 222 00:11:16.369 --> 00:11:19.739 So it was more, it was just that, it was more, it just, uh, 223 00:11:19.840 --> 00:11:24.109 it was, it was this one, it was two or three pools that, um, 224 00:11:24.239 --> 00:11:27.669 that kind of just did this on the side and manually paid out their clients. 225 00:11:27.679 --> 00:11:29.859 So it wasn't even really able to be tracked at the time. 226 00:11:29.969 --> 00:11:30.549 All right. 227 00:11:30.559 --> 00:11:30.760 So, 228 00:11:30.770 --> 00:11:33.150 but it does look like we have some data if in 229 00:11:33.159 --> 00:11:36.219 early August where it was at like 60 to 70 tera 230 00:11:36.320 --> 00:11:39.270 hashes. And now it's, it's up to above a pet of hash 231 00:11:39.830 --> 00:11:42.289 um um which is just kind of crazy. 232 00:11:42.530 --> 00:11:43.619 So um that, 233 00:11:43.630 --> 00:11:48.109 that's kind of an interesting secondary effect from all of this DJ miners. 234 00:11:48.479 --> 00:11:49.109 Look out 235 00:11:49.369 --> 00:11:49.950 there, 236 00:11:50.840 --> 00:11:55.049 there are basically meme coins to go to go mine. My B A 237 00:11:55.289 --> 00:11:57.010 folks learn script has 238 00:11:59.460 --> 00:12:02.130 or resurrect old sha 256 239 00:12:03.090 --> 00:12:04.409 coins. I don't know, 240 00:12:04.559 --> 00:12:08.049 you know, my S nine will be humming away on Vert coin or something like that. 241 00:12:08.059 --> 00:12:10.599 Actually, I don't even think, I don't even know if that's as 242 00:12:10.760 --> 00:12:12.090 compatible. Who knows 243 00:12:13.150 --> 00:12:15.679 today's show is brought to you by digital shovel. 244 00:12:15.690 --> 00:12:18.669 Digital shovel is a leading manufacturer of modular mining 245 00:12:18.679 --> 00:12:21.039 pods as well as PD US and switch gears. 246 00:12:21.070 --> 00:12:22.520 Unlike many other competitors, 247 00:12:22.530 --> 00:12:25.299 their product is designed and manufactured in North America. 248 00:12:25.309 --> 00:12:27.900 With a complete UL inspection on the entire unit, 249 00:12:28.330 --> 00:12:29.940 not just individual components. 250 00:12:30.210 --> 00:12:30.950 Additionally, 251 00:12:30.960 --> 00:12:34.099 digital shovel is one of the most vertically integrated manufacturers 252 00:12:34.190 --> 00:12:37.619 of over 75,000 square feet of sheet metal shop, 253 00:12:37.630 --> 00:12:42.599 SMT and Wave Sawer PC B assembly as well as final assembly all under one roof. 254 00:12:42.609 --> 00:12:43.729 In Toronto, Canada, 255 00:12:43.940 --> 00:12:45.989 their price point leads the industry when compared 256 00:12:46.000 --> 00:12:48.369 to products with rates as low as 69,000 per 257 00:12:48.380 --> 00:12:53.130 megawatt for a complete data center with smart PD US and switch gears to learn more. 258 00:12:53.140 --> 00:12:55.239 Visit digital shovel.com. 259 00:12:58.219 --> 00:13:00.450 Moving on away from the shit coins. 260 00:13:00.460 --> 00:13:04.940 Sorry if we offended anyone's sensibilities by talking about them this show. But 261 00:13:05.059 --> 00:13:07.760 moving on to the next story in our lineup, 262 00:13:07.770 --> 00:13:10.580 Russia bans winter Cryptocurrency mining in Siberia, 263 00:13:10.590 --> 00:13:13.280 the northern caucuses and occupied Ukraine Matt. 264 00:13:14.179 --> 00:13:15.359 What's going on in Russia? 265 00:13:15.630 --> 00:13:18.409 Yeah. So maybe, maybe the reason we don't hit 266 00:13:18.609 --> 00:13:19.289 one Zetta has 267 00:13:19.429 --> 00:13:20.429 is the 268 00:13:20.919 --> 00:13:22.190 what a lot of people 269 00:13:23.280 --> 00:13:25.099 anticipate or estimate 270 00:13:25.229 --> 00:13:27.380 as the second largest 271 00:13:27.669 --> 00:13:29.849 uh Bitcoin mining country. Russia 272 00:13:30.049 --> 00:13:31.700 is basically gonna 273 00:13:31.900 --> 00:13:33.090 put on a ban. 274 00:13:33.299 --> 00:13:35.140 Um And what they're gonna do is 275 00:13:35.419 --> 00:13:37.020 prohibit from 276 00:13:38.109 --> 00:13:44.369 uh looks like the very end of Q four starting December 1st to mid March. 277 00:13:44.380 --> 00:13:47.270 March 15th is when they say the restrictions here. 278 00:13:47.760 --> 00:13:52.609 Yeah, I mean, I think this is, I guess a cautious approach you might say because 279 00:13:52.809 --> 00:13:53.489 of 280 00:13:53.770 --> 00:13:54.690 how much 281 00:13:54.979 --> 00:13:59.359 heating will be necessary for, for residents in, in Russia. 282 00:13:59.369 --> 00:14:01.570 And I think they're weary of uh 283 00:14:01.799 --> 00:14:06.890 the electricity consumption from, from miners. And so they're stepping in 284 00:14:07.250 --> 00:14:07.809 um 285 00:14:08.659 --> 00:14:10.599 another note of, of uh 286 00:14:11.380 --> 00:14:15.479 of seasonality of the times of old, right, where, you know, China, 287 00:14:15.489 --> 00:14:18.679 there was lots of seasonality between the, the wet season and then 288 00:14:19.119 --> 00:14:22.400 um high cold power miners. And 289 00:14:22.539 --> 00:14:25.960 now we see a, a bit of seasonality in the demand response 290 00:14:26.299 --> 00:14:27.539 in uh Texas 291 00:14:27.690 --> 00:14:28.359 during 292 00:14:28.989 --> 00:14:32.140 uh for opposite reasons than Russia to cool homes. 293 00:14:32.150 --> 00:14:34.750 And now we're seeing a, a kind of top down, 294 00:14:35.039 --> 00:14:35.640 um 295 00:14:36.760 --> 00:14:37.820 looks like 296 00:14:38.369 --> 00:14:40.469 restrictions in, in Russia to, 297 00:14:40.650 --> 00:14:42.460 to heat homes. Um 298 00:14:42.630 --> 00:14:43.859 I want, I don't know if it's, 299 00:14:44.549 --> 00:14:47.729 if it's gonna be a long enough amount of time to wear 300 00:14:48.799 --> 00:14:52.820 miners pick up and move. Right. But I mean, if you're a containerized solution, 301 00:14:53.169 --> 00:14:55.419 uh maybe, but what do you guys 302 00:14:55.909 --> 00:14:59.580 it looked like? Um According to that, it was to March 2025. 