Pleb Miner Monthly EP04 - Bitcoin Minings Statistics, Hash Rate up, Hash value up.

What's up, Max? Ooh, this is what it's like being on the other side of the recording. Aha. It's weird. I started the show. I wanted to start the show in my natural tongue. Pittsburgh Ease.

Oh, fuck off. That's what you actually sound like, is it? Yeah, it's the way we all talk around here. It doesn't even sound real. You sound so regarded. This is the way people fucking talk.

Our friend, technology, culture, and have a field day with this shit. You sound like, um, like Ted, but like a special needs version. Everybody from Pittsburgh is special needs for sure. I don't want to be in an authentic, you know?

I want to show people the real me. Do you put on a special accent the rest of the time, just so people take you seriously? Yeah, it's totally fake. Everybody in my fucking family talks like this.

Wow. Yeah, for those that don't know, I'm from Pittsburgh. Pittsburgh PA. The Iron City. Still city. City of champions. You never heard of us? No, I wish I had that. You sound fucking great.

Everybody from Pittsburgh calls themselves yinzers. So instead of saying like, you guys are y'all, we say yins. Please stop it. No. Can we go back to the slightly less retarded version of you?

No, no, we can't. Max, I want to go over a few Pittsburgh words with you. Okay. Go on then. I'm gonna get you caught up. All right, first word. Warsh, what do you think Warsh is? Somebody can't spell.

He's trying to say push. No, no. I had to go down and launch your mat and wash my clothes. Warsh, correct. Wow. Who is the first president of the United States? George Washington. George Washington, see?

You got it. Okay, next one. Gum ban. A gum ban. Oh, I just don't know. Okay, the postman has the best gum bans. I still don't know. Okay, when the postman comes by, I say, "Hey, you guys got any gum bans?"

I still don't know. A rubber band. Oh my goodness. You call rubber band a gum ban. Next word, Max. JAG. Can we promise this is the last one? Because I'm losing brain cells. This is the last one.

Sniffing diesel. JAG. Yeah. The car? No, it can't be because that'll be worse. We can't afford them fucking cars here. Joking. Somebody jokes. Oh, that's close. No. I can see where you're going with that.

Okay. JAG is like a root word. So if you got jagged, you get like pricked, like by a thorn or something. But we don't call them thorns either. They're called jaggers. So if a jagger jagged you, you got stopped by a thorn.

And then you also, there's thorns that come from a jagger bush. So you can say like, "Oh, oh fuck. I've been drinking too much beer. I gotta go in the woods and take a piss." And then fuck.

Oh no, I got stuck in a jagger bush. Please, if you get stuck there, just don't come back. Don't come back at all. But a jag could be like somebody like, "Hey, you're fucking being a jagger."

And that means you're like taking a piss. Okay. And if you are participating, this kind of behavior, you're a jag-off. Oh, okay. Yeah, I like that. I'm worried. Last word, Max. No, I couldn't say I reckon.

Last word. Ready? Okay. Show. Is it like sure, but you just can't speak? No. It's like, let's start the show. Bitcoin is close to becoming worthless. Now, what's the Bitcoin?

Bitcoin is like rat poison. Yeah. Oh. The greatest scam in history. Let's get it. Bitcoin will go to fucking zero. I want to speak like that ever again. It's only up from here.

Both Bitcoin and the quality of the show. I'm sorry I did that to you. That's okay. That's okay. I forgive you. How's the hip? I know. Hey, come on. And you fell down some stairs, so you're right.

Well, thanks for letting the world know. I was keeping that a secret. I guess everybody knows. I fell down the stairs like an old man. Yep. And to hurt my hip. Hoppling around. Yeah. Like an idiot.

Mr. Step with his walking stick and just tumbled down. You know what I did? I was carrying stuff downstairs. Slipped. The whole beat fall from out from underneath me. I land right on the edge of the step on my hip.

I slide down the steps like an idiot. I'm carrying some glass. It shatters everywhere. Brilliant. Number one and number three are upstairs. I'm cursed and I stand up. Punch the wall freaking out.

Nobody says anything. Dad, are you okay? Is everything all right down there? Nobody says anything. Just down there by myself with a broken hip. So much my kids love me. I'm like five minutes later.

Number one comes down. Are you okay? Yeah, I'm okay. At least you said are you okay? Then number three comes down and asking for something. Well, I liked the other day when we were having a conversation and one of the girls walks in.

I don't know which one it was. And then goes, "Daddy, where's my gun?" That is quality parenting. Yeah. Where's my fucking Glock? We're Americans. That was number two. Was it a real gun max?

What did you say? It should be front then. That's what I said earlier, quality. Well, I hope you're all right, mate. Thank you. You know, if it all gets too much, we'll put a pool together and send it to some satas and see if we can get you in at home.

Yeah. At least a hip replacement. By the way, I went to the doctor today and I'm fine. It was just a contusion for anyone who cared. Yeah, isn't he? The one person. Maybe. Yeah, it's overestimating it.

Right, come on, what do we got? What Bitcoin stuff have we got? You know, we start to show up with some fountain boosts. You know, the show is called "Pleb Minor Monthly." And that's something we did with "Pleb Minor Month" is the show is not all about us and my hip.

It's about the plebs. They're just as part of the show as anybody else. Chet, 2021 sats. Very generous. Thank you. Yeah, he is. Bitcoin wins. I picture John's palms all sweaty. Is that true, Max?

You hand-holding sickos. None of this monkey picture shit matters. On a long enough timeline, Bitcoin reveals all scammers. Great episode. Don't listen to Alex by Avalon's lull. Hash sluts is going to be awesome.

Yeah, they'd rather be in the mine, bro. Yeah, Medi is awesome. And his chat is Deaf family. His chat is Deaf family. Don't know what that means. The Lingcoin telegram group chat. It's like a little family in there.

He took my naked pic down. La, la, la, la, la, la. I'm fucking blaming him. We went all that inscription stuff was coming in. I guess Chet had found a block with a nudie pic in it. A beaver shot.

He posted that in the Lingcoin telegram group, but Medi was like, "Uh-uh, I'm shutting this down. Get this out of here." Not on my blockchain. Next boost is from "Birt the Groot." 21,000 sats.

L-M-F-A-O-M-Fers. Dirty is Jesus talking about Dirty Shot. Yeah, I assume. Stay sovereign out there in the physical realm, sending flowers mined with Bitcoin for you Pussies, your foundation passport, discrete official reseller, and official note runner FM Dancer.

Cheap ad by Bitcoin Brebrandt. So you can get a foundation device's passport from Birt. He's an official reseller. Just email a foundation and go, "Listen, I would have bought a Newsmax's code, but I've gone to Birt the Groot because he did pay 21,000 sats for an advert.

So, to be fair, I'm going to go there now." And the billmates end you too. They might do. Self-banked 21,000 sats. Verez in numerous. Ooh, Latin. He's smart. Mm-hmm. Bonn. One, two, three, four, five sats.

Another great episode, guys. I set the passport up and have managed to receive. Wipe and restore. It's just as nice and fancy to use as it looks. A beauty inside and out. Just like you. Mm-hmm.

Mr. Crown really is on fire, fire, fire these days. The site and YouTube look great. Till next episode, boost you later. Thanks, Bonn. Yeah, I agree with everything Bonn said right there.

Next one is Vison de Tufal. 10,000 sats. Keep it up, you glorious bastards. Great listen for a Friday morning, or any morning, for that matter. Next up. [SCREAMING] And manner. 10,000 sats.

