This episode presents Mike & Scott from Supplybit. Mike launched Supplybit in January, 2020. He has over three years of cryptocurrency experience and over 10 years of trading experience. In Spring 2017, Mike launched GCG, a cryptocurrency hedge fund. Additionally, Mike has experience as an FX discretionary trader at a Tier 1 proprietary trading firm, founded the Hanley Center Alumni Association and currently sits on the Advisory Board for MMSpire Trading Company based in Northern Virginia.
Scott brings more than 14 years of experience in driving revenue for high-tech start-up businesses and technology resellers. During this time, he has served in various senior management, consultant and business development roles for both successful start-ups and mature technology businesses. Additionally, Scott brings a deep level of expertise in the blockchain and enterprise data center sectors, having served as a long-term, trusted partner to executive IT decision-makers. Throughout his career, he has generated more than $40 million in revenue while creating and managing teams across new markets. Scott serves on the Blockchain and Crypto Mining Association board, is a member of Rotary Club International and is a proud father of his 5 year old daughter Adeline.
https://www.pscp.tv/w/1YqKDEZaqjvGV https://www.facebook.com/groups/crypto.mining.tools/permalink/584020585845247/ https://www.facebook.com/cryptominingtoolspodcast/videos/1434407950077043/ https://www.facebook.com/scott.offord.milwaukee.seo/videos/10163572628775024/
Hang on. All right, we’re live. Welcome everybody to our crypto mining tools podcast. I think we’re at maybe number 35 episodes here. I’m looking forward to maybe getting to 50 very soon. But today here, I’m your host, Scott offered and we have our cohost over here.
Hey everybody. Ethan here. And then we’ve, we’ve got Scott Hancock and we call him Scotty cause you know the two Scotts well yeah, the Tuesday we get mixed up and then we have Mike over here.
Like what, what’s your last name again?
Right, right. Okay. So yeah you know, today we’re talking about a very interesting topic. We haven’t really discussed it on a, on our podcast before. So there, there will be some education about some different terminology and a, a really different part of this this industry. You know I think a lot of people have heard about mining and, and different ways to get into mining. You know, there’s different ways to invest. There’s also some very negative connotations about cloud mining. But I think Scott and Mike today can really clear some of these mrs misnomers op and, and really shed some light on, on a new, interesting way to, to get into the industry. So Scott, why don’t you just kind of introduce yourself, tell us a little bit about your background, what you’re up to. You know, I know you’re involved in a few different companies and ventures and then you’re also working along with Mike too. So yeah. W why don’t you just tell us a little bit about what you’re up to?
Sure. So let’s see. About two and a half years ago, I was blessed with the opportunity to be a part of mining store for awhile. So got to learn a lot about the industry, really enjoyed my time there, wished them the best. About 60 days ago, I started my own consulting company with the idea of providing a complimentary suite of products so I could talk to mining groups, investors, individuals interested in getting Bitcoin mining exposure and listen to what they need and, and be able to offer something that really met those expectations and serve the customer. So running the business development and sales for Watham bit river and supply bit as well. So very excited to be here today.
Well, that’s awesome. That sounds like you’ve got a lot on your plate.
Yes, I do love the space. So,
And, and you have a like a four year old daughter or something as well that you’re balancing.
I do. Before I got on this today, she told me to wear something suitable. So Adeline, I hope I’m looking suitable to you.
You’re, you’re looking a lot more suitable than me. I’m just got high standards. Yeah. That’s awesome. Yeah, and then, and then Mike you know, why don’t you tell us more about yourself. It was actually Scott Hancock who introduced us to you and what went on. But I know you’re also involved in a lot of different projects as well.