303 00:14:59.940 --> 00:15:03.539 Um So whether or not it actually stays that long. 304 00:15:04.059 --> 00:15:04.700 Um 305 00:15:05.000 --> 00:15:07.140 It's kind of to be determined. But 306 00:15:07.429 --> 00:15:09.400 yeah, to your point, I'd be curious, like, 307 00:15:09.409 --> 00:15:12.330 are any miners grandfathered into this is the 308 00:15:12.340 --> 00:15:15.690 restriction wholesale like everyone who's mining get out. 309 00:15:15.960 --> 00:15:18.090 Um Is it kind of just like moratoriums that we've seen 310 00:15:18.099 --> 00:15:20.369 in the past or they're not gonna allow any new ones? 311 00:15:20.919 --> 00:15:21.539 Um 312 00:15:21.690 --> 00:15:24.020 I'd be really curious to see obviously the 313 00:15:24.030 --> 00:15:26.950 Russian Ukraine war in the backdrop of this, 314 00:15:27.179 --> 00:15:30.140 the restrictions extend to Russian occupied Ukraine, 315 00:15:30.429 --> 00:15:34.619 which I think is interesting. It's like, are there even any miners in that region? 316 00:15:34.630 --> 00:15:36.559 I mean, that's like the seat 317 00:15:36.669 --> 00:15:41.039 of a war that is very hot and has been going on since February of 2022. 318 00:15:41.359 --> 00:15:44.710 Um, or really if you want to go back even further to the, you know, I mean, like, 319 00:15:44.719 --> 00:15:48.469 what 2014, I think was when the fighting in the Donbass started breaking out. 320 00:15:48.479 --> 00:15:48.979 Anyway. 321 00:15:49.460 --> 00:15:50.020 Um, 322 00:15:50.469 --> 00:15:54.099 kind of curious. Um, and I like your point matt about the seasonality. 323 00:15:54.109 --> 00:15:57.169 It'll be notable going forward to see how 324 00:15:57.179 --> 00:15:59.380 much the Russian winner will affect hash rate. 325 00:15:59.390 --> 00:16:02.609 I think we'll get a better idea of just how much hash rate is in the region. 326 00:16:02.909 --> 00:16:05.049 Um Some interesting statistics from that. 327 00:16:05.820 --> 00:16:09.250 Um The Bit River CEO estimates that 1.9% 328 00:16:09.590 --> 00:16:13.849 of all of Russians, Russia's energy or, or, or the uh 329 00:16:13.960 --> 00:16:18.349 1.9% of projected power generation for Russia for 2024 goes to mining, 330 00:16:18.590 --> 00:16:20.510 that's roughly 2.7 gigawatts. 331 00:16:20.520 --> 00:16:24.049 The Energy Ministry estimates it to be about 1.5% 332 00:16:24.059 --> 00:16:26.150 hard to say which one is more accurate. 333 00:16:26.159 --> 00:16:29.340 Uh energy industry prob ministry probably a little more 334 00:16:29.489 --> 00:16:32.479 accurate there, but obviously Bit River is very active in the area. 335 00:16:32.489 --> 00:16:34.520 So they would know all the major players. 336 00:16:34.710 --> 00:16:37.969 And another thing too, there was a recent tax levied 337 00:16:38.349 --> 00:16:42.369 against miners. There was a, a bill that had all these provisions for 338 00:16:42.500 --> 00:16:45.330 C for how to handle crypto and, and Bitcoin under tax law. 339 00:16:45.630 --> 00:16:50.239 And the Russian tax authority is expecting about 2 billion 340 00:16:50.539 --> 00:16:56.309 in tax receipts from miners in 2024. Um pretty staggering amount, Charlie. 341 00:16:56.320 --> 00:16:58.130 I don't know if you have anything to add to this. 342 00:16:58.690 --> 00:16:59.750 Maybe we see. 343 00:16:59.760 --> 00:17:04.209 Uh I'm, I'm always looking for like the new uh China wet season uh dynamic. 344 00:17:04.219 --> 00:17:10.569 So maybe we have the US summer demand response. Texas is hot. Mining is, is uh 345 00:17:10.680 --> 00:17:15.819 off and on phenomenon and then we have the Russia winter freeze. 346 00:17:16.000 --> 00:17:17.189 Um I think 347 00:17:17.598 --> 00:17:22.790 global weather and geopolitics will continue to drive seasonality of hash rate. 348 00:17:23.989 --> 00:17:25.040 Well said, 349 00:17:25.400 --> 00:17:27.650 speaking of seasonality, 350 00:17:29.069 --> 00:17:33.020 uh we're going to a place that's very cold gentleman. Oh, wait, go ahead, Matt. 351 00:17:33.790 --> 00:17:36.939 Sorry, I was looking up something while you're, while you're in transition. 352 00:17:37.150 --> 00:17:40.609 I think you said that river estimated 1.9 353 00:17:41.170 --> 00:17:42.209 gigawatts, 354 00:17:42.619 --> 00:17:43.689 1.9% 355 00:17:44.760 --> 00:17:45.640 2.6%. 356 00:17:46.099 --> 00:17:46.469 Yeah. 357 00:17:47.040 --> 00:17:48.939 Did it, did you say a gigawatt figure? 358 00:17:49.040 --> 00:17:50.719 Uh yeah, 2.7 gigawatts, 359 00:17:51.140 --> 00:17:52.099 2.7. 360 00:17:52.239 --> 00:17:52.900 So, 361 00:17:53.699 --> 00:17:56.000 um, well, it's not perfectly correct. Right. 362 00:17:56.010 --> 00:17:58.989 It's just an estimate, but uh Cambridge has 363 00:17:59.420 --> 00:18:01.520 the network at about 20 gigawatts. 364 00:18:01.890 --> 00:18:02.479 So 365 00:18:02.989 --> 00:18:04.719 it's about two, that's like 10% 366 00:18:05.250 --> 00:18:05.800 of, 367 00:18:06.209 --> 00:18:07.040 you know, and then like, 368 00:18:07.050 --> 00:18:09.849 obviously that doesn't necessarily represent hash rate either. 369 00:18:09.859 --> 00:18:11.729 We don't know what machines are out there. But here, 370 00:18:12.119 --> 00:18:13.660 the point, it could be 371 00:18:13.890 --> 00:18:17.579 a pretty significant amount of the, of the network anyway. 372 00:18:19.160 --> 00:18:22.199 And that's really interesting. And that, to me gives 373 00:18:22.619 --> 00:18:26.099 an impression that perhaps Russia has the third largest hash rate share 374 00:18:26.430 --> 00:18:30.349 because some people estimate China still having like 15 or 20% 375 00:18:30.630 --> 00:18:33.660 which is pretty crazy. And I don't know how we really derive that. 376 00:18:33.670 --> 00:18:38.270 That's really kind of like finger in the wind spitballing. But 377 00:18:38.510 --> 00:18:44.510 um that's wonderful color. So you heard it here first folks from the Mac Kimmel 378 00:18:44.719 --> 00:18:48.390 potentially 10% of the network cash rate in Russia. 379 00:18:48.900 --> 00:18:49.550 Um 380 00:18:50.050 --> 00:18:52.609 China, by the way, easing some of their 381 00:18:52.739 --> 00:18:56.209 previous hostilities that has happened time and time again in Bitcoin. 382 00:18:57.130 --> 00:18:57.189 Really 383 00:18:57.500 --> 00:18:57.699 interesting 384 00:18:57.819 --> 00:18:58.189 to see. 385 00:18:59.469 --> 00:19:02.010 Interesting to see if they reverse that. I asked uh 386 00:19:02.829 --> 00:19:04.089 our guest on 387 00:19:04.250 --> 00:19:07.060 the Bitcoin Stock Show yesterday, Doctor Yu Wei 388 00:19:07.420 --> 00:19:07.859 Yong 389 00:19:07.969 --> 00:19:09.209 of bit mining, 390 00:19:09.219 --> 00:19:12.619 whether or not he thinks there's going to be a complete reversal of the ban. 391 00:19:12.770 --> 00:19:14.589 He doesn't think that that's in the cards, 392 00:19:14.599 --> 00:19:18.849 but he did confirm that the restrictions in certain provinces have been eased. 