The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Jan 14: Chatting about #BTC Mining & A Heart Breaking Story

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from the pit media this is the decrypt alien my name is Matthew Aaron the show mayor of Miami wants Miami to be the crypto capital of the world grayscale on a buying spree and we have the CEO of bitfarms coming to talk about Bitcoin mining that's today on the decrypt daily

00:00:22
what's up everybody welcome to the show today is Thursday January 14th 2021 I want to clarify something that I said yesterday he knows about Max Keiser now I was going on this whole thing about Bottom Feeders coming out of the Woodworks now that bitcoin's price is going up like Lindsay Lohan taking money to Shell Bitcoin even see other people on Twitter see people on Instagram going to see people making courses and I'm putting things behind paywalls Tai Lopez is bound to come out of the woodwork sooner or later and making another Bitcoin course you're going to see a lot of people come out and try to extract as much money from you as possible I really want to emphasize that there's so much free knowledge out there made by leaders of the industry Jameson lopp being one of them Taylor Monaghan of my crypto Andreas Antonopoulos not going to buy anything by his books Plan B puts out a tweet or two every day about the price and his doctor flow model but I was trying to say is that you're going to

00:01:22
A lot of people trying to just get strikes as much money as possible or scam you or she'll Bitcoin during this time. Next Kaiser for years has been a loyal friend the Bitcoin. However, I don't know why you just look at this is how I came up with the $220,000 price Target. He said oh is proprietary is behind a paywall makes me go Max. Why you doing this? We're on the same team has been a lie. Nothing to give Max. However, I do have something against all the people who've been out of the game. Now, we're going to make a course take money to show take me to say some stupid prices take money to say some I don't know random shitcoin and try to promote it because of their star power in there to get paid $100,000 to do so I get it, but I'm just saying be careful. Just be careful out there now, let's go deals crypto prices.

00:02:09
The original Money talks and I'm recording list at 11 Eastern Standard Time to be going to send that $39,950.35 up 15.3% from yesterday Bitcoin also touched the $40,000 Mark. Oh by the way, didn't you here last week that Bitcoin has over and is going 2-0 not quite yet says Bitcoin ethereum, 1221 31 of 13 and a half percent from yesterday Litecoin 15309 up 10.5% chain link 1635 up 7.9% and xrp down 1.2% to 29.7% We have come up past the one trillion dollar market again and 1.067 trillion dollar market cap for all crippled up 13.2% with a BTC dominance of 69.3% top 10 coins are the same as yesterday with Bitcoin a number 1 and Chandler get number 10.

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And I mean conversation today. I talked to Emiliano Broski the CEO of better farms and we dig deep into mining get it in the mining. Okay, cuz I really wanted to ask Emiliano was the effects of Jihan Wu leaving Batman and I also want to know about the security of the Bitcoin Network when 70% of the mining hashrate in the mining power is in China. Does it even matter? No, I wasn't too sure but we talked about that coming up right now. Thank you very much. Good morning. Look big farms is making big games. They have a big market share of the Bitcoin mining in mining right now is well, it's very profitable is very important and I want to go through a couple things with you today. I want to talk about Jihan Wu and bitmain I want to talk about your remaining that work. I also want to talk about the China threat and I'm going to start with your money network. Tell us what you do and tell us about how that relates to making the Bitcoin Network more secure.

00:04:10
Well, it's a very good question. I believe that that you know, we saw how well do you know that if you can't do you know the amount of heart rate that the miners ring to the network and is awesome the way that he's growing, you know, the way you know that is directly attached of our Revenue. Camacho, you know how to come to the network network will be more secure more stable more reliable. And in the same way, you know, we need to distribute more people, you know, the reward. You know the way we saw how you reacted price that's very very good sign that more people, you know what I mean to to the environment and understand people who what happened with with a VDC, you know on the US dollar and all the stuff that it's happening around the world spits 30-minute covid, you know, and the acceleration acceleration of the you know, the implementation and Regulation and the ramp on of the field manifold converter to breathe.

00:05:09
The weather did people start seem to understand which way the economy, you know, we're and tell him that I believe that with this amount of profitability. We will see a huge improving off hatch. Redneck what that's mean. He's super Super Saiyan 4 hours Pace and environment about in general. What is your market? Share are is close to around. I believe that 300 million Canadian. All right, that's mean we are on Klaus to 1% of their BBC Network and 80s. Market Capital value is around 1.2 1.5 billion dollars day for The Hobbit great plans, you know an announcement about he's growing the next year, but then they need to do you know how to build these facilities unplug the miners right now they have half

00:06:09
Dehydrate that we have that's me in the ravenous mean if they have how is the setup and I just wanted to get this is General. How is big farm setup in the terms of a big mining company. Is it investors give you money as like more of a shareholders you build the mining Farms you paid dividends come out in people own part of the company. Is it a cloud Mining share? How is that set up a very good question and you know early 2017, you know, I remember this moment special moment because everybody's right to made it and I see all in this morning for raise money for his project true, you know the same that internet did you know 2,000 2,000 years ago and I didn't 95% of the project, you know, you know, I'm in this moment. We think that the right path for the will to Power Company in terms of structure was made a real company.