Yeah, it’s been quite the background for me. So fun fact, I started Bitcoin mining via a friend back in 2011 I mined for three days, thought it was computer virus and my friend, you know, I’m on the stolen on this from my computer, very regretful that ever happened. But I’ve been a professional money manager and trader for the last 10 years. So my background is, I was a professional currency trader here in Chicago and I traded FX, so I traded a Euro. Yeah, an Australian dollar. So that was my background in late 2016, early 2017 a lot of coworkers and I, given that were traders were day traders. I mean, we’re the guys who would hold positions for seconds or minutes or hours even. Right. We all started slinging cryptocurrency on the side, you know, that’s right. When the Ethereum ICO came out, that’s when Bitcoin was having some place and we all got heavily involved.
And I was sitting at my desk one day surrounded by some of the smartest people in the industry that I believe, and everyone’s throwing large amounts of money into crypto. And I said, well, okay, there’s something here. There’s a big learning curve for new people to enter the market and how can I, how can I fix that? How can I make it easy for individuals to get exposure to cryptocurrency? Because those were the days when Coinbase, you know, it was very hard to use. Their spreads were crazy, their transaction fees were crazy and everything else. So I decided to start my own hedge fund. So I started a hedge fund solely a long only crypto, completely unleveraged back in the spring of 2017 that fund is still in existence. We’re fortunate to have been having a few good years. Obviously 18 was a little rough, but so I’ve been in crypto and exposed these markets for roughly three and a half to four years.
And so what we did last year was, it’s really when I dove into mining, I always had a one Oh one or two Oh one level of expertise in mining. I understood the basic fundamentals, but my colleagues and I, we dove into some financial models and said, wow, there’s an opportunity here. Especially with the next gen stuff that was coming out with the pluses and the efficiency ratios. We said, Hey, these numbers make a lot of sense. So a partner and I, we deployed about $2 million of our own capital and say, Hey, let’s get another mining game. Let’s put our money where our mouth is and, and figure this out. And we did that in January of this year. We took the mind from concept and around Thanksgiving to full deployment of profitability, January 15th so to my knowledge, I mean that’s a 45 day deployment. We were moving very, very quick.
Yeah, yeah, yeah.
You know the one thing we had an issue with, well there’s several issues when you begin mining was we figured out, okay, you have co-location, you have your electric, you have what type of mining or do you want? You have certain defect rates. With those mining rates and through this process we kind of looked at each other and said, Hey, this mining stuff isn’t quite as easy as you think it is. It’s not just buy a machine and plug it in.
It isn’t. Right.
I mean granted we knew there was going to be some complexities, but same kind of principles. When I started the fund I said, Hey, people want to get exposure to mining. How can I make it easy? We’ve proven it with our own money. We’ve proven the business model and we’ve built our inventory and said, Hey, let’s make a viable solution for institutional or wealthy individuals or even individuals with 25 grand that want to get exposure to cryptocurrency mining and quite frankly not have to deal with all the bullshit, not have to deal with fluctuating hash rate and not have to deal with power outages or anything like that. And that’s kind of what launched us into not only supply bit, but also providing the, the hedge mining services that I’m excited to formally launch here on the podcast.
That’s fascinating. That really is, yeah. Tell us, tell us more in depth about that.
So if you think about it, if you want to go buy an S night scene, whether it’s the 110 or 95 terahash models, you’re going to pay roughly between 32 and $36 a terahash right now and that those are today’s prices. Those are prices that I got quoted this morning. If you wanted to go and buy an a 17 plus model, you’re going to pay roughly 22 to $23 a terahash. Right? So that’s your upfront cap X just for a machine. Now factor in when you go to a colocation facility, you’re going to have to put down a deposit, which is going to range between 10 and 15% of the sticker price of the machine as you put down a month or two deposit. So we did was we said, Hey, let’s create a product that is very, very competable or very comparative to buying your own machine.