John, why you say fucking zero? There's a story behind that. Set of radiation, huh? Why you say fucking zero? Well, because here's a story. My daughter's come in here all the time and had this little soundboard that we use for the show, and it's still loaded up with all these things.

And of course, the bit by bit intro is first thing on there. Number three is always in here pressing that button, putting on my headphones. Listen, Bitcoin is going to fucking zero. [LAUGHTER] So she's listening to this one day, and you can-- when somebody's listening on our headphones,

especially a kid, they think they're saying the words, but they're just kind of like mumbling, but she doesn't realize it. She's over here going, they're coming for fucking fucking zero. I was like, whoa, hey, hey.

She thinks I say the intro. It's been your intro for three, four years. But you know, kids, she thinks I say the intro, and she takes the headphones off. She goes, Danny, why you say fucking zero?

That's brilliant. So I total burn matter that. Next one. Apemith Randir, boy, that guy supports a lot of shows. It does. He's like the value for value king, 7,778 sets. The pleb minor was wild, talking about dirty.

He sure as hell was. Business cat, 7,777. Before we move on to business cat, Apemith Randir also does bite-sized boosts for our bite-sized shows as well. Yes, he does. Just like Brandon. He is cool.

Can I say another Apemith Randir thing? He is on a certain, I won't say where, but wallet, telegram group, always helping people out in that group. And that's pretty awesome. Can confirm.

Business cat, 7,777 sets. The S9 is the Kalashnikov of the ASIC world. It's true. I wonder what the M16 is. Self-banked. Again, 2,100 sets. Big love from self-banked. Big love, right back at you, man.

Love. And oh, you know what? I don't think I was supposed to read all these yet. Too many. We'll move on. Oh, my God. Well, we'll save some for later. You pour yourself a coffee. But you hear that, do you?

Yeah, I do. And we'll play some statistics. Statistics. Statistics. I'm gonna tell you the basics for hashing with basics. Bitcoin mining statistics.

I'll go talk around science. What are we talking about here? Statistics. Statistics. I'm gonna tell you the basics for hashing with ASICs. Bitcoin mining statistics. It's simple mathematics.

I'll go talk around science. What are we talking about here? Statistics. Statistics brought to you by linkcoin mining. Did you see what I said there, Max? Linkcoin mining. I didn't say linkcoin pool.

Expand. Linkcoin has changed their Twitter handle to linkcoin mining. Because they are so much more than a mining pool. I did see that, sweet. They have linkcoin lens. That is a web-based tool that you can use to figure out all these different statistics within the Bitcoin mining world.

And that's what we use here on Plugminer Monthly to figure out our statistics like global hash rate. Global hash rate is 334 exahash. Linkcoin pools hash rate is 641 petahash. They're number 16 in the world.

But number one in our hearts at Plugminer Monthly. Over the past month, the highest one-day moving average and these one-day moving averages are insane as we know. Hard to get real data from them.

But one day, on February 28th, it was as high as 365 exahash. Smooth out the graph a little bit and look at the seven-day moving average. The highest was 334 exahash. And our 30-day is now above 300.

It's 316. 60-day moving average is also above 300 at 304. And some change. I can't stop thinking that I'm going to be right. Did you say 380? How do you do it? If only you could predict other things in your life like that.

I can. I also predicted world pool is going to be 10,000 or above by end of year. And they're both quite bold statements. But I think I'm going to be right on both of them. What do you win if you get these right?

Hearts and Minds respect. My eternal adoration. And then I'm going to do a trading course for $800. You sure that person? Max Brunel. My difficulty. Hold on, I get a cough. That is an old man cough.

Thank you. Difficulty. Difficulty threshold is 43.55 trillion. We are to adjust in like two days, I think. And are expecting an increase in difficulty of, I don't know a lot. I'm not going to say.

I don't like those predictions. If it's like two, three blocks before the next difficulty adjustment, I'll throw it out there. But I think our block time right now is like nine minutes and 30 seconds.

So that's going to be an upward difficulty adjustment. With this level of difficulty and price of Bitcoin, we are at the 9.7 cents. A kilowatt hour break even more for a 29 joules per terra hash.

100 terra hash machine. Let's take a look at the Ant Miner S19 XP. 140 terra hash. It's break even price is 15 cents. So geez, that's five cents more. You could pay and still break even on that machine.

On difficulty, I have a quote from Chet. And I like the way Chet puts things sometimes. He says from our plebminor month founding father Chet. Last year's difficulty went up 30%. It's up over 20% with recent difficulty adjustments.

This year, he says fucking hurts, but that is the only metric that matters difficulty. There are a few other metrics that matter. Man, that one can hit you hard. Wise words from Uncle Chet.

Thank you, Uncle Chet. Transaction fees as a percentage of block reward. Transaction fees as a percentage of block reward has gone up a bit over the past month. Some days as high as 4.13%, 4.72%, and the highest day this month was March 8th.

And your transaction fees as a percentage of block reward on that day was 5%. So on last show, I had looked at a few recent blocks and we were about two to 3% for the transaction fees. Now on a few days, we're up to 5%.

So miners are getting a little bump in their take-home pay. Nice. Every little bit helps. Hash price. What the fuck was that? It was a motorcycle. I thought that sounded like my dog. I was like, let me eat out of a friendship.

Don't have a friendship. All right. I'll let that douchebag and his crotch rocket has gone by my house. Hash price. Bitcoin is in the 27/28 region, making hash price around $8 a day per 100 tera hash.

That's up a little bit from the last show. Again, that little bump in price helps. You know, difficulty going up. That really screws you when price isn't going up. But man, just seeing the rewards come in when we are at 28 feels great being of the numbers that we have been in for a long time.

But of course, here's the most important number. You're going to get about 28,000 sats a day. And we were at about 34,000 sats a day for 100 tera hash. So you're getting fewer sats again in this particular epoch, but they are worth more machine profitability.

This is the expected amount of sats per day and a couple machine prices. We have the boom racks S9, which of course are selling for $125. Those will get you 4,220 sats a day. That's about $1.17 worth of Bitcoin.

But it costs you $3.25 a day to run. An M50, what's minor M50? 28, 29 joules per tera hash. That's not to be confused with the more efficient M50 s. They put an s on the end of it. And all of a sudden that gets you 26 joules per tera hash.

It's amazing how they do that. Alex has a variety of M50s available. And they are a pretty good price. The low $19 a tera hash. And they have a break even of 11.6 cents. So reach out to Alex if you're interested in a what's minor M50.

I like looking at this kind of stuff at this point because the machine prices haven't really caught up with the bump in Bitcoin prices. So now's not a bad time to let go of some Bitcoin to get a couple new machines if you're interested.

Was it the M50s that Self Bank was looking at the other day? No, I think he was looking at a M31s plus plus. Some of these are a good deal. He also has a bunch of S19 JPros. And I think they're $1,700 something dollars.

And that's going to get you $28,888 a day with a break even of 11 cents a kilowatt hour. That's what you really want to push them into because you're a massive bit main chill. Yeah, yep, they pay me.

I haven't gotten anything from them yet. I was really tempted by these M50s. That's why I wrote this down because it was looking through Alex's inventory. And it's like, oh, well, that's not bad.

I could have one of those. I'd be buying here if I could run them. Why? What about these numbers really? I don't know, it's more of a buy now. It's more of a gut feeling of the trade off of selling some Sats at this point.

Probably isn't the worst timing for these machines. It's not like I've sat and crunched the numbers. It's more of a feeling. Yeah. And as you know, I'm always right. Yeah, everybody knows that.