393 00:19:19.380 --> 00:19:22.839 Um which, you know, I I said on the show then and I'll say it now. 394 00:19:23.079 --> 00:19:27.119 It seems to me that it would be advantageous for China to allow Bitcoin miners 395 00:19:27.130 --> 00:19:31.969 to come back because they are deploying nuclear and coal at a rapid clip. 396 00:19:31.979 --> 00:19:36.140 And it would be probably pretty uh beneficial for 397 00:19:36.150 --> 00:19:38.089 them to be able to use Bitcoin mining to soak 398 00:19:38.099 --> 00:19:40.650 up some of that energy and produce additional revenues before 399 00:19:40.660 --> 00:19:42.760 they have transmission built for that kind of stuff. 400 00:19:42.770 --> 00:19:43.560 But anyway, 401 00:19:43.880 --> 00:19:44.520 um 402 00:19:45.349 --> 00:19:47.369 let's move on to 403 00:19:48.000 --> 00:19:49.810 a very cold, cold place, 404 00:19:50.339 --> 00:19:52.709 the north slope of Alaska. 405 00:19:52.719 --> 00:19:58.530 So this is one of the my favorite stories I've heard I've not been dialed into 406 00:19:58.770 --> 00:20:00.199 the oil and gas and Bitcoin 407 00:20:00.380 --> 00:20:06.270 beat for a little while, but Hill Corp, one of the largest privately owned, uh, uh, 408 00:20:06.280 --> 00:20:08.689 oil and gas producers in North America 409 00:20:09.189 --> 00:20:14.390 is piloting a small but substantial 1.4 megawatt Bitcoin 410 00:20:14.400 --> 00:20:16.770 mine up in the north slope of Alaska. 411 00:20:16.780 --> 00:20:20.770 The north slope is the largest oil field in North America. 412 00:20:21.199 --> 00:20:24.770 And it's really interesting because from oil and gas, you know, 413 00:20:24.780 --> 00:20:26.989 this the gas up there is very dry. 414 00:20:27.310 --> 00:20:30.699 It's um very easy to, to drill a well. 415 00:20:30.709 --> 00:20:34.930 And like these long deep wells which are typically more profitable to do 416 00:20:35.130 --> 00:20:36.770 because it's easy to acquire 417 00:20:36.939 --> 00:20:37.729 acreage 418 00:20:37.920 --> 00:20:38.869 altogether. 419 00:20:39.189 --> 00:20:41.400 It's just easier to drill a well up there 420 00:20:41.410 --> 00:20:43.949 from a deal flow and a capital deployment standard. 421 00:20:43.959 --> 00:20:44.800 However, 422 00:20:45.380 --> 00:20:50.510 the big challenge is transporting that gas to the market 423 00:20:50.520 --> 00:20:52.969 which exists on the other side of the continent. 424 00:20:53.430 --> 00:20:54.010 So 425 00:20:54.599 --> 00:20:55.189 like 426 00:20:55.510 --> 00:21:02.719 this is the perfect scenario for uh stranded or economically stranded energy. 427 00:21:03.030 --> 00:21:05.290 And so we're seeing is Hill Corp is piloting their, 428 00:21:05.479 --> 00:21:08.819 their, their, they have AJ V with a company named T A Infrastructure, 429 00:21:08.829 --> 00:21:09.989 I guess from Texas. 430 00:21:10.109 --> 00:21:11.359 I'm not familiar with them 431 00:21:11.739 --> 00:21:13.969 and they filed a four year permit 432 00:21:14.099 --> 00:21:17.329 starting this month, November extending to 2028 433 00:21:17.739 --> 00:21:20.099 to pilot out this 434 00:21:20.410 --> 00:21:25.109 Bitcoin mine. And I think this is really interesting because this is a major company 435 00:21:25.290 --> 00:21:28.150 and um I don't know if they did a press release, 436 00:21:28.160 --> 00:21:32.790 but this is um you can see this in the filings with, on the, uh, uh, 437 00:21:32.859 --> 00:21:35.910 on the Alaska Department of Natural Resources. 438 00:21:36.689 --> 00:21:42.229 So I'm actually kind of interested because the way Alaska takes excise tax 439 00:21:42.439 --> 00:21:43.579 is in, 440 00:21:43.890 --> 00:21:44.560 um, 441 00:21:44.880 --> 00:21:47.989 is as a percentage of, like, uh, 442 00:21:48.300 --> 00:21:50.650 what that gas would sell for at market. 443 00:21:51.349 --> 00:21:53.670 And so I don't know what, I don't know. Yeah. 444 00:21:53.680 --> 00:21:57.250 So I actually think the, one of the more interesting technicalities is going to be 445 00:21:57.790 --> 00:22:02.650 how the, the production, either it's a excise or a gross production tax, 446 00:22:02.969 --> 00:22:03.189 right? 447 00:22:03.199 --> 00:22:08.119 Like is, is the tax based on the actual Bitcoin mine, the revenue from that or the 448 00:22:08.479 --> 00:22:10.380 it's gonna, it's gonna be related, well, 449 00:22:10.390 --> 00:22:13.569 it's gonna be related to the gas because historically, 450 00:22:13.829 --> 00:22:17.400 I actually don't know, like sometimes they'll like run generators on site 451 00:22:17.719 --> 00:22:20.339 and I don't know if that gas is taxed. So 452 00:22:20.550 --> 00:22:22.219 this is really interesting anyway, 453 00:22:22.569 --> 00:22:25.260 but um they do have their finger in the wind to 454 00:22:25.560 --> 00:22:30.099 evaluate if this makes sense at scale 1.4 megawatts means they're probably using 455 00:22:30.410 --> 00:22:35.060 uh a few just reciprocating engines. These are pretty standard for the oil field. 456 00:22:35.469 --> 00:22:38.979 But I like to see this, this is what we all know. And I will say 457 00:22:39.280 --> 00:22:42.369 this is probably not flared gas, you know, 458 00:22:42.380 --> 00:22:45.099 this is pro you don't really see much flaring 459 00:22:45.369 --> 00:22:46.689 up in the north slope. 460 00:22:47.130 --> 00:22:47.689 Um 461 00:22:48.500 --> 00:22:51.910 And I think a lot of the narrative over like, you know, 462 00:22:51.920 --> 00:22:55.910 what do Bitcoin mining and gas producers look like? 463 00:22:56.260 --> 00:22:58.660 I think flaring is a great narrative for the environment. 464 00:22:58.670 --> 00:23:03.719 But when it comes down to real like uh economic trade offs, 465 00:23:03.729 --> 00:23:07.640 the lower hanging fruit is gas that is economically stranded. 466 00:23:07.709 --> 00:23:08.319 So 467 00:23:09.229 --> 00:23:10.800 I think this, they'll find 468 00:23:11.010 --> 00:23:15.369 that this uh project will probably be a technical success and then 469 00:23:16.069 --> 00:23:19.770 it's up to the market, whether they feel if it's worth pursuing more. 470 00:23:20.050 --> 00:23:23.780 How much do the conditions in Alaska factor into this though? I mean, 471 00:23:24.349 --> 00:23:24.449 I 472 00:23:25.510 --> 00:23:27.930 like Alaskan winner would be brutal. 