On this episode of Crypto Mining Tools, we have Dustin Minch join us for an interesting conversation. Dustin is a crypto mining nerd who has been studying blockchain technology since late 2016. These days you can find him
spending most of his time learning SEO and blogging about
topics related to the Bitcoin mining industry.
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Transcription
Is that your, is that your Chihuahua? Yeah, it is. Alright, go, go get, go get your Chihuahua if you need it.
Yeah, go get your Chihuahua so we can all say hi.
Welcome everybody to the 31st, I think crypto mining tools podcast. And today we’re here with Dustin and his Chihuahua
And Ethan or cohost. Hi everybody. Yeah, everybody. Yeah. Dustin is, is right over here with his little Chihuahua. Now Dustin, can you tell us what is your to Allah’s name?
His name’s miles
Miles. That’s a great name. Wonderful
Pounds. But he’s got the heart of a lion, right?
They all do. They all do. I should show you my little Chihuahua Bambi sometime. I was actually planning on having her make a guest appearance today. But she decided she wanted to stay under the covers cause she’s still cold. She’s not ready to come out.
Oh man. Yeah. I, I’ve got a hundred pound great Dane. She’s 11 years old. So we’re, we’re all, we’re all dog lovers here. Nice. Really nice. I bet your dog food. Bill’s insane with that. Great Dane eats a lot. Yeah. They’re like, you know, big 50 pound bag
Food last a month. You’re not one of those guys that does that. Just sends her down in the basement and then just dumps the bag on the basement. I know this has really happened. I’ve seen people do this like, yeah, like I, I’m not gonna mention any names or anything, but I had a guy that I was trying to help out and we were running wire for house. We were installing network hotspots, wifi hotspots throughout a really big house of a friend of mine. And on the way back, you know, I just overheard like, he’s got dogs and he hasn’t had any dog fruit for like few days. So, you know, immediately we pull into the pet center and I got two big bags of dog food for him and you know, I paid him for his day’s work or whatever. And as I was helping him, you know, carry the bags and you know, he’s like, no, no, no, no. Don’t, don’t take it in the house. Just take it around back. And he opened up the cellar doors, you know, and he’s got these two beautiful Pitt, you know, like they’re, they’re, I guess adolescent pits or whatever. Beautiful dogs. And he just rips off the top of one of the bags, just basement. And I was like, okay. Alrighty. That’s one way to do it. Yeah. Yeah. Alright.
So Dustin, we’re, we’re talking to you today about crypto and mining and we came across you because you had this, this website that you were working on. It sounds like it’s fairly new. It’s about two years old actually. Okay. Almost two years old. So you just finished a revamp then? Yeah, I mean, I’ve been meaning to do that for a while. I started off, you know, with a certain design and then I really, as the traffic kind of went up, said, well,
I don’t think I’m going to be able to scale this because you know, when people, you just want people to be able to easily access certain information. So I had to like react to the homepage so that if somebody new, it’s like, Oh I can go get this real quick and kind of get like a, you know, a beginner’s guide to cryptocurrency. Because man, when I first started mining, I’m sure you’ve heard this before, the information was just all over the place. You were getting like a little tidbit from here. You can get a little tidbit from here. And it was all like, some of it was bad information. Like I spent $200 on my very first GPU mining rig frame because that’s what my buddy told me I needed. Right. And it came with those little server power supplies 1200 and you know, it’s just because of a lack of experience.
I didn’t know any better, but I’m sure, and so, you know, what I’ve realized early on is that there’s sites like Investopedia and certain other sites that really, they rank for a lot of number one, they ranked number one for a lot of cryptocurrency mining terms. And they, they don’t really provide any value as far as, you’re absolutely just like, Oh, mine’s not profitable. You should just buy Bitcoin, here’s my affiliate link to buy Bitcoin and talk. And then they just go on a tangent about buying Bitcoin. I’m like, well how does that help the end user out? So the, the, the issue with it is, is that, you know, I’ve tried to over the years to outsource some writing some of the content and it’s horrible because when you hire a writer, all’s they’re gonna do the top three or four articles. Well, if that isn’t correct and regurgitate, yeah, they’re not going to give any novel or new information.