Yeah, I kind of get that feeling too in BarnMiner and a couple of his buddies just bought some new machines. And I think he got an M50 and he posted a video the other day. Man, I love the way that What's Miner spin up.

They sound better because they have a bigger fan. They just have like one big fan on the back as opposed to two on the back on the front. They have one on the back on the front, but it's big.

Just the way it spins up. I don't know. I am liking What's Miner is more and more. Like, yes, they're not as efficient and they cost a little bit more Jules Perterra hash sometimes. But I don't know, there's just something cool about them.

Bit might have him payed him, guys. So he's going to be changing. Jump and show statistic has been brought to you by linkcoin mining. And like I said before, linkcoin pool has changed their Twitter handle to linkcoin mining.

And why is that? Because they are not just a mining pool. They are a mining experience with revenue management, firmware, market analysis, and of course, a mining pool. That's what they originally did.

They also have their linkcoin agent, minor management software and their teams function. Teams allows you to provision different levels of authorization on your account, so you can have different roles.

I could even provision you on my account, Max, if I wanted to. Like, you know, you have your manager, technicians, host, your accountant. And then I could have like my retarded buddy. You could log in there and adjust something if you want.

Fuck something up. Yeah. And of course, you can also put on your team, BodyMcBodface. Hello, buddy. What's up, my home is... What's up, buddy? Max, I got the feeling... You don't think my jokes are very funny.

Oh, can confirm. Oof. Hey, don't listen to him, Body. He's a big downer. Okay. Well, I'll tell my joke now. What does Garlic do when it gets hot? Hmm. What does Karlic do when it gets hot?

You gonna guess his, Max? Hmm. No, I still don't care. I knew it. The miserable son of a bitch. It takes its clothes off.

Clothes off. Thank you, body. That was an excellent joke. We appreciate you being here in studio. Hey, man. You want to hear about such Bitcoin? Yeah, why not? To begin with, what is Bitcoin?

One bit 47. A lot of people are familiar with lightning. And liquid is a... I sound smart there, don't I? Yeah, you do. What is Bit47? Sure in Tapritt, that's the first new protocol. Great.

Since Saguit. Difficulty adjustments. How do demonic seed words work? GTXO management. Little Q&A there. I got him to record that, especially for me. He's awesome. That is a fucking knob.

Bite size Bitcoin. This... You're gonna keep that in. Bitcoin Q&A is a knob? No, he's not. You would never say that to his sweet, beautiful face. No, I would not. Today's Bite Size Bitcoin is on...

The continuation from our block creation, Bite Size Bitcoin. And now it is mining transactions. But before we get to that, we want to talk about our sponsor, FixRigs. Hashrate is going up, hash value is going up, how fitting is coming up in a year.

You want to have your machines ready to go. You can love the how fitting. Ready to go. For when the price pumps and you've transitioned from low power mode to ludicrous speed. Be sure to keep your machines in.

Tip top, ready to deploy a shape by sending them to FixRigs. FixRigs is a premium repair facility located in Miami, Florida. They are staffed with highly trained technicians who are ready to diagnose, repair, and clean your machine and get it sent back to you ASAP.

So you can get back to hashing. FixRigs not only has highly qualified technicians, a state of the art facility, but they are masters of logistics. They have you covered in all aspects of the repair process.

There you go, Max. You got broken machines? Huh? Do you? Maximilian von Bittenstein. Answer me. No, I don't have broken machines. But if I did, I would send them that. Although they won't fucking come on my show.

So just scheduling. I'm better upset about it. I really want to dig in, learn about the business, talk some shit with them. But they're like, "Yeah, we got a hundred things on our list and you're right at the bottom."

You're really low. You fucking pleb. Well, maybe after they listen to this bite-sized Bitcoin, they may change their mind. Please come on the show. To begin with, what is Bitcoin? When bit 47?

A lot of people are familiar with lightning and liquid is effectively layer two. But one, two, nine. What is Taproot? Sure, in Taproot, that's the first new protocol grade since Zagwet. Difficulty adjustment.

How do mnemonic seed words work? UTXO management.

(upbeat music) Early Bitcoin adopter, Mike Herm writes to Satoshi on April 12, 2009. Hi, Satoshi. I read your paper on Bitcoin with great interest. I found it a bit confusing, though. I believe it may be easier to follow if you provide some examples.

Specifically, it's not quite clear to me what blocks contain. He then goes on to ask if only one chain is recording all of the transactions or the story of the economy, as Mr. Hearn states.

Satoshi responds 10 hours later. Hi, Mike. I'm glad to answer any questions you have. If I get time, I ought to write an FAQ to supplement the paper. He follows with, "There is only one global chain.

The two continue there back and forth for two weeks, chatting about the protocol, and even talking about sending transactions back and forth." Unfortunately for Mike Hearn, Satoshi doesn't directly answer the initial question.

What do blocks contain? But fortunately for you, at Ungovernable Misfits, we have the Bite Size Bitcoin series. In this episode of Bite Size Bitcoin, we will use our previous Bite Size's hash to extend our chain of understanding of Bitcoin block creation and cover how transactions make their way into a block to be recorded

on the one global chain forever. Have you committed the components of the block header to memory? In case you haven't. They are version number, the previous blocks hash, the Merkle root of proposed transactions, timestamp, target for proof of work, and a nonce.

These are the components of the block header. The bulk of the block is transaction data. When a mining node is attempting to solve for the next block, they are doing so by using a candidate block filled with proposed transactions as transactions are the building blocks of the network, the transfer of value from one address to another.

A transaction makes it into the memory pool or mempool by first being broadcast to a node after it passes its validation checks, ensuring that the transaction is properly formatted, that the inputs are valid, have sufficient funds, and that the transaction signature is valid.

The transaction data within a Bitcoin block contains information about each transaction included in the block. Some of the key characteristics and definitions of the transaction data include input and output addresses.

Every transaction in the Bitcoin network involves transfer of Bitcoin from one or more input addresses to one or more output addresses. Amount of Bitcoin. Each transaction includes information about the amount of Bitcoin being transferred.

This is information represented as a decimal number and is specified in Bitcoin, not Satoshis. The transaction fee, that's self-explanatory, and signature data. In order for a transaction to be valid, it must be signed by the owner of the input address using a digital signature.

The signature data provides proof that the owner of the input address authorizes the transaction and is included in the transaction data. You also have scripts. Scripps can be used to specify the conditions under which the Bitcoin being transferred can be spent.

Now the transactions have to get into the block. Miners use the block template to create a candidate block, as we know. Once again, it's a blueprint that provides the necessary information for a miner to create a candidate block.

In other words, a candidate block is a block that has been partially created and is waiting to be solved by a miner. The candidate block contains all the necessary information to become the next block.

Just gonna get that nonce right, that's the rub. When a miner requests a block template from the network, the template includes a list of transactions that the miner can then choose from.

The miner selects the transactions that they want to include in the block based on a criteria that they choose, such as transaction fees. The priority of the transaction. Miners can also prioritize transactions with a smaller size, as this allows them to include more transactions in each block.

Thus, earning them more fees overall. Transaction priority is another factor that miners consider when selecting transactions. Priority is calculated based on the age, size, and value of the inputs used in a transaction, with older inputs and larger values being given higher priority.

This is because these inputs have a higher opportunity cost for the sender, and thus they are more likely to be willing to pay a higher fee to have the transaction processed quickly. In general, miners have their own priorities and preferences.

I repeat, the miners have their own priorities and preferences. Miners' incentives are normally whatever allows them the most Bitcoin, but sometimes they don't prioritize the highest transaction fees.