473 00:23:28.319 --> 00:23:30.099 Yeah, that's one thing. I don't know. 474 00:23:30.109 --> 00:23:32.750 I mean, you talk to the Canadian miners who do it up in the, 475 00:23:32.760 --> 00:23:34.520 in like Alberta like Steve and 476 00:23:35.010 --> 00:23:37.979 they say that like if you recirculate the air 477 00:23:38.089 --> 00:23:42.609 and you have a particular like recirculation of the hot aisle back under 478 00:23:42.880 --> 00:23:46.640 to the bottom of the container back in, like you can maintain these 479 00:23:46.839 --> 00:23:50.880 and the real risk is actually more if you get any downtime. 480 00:23:51.130 --> 00:23:52.589 And which is interesting because I think 481 00:23:52.599 --> 00:23:56.369 downtime is typically the greatest trade off for 482 00:23:56.810 --> 00:23:59.239 uh mines in the oil patch. Given that you are, 483 00:23:59.400 --> 00:24:01.530 you don't, you know, you're not buying from the grid. 484 00:24:01.540 --> 00:24:03.630 You're kind of dependent upon what could be 485 00:24:03.640 --> 00:24:06.030 fluctuating uh production on the well side. 486 00:24:06.040 --> 00:24:07.989 Basically the idea being that the downtime 487 00:24:08.000 --> 00:24:09.939 could be detrimental because your machines are 488 00:24:09.949 --> 00:24:11.189 turned off and then you have no 489 00:24:11.199 --> 00:24:13.550 apparatus for actually keeping the heat circulating. 490 00:24:13.560 --> 00:24:14.630 Exactly. 491 00:24:15.270 --> 00:24:19.560 Yeah, I wonder, I wonder if they're talking to our boys upstream data. 492 00:24:19.569 --> 00:24:21.510 I wonder if that's the containers that they're going to use. 493 00:24:22.109 --> 00:24:23.650 That's probably what I would use. 494 00:24:23.660 --> 00:24:26.959 Those are tried and tested, not an endorsement, but, uh, I also, 495 00:24:26.969 --> 00:24:28.520 we all like Steve and so, 496 00:24:28.989 --> 00:24:29.349 um, 497 00:24:30.060 --> 00:24:33.609 yeah, he's got good containers for cold weather environment. So we'll see, 498 00:24:34.660 --> 00:24:35.900 Matt. Do you have anything to add? 499 00:24:36.930 --> 00:24:40.869 No, well covered? I mean, a lot of oil up in Alaska. So maybe it sets a trend. 500 00:24:41.660 --> 00:24:42.680 We'll see it be interesting. 501 00:24:43.189 --> 00:24:44.000 Be pretty cool. 502 00:24:44.270 --> 00:24:45.920 I think one of the things is that it's, 503 00:24:45.930 --> 00:24:47.780 it's been like a dirty little secret that 504 00:24:47.790 --> 00:24:50.640 some of these majors have been trialing this, 505 00:24:50.650 --> 00:24:53.000 but they did not want to be public about it. 506 00:24:53.560 --> 00:24:56.680 And it's not clear whether Hill Corp wants this to be public, 507 00:24:56.689 --> 00:24:58.479 but this is a public filing 508 00:24:58.770 --> 00:25:01.270 and so this is a clear public. 509 00:25:01.280 --> 00:25:04.270 We got the numbers, we got the dates, we have details about it. 510 00:25:04.619 --> 00:25:06.130 That's significant. I think 511 00:25:06.260 --> 00:25:08.479 on that note, I wonder if now that, 512 00:25:09.079 --> 00:25:11.430 you know, with the prospect of a Trump presidency 513 00:25:11.810 --> 00:25:17.189 um in an all Republican House and Senate with a lot of crypto friendly legislatures, 514 00:25:17.660 --> 00:25:18.930 um legislators, 515 00:25:19.400 --> 00:25:23.290 I wonder if you'll see more things like this coming out of the woodwork of, 516 00:25:23.300 --> 00:25:26.040 of companies that were, you know, behind the scenes, 517 00:25:26.050 --> 00:25:30.229 operating these things or standing up pilots being little less shy, 518 00:25:30.569 --> 00:25:33.900 you know, a little less diffident on their stances on Bitcoin 519 00:25:34.150 --> 00:25:35.910 and coming out and saying, yeah, 520 00:25:35.920 --> 00:25:39.989 like we've been doing this because the stigma is like quickly evaporating 521 00:25:40.540 --> 00:25:45.069 Um I think especially with this recent price run up, there's, there's gonna be 522 00:25:45.280 --> 00:25:46.719 much less reason 523 00:25:47.890 --> 00:25:48.709 uh to 524 00:25:48.930 --> 00:25:49.760 be, you know, 525 00:25:49.770 --> 00:25:53.510 kind of reserved about these things or even be openly hostile against it. 526 00:25:53.520 --> 00:25:54.030 So 527 00:25:54.239 --> 00:25:57.430 drill, baby drill and mine, baby mine drill, baby drill, 528 00:25:57.439 --> 00:25:59.420 mine baby mine nuke baby nuke. 529 00:25:59.430 --> 00:26:01.589 We are energy maximalist here 530 00:26:01.859 --> 00:26:03.030 on the mining pod. 531 00:26:03.709 --> 00:26:05.030 Speaking of energy 532 00:26:05.839 --> 00:26:07.459 A I is still coming 533 00:26:07.619 --> 00:26:09.609 and we're gonna need a lot of it. 534 00:26:09.760 --> 00:26:12.859 Um This is a Yahoo finance article 535 00:26:12.989 --> 00:26:15.099 um from one Akiko Fujita 536 00:26:15.640 --> 00:26:20.010 entitled Crypto miners double down on A I hosting for more reliable cash flows. 537 00:26:20.020 --> 00:26:22.439 And the one that I wanted to highlight here because 538 00:26:22.449 --> 00:26:24.199 I don't think that we covered this on past shows. 539 00:26:24.209 --> 00:26:27.849 And if we did, I'm sorry, then my memory is already failing me and that's, 540 00:26:27.859 --> 00:26:28.859 that's troubling, 541 00:26:29.209 --> 00:26:30.829 but Galaxy Digital 542 00:26:31.189 --> 00:26:34.369 is kicking Argo out of the Helios facility that 543 00:26:34.380 --> 00:26:37.390 they actually purchased from Argo during a bankruptcy proceeding. 544 00:26:37.640 --> 00:26:40.969 And Argo then used for hosting its machines with a Galaxy. 545 00:26:41.109 --> 00:26:43.349 They're kicking Argo out and they are going to 546 00:26:44.199 --> 00:26:49.199 transform that into an A I and H BC data center. All a core scientific 547 00:26:49.410 --> 00:26:53.069 um interesting development of probably one of the bigger Bitcoin. 548 00:26:53.079 --> 00:26:55.599 Definitely one of the bigger Bitcoin miners to come out in 549 00:26:55.609 --> 00:26:58.760 public companies come out recently announcing an A I pivot. 550 00:26:58.939 --> 00:27:01.739 Uh Mike Novogratz Galaxy Digital CEO said it 551 00:27:01.750 --> 00:27:03.770 makes it a better investment than Bitcoin. 552 00:27:03.780 --> 00:27:05.699 Uh It makes it a better investment than Bitcoin, 553 00:27:05.709 --> 00:27:08.349 certainly over 34 or five year horizon. 