Right. And so there’s no, there’s no really, you know, experience from that. And so they kind of put me in a position where it’s like, I’ve had to, you know, put together all this content myself and believe it or not, I’m Scott. You kind of know how that goes with the digital marketing stuff. It’s absolutely, it’s time consuming to create these guides because some of the stuff that’s just like you can, you can do it rather quickly, but it’s like, how do you take something that sounds so technical and so complicated and break it down so that the vast majority of the public can digest it and understand it, you know? So I was going to ask you that Dustin, what is your formula for, you know, the people out there who are new to this that, that are just maybe curious, that really don’t understand a lot of technical things?
How do you break that down? What’s your formula? Well, I mean, if they’re brand new to mining, honestly I think Scott, you’ve seen my Facebook group. A lot of times I just tell them, you know, because when I first started mining, I actually downloaded miner gate, you know, okay. Four years ago, that is a horrible platform to now, but this name the name. Right, right, right. And so you know, most people I just say, Hey, listen, if you’re new to mining and you just want to get your feet wet, go ahead, download something like nice hash or Kuda minor. I actually prefer Kuda minor over nice hash just because nice hash is past history and their there, what was it, their CEO or something like that that just got arrested for another criminal offense or something like that. But there was somebody along the lines of that and so then that kind of gets their feet wet.
Right. And then from there if they want to maybe maybe they want to invest some more money and it’s like, okay, well why don’t you, why don’t you learn how to build a gaming PC versus trying, cause most people don’t have the infrastructure to even run one, a minor at their house, especially with nineteens. I mean you’re just not going to plug one of those in with your, in your living room and your wife is going to hate you for, you know, beyond, beyond hate. Yeah. I mean you can use it to dryer unless she has low blood pressure and she’s deaf. He doesn’t, the heat will keep her nice and warm and the sound won’t bother her. So but then you know from there, you know, if they just want to like, you know, I try to entertain like the low budget minor because I feel like that’s where a lot of the market share and where my value comes from is just showing people like, Hey, you can start CPU mining coins and accumulate knees.
They’re not going to be profitable right away, but you’re only going to spend maybe two or three bucks worth of electricity a month. You get to learn a new skill. You get to accumulate, learn how to research prod projects and then get your feet wet. I see so many people all the time, they’re investing, you know, Hey I got ten thousand twenty thousand thirty thousand dollars I want to get into the market. How do I get in? It’s like start small. Like don’t overbuild yourself because you know, if you, if you’re expecting, I think a lot of people they get information and they think it’s this big money making scheme where you’re just going to be back there just print money all the time. And that’s not the case. I mean, it takes skill. You almost have to learn trading skills to, to be a successful miner, especially on the GPU mining level.
Now ASIC mining, if you got a 3 cent electric rate or anywhere in that range, even 5 cents. Some of the guys I talked to in Vancouver, you know, they got that hydro-power at 5 cents on residential, which is like mind blowing to me that they have that, you know, you got a lot of, you got a lot more flexibility. But I think in the United States the national average is somewhere around 12 to 13 cents and I work in the solar industry. So I’m constantly looking at, you know, I’ve, over the years I’ve been looking at people’s electric bills. So I know that the average rate is somewhere around in between 11 and 13 cents. Sure. Yeah. Current market structure that’s not gonna work, you know, especially if you plug into one of those S nineteens. I mean, I imagine what’s your electric bill with one of those? Like 150 a month at a 12 cent rate?
A hundred, 200 bucks a month. Oh, it would be more than that, right? Yeah, because I think that that’s what, yeah, I had like a 13 cent per kilowatt at my house. I’ll tell you what Scott, we can look it up on our calculator. Yeah, we could, we came [inaudible] yeah, we do. We but yeah, I could look back at my own residential electrical bills and let me know, I’m gonna figure it out right here. Right now guys. The S 19 pro 110 tier hash I’m gonna leave the power cost at 11 cents and go ahead and apply those filters. That’s 19. Yeah. What did you say you’re going to leave it at 10 cents? I did 11 cents. 11 cents. Okay. Yeah. So your monthly electricity cost for one S 19 would be $254 and 83 cents. But I mean here. Now here’s the thing though that I want to kind of back that up because I think a lot of people were like, mine is not profitable, just buy Bitcoin. Well guess what? Buying Bitcoin requires you to log into an exchange, K Y C stick your debit card and pay all these fees. And then, you know, I feel like a lot of people that just buy Bitcoin, they kind of get bored and guess what? They start doing their friends like, Hey, buy this alt coin, buy that all coin and buying all coins is like buying a scratch off lottery ticket.