Because miners don't have to pull from the mempool to decide what transactions to mine. They can decide on transactions based on other criteria, not choosing transactions from the mempool is considered out of band.

A mining pool can accomplish this by supplying the transaction data directly to a miner. The pool puts that transaction data into their candidate block. They generate the Merkel route of the transactions and send that candidate block header to its miners to hash.

That's why in the last episode of Bite Size Bitcoin, we asked the question, "Do you know what your pool's candidate blocks look like? Are they being upfront with their miners about how they construct their candidate blocks?"

When all the transactions a miner has chosen are placed into the block, the block is characterized by having a certain weight. In a Bitcoin block, weight refers to a metric used to determine the size of a block in terms of its impact on the network's overall capacity.

The weight of a block is calculated as a multiple of a unit called a weight unit, WU. Well, that makes sense, doesn't it? Before the introduction of SegWit, the size of a block was simply the sum of its serialized bytes, and the maximum block size was limited to one megabyte.

With the activation of SegWit, however, the weight field was introduced as a new way of measuring block size that takes into account the structure of the block data. The weight of a block is calculated as the sum of the weight of its transactions, where each transaction is assigned a weight based on its size and structure.

The weight field is used in the Bitcoin network to enforce the block size limit and to ensure that the network remains secure and efficient. By using the weight field to measure block size, the network is able to effectively increase its capacity while also ensuring that blocks remain small enough

to be easily propagated and validated by nodes on the network. I know, heavy stuff. Maybe that's why Satoshi didn't just outright answer Mike Hearn when he asked him, "What do blocks contain?"

But here at Ungovernable Misfits, we don't mind answering Bitcoin questions in the form of a bite size Bitcoin or FUDBUSTER. If you have a question about Bitcoin, or a friend or family member has a question about Bitcoin and you just can't quite answer it, or are too aggravated with them to answer it,

let us know and we will try to cover it. Additionally, if you would like to record a bite size Bitcoin or FUDBUSTER, let us know too. We'd be happy to pass off some of our workload to you.

It doesn't pay, but we'd be eternally grateful. That was a rousing bite size Bitcoin, wasn't it, Max? It was, even after editing it and listening to it a million times, I still enjoy it. Many people writing to me about it as well.

They say, "Although it's really dull, the first, second and third time, it starts to seep in and you start to learn." After you've listened to it a few times, and people are finding it valuable.

So, yeah, appreciate your time, Mike. I'm glad I checked the fountain booths for every episode on Bit, Bit, Bit that I'm involved in. And Fistful of Sats commented on the other one and kind of said the same thing.

So, I appreciate that somebody is listening and that they provide some value. I also said in the bite size Bitcoin that if you would like to record a bite size Bitcoin, let us know. Any takers?

Huh? Anyone? Anyone? Hands up, lazy fucks. Yeah, you know, a lot of people will say, "Oh, yeah, I'll do one." And then, do they fucking do it? Where you could write one, you don't have to record it.

We understand the recording takes a long time. Just write us one. Yeah, that's true. Some FUDBusters would be nice as well. Yeah. Next one, we'll do FUDBuster. So, someone has to send something in a FUDBuster.

It can be about anything Bitcoin related and you've got to bust some type of FUD, as long as it's under 10 minutes, we're all good. Either record it and I'll let it sit and put it out, or you can just send it in and we'll read it out.

Can't confirm. And what do they get? Just stickers. Yeah, that's all I got. Just stickers. Just stickers. That's all the swag I have. I have these coasters. Maybe I'll send you stickers and a coaster.

If it's good enough, you'll get a coaster as well. One coaster. Yeah, whatever shows up in the mail. Like, if you just get stickers, you'll be like, "Oh, I guess that sucked." Well, at least they know where they stand.

Okay, I've got some fountain boosts. Yes, that's what I was just about to say. Mr. G, 2023 Sats. Here are 10 reasons to become a pleb minor. One, you become better in tune with the network.

Two, you become better working with exotic tools, soldering irons. Sure. That's an example. Exotic. Three, you see the need to defend the Bitcoin network. Four, you end up stacking hashrate plus satoshis.

Five, your IT senses get sharper. Six, you begin to seek cheaper power resources. Seven, the health inning is near. So fucking build. Eight, no more erectile dysfunction. Can confirm. Nine, you get to laugh at large bloated operations when they fail.

Dirty shotcher is a crazy son of a gun. Also, can confirm. No, you said 10. Where's 10? He didn't number the 10. You figure it out. It's the dirty shot you won. That's number 10. Don't question, Mr. G.

He put a lot of time and effort into that. He did. And 2023 Sats. Yeah, thank you very much, Mr. G. Next one is from Norman Remnant. 1069 Sats. Dirty shot you can go fuck himself. Stay alive, brother.

So sweet. Expose from Rafa. Keep dropping at gangsta shit, brothers. Stay up, stay healthy. Then he signs his name Rafa. Like I didn't know it was you. Mr. G put 256 Sats. Nice. He says, "Ha ha!"

I was boost number 21 this episode. Sunglasses, electricity. You're misrepresenting his speech there. Yeah, I hate it. The sunglasses smiley with a lightning bolt. Okay, I'm sorry. I had noticed as you were reading the Mr. G one, that you had figured out a lot of these emojis.

Like you translated them out loud. Yeah, yeah, yeah, yeah. I know about emojis. Yeah, well, that's like the generational difference between you and I. You're hip to this young guy stuff. It's dyslexia, mate.

Oh, like words are a problem. But images make sense. That's what makes you such a great artist. And handsome. Yes. I don't know how that factors in here, but sure. Me neither. Next one's from Bliza, 200 Sats.

And he says, "Baaaaaaad, Kooooooood!" Good point. Number three's in the other room and she yells. Yeah, I heard that. I don't know what she said. I don't know, but I love how she responds to it.

Sandalux, she said, "Stack." She may have. Stack! Solid advice. Number three. That's Boosters from F Dub 7, 103 Sats. And he gives a plus one sat every show. He started out at 100. I would expect on the next episode when this releases that he will boost 104 Sats.

Just saying. I think you might be right. Also, I think it's my favorite name, F Dub 7. Yeah, you always have a reaction to that. I just find it really funny. I don't know why. No, he must be a cool, funny guy.

Or gal. Well, it tickles me every single time. Easily entertained. That's why I do the show with you, mate. Mm-hmm. It's too many Christmas. Blah, matter of month, Lee. Action news. Yeah.

Blah, matter of month, Lee. Action news! You're address the source for news and the best reminding scene. We are reminding Stance to give you the skinny. The low round. The scoop. Info you need to know.

He goes mad with news. Looking inside. It's going to be so. But everything must be worth it. I'm going to say it. You're having a few of my manners. And your actors match this side of it.

And John Deere. And now, that's one of my three. Action news.

Blah, matter of month, Lee. Action news is brought to you by Kaboom Racks. Kaboom Racks, Alex. That's right. Kaboom Racks, Alex sponsors this show. Do you need gear, Max? Do you want to buy more machines?

No, but if I did, I know where I'd go. Where would you go? Anywhere else. No, not really. I'd go to Alex. We love Alex. You know, Kaboom Racks has parts as well. So say that you don't want to send the whole machine over to fix rigs.

You're pretty technical. You can replace a control board, a fan, something like that. Say, yo, Alex, give me no ports. And what would he say? He say, sure. Like that. Sure. What's your code?

Because you got to give the code. Ah, yeah. Well, the code's only for free cables. Oh, OK. Our code is plebminer universally. You want to go to Peach? This isn't Peach's spot, but why not talk about it?