What is the turnkey solution? So we have two different products. We have our premium product, which is 35,000 for one petahash. And the nice thing about that product is we guarantee you a buyback. So say you want to buy in, the contract is 36 months. So say you want to, after a year and a half of money, you said, Hey, I want to get out, I’m happy with where Bitcoin is and I want to get out of my contract. We’ll guarantee you that we’ll buy it back from you using a 36 months straight line model. So what that allows investors to do, whereas if you were to go and buy Bitcoin yourself, or if you were to go and buy mining equipment yourself, your risk is 100% you could theoretically lose 100% of your money with our premium solution. We’re minimizing your downside risk. Your downside risk is 33% a year.
So let me just get this straight. Let’s say I had $35,000 correct and I bought a pair hat petahash from you and I started hashing our house for three days and I said, nah man, this is, this is too risky for me. You guys are willing to buy that back.
Yeah. So there is an initial 12 month lockup. You just can’t turn and burn it on us real quick. What the nice thing is, there’s also loss periods. So say when you come on board with us, we give you all the economics, we hold your hand, we’re really a white glove service. You’re going to know what your break even is. You’re going to know what your op ex is, all that is fixed. And so you have the ability to say, Hey, you know I don’t like the price of Bitcoin right now. I don’t want to incur any operational expenditure. So guess what? You can pause that and then turn it on anytime you want. And the really nice thing about these contracts are you have the ability to sell them to a third party. So you have two tangible assets. You have not only the Bitcoin that you might acquire, but you have a contract that’s similar to like a mineral rights. Imagine if you had a parcel of land that had oil underneath. Well those mineral rights have inherent value and that value fluctuates with the price of oil or the or the good that you can mind for them. The same principle applies to these contracts because essentially you have a pile of Bitcoin that you’re trying to mind. As Bitcoin goes up in value, this contract will fluctuate in value. And so what’s nice about it compared to other cloud mining services, which I would say we are not a cloud mine.
Yeah. It doesn’t sound like cloud mining to me in the very least experience with cloud mining has been, you know, you buy a contract and you hope that you pray, you pray that they keep, they honor it, they keep it up and that the website is going to disappear in a, in a few months.
And see that’s, that’s the nice thing with us is you get daily distributions. You know exactly how much Bitcoin you’re going to make every month within a certain degree of, of you know, depending on difficulty. But with us, what we found was there’s really no guarantees in the space. The space is rampant with over promise under the liver. So what my team and I worked really, really hard to do was make sure we have the insurance in place. You know, there’s not very many monitors with insurance and I know the,
You guys are insured phenomenal. That that definitely is a game changer for our industry.
And so what that allows us to do, and Scott and Ethan, as I, as I mentioned previously, you guys re will receive proof of our insurance today. So that way you can back up that we make and that way you have that evidence. But what’s nice about when we’re insured is I can guarantee you 100% uptime. So for instance, Ethan, if you’re mining throughout the month, your hash power is going to fluctuate as you have rejection rate machines, Ash boards go down, things happen with us. We look at the difficulty rate and it’s a very simple mathematical equation. Okay, here’s difficulty. Here’s your hash power, here’s how much Bitcoin you should have bought. We make sure that whatever your theoretical value is, you mind every single month. So at the end of the month, say for instance, you were short a fractional amount of Bitcoin that you mind, we screw you up.
We say, Hey, make you whole. And guess what? If you mind more than you should have, that’s on us. We wear that risk. You get to keep that. Right. Now we’ve really designed this to really benefit the client and the nice thing about the church and say, God forbid the mind blows up or there’s a catastrophic fire or whatever it may happen. Well that insurance allows us to guarantee that you’re still gonna get paid every single day. That your mind, you’re not going to have any interruption and nobody else to my knowledge can make that claim in the space right now.
Oh, nobody. Yeah.
Yeah. And so the best way to think about hedge mining is it’s just like you’re mining yourself only. You don’t have any bullshit to deal with. You don’t have to worry about machines going down. You don’t have to worry about being insured. You don’t have to worry about your capital deployment risk.