It is, isn’t as good as that though. It might be slightly better, you know what I mean? Lightly better. But you know you know, it’s just, I see that there’s advantages to, to, to mining cryptocurrency and using that as a vessel to buy cryptocurrency versus, cause you know, you could buy a couple of graphics cards, start small mine with those and essentially you’re quote unquote buying cryptocurrency in the form of electricity, right? Not paying exchange fees. You’re not having to deal with that. And then if you grow it into a bigger business, you know, you can, you can write off certain things like your electricity, you can, you can LLC it. You’re not going to get those tax benefits if you’re just an average everyday. Hudler everybody has their own different reasons for getting into mining as opposed to just buying the Bitcoin. Yeah. And those are definitely some of those reasons. Yeah. Dustin mentioned the fact that it’s fun, you know what I mean? Like Justin Britt has a question here. He says, any thoughts on staking some ether or Ethereum? Yeah, I got a lot of thoughts on that. Like when is it going to happen?
2.0 yeah. I mean they’ve been talking about this. I mean forever now and you know, I think that there’s a lot of people out there, they’ve purchased their, what their 32 weeks. But you know, I haven’t been following the story with it for so long, but I know that, you know, Vitalic has huge concerns about switching over to a full blown security issues with proof of stake that he wants. I think that they’re trying to get all those bugs worked out before they go full blown proof. That’s proof of stake. So I mean, if they do it, I’m going to be right along with everybody. I’m going to, you know, I got my 32 weeks set aside, so I would definitely stake it. But like the bigger question is asking Vitalic like, when’s it going to happen, you know, now, now Dustin, can you explain to our users the difference between proof of work and proof of stake, proof of stake.
So yeah. You know, I’ve butchered this explanation a couple of times before, but you know, essentially proof of work you’re using physical hardware to verify user transactions, right? And and generate new blocks of whatever cryptocurrency. So you’re basically forfeiting your hardware’s calculation power in turn for verifying transactions in for a chance to earn rewards. Whereas proof of stake, you’re essentially just putting up collateral of coins, right? You’re, you’re buying a set amount of, sometimes they require a set amount of coins, you’re putting those in a wallet, you’re freezing those essentially so that you’re not, you know, you’re structuring them in a way where you’re not really wanting to spend them. And then based on the amount of tokens that it varies from coin to coin, there’s some nuances there, right? But based on the amount of tokens you, you stake, you forfeit or put up as collateral is contingent upon, you know, how much rewards you earn that way as well.
So, and you know, there’s a lot of different factors like the coins, age, the amount, you know, how it’s structured and everything like that. So that’s kinda like my eighth grade dumb version where you’re just like kicking coins and you know, it’s just, I don’t really get it. You know what I mean? It’s like I just don’t really see the I do see some of the benefits from a green energy perspective. Like, you know, a lot of people are kind of against proof of work, but I feel like you need that barrier of entry to keep, I mean, cause if you look at the coin market cap, look at the data, how many proof of work coins are in the top 20 and how many proof of stake coins are in the top 20. It’s true, it’s true. There’s something to be said about proof of work that you just can’t beat with proof of stake as of this.
You know, it’s, it sounds great in theory, right? But you just can’t beat it. You got Bitcoin, you got a theorem. XRP doesn’t count. You got Bitcoin crash. Why doesn’t ripple count? Just, just I want to go out. But I mean everybody’s starting to kind of like and love XRP but you know, few years back, everybody’s like, that’s not a cryptocurrency. Right. What are your thoughts on a Bitcoin cash BCH you know, I haven’t really been followed. Where are we at on price on Bitcoin? Cash really [inaudible] two 41. I mean, so Roger verse stepped down and there’s been a big shake up. Really? Oh yeah. Well, I mean, that’s what I read on coin Telegraph. What is this new news or yeah, it happened maybe a week or two ago within the past two weeks. I mean, I feel like he’s kind of a little bit of a hot head basket case. Like he was like yelling at people on social media and it’s like when you’re, when you’re, when you put yourself as that high level of of a figure for, for the community, you can’t be yelling at people, flipping them off and cussing them out.