We could do whatever the fuck we want to. It's our show. Good point. You want to sign up for Peach? You're in the right locale. Check into it. Not every locale is available. You sign up for Peach.

You put in the plebminer. Shield code. That makes you cool. Plebminer. One word. Anyway, plebminer monthly action news is sponsored by Kaboom Racks. They get gear, they get parts. They have potential hosting.

Should you need it? Reach out to Kaboom Racks Alex. That's @KaboomRacksAlex on Twitter. I think it's is on Telegram. I think so too. You could even send him a nudie pick if you want. If you're into that, it might give you a better discount.

Better discount than plebminer. You got to actually write plebminer on whatever body part you're sending, though. Then you will get cables and maybe something extra. Oh, yeah. Our first story on plebminer monthly action news is from Niko Smid.

You can go to NikoSmidsubstack. That's NikoSmid and I-C-O-S-M-I-D.substack.com. If you want to read all of his really cool articles, this one's on navigating the ASIC market cycles. And we talked about that earlier in the show.

And you have a gut feeling. Well, Niko has an article. I don't know. Up to you, what you think is more important. Your gut feeling or Niko's well-researched article. Niko says, "Flicuations in the Bitcoin ASIC minor market are common."

Flicuations. Did I say "flicuations"? Niko says, "Flicuations in the..." Hanging around you too much. I'm going to say it again. Don't say it again. "Flicuations in the Bitcoin ASIC minor market are common due to the dynamic nature of the Bitcoin mining industry.

The demand for ASIC miners can vary based on several factors, including the price of Bitcoin." We've run into that. The difficulty of mining and the availability of mining hardware. In order to run a successful mining business, it is important to time the ASIC market optimally.

Buying mining machines at the bottom of a bear market as opposed to buying at the top of a bull market can make a huge difference. Well, no shit, Niko. But he goes into more deeper analysis.

In the amount of hash rate you can obtain for your money and the time it takes to get a return on your investment. In this article, I delve into the cyclicality of the ASIC market and explore the following topics.

Drivers of price, ASIC market cycles, how to optimize market entry, build infrastructure in the bull market, sell mined BTC in the bull market, temporarily co-locate miners should you need to, use hosting as a placeholder, which when we talk to our blood miner in the wild, he has a story about hosting

and moving from hosting to doing your own stuff. But that's a good point from Niko's perspective. That sometimes, hey, I don't know what to do with these machines. I'm now getting rug pulled on where I have them.

I'm just going to host them for a little bit until I figure things out. At least you're not sending them to a warehouse somewhere where they're just sitting. There's a lot of hosting providers out there.

Find a place to put them and then figure out your game plan. And lastly, he says, move less efficient ASIC to cheaper locations, if that's available. Like I said before, the entire article is on Niko Smith's sub-stack where he goes into greater detail on these particular strategies for figuring out what to do when Bitcoin price goes up.

But ASIC prices are kind of smooth and out. Or maybe you've been hodling for a while and you need to get some liquidity. Good advice here from Niko. Talk about our new show. Yeah, we have a new show.

We do. It's not out yet. It's not fully edited yet. It's been sent over to Mr. Crown, though. And fuck me, it's good. I'm not going to fuck you, but it is good. That was to the audience, not you.

Oh, it is short, sharp, and what else is it? Just brilliant. Newsworthy. Well, we're not going to give too much away. No, I don't think we should. People will hear the show. They will. Well, they might.

Just don't need to stick it out. I'll tell them this. If you love Bled Matter Monthly Action News, you're really going to love Bled Matter Monthly Action News Update. I think they might guess what it's about now.

They might. Ooh, I gave away too much. Sorry. What else we got? Bomb on a visit? Yeah, Bomb on a visit came over to visit. How was that? Showed him around. But you did. Showed him the chickens.

Showed him my shooting range out back. He got to see my tractor. And my mining set up. And then we drank whiskey and talked about how much we really like you. Yeah, I bet you did. That actually sounds like a fun visit.

That was a fun visit. It was short. I wish you could have stayed longer. Tractors, miners, whiskey. That's proper like man cave stuff. Yeah, now you understand why my daughter is coming in, asking where her gun is at.

You get it now. Yeah, I do. And then Bob Mine is sending me pictures of alligators that he's frying up for nuggets. Yeah, what a cool life he has. It's an alligator I shot earlier. Okay. Wow.

Okay then, mate. What do you do with that? Ah, mate Gator nuggets. Florida man shoots alligator. Actually, it's probably quite nice. And they're like cheap bastard that I am. I was thinking fuck, I wish we had them here because then I wouldn't have to go on a food shop.

Just shoot alligators. Yeah, why not? I would do that. Apparently it tastes like chicken. When I lived in Florida, that was a thing. Like you could get a bounty for alligators because they were kind of taking over the Everglades.

I don't know if that's still the case. Yeah. Yeah. Like the game commission would give you money for shooting an alligator. Well, I was actually just thinking just free, free meat. Oh, those game wardens will come and get you, man.

I tell you, there's nobody has more power in the United States than a local game commission. They can come on your property warrantless. They can come in your house warrantless. Whoa. Yeah, man.

Yep. Yeah, look it up. They have like extra powers, game wardens. I thought you guys were all tough. And you're like, come and take it. Come into my house. See what happens. Yeah. What happens to all that?

Game board and you go, oh, that's all out of the window, right? It's all about the candy. I didn't know that. We've got a new feature on plebmon and monthly action news. Our base load update is actually by base load.

Sup, y'all. There's three buckets to focus on. It's a physical, financial, and regulatory energy risk. That's important. Piece of love, y'all. That's important. What's up, y'all? If you're asking yourself, how do I manage energy market risk regarding price, there's three buckets to focus on.

Financial, physical, and regulatory energy market risk. Financially, just how everything is priced. Physically, what risks do I have with the infrastructure associated with consuming electricity, natural gas, propane, fuel oil?

Sup, y'all. The regulatory side is, what federal, state, public utility commission type of influence are they going to have on price because they absolutely do? Focusing on those three, even though I briefly described them all, is quite complex and absolutely necessary to manage energy market risk regarding price.

That's important. It's a physical, financial, and regulatory energy risk. Love y'all. Peace. I love that. I'm going to play that when I go to sleep. It's relaxing, just hearing his voice.

You learn while you listen. I love it. I love it too. And thank you, Bassload, for recording that. Who edited that then? I edited that, sir. Good work. Thank you very much. The first compliment you've ever paid me.

You see, you're not too old. You can't teach an old dog new tricks. That was very good. I like that. So let's talk about those three buckets for a second, Max, the physical, financial, and regulatory risk when you're pricing energy.

The reason Bassload tries to communicate that so plainly and succinctly is because I think he gets really frustrated to see all these people go into mining, think they're getting a price, but they didn't take all of these things into account before they started building out their mining operations.

And he's always saying to us, like, man, they just reach out to me. Just let me know. I'll teach them all about it. He's very passionate about that. Well, you see a lot of people getting tripped up all the time, so it's good to have someone watching out and giving this sort of advice.

Yeah, like, to understand the financial part of it, I think that's something that people can grasp. But it's so much more complicated than say, oh, yep, I have 7.5 cents a kilowatt hour. Then you might have the regulatory side come into things.

Jeff Houghts will talk about that in our plebminer in the wild. But simple things like the local commission might not want you building there for X reason, or they might want to, like Jeff Houghts talks about, make sure that you're not building a pig farm right there.