You don’t have to worry about permits or any of that nonsense regulations, any of that stuff. You guys take care of everything. Power purchase agreements and yeah, call it hedge mining. I love it. That’s a great thing. I can imagine all these miners right now with S machines and they turned them off and they just wish they could hit the pause button on their electricity bill supply pause button there on, on their on their facility or, yeah, exactly. There are things that cost money
And the really nice thing is our op ex, or if you want to call it electricity, but the cost to run the machines per Petta for petahash for one, for the Ash is two grand a month. So it’s very flat, easy to understand, Hey, I’m going to put up X amount of money and I’m good for 36 months, then I know what my op ex is and say, you want to cut it off halfway through the month? Okay, we just prorate you. It’s, it’s very simple. Right? And then finally the way that, so we don’t really make any money on the op ex and we don’t make any money on the hash power where we make our money and we’re really supplied. But it has the opportunity to grow is we charge 15% of coins mine. So what that allows us to do is guarantee you a hundred percent uptime, give you the ability to enter mining at the same cost it would cost you or less than going out and buying your own equipment and doing it yourself.
So I think this is a great opportunity to talk about the two different products we have. One is the premium product, that 35 grand that allows you to turn the contract back on us. We guarantee you a buyback, but then you say, Hey Mike, I don’t want to buy back. I’m very bullish on Bitcoin. I’m long and strong. Okay, well that’s our $25,000 product. And that is one petahash for 25 grand at an op ex of roughly exactly 2000 a month. And if you look at that contract, it’s like, Oh, okay, you can go buy [inaudible] and pay a premium at that level, or we’re right in line with the F 17 pluses. If you go buy the machines new, it’s very competitive. And so what we’re looking at is saying, Hey, guess what? Come to us. Yeah, we’re going to make our little management fee, but you have nothing to worry about in terms of machines going down. I mean, especially everyone talking about the big defect rate with one of the batches. I’m not going to name a manufacturer or anything like that.
We all know the community knows that name. So you know what you’re saying is fascinating. And I think what’s really important to note here that almost everybody getting into the space doesn’t see or doesn’t evaluate properly is you know, they may get all the details right with, you know, what kind of minor they want to buy. They may even figure out all the infrastructure, you know, issues and, and you know, how to get power really cheap. But one of the things that they, they don’t ever talk about, I never hear discussed. Cause I always hear horror stories about everything. My mind has arrived broken or the power company jipped me or, or just whatever. But I never hear anybody talking about understanding what risk is in this industry and doing things to manage their risk. And it sounds like what you’re offering is something that is, I’ve never heard of. I’ve never even seen any industry you handle and you take care of all of that risk. People will just give you that investment capital. They’ll, they’ll get their petahash and you handle the risk and, and you know, guarantee them a return. And nobody else in our industry is doing anything remotely like that.
Yeah, yeah. I’ll just, I’ll just touch on that and I think we will take a brief break, but that comes from my background in hedge fund. My job as a trader is to mitigate risks. Anyone’s barrier to entry, whether it’s investing in a hedge fund, investing in mining and busting and equity is whatever it may be. It’s risk management. Those are the people that have good returns, that understand how to manage risks. So all I want to do is provide those tools, those tools to my clients and give them the flexibility to be great risk managers and have their own destiny in their hands.
Yeah. Yeah. And so we’re just gonna talk a little bit about Cryptomining.tools and Ethan’s gonna share a little bit about our website and, and what you can do there. But yeah, Mike, I think it’s great what you guys are doing. And after this I want to learn a little bit more about, you know, what, what does this mean to you? You know, like what, what are you, or what are you able to do with the investment that you receive you know, for your business to, to be able to continue maintaining it and to continue growing it. But yeah. Ethan, why don’t you to take it away?
Yeah, I just want to again mention our website, Cryptomining.tools and you know, talking about risk and understanding risk is really important to have accurate information. And that’s what our calculator app helps you do. Our advanced features in the calculator app allow you to give really, really fine grain controls over expenses and you know, factors that that will change your profitability and, and your bottom line and give you what we feel is the most accurate calculation out there. Another really useful feature, and I want to point this out to everybody, is we do have the quantity value. So if you want to know what your total income should be from 200 miners or 300 miners, you can just simply change the quantity. Gone are the days of frustration where you have to go in, you have to figure out the hash rate of one miner.