Hold yourself together a little bit. Yeah,
Yeah, exactly. And so like, I mean, it’s just, it’s kind of a saga. And like I said, I don’t really invest, you know, when I invest in a coin, I kind of look at the people behind it. And so if I don’t really, you know, resonate with sure, sure. I can’t invest in that because you know, that person’s the driving force behind that project. So so yeah, that’s my thoughts on Bitcoin cash really. It makes sense. Yeah. What about now? What about you guys? Are you guys predominantly just in the async mining or do you do any GPU mining?
Yeah, I mean, some of our partners do GPU, but we, we got into it ourselves. Just started with Asics. Yes. So that’s for the most part what we have known. Mostly Bitcoin. You know, I have, I do some Z cash. Yeah. Little bit of a theory, some ASIC mining myself, but yeah.
How’s the async mining going for a theorem? I know for awhile there, there was a few a few version of async miners that kinda got knocked off the network when that dag file finally caught up to them. But did they ever get like a firmware patch fix for that or anything?
I, I’m not sure, but I know that, you know, I do have the, in a silicone eight, 10 pro that’s what’s actually running in my basement right now. And that’s working just fine, you know, and, and the warm, yeah. Not too warm though, but the, the difficulty has been fairly steady for the last little while. I’d actually have to look it up, but yeah, so I, I’ve, I’ve seen it going up and down, but it seems okay for now.
And let me, so how long have you been into to the the cryptocurrency mining space? Scott, if you don’t mind me asking, have you been in it for a while? Like
Only since the, like the end of 2017.
Yeah, they have the two 2017 cause yeah, I always like to ask people, and I’ve been kind of trying to go back through the data and look at the blog articles, but you know, we, we did have a mining bear market. What and when did it start and what, 2013, 2014 or something like that. I can’t remember exactly. But when I think it was when the script AC Kwame miners came out and they kind of destroyed the profitability on light coin for a lot of GPU miners. And so when I’m trying to figure out is, you know, we can look on a chart and see how many days Bitcoin was in a bear market, but there’s no chart or data to see how many days mining as a whole was in a bear market. You know what I mean? So I’m trying to figure that out. What’s, what’s the calculation was, you know, what hardware went unprofitable and then what hardware kind of went back into profits. Cause I think that even some of like the [inaudible] nines and stuff like that became profitable again for people to use in 2017 so,
Right. And I don’t know, some websites out there, they have a historical charts of profitability. But some of them only go like the last 90 days. But yeah, I think information like that would be really interesting to have on hand.
And just so you can get a frack know a fractal of like, okay, you know, because you know, we can measure on a chart, it was 580 some odd days after the happening, before Bitcoin hit an all time high. We can measure that. You know, on a chart because the data’s there, but you know, there’s not a whole lot of data information about that. You know, I’m sure that there’s people that have personal information in spreadsheets out there. They’re, there almost has to be, but there’s not a website to really track it or anything like that.
Yeah. I mean we, we could lay overlay some charts, you know, like the, the price of Bitcoin, the difficulty. And, and then we could also go back and say, well, you know, what was the price to purchase a minor at that time? Or, you know, what were people selling the minus fours,
Seeing a chart like that. Somebody took a trading view chart of the last bull run and they kind of sectioned it all out and, and kind of hit all the milestones. Like this is when the [inaudible] was released. This is when the S nine was released and then they gave like profit you know, per day, you know, from that release point. And then how it dwindled with the difficulty. I remember seeing a really cool chart like that. It should have should have saved that. I don’t think I could’ve saved it.
It’ll be interesting to do something like a, a, an interactive version of that.
Yeah, it was, it was, it was like a a timeline. Yeah, it was really cool.