554 00:27:08.619 --> 00:27:11.209 Um, the data center play looks a lot more profitable. 555 00:27:11.219 --> 00:27:12.560 We've heard this time and time again. 556 00:27:12.849 --> 00:27:15.930 Uh Bitcoin, mining margins are thin and ever dwindling 557 00:27:16.089 --> 00:27:20.709 and A I and H BC margins are potentially very fat if you skin the cat properly. 558 00:27:21.010 --> 00:27:24.869 Uh One other thing that I wanted to point out here that I thought was interesting. 559 00:27:25.699 --> 00:27:28.510 Those comments from Jason last, the CEO of Riot Platforms. 560 00:27:28.640 --> 00:27:30.060 I don't know if this is from 561 00:27:30.339 --> 00:27:34.359 uh a quote that he gave the Yahoo Finance or if this was from their earnings call. 562 00:27:34.550 --> 00:27:38.140 But um he said that they have received multiple inquiries from 563 00:27:38.150 --> 00:27:40.810 blue chip A I companies looking to secure large scale power, 564 00:27:40.859 --> 00:27:42.609 large scale power capacity. 565 00:27:42.790 --> 00:27:43.599 In most cases, 566 00:27:43.609 --> 00:27:45.280 the tech companies have offered to cover the 567 00:27:45.290 --> 00:27:48.819 capital costs involved with retrofitting existing facilities. 568 00:27:49.020 --> 00:27:53.130 Uh Echoing what Novogratz said, it's consistent and reliable cash flow, 569 00:27:53.469 --> 00:27:55.380 uh cash flow that is not subject to the 570 00:27:55.390 --> 00:27:58.449 volatility of Bitcoin like the rest of our business, 571 00:27:58.500 --> 00:28:02.189 uh less said in whatever interview they're drawing from there. 572 00:28:02.329 --> 00:28:04.689 So a few things from this that I find interesting 573 00:28:04.859 --> 00:28:09.170 uh riot has not indicated that they are necessarily interested 574 00:28:09.180 --> 00:28:11.920 in an A I pivot or an H BC pivot. 575 00:28:11.930 --> 00:28:14.959 They have not said that they are entertaining any of these offers. 576 00:28:15.020 --> 00:28:16.449 They've been very quiet 577 00:28:16.849 --> 00:28:19.609 on the A I front not really making 578 00:28:20.150 --> 00:28:21.569 one stance one way or the other. 579 00:28:21.579 --> 00:28:24.550 They haven't been like clean spark where Zachary Bradford is like, 580 00:28:24.599 --> 00:28:25.550 we're not doing this. 581 00:28:25.560 --> 00:28:28.069 We're gonna stay Bitcoin mining, stop talking about it. 582 00:28:28.520 --> 00:28:30.089 But they also haven't been 583 00:28:30.520 --> 00:28:34.089 like core scientifics team where they're like, we're an A IH BC company now, 584 00:28:34.099 --> 00:28:36.130 we don't even consider ourselves a Bitcoin mining company. 585 00:28:36.560 --> 00:28:37.839 Uh The other thing too, 586 00:28:38.420 --> 00:28:41.800 we had Reggie Smith on the mining pod for this week's show. 587 00:28:42.270 --> 00:28:44.819 And one of the things that he mentioned in one of his most 588 00:28:44.829 --> 00:28:47.060 recent reports was that he believes that 589 00:28:47.069 --> 00:28:50.810 Riot is probably the juiciest untapped opportunity 590 00:28:51.030 --> 00:28:52.319 for a 591 00:28:52.790 --> 00:28:55.589 acquisition from a hyper scale or H BC company 592 00:28:55.939 --> 00:28:59.329 because Riot has this massive power pipeline with Corsicana. 593 00:28:59.630 --> 00:29:01.579 They're trying to scale it up to a gigawatt. 594 00:29:01.859 --> 00:29:04.050 They have all of the PPAS in place for this. 595 00:29:04.060 --> 00:29:06.199 They've done all of the paperwork and rubber stamping 596 00:29:06.209 --> 00:29:08.250 and they're just building out the capacity currently. 597 00:29:08.609 --> 00:29:13.310 So the idea being that a hyper scalar could come in, purchase that facility 598 00:29:13.479 --> 00:29:17.359 and then just Greenfield the center or retrofit with what you know, 599 00:29:17.439 --> 00:29:18.989 what is currently been in place. 600 00:29:19.000 --> 00:29:19.469 I think, 601 00:29:19.719 --> 00:29:21.770 I think uh Riot stood up like 602 00:29:21.910 --> 00:29:25.670 300 megawatts or so I could be wrong about the total figure, but they've, 603 00:29:25.680 --> 00:29:29.400 they've stood up at least one phase of Corsicana with immersion cooling. 604 00:29:29.780 --> 00:29:30.819 So anyway, uh 605 00:29:31.000 --> 00:29:33.530 those are just the takeaways from that article for me 606 00:29:33.680 --> 00:29:37.510 curious to see if what Eugen think if you have any color to add. 607 00:29:38.130 --> 00:29:39.890 I this is to be expected. 608 00:29:40.040 --> 00:29:43.900 Mining is hard. People are thinking that they could ro i quicker with a I, 609 00:29:44.640 --> 00:29:47.060 you know, that's, it's happening time and time again. 610 00:29:47.260 --> 00:29:52.589 I would love to see um companies stick to a uh a 611 00:29:52.790 --> 00:29:54.000 Bitcoin mining 612 00:29:54.329 --> 00:29:57.300 exclusive strategy, pure play strategy. 613 00:29:57.640 --> 00:29:59.819 Um I think if the entire industry 614 00:29:59.989 --> 00:30:02.969 does this flex uh model, then 615 00:30:03.410 --> 00:30:05.020 I'd get a little worried. 616 00:30:05.030 --> 00:30:08.540 But um we still got some good pure play mining options out there. 617 00:30:08.969 --> 00:30:11.849 There's an interesting kind of game theoretical concern here 618 00:30:11.859 --> 00:30:14.589 where it's almost like uh a game of chicken 619 00:30:15.020 --> 00:30:15.810 where 620 00:30:15.989 --> 00:30:18.109 all of these miners are saying we're gonna pivot 621 00:30:18.119 --> 00:30:20.010 to H BC because the margins are fatter. 622 00:30:20.020 --> 00:30:21.469 And if enough of them do that, 623 00:30:21.780 --> 00:30:24.920 some of them are gonna fail and fail spectacularly 624 00:30:25.040 --> 00:30:27.839 and they're going to be out of the game entirely including mining. 625 00:30:28.219 --> 00:30:30.390 So for like the clean sparks of the world or the 626 00:30:30.400 --> 00:30:33.770 marathons who have said we're not really interested in doing this. 627 00:30:33.780 --> 00:30:34.869 We're Bitcoin miners, 628 00:30:35.500 --> 00:30:38.280 they have a lot to gain. If some of their 629 00:30:38.579 --> 00:30:39.959 biggest competition 630 00:30:40.300 --> 00:30:41.280 ends up pivoting, 631 00:30:41.500 --> 00:30:44.760 then they have like all of the market share for hash rate. 632 00:30:44.770 --> 00:30:48.829 They're gonna get a lot of the investor share as well. Um Their stocks should 633 00:30:49.160 --> 00:30:52.510 profit accordingly because they become the only games in town. 634 00:30:52.520 --> 00:30:56.060 I mean, like core scientific is kind of already making the pivot, right? 