Those are things that you have to understand when you're pricing electricity. Is there might be some regulatory action going on? You might live in a locality where they decide you have to have a certain percentage of so-called renewable energy.

The regulatory side, the local public utility commission might have certain boxes that they want you to check. It's very complicated, and when you're getting into these kind of things, it's good to have an expert on your side like base load.

Base load in his buckets. He knows his buckets. Guy knows his buckets. If anything can be said about Bitcoin base load, it's his buckets. He has bucket loads of knowledge. Oh, I see what you did there.

You're so savvy. Yeah. Your favorite reporter, Richard Greaser, has written another article for the Bitcoin bugle. This one is titled, "CIA director insists Jason Lowry's engagement is organic."

Critics of Jason Lowry have cited that the space spook has seemingly come out of nowhere only to dominate the conversation on Bitcoin Twitter. CIA director William J. Burns defended Jason in his press release by saying, "All of Jason's engagement on social media is organic.

He's just a bright boy." According to experts on the topic, the CIA has never, ever been known to influence social media personalities engagement or to even meddle with social media in general.

The US government is committed to peace, prosperity, and somewhat fair speech. Alex Gladstein gave his thoughts on the subject on a Bitcoin magazine Twitter space, "You should like Jason Lowry and support him with all your energy, because he is the poster boy for democracy."

Jason is like Bitcoin's version of Captain America. He is representing the power that will defeat dictator Vladimir Putin. Across Twitter, there's a great debate over the CIA director's claims.

Many Bitcoin maximalist conspiracy theorists, such as cowardly Nim Stoney Bittson, are not impressed. "I'm going to buy Jason's new book and burn it," tweeted Bittson, which resulted in his account getting banned for the infinite time.

Isn't that the truth? Well, Stoney, according to insiders familiar with the CIA, there is no current effort to disrupt the Bitcoin community, and the CIA is far more concerned with convincing the American people to bankrupt themselves in order to prolong the war in Ukraine.

There you have it. Thank you, Richard Greaser. Oh, I believe him. I do too. I mean, Richard Greaser is reputable. Everybody knows that. I believe the CIA director. Do you? I think Jason is a bright boy.

He means well. Good point. I think he does mean well. He's a sweetheart. Yeah. Fuck you, Stoney. Don't be burning his books. We got our plebminer in the wild. "Today, we have the privilege of observing the elusive and often misunderstood pleb minor.

If you listen closely, you will hear the unmistakable sound of its mating call. To others, the sound is offensive, but to the pleb, it's a rousing beyond measure. These creatures survive by scouring the Earth for energy and scavenging hashrate from others whose over exuberance costs them dearly.

The pleb minor may not be at the top of the food chain, but make no mistake. Its ingenuity, scrappy nature, and unquenchable thirst for sounds make it a force to be reckoned with." Pleb minor in the wild is sponsored by Peach Bitcoin.

Peach Bitcoin recently launched its open beta on March 6th, and you have heard all the hype about Peach Bitcoin, and now you have the opportunity to use it. Should you be in the right locale?

Peach Bitcoin makes it very easy to set up a cell order or a buy order and exchange SATs for fiat or exchange fiat for SATs, depending on your orientation. It's very easy. You put up a bid, you want to sell 100,000 SATs for 2% over market price.

You post that up, you fund the escrow. Once it hits the blockchain and the escrow is funded, it will match you with other people who have something similar on the other side. Once you two are matched, the buyer will pay the seller.

No, the seller will pay the buyer. This is me. The buyer will pay the seller. Once the buyer pays the seller, the seller will verify that they have said "fuddens" and release the escrow. Bing, Bing, boom, you were done.

And I did see they had, or I'm pretty sure I saw, that they've got an option for cash now. Is that right? Yeah, they have an option for cash. It's kind of like a meet-up thing. And they also have the option for gift cards.

Yes. See, I really like that. That's one thing with Peach or with Biscoll, whatever it is you're using. I like, if possible, to take that final bit of risk out. Just that final bit where you're doing a bank transfer with someone that you maybe don't know.

And it's a really, really nice option and an important option to have these gift cards and to have the cash. So I'm very excited to see them do that. Max, have you had the opportunity to use our shill code?

Have you offered our shill code to any friends or family that wanted to use the Peach product? I don't know what it is. What is the shill code? Well, I'm glad you asked Max. The shill code for Peach is plebminer, one word.

Ah, yes. Yes, I do remember. Yes, I have used it. I just forgot what it was. Well, I'm here to remind you. Yes, so for anyone listening who hasn't yet used Peach and wants to try it out, make sure to use what was it again.

Just remind me. Our shill code is plebminer. Yeah, use that. Our plebminer in the wild is Jeff Hoats. This episode's plebminer in the wild is Jeff Hoats. Jeff spends much of his time in the wild from hunting game with his trusty German wire-haired pointer named Dott, to hunting for sats at his megawatt-powered farm.

Jeff is an ungovernable pleb who cannot be stopped in his quest to mine free. If you want something done right, you've got to do it yourself. Welcome to plebminer in the wild, Jeff. Thanks.

Glad to be here. That's kind of harsh, though. If you want something done right, you've got to do it yourself. That's tough style of leadership. That definitely seemed to be your style. Jeff, I want to talk about your first experiences in Bitcoin mining.

How did you get started? What was your setup like at that time? You know, I tried multiple times from 2012, 2013 to get it running on a CPU, and then a GPU, and I was just pattingly unsuccessful, and I didn't have the time I was building and running two businesses.

So when I was finally successful, I guess it was about 2018, and I bought three dragons. And then liked what they did. I think a dragon back then was pulling like well over 100,000 sat a day at like 14 or 15 terahas.

Anyway, I liked the sound. I liked the sats and started adding more miners. And unfortunately, I live out in the country and I have a good rate, and I happened to have a little cottage where nobody was living that had a 100 amp panel.

So I started plugging in miners until I couldn't plug in any more miners. And let that sit for a while, but knew I wanted more. And I was at a point in businesses where things were going well and didn't meet all my attention.

And so I decided to build a fleet. And the best way for me to build a fleet was to buy 10s, 20s, 25 at a time as I had the cash and keep them hosted until I had them all built up in hosting.

And then I would build a one megawatt mine somewhere and put them in it. And that plan didn't work quite like that. Tell us about your experience in hosting that many machines. What was the relationship like with the hosting company?

You know, my hosting company has been blocked where Mason has been excellent. I appreciate Mason and I appreciate the access to Mason. And he started with me early. I had 100 machines in their Calvert City, Kentucky plant, which was going well.

And I had a sweet deal with Mason that I had direct access to the miners. And everything was going good and their techs were great because miners break and they'd get them fixed and they'll me for them and put it back together.

But something happened over there, Mason had a long-term lease or something. And the property owner sold it out from under him and then declared "force majeure." And my machine sat there for nine months and when I plugged them back in, those were not my credentials on those damn miners.

Those were not my credentials. No fault to Mason, but I don't know the guys that came in and did that dirty underneath him, but that was shit. Anyway, I just had 100 miners and still had the taste for it.

So I accumulated another 100 with Mason. But Mason had learned some stuff and I guess grown quite a bit and changed his operations where not only did I not have access to the miners, I had to mine on his pool.

And so that was kind of the first couple of big gongs that this is not going to extend me to the 300 that I want and I need to start building the facility quicker. And so I kind of realized that and I guess 20?

Yeah, the fall of 20. Yeah, because that's when that Calwork City, Kentucky thing went under. So I fretted through that. And then in 21, just said, "I'm going to pull the trigger and bought transformers and containers and a piece of ground."