Or just like I did a, I did, so I did what you were saying Scott. I went back through and got a difficulty chart, downloaded it from a CSV file and I went back through with crypto compare, found out the release date of the [inaudible] or the [inaudible], you know, factored in electric electricity costs and did it on a month to month basis. And based on my calculations that S nine was almost profitable at like a 10, a 12 cent rate for almost better part of two years. And so that’s kind of why I always ask people just to kind of track and see, you know, how long, cause you can kind of create weighted averages off that and say, okay, I get an ASIC minor when it first comes out. I got a year and a half on average to get my money back out of that machine.
Right. Yep. Absolutely. And, and I always like to ask people too, so what are you, what are you guys’ thoughts or predictions on? You know, cause there’s a lot of people that say, Hey, mining’s not going to return back to what it was. I’m on the other side of the fence. I think that Miami is going to come back strong again. But I didn’t know what your guys’ thoughts or your, your philosophy was on it or you know, if you had any kind of insight that you’ve been talking with people and stuff like that, you know, obviously not advice, but, you know.
Yeah, no, we, we’ve been seeing a lot of more institutional mining, industrial size mining. But you know, honestly if, if it’s profitable, if it, if it’s profitable or, I mean if the price of Bitcoin goes up for a period of time and the difficulty doesn’t go up with it yeah, people are going to be mining at home no matter what you know, but they’re going to be buying these things for 3000, $6,000 a pop. Right. so yeah.
Yeah. I mean you’re always going to find that one guy who’s a real estate investor and he thinks he knows everything about everything cause he’s flipped, you know, 200 houses and he’s going to be like, you know, this thing only cost six grand and I can, I can run it in the basement and it’ll keep my pipes from freezing and like he’ll figure out crazy other benefits that it can do for him, you know? And yeah, there’s always going to be those guys.
Well that’s kind of what I tell people right now. It’s like if you’re going to look at getting, don’t get into mining when the bull market kicks in and then you pay. I tell everybody four times the amount of, you know, cause the hardware costs, you know, at flux, it fluctuates with them. I mean you can watch an S nine on eBay go from $80 to a hundred dollars in the blink of an eye. If, if Bitcoin goes up in that
Back in the last boom, I think I was seeing S three’s going for 1100 bucks.
Yeah.
Yes. As we’re going for 1100 bucks back in 2006 while I was desperate to buy a mine, I was like one of those crazy real estate guys.
I think maybe [inaudible]. Yeah,
No, no. When the S seven sold out the [inaudible], we’re going for the [inaudible]. We’re going for like 2,500
No way. Yeah. Do you guys foresee anything on the horizon with the, as far as ASIC development, do you think that the [inaudible] is going to be the flagship minor going into the bull market? Kind of like the [inaudible] was,
Oh yeah. It’s going to be, it’s definitely going to be the next, you know, bread and butter
Machine. But, you know, I think we’ve seen a lot of people getting a little bit leery about that means minors.
They are, because the [inaudible] have had a lot of manufacturing issues.
Yeah. And so people don’t really know yet if the S nineteens are gonna be the same, you know, but, but there were people saying that the S 17 plus at least had at anywhere between like a 10% to 30% failure rate. And I know specifically one of my clients who bought over a thousand of these S 17 pluses and now it’s been a few months. They’ve haven’t plugged in there. They’re sending back at least 350 of them already. Yeah,
Yeah. It was, it was more than a 30% failure rate.
Yup. Yeah. That’s kind of heard, you know, people are, are looking for alternatives maybe in a silicone, maybe what’s minor?
Yeah, well it’s minor and NL Silicon is getting a lot of buzz right now because of the bad publicity that Maine has gotten over the 17 here we go. Brett says we’re replacing all of our S nines with [inaudible] in commercial space and many new micro BT and thirties and Avalon 10 66 is much more efficient machines for sure. We’ll see. We’ll see on our eye on these boxes, my guess is two to four years. We will do well.
Yeah.
And Brett also confirms that a seventeens have like a 30% failure rate.
Yeah. That is, that is, I can, I can’t believe that. I mean, it’s kind of unacceptable, you know? Yeah.