Then multiply that by whatever factor of miners you have. We’ve made it simple, we’ve made it easy for you. And then if we go on to our comparison app, you know, once you found a miner and you found the profitability that you feel is acceptable and you understand the risks with that, we now have the ability to let you compare that. Compare that with its nearest competitors. Is it really the best choice? Are there better options out there? Are there miners that would be less expensive for you that would give you about the same value? Or are there other manufacturers that don’t have as high of a defect rate? So yeah, our, our comparison app allows you to, to, to see that and to know, you know, get that extra step of assurance that you have, you know, made the right choice. And then after you do the comparison, you can go to our shop app and this is where you can go in the market.
And, and again, I’m so excited about this. We’re about to release our new user experience on the backend and this is where the market will be able to list their miners. And right now Scott and I are just getting flooded with people who want to sell and buy. And it’s getting so overwhelming that I’m glad we have this technology in place because it will be able to handle and delegate and manage a lot of these transactions for us and do it in a safe and secure way. This is coming from Scott and me. So, you know, you’re, you’re not dealing with scammers, you’re not dealing with hustlers. You know, you’re getting, you know, the real market price and, and you know what the market really has to offer. And that’s what I really like about this. And then after that you can go to our directory.
So if you don’t want to deal with the hassle, you, you can always go down to Mike and he will just take care. You, you just give him the cash and they’ll do it. But if you still got that entrepreneurial spirit and you like to be that hands on pioneer, you know, chopping down the trees, building the cabin yourself, here’s where you can find the energy for your miners. And we have a very useful tool if you go into the managed hosting let’s say you’re completely new at this, you know, the, the hosting farms, they want to know how much of our power do you want to buy from us? How much do you want to use? Well, I don’t know this, I’m known the mining here. You can select the, the miners that you want to buy or the miners that you have put in the quantity and it’ll tell you, it’ll calculate automatically for you how much power those miners will need. You can add multiple miners. And if by any chance our miner isn’t available in the list, you can actually add a custom power value. Yeah. So when you’re getting a quote from these hosting facilities, instead of having to go through and do all the difficult calculations, they’re going to already know everything that you need and they’re going to be able to give you a very accurate price.
Yeah. Yeah. So,
Scott, do you have anything to add to that? I,
No, that was a pretty thorough review of what we’re offering here. And then you know, that that really compliments our telegram channels and telegram groups where, where we have buyers and sellers posting you know, want to buy ads and, and w want to want to sell ads. So yeah, you know, we’re really just all about connecting the the industry to each other from the vendors and the buyers and yeah, so anyway that’s a little bit about us and we’re able to run this podcast because you know, it allows us to really reach out to our audience, but being able to speak about our services and products is, is good. So anyway, let’s, let’s get back to Mike and Scott Hancock here. Yeah. So Scott what were we talking about before
We’re talking about a risk management, right?
I think a good place to pick up was, if you will, if our real competition and your real choices when you come into cryptocurrency, you ask yourself, okay, say I want to allocate funds to crypto for the very first time. You have a lot of choices. Do I want to buy Bitcoin? Do I want to buy a Sirium? Do I want to buy mining rigs? What do I want to do? And so what we did with our service was say, Hey, okay, let’s say you had $50,000 today. You can go out and buy roughly five Bitcoin, you can go out and buy some machines or you can come to us and guess what, with one petahash over 36 months, you’re going to mine between six and eight Bitcoin, right? So if you look at where’s my biggest bang for my buck and where is it the safest in terms of protected downside, tangible assets they contract that is transferable that I can sell to a third party if I want.