And boom, there you have it. I have a mine. No, that was 22 when I started. Sorry. So Jeff, how do you go about that? You have all these hosted machines and you need to pull them out. And you say, "Okay, I'm going to build a farm."

What's kind of the first couple steps that you take to get that rolling site selection, power company negotiations, equipment selection? How do you go about that? I had a different strategy.

So I knew I'd never be great big. So and my philosophy or vision on Bitcoin mining is the longer you can last, the more you went. And so it's a long term sustainable game for me. And so that means chasing cheaper power.

And so I happened to hear a rumor of a rumor that there was deep power in Iowa and have a buddy that's in this project with me. His mom and dad have a farm. And so we headed in that direction and got all the way up to talking to the engineers when they said, "Ah, no, those sales folks don't quite have that rate right.

It's 7.75." And we're like, "Ooh, that's not going to work." So here's kind of a funny story. I've tried all kinds of business development procedures in like 20-some odd years of doing this thing.

But I sent a spam. I went to the association of Iowa Rural Electrical Co-ops and where they listed all their members. And I looked up all those email addresses and I sent a spam to 35 CEOs of all the small RECs in Iowa.

And it said Bitcoin in the title. And of that, four of them did not press delete. That's a good number. Right, yeah, yeah. 10%. And we had conversations with four different RECs. We selected this one because they had a transformer for us.

It turned out to be not optimal, but that's another lesson learned. Anyway, what we were looking for was a megawatt to megawatt and a half of spare capacity on a substation with a real preferential rate.

And so we selected the one that had that best. And we had three different options in this REC. We picked the one that was closest. And then the guy wouldn't lease an acre to me, but he would sell it to me.

And so I bought an acre here in Iowa. It just happens to be right next to a one acre REC solar farm. But it's just adjacent. Yeah, when you look at the pictures of it, it looks like you're like connected right into that solar farm that's next to your container.

That's the perception. When you see that, you're like, oh, obviously he's mining off solar. I'm literally under a windmill too. It's a big energy spot right here. And it's easy to get mistaken because these windmills are all big public co-windmills.

Not part of the co-op. No, the RECs only feed the real rural stuff. Like the substation that I'm on, I share with an egg factory. My miners competing with chickens. You're all hatching something.

Your first order of business was to reach out to some of these rural co-ops, talk to the CEOs, shaking babies and kissing hands kind of operation. And that's what you have to do. Explain to people face to face because they don't really understand Bitcoin mining and the Bitcoin mining industry and what you can provide to their grid.

So what were those initial conversations like once you did get somebody who didn't hit the delete button? Well, they had been, they had all been approached by other people before and they were curious because mine had a different tone.

And the tone that mine had was we're looking for a spare kilowatt. We're not looking for five megawatt. We're not looking to bring you a problem. We're looking to help solve a problem because the co-ops don't have five spare megawatt.

Talk to the Wilson boys. They added two and a half into the same co-op. And it took a lot more cooperation with the G&T co-op above. So I'll back to answer your question. Bringing an opportunity instead of a problem.

The second was bringing a personal one-to-one approach. I was just the heartland man. And if you don't love being out here and having conversations with these people and taking 15 minutes to say goodbye because you've got something else to say, then you probably should be doing business somewhere else.

But holy smokes, these people are just the heart of the earth and I love it out here. And so there was a long slow education process and they gave me a tentative approval, but asked that I come up and speak with the board of directors and answer their questions as well.

Most of our conversations with the individual RECs out here also included two representatives from their generation and transmission co-op. So that's a no-two. Having a really good understanding of the organizational structure out here will help you a lot to identify opportunities and avoid problems.

So you're not just talking to the CEOs, but the engineers as well. Yeah, well, they're the ones that any smart CEO is going to go, "Can we do that?" If I say, "Yes, hang the wires," right?

The surprising part, and one of my big lessons learned in this thing, is don't overlook the county and land regulations. I ran into two hickies that I didn't know was coming. One of them is when we went to survey this one acre, the surveyor said, "Well, I'll survey it for you, but you can't sell less than an acre in Franklin County

without a board of supervisors' approval." And yep, for sure, they have a county board of supervisors, a group of farmers, landowners, forms a supervisory council, and they call the shots on stuff, and so we had to go explain what we were doing, and then we're not going to turn it into a hog farm.

They had specifically put that regulation in place to limit the number of drive-by hog confinement. They do stink up the place. Yeah, well, once the supervisors said, "You know, it understood," and we had to already see his approval and backing with this, they said, "Yeah, no problem. You can buy an acre,

but you need to get it zoned from Agnes to Commercial." And so they need to wait another month, and so all these meetings are a month apart, and they require noticing the paper before, right?

So he's like, "You just got to slow down, you know, out here." So then we got that done, and then we got it closed on, and all that kind of stuff. And I had friends in Iowa natives helping me through my Iowa land guide.

Didn't know about this at all. He's from a different county. So much nuance to all this. Dude, in the world we live in, somebody's going to be regulating everything. So some people have legitimate concerns, some people are just justifying their existence.

One of the things that I've learned in this process, because I've been cocked, blocked, and denied on countless occasions, none of them were completely unreasonable. The regulations were not unreasonable.

Once I understood the context was not taken by surprise. The way in which they were implemented frustrated me mightily, because nobody said anything until, then you go, "Well, that's a surprise.

Nah, man, what do I do about that, right? You got to deal with all that shit." So Jeff, you've had a lot of hurdles in getting this mind built, but you have built it. So hurdles and success, hurdle and success, what failures have you had, and how did you get over those failures and move past them?

I'm a little bit of a student of business, because I own two of them. And one of the things that's become clear here is that Bitcoin mining as a business has some advantages, because it requires no employees and requires no customers.

The disadvantage is that you sell a commodity, so you have to take a price. And if you don't have any customers, and you don't have any employees, the only thing I had left to leverage was money and time.

There's literally only four levers in business, customers, employees, time and money. When you don't have the customers, employees, by choice, it's a business that's signed to season. You've got time and money.

And so everything that I learned cost me a lot of time and a lot of money. Those two factors are magnified. That's all you got, it's all you got. I mean, what else are you going to do to move the business forward, right?

Think about it. You've gone from being a home miner to scaling up quickly, hosting, you had some issues not with the people that you hosted with personally, but some back-end stuff and, you know, humans.

That's what you eventually deal with. You decide to do this yourself, you have a lot of successes, you've gotten it done. It is challenging, but what advice that you've learned from your mining journey, not just being a successful businessman, but being a pleb miner.

What advice can you offer to other pleb miners who want to scale up beyond a small home mining operation or a small, you know, couple peta hash operation? You know, God bless my partner, Jeff Phillips.

He's been immensely valuable because of his insights, and he's kind of my consigliary. He helps me think through shit. So one of the leverage points that you get off of employees and customers is validation of your ideas and questioning of your assumptions.

And when you have more employees and all customers, nobody there to question your assumptions. So literally every mistake I made was an assumption on my part. It didn't turn out to be true, right?

It's that Mark Twain saying, but it's not the things that you don't know that'll get you. It's the things that, you know, for damn sure that just ain't so. And that's what's got me every step of the way.

So my advice is your ideas ain't a secret. Put it out there on the internet, on paper, or something like that. Like the more you can take through it on paper before you write a check or something, the better or spend a Bitcoin for something.

Because I spent Bitcoin to build this mine. And so the more you can think about it, the better off you're going to be in the long run. Ask those questions. Just ask lots of questions, get lots of friends to disabuse you of notions, because every mistake I made cost money and was usually an assumption on my part.