And, and it’s pretty difficult right now for some minors because it’s really hard to get them get them repaired.
Yeah. Production is down. They don’t have spare parts. They, they’re not yeah. Covert has shut down all production and all spare parts and nobody can get the latest generation miners, even the S seventeens are kind of sparse and hard to get ahold of. You know, if you’re willing to take the risk with the defect rate.
Yeah. An interesting time we’re in right now because you know, in, in 2017 we saw that bull market and, and then all of a sudden the manufacturers were out three months, you know, you had to preorder and then it was four months you know, and, and then the price of the miners started going up. We’re kind of seeing that right now. You know, it’s, it’s not really a big deal because I think people are used to kind of waiting a little longer now, but I think the [inaudible] is out to September now. Yeah. Yeah. I got no room. I got room and I got room at my house to run two of those. The infrastructure I got right now, but like, I’m just kind of patiently waiting and I’m like, is this the one that I invest in or did they have like the five nanometer chip set that’s going to come out and blow the doors off this one? Or maybe they’re already mining with the five nanometer chip set. Who knows, you know the arena is such a mixed bag of emotions because, you know, you’ve got all these alt coins, you know, ASIC miners coming out. Ethan, I heard your story about buying the dethrone and you know, everybody bought that [inaudible].
I mean,
Unbelievable. You know, and that’s why I try to, you know, that’s why I try to tell people, they’re like, well, what do you think about this minor? What do you think about that minor? And I’m just like, I think that you should buy some graphics cards first and stick with those, or you just invest in some random Joe Schmoe, you know, ACE, I think that the Ethereum basic minors, you’re, you’re, you’re good to go, right? As long as you get a good one. But some of these other ones, it’s kind of like buying an alt coin. It’s just a lottery ticket. You don’t know, you know, what you’re gonna do
This much. I do know about the technology, Dustin, is that the smaller, you know, even if we get to smaller, smaller processes, so let’s just say from 10 nanometers to five nanometre right? We’re not going to get a full w we’re not even gonna get close to a doubling because the law of physics start creating a lot of issues, you know, electrons start quantum tunneling and jumping between the channels of the circuitry and things like that. So in reality even if we go from like a five nanometre process to a three nanometer process, we’re probably looking at somewhere between eight to 10% gain improvement. So, you know, w with that knowledge that I have, unless, you know, they come up with some new manufacturing technique or a novel material or whatever, go ahead and get the [inaudible] because if they make an [inaudible] it’s not, you know, you’re only looking at an eight to 10% difference beyond that, you’re probably looking at double the price for an eight.
You know, it’s, it’s the same thing like when you build computers, right, right. You’ve got no, the super that, the Titan graphics card, right. And then you’ve got, you know, the, the 2080 or whatever Titan, and then below that you have like maybe a 2070 or something like that and the 2070 costs, you know, I don’t know, six, 700 bucks, but the 20, 80, I mean, you know, those things are like 12, $1,400. But when you compare them head to head, I mean there’s just, there’s a Mark just a slightly marginal difference in performance. Right? So it’s the same thing with [inaudible]. I don’t think they’re going, you know, they’re going to build future generation miners. That’s absolutely going to happen. I don’t think the newer technology is going to be significantly greater than, than the best that they’ve got out here with the S nineteens. And that’s, that’s just my take on it.
Hey, Ethan, why don’t you a quick, tell us a little bit about our hosting directory that we have here. Yeah, let me see. Something like that going on.
Yeah. So you know, it’s kind of a big issue now because, you know, just like you were saying Dustin, that you know, your residential power, it’s just not up to the task. It’ll do GPS. You can, you can run quite a few GPU off of residential power, but these latest generation miners, they are so power hungry. You need to have a good place to keep them. You need to have them in a purposely built facility. And that’s what our directory helps you guys find. And it’s not just for one type of person. So if you’re a complete newb and you don’t want to even touch the minors, you don’t know how to turn them on, you don’t know what to do. We have fully managed hosting options. If you’re an inexperienced, seasoned Byner and maybe you have existing containers and you’re just looking for cheap power to move your containers around to, we have co-location.