00:07:09
That's mean we need to sue ferrand lot of pressure and we need to teach through the regulator and the detours, you know in this moment are so young. Now, we are the only minors in North America that auto detail with PWC. One of the big four that is a huge things for the Institutional Investor that we taking the decision for go public because we believed deeply that you know, the VDC he's not Anarchy you no way for David up the economy that we need to include, you know, the VDC and the range for everybody. That's mean the is it that the mainstream that we are proud of this decision? For example, we made the last week the first private private placement with North America Institutional Investor for premium car. This is a huge sings think that mean we race manager in the market. We have more than 5 between 5 and $7,000 in India in the world this day last minute that I have maybe now without

00:08:09
People mag, we saw you because we saw, you know, our teacher OTC in United States, you know, improve 30 * the volume that's mean, you know, the people are low right now in a regulated and safety mode embarrassing our company, you know, and when we made you know, if it's erasing we waste money and we deploy, you know, you know where company that I work companies vertical integrated arts mean we have a subsidiary that's mean multichair in an electric and hybrid. What does that mean? We designed with you, you know, we eat without teeth party. We have the mundane as we have ever met for repair the machines and keep the house right now. We have a software Factory for there be no power software for you. No more than thirty forty thousand amount of minors in intestines, you know, every 3 second and understand with our Tech on-site management what happened with the miners, you know,

00:09:09
We already know all integrated. So are you just at miners or do you have your own miners? Because that's going to lead into my next question is will I can wait a few hours like using at Meijer. I don't even know what the the professional or public or if I have you know, Millions May the dollar invest in a Bitcoin mining Farm, but what I would even use but if you are using at miners, I want to just just you know, parlay that into bitmain the removal or leaving of Jihan Wu also the network the Bitcoin Network in general a lot of the hashrate. A lot of the has power is coming from China and and honestly that is concerning from a lot for a lot of people because of the Chinese government can you know, it has a lot of power to you know, stop independent businesses and shut things down and cut power or just basically a table into custody and air quotes for an indefinite amount of time and Holt operations until they are satisfied with the direction of the operation first, I guess.

00:10:09
Question is is what equipment are you using and to does that equipment parlay into a threat that is posed by the majority of the asteroid coming out of China. And what do we do about rate? We started the company in 2000-2016 with S7, you know and miners and we saw, you know, I'll beat man grow weed S9 that was you know, one of the most rate right reliable, you know minors in the history that's mean the industrial and their professional history of mine and you know comes with Ethan Hanson company from 2016 and we saw you know, how they Industries developed and made more professional hair bands by year. Remember you now 2016 2016 me and you know, I'll be asking how maybe seventy 80% of the market share. I remember, you know, the first time that I meet with Sheehan, you know in

00:11:09
in the deep ocean send you know where he is a factory there we we had a very interesting dinner you knowing nice restaurant and we chat each other you know for two hours we might founder of Defense competition right now it's more fair because we saw you know her other companies develop huge amount of minors year by year like whatsminer this is - that we use right now it's a very good machines super reliable you know and we saw you know what happened with the history with the heat and you know he said he would meet them toss you know I'm Different Politics the first time that I saw you know what's awesome is really really awesome you know I heard he's history and how he you know I thought you would be busy when he need to translate from 4

00:12:09
English to Chinese, you know, the white paper on the history is Awesome with very similar. That's our history in the way that we find BBC bad BBC X, you know for the mainstream, I believe that more companies and professional companies of Hardware, you know, I can find computer in ON Semiconductor and wherever you know, will there be love more infrastructure in terms of Hardware you spell you know, we need to see too much, you know competitors in the space for professional ice, you know how I wear our industry in the same way that I we saw a lot of, you know companies and institutions in Barstow right now invest in tons of money for David of the network, as you know, in the area seventy, you know, the capital, you know, APUSH huge amount of money for David up, you know that the banking system is China a threat to the to the network. That's my real question is

00:13:09
Mining and having the majority of the hash rate in China a threat to the network and how is bitfarms navigating to pull some of that out of China. If it is a threat. Should I saw you know the last year how the Chinese miners like to get out China? Okay, because it's an interesting situation because they don't have the humidity for send money outside. You know that they are the frontier is closing, you know in economic terms terms and he's very crazy because they may be in 2016/2017 85% of the house when it was there and they allowed to buy, you know, my nurse and pay the day the office electricity turned on the labor will be the currency introduced me to send send it with you see, you know, that is due to his family's, you know in United States and they need to do you know the receipt to US dollar?