635 00:30:56.069 --> 00:30:59.109 Like we can almost assume that they like I I in 10 years, 636 00:30:59.119 --> 00:31:01.680 I would be kind of shocked if they had much hash rate at all. 637 00:31:02.109 --> 00:31:04.310 If if riot also does it and I'm not saying 638 00:31:04.319 --> 00:31:06.890 they are because they haven't indicated that they will. 639 00:31:07.060 --> 00:31:10.310 But if Riot somehow gets purchased by a hyper scaler, 640 00:31:10.510 --> 00:31:12.290 then you basically have marathon and clean 641 00:31:12.310 --> 00:31:15.530 spark as like the two largest Bitcoin farms 642 00:31:15.750 --> 00:31:17.119 and bit farms. 643 00:31:17.130 --> 00:31:17.489 But I mean, 644 00:31:17.500 --> 00:31:19.530 in terms of like cash rate scale like clean spark and 645 00:31:19.540 --> 00:31:23.479 marathon are kind of in a league of their own alongside 646 00:31:23.760 --> 00:31:27.599 um Riot and, and cos I and in terms of scale, 647 00:31:28.489 --> 00:31:30.969 I mean, they both have 30 extra hashes under management. 648 00:31:30.979 --> 00:31:33.189 It's just an insane number, right? 649 00:31:33.709 --> 00:31:34.729 And if 650 00:31:35.439 --> 00:31:39.270 it almost becomes a winner, take all at that point for the hash rate race, right? 651 00:31:39.489 --> 00:31:41.910 Because if you have all these miners pivoting the H BC, 652 00:31:42.229 --> 00:31:45.839 then you bring more to the table. I mean, the market's already super saturated with, 653 00:31:46.040 --> 00:31:49.989 I don't know much about a about A I and HPC. But 654 00:31:50.199 --> 00:31:51.510 um you have a 655 00:31:51.709 --> 00:31:54.430 hot market with a ton of money trying to get in 656 00:31:54.550 --> 00:31:59.569 with long lead times to have and have structural barriers to building out 657 00:31:59.890 --> 00:32:01.969 the said infrastructure on the timeline that 658 00:32:01.979 --> 00:32:04.869 you want everybody expecting crazy outside returns. 659 00:32:05.339 --> 00:32:07.920 This sounds like Bitcoin mining in 2021. 660 00:32:08.589 --> 00:32:09.469 And 661 00:32:09.670 --> 00:32:11.160 uh so 662 00:32:11.579 --> 00:32:12.650 I just, 663 00:32:13.189 --> 00:32:15.310 but I would say even more fraught with uncertainty 664 00:32:15.319 --> 00:32:18.050 because I think Matt pointed this out last week. 665 00:32:18.060 --> 00:32:22.170 It's like you have to establish Biz DEV pipelines to sell your compute 666 00:32:22.900 --> 00:32:23.199 this. 667 00:32:23.420 --> 00:32:24.010 You know, 668 00:32:24.290 --> 00:32:29.089 this is not Bitcoin mining where you just, you know, let them rip point to a pool or, 669 00:32:29.099 --> 00:32:30.310 or, or solo mine. 670 00:32:30.319 --> 00:32:33.160 Like you've got to find a buyer for your compute. 671 00:32:33.680 --> 00:32:34.729 And, you know, 672 00:32:35.459 --> 00:32:36.040 anyway, 673 00:32:36.400 --> 00:32:38.339 maybe, maybe the 674 00:32:38.709 --> 00:32:44.079 massive on grid scaling to a bajillion hash rate. 675 00:32:44.300 --> 00:32:45.310 And uh 676 00:32:45.420 --> 00:32:46.439 megawatt 677 00:32:46.760 --> 00:32:49.630 mining phenomenon is a temporary thing in the 678 00:32:49.750 --> 00:32:51.079 history of Bitcoin. 679 00:32:51.609 --> 00:32:52.839 We will see 680 00:32:52.939 --> 00:32:53.660 um 681 00:32:53.849 --> 00:32:55.640 analysts quote 682 00:32:55.839 --> 00:33:01.089 that Reuters cited in a recent article. Uh they, I did did not name these analysts. 683 00:33:01.099 --> 00:33:03.589 I feel like that's kind of like the experts say. But anyway, 684 00:33:03.890 --> 00:33:05.630 they Reuters said that they, 685 00:33:05.640 --> 00:33:09.189 that these analysts expect like 20% of the current mining capacity 686 00:33:09.199 --> 00:33:11.739 in the US to pivot to H BC by 2027. 687 00:33:12.390 --> 00:33:13.260 I could see that 688 00:33:13.699 --> 00:33:16.109 I can see that good. Is that a good idea? 689 00:33:16.359 --> 00:33:17.329 Undecided 690 00:33:17.520 --> 00:33:19.380 time will tell 691 00:33:21.900 --> 00:33:24.189 in the competitive world of Bitcoin mining. 692 00:33:24.199 --> 00:33:28.520 One name stands out clean Spark, America's Bitcoin miner 693 00:33:29.209 --> 00:33:33.310 at clean spark efficiency isn't just a goal. It's our standard. 694 00:33:34.260 --> 00:33:38.239 Our sophisticated facilities are built and led by expert teams 695 00:33:38.250 --> 00:33:41.359 who care about Bitcoin and the communities we work in 696 00:33:42.699 --> 00:33:43.900 scale. 697 00:33:44.420 --> 00:33:45.530 We've mastered it. Our 698 00:33:45.760 --> 00:33:48.660 large scale operations have set us apart in 699 00:33:48.670 --> 00:33:52.119 the industry as examples of community oriented building. 700 00:33:53.140 --> 00:33:55.400 Our track record speaks for itself. 701 00:33:55.410 --> 00:33:59.920 We navigate the complexities of the new economy with precision and with skill, 702 00:33:59.930 --> 00:34:03.199 continuously achieving operational milestones. 703 00:34:04.369 --> 00:34:06.219 Curious about how we do it. 704 00:34:06.510 --> 00:34:10.260 We invite you to discover the story behind Queen Spark success 705 00:34:10.520 --> 00:34:12.040 at Clean spark.com. 706 00:34:12.580 --> 00:34:19.699 Next story involves um a tale as old as time in terms of market greed 707 00:34:20.330 --> 00:34:23.800 4.6 billion in outstanding shorts against the public. 708 00:34:23.810 --> 00:34:25.649 Bitcoin mining stock universe 709 00:34:26.129 --> 00:34:26.760 Charlie. 710 00:34:27.908 --> 00:34:27.928 I 711 00:34:28.059 --> 00:34:28.809 mean, I don't, 712 00:34:29.059 --> 00:34:33.329 yeah, I don't know if there's a whole lot additional to say but 713 00:34:33.447 --> 00:34:35.998 there are shorts piling up against Bitcoin miners. 714 00:34:36.339 --> 00:34:40.208 This makes sense. Bitcoin miners sometimes don't follow Bitcoin 715 00:34:40.608 --> 00:34:45.809 but it's to the tune of uh 4.6 billion increase 50% in the last 30 days 716 00:34:45.938 --> 00:34:47.618 according to research firm, 717 00:34:48.108 --> 00:34:51.967 uh S3 partners at the high of the year. 718 00:34:52.368 --> 00:34:53.089 Um 719 00:34:54.110 --> 00:34:58.270 The this particular piece also points out the obvious which is, this is risky. 