And if you’re looking to just like do like a full custom build out and maybe a 10 year power purchase agreement and, and you know, use natural resources on land, we even have that available on our hosting directory. So you know, if you’re out there and you’re listening and you’re really seasoned miner, don’t think that we’re just trying to connect the new guy with a fully managed hosting directory situation. And if you have any of these power options available that you would like to be listed in the hosting directory, contact me and Scott will be happy to put you guys onto our directory. But that being said it’s very easy to use. If you’re looking for fully managed hosting, we have a system there that will calculate or estimate for you what your power usage or your power demand will be. And then from there you can go through and you can filter parameters based off of, you know, your location or the price you want to pay or even just the features of the facility you want to use.
Yeah. Nice. So this is something that we launched recently and we’re adding through it every day, but we just wanted to
Now is that for hosting directory or is that for also, can they get hardware through you and then hosted as well? Absolutely. So what’s our calculator to figure out which miner is the best for you. You can then compare that miner to other miners to make sure you know, you’re, you’re getting the, the ideal decision for yourself. And then after that you can go to our shop, you can find that miner and you can buy it. And after you buy it, you can then go to our hosting directory, you can find hosting for it and have it hosted. So you can literally get into this entire industry just through our website. You don’t need to visit 20 different websites, you don’t need to do a ton of crazy research. And reading about this, you can get all the facts that you need right there easily and conveniently in one simple.
Yup. And so for example, what I’ve been doing, and I think we need to make just a regular tool out of this and take this part of the website I was telling you, and just like say, Hey, I finally designed something Scott likes. And so, so I hear people say, well, okay, I have a, you know, 200 kilowatts of power that I can consume. What should I buy? You know, so you can actually go into our hosting directory and look here and just use this as a way to figure out how many Watts you can use up. So I could end up many
Miners use how
Much power. Yeah. So the S 17 pro 53 terahash model, if you get a hundred of those, you know, they consume around 2000. Yeah. You’re going to use some somewhere close to two tenths of a megawatt. You know, usually these facilities, you know, tend to give us all these power things like, you know, I’ve got five megawatts or I’ve got 10 megawatts and I can expand to another 10, you know so this is really helpful for us to be able to tell them like, okay, you know, this is a, you know, half a megawatt deal or you know, this is a, you know, a 10th of a megawatt. So they have an idea of how much of their infrastructure is going to be used. Yeah. But you’re rights got it is very handy and you can mix and match. Don’t forget that you can mix and match miners.
So let’s say you want to put half into the S nineteens half into the, you know, the S seventeens or whatever, and it’ll calculate all that power demand for, for all those different varieties. And if we don’t have the miner listed, you can actually add a custom value. So, wow. Tell me more. Yeah. All right. So we, we’ve kind of thought of everything with this. This is, this is amazing, man. This is a, you guys are really put some thought behind this one. I, I ran into the website, you know, I seen the calculator and it like, you know, I couldn’t really, I didn’t really know how to work at or what was going on there. But now looking back on it and I’m like, you know, this is it just makes, I think it makes it really easy for people cause there is cheap consumable power available.
Just people don’t know how to access that. Right? They don’t know how to negotiate that. They don’t know who to talk to or whatever. And so if you could facilitate that, you know, obviously, you know, there’s gotta be some money that goes back to the church for facilitating that, but do it in such a way that it’s not like a scammy Genesis cloud mining contract where there’s maintenance fees or you know, bit club network. Just, you know, the longest Ponzi scheme ever just collapsed. You know, I could see the benefit in doing something like this and still be able to make some money. Whereas most people, they’re like, what about this cloud mining contract? What about that cloud mining contract? And I’m like, he needed to stay away from all, all, anything that has like the cloud mining kind of word in it, like just being very cautious about it. But
Absolutely we need to add another category there. Cloud mining, no, nevermind. Cloud mining directory are our thought process behind this, Dustin, is that we want to create a marketplace and in this market it’s going to breed competition and so it’s going to be win, win for everybody. So it’s going to help the industry itself you know, be a survival of the fittest. It’s going to help the end user because there’s going to be competition in the market. And these cloud mining places, I mean, you know, there’s only three or four and there’s not really any, any competition or anything with that. And so, you know, even with our online shop if you look up like one S nine, you’ll see that there are 10 different brokers selling that and they’re all, you know, competing with different prices and we’ve made the back end of the website to where the broker can log in and they can see who their competition is and they can start to strategically place themselves to where they’ll generate more sales. So it’s going to be really interesting. Once this really gets traction and takes off, you know, how, how well the industry will, will, you know, accept what we’re doing and you know, if the competition will make a better situation overall for the industry and we’re hoping that it will.