So that's the power of the plebminer community, Bitcoin, Twitter, all these different telegram groups that we're in from the Home Mining Wizards to our own private telegram groups and chatting back and forth.

You have to appreciate the plebminer community, because if you have a stupid idea, they will tell you about it. I think that's a good place to end our conversation. Jeff, thank you so much for joining us on plebminer on the wild.

We have so much to learn from you and your experiences. I think a longer interview is sorely needed. You've got a lot to share and so many more stories, I'm sure. I hope that you'll join either Max or I in a future recording so we can get to know you better and give Dot a couple scratches behind the ear for us.

Jeff and Dot just had enough of you there, no goodbye, nothing, cut me off. They just walked off, they just went, "Oh, fuck this guy." Yeah, it's a piece of money out of here. Fair enough.

I can't believe someone changed the credentials and had his mind just running out of him. Fucking hell, yeah, yeah. Oh, that is proper compass, behavior. He was kind of breezy about it, like, "Oh, that's a big chance."

So, what do you say, eight months? Once you've had that kind of experience in life, you know, running business, running successful businesses and selling them and spinning up another successful business and just get to the point where, "Well, I'm not going to get upset about every little thing that happens to me. It's going to move on."

It's life, but it's still fucking annoying. I'd want to know, I'd be like, "Who's fucking gone in there?" And why couldn't you get them back is the other thing I was thinking. If they're in there for eight months and someone sells it from underneath, the person they were sitting here from. He did get his machines back.

But not for eight months. We'll have to clarify that with him, because it was my understanding. It was like, as he was building, they were kind of like in limbo. Okay. Well, I'll write to him because he obviously had enough of you.

He did. He was on his way to visit the Wilson Boys, who were also in Iowa. And those are two brothers that started another farm, I guess not too far away from him. And he went to visit them.

And he even said after the visit, no telegram group or Twitter or chatting with the boys can replace the lessons that he learned just by going to see the Wilson guys and experiencing their challenges and triumphs.

It sounded like he's got a real good set up there. And hopefully we'll get him on the show and have a full episode for them. Yeah. There's a lot of knowledge in that guy's brain that we need to get out.

He's got an interesting life story too that I really would like to hear. As he's talking in there, though, throughout the interview, I thought this is what base load is talking about. These kind of challenges that you run into in dealing with the power company.

And Jeff is dealing with a local co-op. And that's kind of neat that he actually sent emails out to the CEOs of these companies. And four of them came back and actually spoke to him. That's kind of neat. You don't think about that kind of stuff.

It's like call the salesman, maybe talk to a local engineer, but actually talk to the person pulling the strings. Yeah, small. It's a strategy I wouldn't think of because I don't think from that level.

So I appreciated Jeff's perspective. Yeah, I don't think from the smart level. There are a couple of things that Jeff said in there. And this is something Chet says also, "The longer you can last, the more you win.

Playing the long game in mining." I think a lot of people have started mining and dropped off for whatever reason. Like, "Oh, shit, I'm going to cash out in this bull market." And then they never find their entry point back in.

Kind of like Nico Smid was talking about. Too much leverage. Yeah, he's playing the long game. This is a long game. And that's that. There's another thing that he said. What was that Mark Twain quote?

Was like, "It's the things you don't expect. They're not you off your feet or something to that face." It ain't the things you don't know that gets you in the trouble. It's what you know for sure that ain't so.

Yeah, that was it. I love that one. Jeff was an interesting guy to talk to. What are some other things he said? Oh, your ideas aren't a secret. I like that one too. He's very open. I think anybody that wants to start a farm, reach out to Jeff.

I guarantee you he will give you it. If you're sincere, I guarantee you Jeff will give you advice on how to start and be open and honest and share things with you. Yeah, very good interview.

Well, before we close out the show, Max, do you have anything you want to talk about? Yes, birthing pools, birthing pools. Yeah, pools where you would give birth. Little Dutch friend who's been building something very, very cool.

Yeah, Bert was trying to build a birthing pool for his wife and his kid, obviously. And trying to heat the pool with an ASIC. I think he had run into some hurdles, as I said a lot in this episode for some reason.

And he had a lot of challenges. And he wasn't able to get the project done in time for the baby because the baby sure as shit isn't going to wait for you to finish tinkering with your immersion project.

But it was neat because he reached out to the immersion telegram group and the plebminer telegram group, because we've got a lot of immersion guys in there. And just looking for advice on how to fix this.

I think it was something with the hoses weren't quite working out. He was talking with Schnitzel on how to fix it. But you got to give him props because man, we don't find any way to reuse waste heat that he can.

There's something really special as well about giving birth to your child in a pool that is heated by Bitcoin miners. That is something really special. When you're as nerdy and you care as much about Bitcoin as some of us do, that is a special thing.

It's like, I thought it was cool a couple years ago and I heated my house with it. I mean, this guy's kid is being born into it. Bringing new life into the world with Bitcoin. Bringing new life while bringing in new blocks.

I'd like to see somebody build it. I think it's pretty cool. There's quite a lot of births. People are popping them out in the front and centre. So it just keeps being born. Yeah, this is something that needs to be built.

Get it done. Somebody get this done. Or somebody help bird. Finish it. Hurry up. Get this edited. Crown get this animated. Get this out. Call to action. I assume it has to be a merchant. Can you imagine how much his misses would be annoyed by it?

In the end, normally when someone's doing like a home birth and they've got the pool, they've got like that kind of like music or like the waves or whatever. It's got a screaming minor.

The baby's like, fuck this. I'm staying in. Who can scream louder? Mom or the minor? Yeah, immersion I think is best there. Speaking of pleb minors in the wild and heat capture, I have in my grubby, dirty, greasy little hands some boards here from Zach Baumster.

Ooh, yeah buddy. Not yet. I just got them last night. I will have a tinker this weekend. Pretty cool. Very cool. Yeah, my trick, the machine into using a 110 board. I forget, but that's good.

I might be called the Loki board. You see on the back, he's got all these little things all over the board. You know, I have been repairing electronics since the mid 90s. I have been trained by the, not the Marine Corps, the United States Navy.

Marine Corps doesn't have anything. We go everywhere with the Navy to repair at a circuit level to NASA specifications. You know, I've been in this industry for a long time and deployed a lot of field equipment.

Ooh, you're out. I'm credentialed. I'm regarded in the space. Well, let me tell you something. I'll be breaking electronics for the last 30 years. All right. That's what we're buddies. At the same level.

It doesn't matter how well engineered electronics are. I can break them. I don't know, man. I was sending these boards. You're going to be surprised. They're thick. T-H-I-C-C thick, they got all kinds of different little doodads on them, and they seem to be well done.

And they have a little picture of a little Loki man on them. Ooh, yeah. If he wants to send me some boards, I'll do some free testing. I'll break them and then you can fix them. Or are you going to break into the compass facility and put these on there?

They say, hey, guys, I just come in with these boards in my pocket. I'm just going to play around with some of the... that charged me $500 just a fucking enter. Well, Zach Balmster has delivered as promised.

I have these boards in my hand, and I am really looking forward to messing around with them and posting it all on Twitter, because isn't that what we do? Tell everybody every part of our freaking lives.

Can we have some pictures and documentation of what you've done with them? Yes, I will do all that. Thanks. You're welcome. I'll just press retweet. You're good for that. Right. What else we got?

Is that all? That's it. All right. Well, it's been a pleasure, mate. So says you. Well, I'll catch you on the next one. I look forward to seeing what you're doing with these boards, and I will be retweeting.

No doubt. Bye. Adios.