720 00:34:58.350 --> 00:34:59.580 Bitcoin continues to go up. 721 00:34:59.590 --> 00:35:03.030 These miners probably go up and you get a squeeze on these shorts 722 00:35:03.340 --> 00:35:06.080 and then it tends to be reflexive on the upside. So, 723 00:35:06.330 --> 00:35:06.899 I mean, 724 00:35:07.469 --> 00:35:11.550 uh it doesn't matter how many times we, we have this conversation, 725 00:35:11.770 --> 00:35:15.340 you generally don't want to short anything related to crypto. 726 00:35:15.689 --> 00:35:18.870 Um This is kind of a longs business 727 00:35:19.189 --> 00:35:22.010 and shorts uh consistently get blown out. 728 00:35:22.020 --> 00:35:24.949 Um doesn't mean that it won't work but like, 729 00:35:25.570 --> 00:35:28.570 I don't know why you would be shorting. 730 00:35:28.600 --> 00:35:31.270 There's too many great stories which demonstrate that 731 00:35:31.280 --> 00:35:32.689 you should not have shorted these things. 732 00:35:32.959 --> 00:35:36.699 Yeah, I just, you know, to me, it's like picking up pennies in front of a Steamroller. 733 00:35:36.709 --> 00:35:37.330 It's like, 734 00:35:37.969 --> 00:35:39.629 uh I don't know who these people are, 735 00:35:39.639 --> 00:35:42.699 but I guess they're kind of assuming market fundamentals will change 736 00:35:42.709 --> 00:35:45.550 maybe or they think the A I rabbit will change this 737 00:35:45.719 --> 00:35:48.050 as pe as investors continue to chase that. But 738 00:35:48.350 --> 00:35:49.750 if Bitcoin is ripping 739 00:35:51.080 --> 00:35:54.500 Bitcoin mining stocks rip like this is not rocket science, 740 00:35:54.949 --> 00:35:56.739 they're proxies to Bitcoin. 741 00:35:57.030 --> 00:35:58.939 Um Their high beta plays to Bitcoin. 742 00:35:58.949 --> 00:36:01.800 They function similarly to other commodities producers 743 00:36:01.810 --> 00:36:04.050 like gold miners or oil producers. 744 00:36:04.090 --> 00:36:06.479 If the underlying commodity is going up in price, 745 00:36:06.739 --> 00:36:09.419 the market reacts and bids up these stocks. 746 00:36:09.729 --> 00:36:10.260 Um, 747 00:36:11.030 --> 00:36:14.860 so unless Bitcoin takes a sharp downturn and the bull market ends early, 748 00:36:14.870 --> 00:36:16.760 I would be surprised whether or not 749 00:36:17.000 --> 00:36:21.620 that the, that this, you know, ends up being fruitful for these people, but 750 00:36:22.050 --> 00:36:23.419 more power to them, I guess. 751 00:36:23.850 --> 00:36:24.459 Ok. 752 00:36:25.219 --> 00:36:27.040 Are we ready for the cry corner? Gentlemen, 753 00:36:27.399 --> 00:36:28.399 I've been ready for 754 00:36:28.659 --> 00:36:28.669 a 755 00:36:29.209 --> 00:36:29.300 roll. 756 00:36:31.560 --> 00:36:32.189 Um, 757 00:36:32.649 --> 00:36:35.459 Matt take it away on this one. The biggest news. 758 00:36:35.469 --> 00:36:39.010 Do you hit the crypto industry in a hot minute in a way, 759 00:36:39.770 --> 00:36:40.939 Gary Ginzler 760 00:36:41.270 --> 00:36:42.469 from the horse's mouth? 761 00:36:42.979 --> 00:36:43.669 Dang 762 00:36:43.919 --> 00:36:45.899 from his official Twitter. I, 763 00:36:46.959 --> 00:36:47.830 excuse me, 764 00:36:47.959 --> 00:36:49.060 I was, uh, 765 00:36:49.770 --> 00:36:52.229 I'm kind of in the dark. This, this happened just 766 00:36:52.550 --> 00:36:54.370 at the time. We're recording just a couple of hours ago. 767 00:36:54.449 --> 00:36:57.310 So I heard the news but I did not know how it was coming out. 768 00:36:58.250 --> 00:37:04.110 So he gives the exact date quote on January 2020 January 20th, 2025. 769 00:37:04.120 --> 00:37:07.310 It will be stepping down as sec chair. 770 00:37:07.550 --> 00:37:08.909 He goes on to write a thread. 771 00:37:08.919 --> 00:37:10.629 I don't know if you guys have more color on the thread, 772 00:37:10.639 --> 00:37:12.479 but I guess I'll just say before we get to that, 773 00:37:12.610 --> 00:37:13.189 I mean, 774 00:37:13.649 --> 00:37:19.090 this is something that I think across the, the crypto industry as a whole. 775 00:37:19.219 --> 00:37:20.030 Um 776 00:37:20.879 --> 00:37:25.979 investors users alike are jumping up and down clapping for. 777 00:37:25.989 --> 00:37:28.959 Um I mean, it's, it's been no secret that 778 00:37:29.939 --> 00:37:31.600 Gary Ginzler has not 779 00:37:31.709 --> 00:37:37.560 been uh very clear in his posturing and, and guidance um 780 00:37:38.260 --> 00:37:41.199 from the SEC on, on crypto assets 781 00:37:41.419 --> 00:37:44.290 and the amount of enforcement actions that have come from the sec 782 00:37:44.489 --> 00:37:46.120 against the industry at large 783 00:37:46.320 --> 00:37:49.000 uh has mounted throughout the Biden administration. 784 00:37:49.379 --> 00:37:50.739 Um And so 785 00:37:51.560 --> 00:37:55.379 I think uh people are gonna be pretty excited about this, interested to see who 786 00:37:55.489 --> 00:37:59.260 is appointed. Uh I believe that's something 787 00:37:59.560 --> 00:38:00.379 that 788 00:38:00.600 --> 00:38:04.659 the Trump administration will do and then Congress 789 00:38:04.899 --> 00:38:07.879 will vet and approve. Um 790 00:38:07.989 --> 00:38:08.820 if I, 791 00:38:10.270 --> 00:38:13.159 if I have my processes straight but uh someone, 792 00:38:13.169 --> 00:38:14.830 someone can correct me in the comments. 793 00:38:14.989 --> 00:38:17.040 Um What, what do you guys think about this? 794 00:38:18.100 --> 00:38:19.209 Fir first of all, 795 00:38:19.219 --> 00:38:22.500 I think that everyone should go to this thread and just look at some of the comments. 796 00:38:22.510 --> 00:38:24.489 I, I just want to highlight a few of them here. 797 00:38:24.659 --> 00:38:27.399 Uh Lawrence, you know, a well known crypto 798 00:38:27.500 --> 00:38:30.560 Twitter troll fries in the bag, little bro. 799 00:38:31.310 --> 00:38:35.790 Um Some more on the nose ones that are a little less sophisticated, like uh you know, 800 00:38:35.800 --> 00:38:38.370 a Photoshop face of Gary Ginzler on a clown 801 00:38:38.629 --> 00:38:39.810 kind of terrifying. 802 00:38:40.300 --> 00:38:45.239 Um Eric Voorhees chiming in but who will protect the investors Elon Musk saying, 803 00:38:45.250 --> 00:38:49.229 is it true that the SEC only works one day a month in the office. 