Yeah, that’s, that’s you know, like I said, it’s pretty interesting because, you know, I think that, you know, as far as like Bitcoin mining, like my biggest concern with Bitcoin mining specifically is that it’s been, you know, kind of centralized to these large mining pools over in China. And so that’s kind of been a thing for me for awhile and it’s like, you know, where’s the future? Go for Bitcoin mining and is it just gonna, you know, falter or what’s the nominator? And like, you know, there’s some place that’s got a half a cent electric rate over in China and that’s where all the hardware is gonna fall. Right. But like, you know, if we can create platforms like this where people can kind of crowd fund and plug into that and invest their, put their money into that, then it kind of breaks up the, the equals out the playing field and absolutely Bitcoin, Bitcoin mining I almost said bit corn, cause I call it corn all the time.
But back car mining. Yeah. But it kind of decentralizes it. Cause like I said, that has been a concern of mine is like, are we getting, are we becoming centralized? Is it becoming way too industrialized? Where I don’t think that that was really Satoshi’s vision or plan for Bitcoin, you know, so that’s why I kind of always, I’ve kind of pulled away from it from a little bit, you know, don’t get me wrong, I love basic mining. There’s nothing better than just buying a prebuilt miner. It just works. You just plug it in, GPU mining, be ready for lots of late nights, banging your head against the wall, trying to mind some one off reboots, hundreds of them. But yeah, I mean that kind of, you know, that makes it great that there’s a marketplace for that. So I’d be interested to see you know, I’d be interested in doing some promotion for that.
Yeah, that’s pretty cool. So, so Dustin, where where do you hang out most? Like I reach out to you Facebook. Yeah. So most of my, you know, you guys can typically find me in the crypto miner tips Facebook group. You know, I know a lot of people are pro, I do have a discord, but I’m rarely ever in that discord. You know, I’m always checking, you know, for family and friends and stuff on Facebook so I can catch a notification in my Facebook group. That’s probably the easiest way to get get ahold of me. And then also too, but if, if people do want to reach out and just kind of ask me some questions about mining, I don’t have a link for it, but if you just look up the coin genius, I’m partnered with coin genius. They’re like a big data widget company.
They’re coming out with all these different widgets and so I am part of their discourt community too as well. And you know, they got, you know, coined genius AI. Yeah. And so I’m pretty cool company. You can find me in their disk. I’m actually hang, I hang out more in their discord than I do my own. So those are the two places that you can typically find me. And you know, I’m, I always try to help anybody out. I can, I know some people they charge for consultations and stuff like that. As long as they don’t beat me up too bad and keep me on the phone for three hours, I’ll talk to you for a half hour and give you all the information that I know about, you know, about mining in general. So, yeah. You know, I think that’s, that’s kind of what the space needs and you know, I just like to help people out as much as I can.
That’s why I built the site. They kind of, cause I was so upset at Forbes in Investopedia for, I just don’t feel like they deserve the number one spot on Google for some of the stuff that they’ve gotten doesn’t provide any real value to the user. So if it’s one thing I do before I die, I’m going to get that number one spot from Investopedia for what term though? Bitcoin mining. I’m like, Oh man, I got, I don’t, yeah. You know, I got a long uphill battle. I got a lot of hurdles to cross before I get there, but well maybe we can work together. Scott and I can help you out with that. We wish we should maybe talk after this after we go offline. But well Dustin, thanks for coming on our podcast and for sharing your knowledge with us. It was, it was great talking with you. Yeah, absolutely. Thanks a lot Dustin. I appreciate you. We’ll see you guys. See ya.