00:14:09
Contradiction, right and they believe that they have every day more pressure because we could see it's more mainstream and their politics, you know on this tooth pretty well or what happened with these new Africa and they are run, you know out of China and we saw Chinese everywhere try to take position. You know, I'm taking a huge contact of energy but is not easy, you know the way you know, we saw three months ago or two months and a half then the heart rate know what 161 165 and right now, for example, I see my screen they hatch rate is 138, you know this week. He quit when we saw the price and I'll be pleased by that never imagined that happened in this part of the year. But you know, it's part of the trouble that they have in China and they need to realize that they can produce minors, but they need to mine out there and we saw the difference with distinction, you know likes of America.

00:15:09
Ambrosia different places that they can reach, you know lower rate of electricity and you know how to develop a text that time, you know, it's very difficult to my eyeball test huge amount of marijuana, you know, take time maybe between 6 and 1 year Note 4 be the huge facility in terms of 50. I don't know 50 100 million legrowlski CEO of their Farms. Thank you very much for coming on the show and helping us understand about Mining and the China mining hashrate. Thank you very much you tip pleasure. Have a nice day. Thank you very much.

00:15:47
And another news and I know this is a long one today. So I'm going to get this straight into it. Grayscale Bitcoin trust has added another 2172 Bitcoin to its reserves or roughly 82.5 million dollars needed that all in just one day this amounts to nearly 2 and 1/2 days worth of Bitcoin mining just bought in one day grease kill now has over 26 billion dollars in crypto under its management.

00:16:19
Do my trust is a US based cryptocurrency exchange and custodian and it announced that it will launch a crypto Rewards Card later this year Black Friday is set to release its own Bitcoin rewards card is well in the next few months.

00:16:32
This next door is a heartbreaker like little Heartbreaker. I was texting with this guy on Twitter and we're just going back and forth. Hopefully comes on the show to talk to us about it. If he doesn't I get it. It's his story to tell be rolled up though. I'ma tell you the basics of what's going on. This guy threw away a hard drive with keys to 7500 Bitcoin. How much is 7500 Bitcoin 286 million dollars at today's price this guy. He's from Newport Wales until he realized his mistake and he went to the government or whoever the regulatory body is or the authority is said. Hey, I want to go to the landfill and dig up his landfill and try to find this and if I do and you let me I'll give you one quarter of everything I have which would be around $70. They said no the reasoning was yeah if we allow you to do this and you don't have anything in that her drive wasn't we both lose out and we want our money if we allow you to dig it up. It's heartbreaking.

00:17:32
The government is Lily. Tomlin has Guy they will not allow him to find his millions of dollars. That is just unbelievable. I hope everything works out. If it was me. I'd probably they're dressed in all black at midnight trying to dig up a little spice trying to hopefully get lucky. I have no clue what the guy would be due on but this is a heartbreaking story and everything that we or anybody can do to help this guy petition the government to say yo let this guy did find his Bitcoin. You should do it James Avery listening. Let us know how to help.

00:18:02
Hacker stole 3.8 billion dollars in cryptocurrency hacks in 2020 a recent Atlas VPN study shows that throughout 20/20 hacker still around 3.78 billion dollars of cryptocurrency in 122 boxing related attacks. However, the number of black chain-link has actually dropped the first time in five years. The amount of money stolen is significant. However, it can be contested since the resources used by January 20-21 values rather than those at the time of the attacks meaning that they use in the $40,000 bitcoin price not to say 7 or 5 or $10,000 bitcoin price so I can make the amount of money a lot lower if a reason those prices but since they're using the $40,000 bitcoin price and the pump of the entire Market is making that look really really happy.

00:18:50
Miami mayor Francis Suarez released a video interview with cryptocurrency entrepreneurs Cameron and Tyler Winklevoss the real discuss Bitcoin regulation in the future of the crypto industry. It's part as far as his recent efforts was for crypto innovation in Miami.

00:19:06
And finally Rick and Morty Creator is selling NFC artwork on aetherium. So if you like Rick and Morty and you want and if teeth are originals from the Creator himself, you can buy it and tear on the blockchain. If you want to know more about any of these stories, all the links are in the show notes.

00:19:29
Thank you for listening to this episode of the decrypt daily tomorrow and talk about defy really go all about the Phi they 385 101. So I hope to see you tomorrow until then Happy Halloween.
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