804 00:38:49.239 --> 00:38:54.820 Um, some other ones that we won't necessarily say over air, but you can go read them. 805 00:38:55.080 --> 00:38:59.169 Um, pretty, pretty incredible, uh, Twitter thread 806 00:38:59.530 --> 00:39:01.000 a few things to note. 807 00:39:01.810 --> 00:39:03.949 This is funny because he's getting ahead of the fact 808 00:39:03.959 --> 00:39:05.280 that he knows that he's going to be fired. 809 00:39:05.290 --> 00:39:06.520 Like this is a way for him to stay. 810 00:39:06.830 --> 00:39:08.350 This is the inauguration day. 811 00:39:08.820 --> 00:39:09.500 Yeah, there's Li 812 00:39:09.679 --> 00:39:10.399 Jan. Exactly. 813 00:39:10.409 --> 00:39:14.929 January 20th is the, the, the uh day of will be the day of Trump's inauguration. 814 00:39:14.939 --> 00:39:18.199 He said at the Bitcoin conference that on day one, he's gonna fire Gary 815 00:39:18.310 --> 00:39:18.810 Ginzler. 816 00:39:19.379 --> 00:39:20.919 Um There were some, 817 00:39:21.360 --> 00:39:23.030 you don't fire me. I quit. 818 00:39:23.290 --> 00:39:23.489 That's 819 00:39:24.959 --> 00:39:29.620 exactly. And to Matt's point, we don't know exactly who will 820 00:39:30.010 --> 00:39:32.679 uh B Trump's sec appointment. 821 00:39:32.929 --> 00:39:35.600 Uh, uh, some names have been floated like Dan Gallagher, 822 00:39:35.610 --> 00:39:37.729 Robin Hood's chief legal officer, 823 00:39:37.889 --> 00:39:43.750 um SEC Commissioner Paul Atkins, um Jay Clayton who served previously 824 00:39:43.989 --> 00:39:48.899 um in the, in the SEC under Trump's last administration and uh Richard Farley, 825 00:39:49.320 --> 00:39:53.989 um to BD TBD who's gonna replace him, but just kind of 826 00:39:54.540 --> 00:39:56.090 echo what Matt said, um, 827 00:39:56.100 --> 00:39:59.270 a moment of rejoicing for the entire crypto industry with this one. 828 00:39:59.429 --> 00:40:03.989 It's about time. I mean, I think back to when Trump spoke at Bitcoin 829 00:40:04.159 --> 00:40:06.750 conference in Nashville in July 830 00:40:06.879 --> 00:40:12.729 where he's kind of doing his normal, uh bit of the people he doesn't like and it's, 831 00:40:12.780 --> 00:40:14.550 it's got mixed reactions in the crowd. 832 00:40:14.560 --> 00:40:15.300 And then he says, 833 00:40:15.550 --> 00:40:17.379 and on day one of our, uh, 834 00:40:17.389 --> 00:40:22.270 Gary Ginzler got almost like tossing that out and the crowd roared 835 00:40:22.590 --> 00:40:25.949 and it, um, it clicked in his head that, oh, wow, 836 00:40:25.959 --> 00:40:28.219 this is the talking point that resonates with these people. 837 00:40:28.560 --> 00:40:31.860 I don't know how related that specific moment is, 838 00:40:32.010 --> 00:40:35.050 but that was like probably the clearest signal, I think, 839 00:40:35.449 --> 00:40:36.090 um, 840 00:40:36.429 --> 00:40:40.370 the, the Bitcoin crowd and broader crypto crowd could give 841 00:40:40.590 --> 00:40:45.080 to the future key decision maker for the nation about their 842 00:40:45.320 --> 00:40:47.530 uh what they care about. So 843 00:40:47.889 --> 00:40:49.919 there was like a triumvirate of 844 00:40:50.560 --> 00:40:53.929 policy points or at least campaign talking points. 845 00:40:53.939 --> 00:40:56.459 I think that really resonated with the Bitcoin crowd. 846 00:40:56.469 --> 00:40:59.620 It was free, Ross fire, Gary Ginzler 847 00:40:59.810 --> 00:41:02.379 and it was Bitcoin Strategic Reserve. 848 00:41:02.389 --> 00:41:02.739 Now, 849 00:41:02.750 --> 00:41:04.689 some people are going to bristle at that last one 850 00:41:04.699 --> 00:41:06.959 because I do think that there is kind of a schism 851 00:41:06.969 --> 00:41:10.979 within the Bitcoin industry or sorry Bitcoin community or just people 852 00:41:10.989 --> 00:41:13.050 who follow it as to whether or not that's good. 853 00:41:13.310 --> 00:41:16.239 But I feel like those were three things specifically 854 00:41:16.479 --> 00:41:19.050 at the Bitcoin 2024 talk that Trump gave 855 00:41:19.159 --> 00:41:19.629 that, 856 00:41:20.389 --> 00:41:23.479 you know, inspired raucous applause. 857 00:41:24.620 --> 00:41:27.820 Gentlemen. Any final thoughts before we sign off for the week 858 00:41:28.030 --> 00:41:33.090 100 K baby. Uh We've been doing this all three of us. 859 00:41:33.100 --> 00:41:34.620 If you, you all, you can look me, 860 00:41:34.629 --> 00:41:36.770 Matt and Con have all been in this 861 00:41:36.780 --> 00:41:40.120 business suffered through uh multiple bulls and bears. 862 00:41:40.159 --> 00:41:43.129 We've eaten a lot of shit and we're finally ready to eat some caviar. 863 00:41:43.340 --> 00:41:45.360 So we'll see you guys at 100 K 864 00:41:46.750 --> 00:41:48.169 Matt. Final thoughts. 865 00:41:49.929 --> 00:41:54.050 Yeah, I mean, you gotta enjoy the, enjoy the bull markets. 866 00:41:54.229 --> 00:41:55.070 So 867 00:41:55.669 --> 00:41:59.850 everyone should, uh, this is, this is the time, this is the time to 868 00:42:00.750 --> 00:42:03.850 eat cookies and bring it up to everyone who told you you were wrong. 869 00:42:04.459 --> 00:42:04.639 Yeah. 870 00:42:04.649 --> 00:42:10.540 And you know, um the, uh, the favorite holiday for that is coming up Thanksgiving. 871 00:42:10.939 --> 00:42:15.010 You know, so to all of our US listeners, uh, we wish you a very happy Thanksgiving. 872 00:42:15.020 --> 00:42:17.189 I hope that you get to spend uh plenty of 873 00:42:17.199 --> 00:42:19.510 time with friends and family and you get to dunk 874 00:42:19.520 --> 00:42:21.550 on that one uncle who told you that he can't 875 00:42:21.560 --> 00:42:24.870 buy clothes with Bitcoin or something or that you can't eat 876 00:42:25.310 --> 00:42:25.389 it. 877 00:42:25.550 --> 00:42:27.919 You still can't buy clothes with it, but you can't buy 878 00:42:28.379 --> 00:42:28.590 with it 879 00:42:28.939 --> 00:42:31.750 and you still can't eat it, but you can buy caviar 880 00:42:31.879 --> 00:42:32.229 with it. 881 00:42:32.239 --> 00:42:34.979 And with that, we wish y'all um to our, again, 882 00:42:34.989 --> 00:42:36.860 our US listeners a very happy Thanksgiving. 883 00:42:36.870 --> 00:42:40.750 We will, I believe we will be taking next week off for this show. 884 00:42:40.760 --> 00:42:43.459 So we will see you the following week. 885 00:42:43.560 --> 00:42:46.120 Hope everyone has a beautiful weekend 886 00:42:46.570 --> 00:42:49.810 and enjoy 100 K. Y'all deserve it. Take it easy, everyone.