You know, if you your own machines and your hope is that Hey, Bitcoin goes to 40,000 and those machines are going to gain value, I’ll be the first one to you. Yeah, they’ll probably appreciate value. But what’s harder to sell hard tangible machines or a hash contract where it’s saying, Hey, I guarantee you you’re going to get this much power. And so that’s, that’s our real thing. When we went out to design the product, it’s not only we’re competing against the Genesis mining or the bitch years of the world, we’re competing against other miners. We’re competing against going out and buying crypto yourself. So we’re, where I look at it from is I put my hedge fund hedge fund hat on and say, you know what, if you want to move into crypto, it’s probably wise to buy some coins yourself. But it’s probably wise to get exposure to the mining side.
Because if you think about what you’re trading, right? We talk about risk management and trading. Well when you enter a trade, let’s say you buy Bitcoin, you buy it at 8,000 that’s a decision you have to make. There’s two entries when and at what price am I getting into the trade and when and at what price am I getting out of the trade. So there’s two big decisions you have to make when you’re mining, you’re automatically long. You’re generating Bitcoin every single day. So the only decision you have to make at that point is, okay, when do I want to sell it? And guess what? If the price was 9,100 yesterday and you sold some and now it’s 9,500 you’re not kicking yourself saying, Oh man, I wish I would’ve sold at 9,500 cause guess what? You got another reward today of Bitcoin that you can sell at 9,500
So whatever interests.
Yeah, yeah. When it comes to managing risk, that’s kind of what we look at. Why we design the product the way we did. Now let’s talk about, you know, why am I in crypto? Where do we expect to go? What is my stance on the space? I’ve been in crypto for about four years and my background and professional markets, I’ve worked at hedge funds and proprietary trading shops and what we’re seeing more so than ever, and even today, you can look at it, look out as the PCE numbers or the inflationary numbers, wages, group U S dollar wages grew 10% over the last month and savings have dropped 13% what does that mean is Fiat currency or traditional money? Your buying power is getting destroyed at an unprecedented rate because think about what wage wages went up 10% what do you think gonna happen? Your goods and services, those costs are going to go up.
Inherently, we talk about inflation. So if you look at, okay, why is crypto a good asset to have? Why is it maybe better than gold? Well, gold is a great story value. Bitcoin’s a great store of value. What is the transferability being able to transact in real time. And I’m sure you guys are familiar with the prop with the product, 10 X, they have a card over in the EU that they have any money lies. So it’s essentially a debit card product where you link your wallet up to it and you can go out and spend your anywhere visa is accepted and we’re going to see that come to fruition in a big way here in the us and internationally within the next eight to 18 months. And everyone talks about, you know, Bitcoin’s too slow. It’s only 10 minutes to block the transaction.
Well, here’s your bridge for that solution, right? That’s how you fix that solution. So in an inflationary environment where you have central banks like the fed or the bank of England coming out and saying, Hey, we’re just going to print more money. And then you have the bank of Japan where they’ve been negative rates for years now, and they came off a few weeks ago, or excuse me, about a month and a half ago now and said, we’re going to lift all of our restrictions on our easing policies. What is that going to do to Fiat currency? Well, it tells you that, Hey, my buying power is going to be diminished. So where do you really want to be? You want to be in finite assets. You want to be in parcel of the bland. You want to be in precious metals. You want to be in gold, and guess what? You even want to be in equities. And here’s why. Here’s why. Everyone’s baffled. Why is the, why are the equity markets rallying? Well, the short answer is because the fed is pumping more money into the economy, but the real answer is safe. And I’m going to use an exaggerated example just to make my point. So you have a hundred dollars today and you can go to your store and buy a one loaf of bread for $100 right? The dollar amount, right?
Very well, very nice loaf of bread. Just say it’s a widget.
You can buy a widget for a hundred dollars whatever it is. And let’s say for example, Apple stock is trading at a hundred dollars so you bought one loaf of bread today, then you brought buy one share Apple. Okay, that’s your buying power of that a hundred dollars today. Well, guess what? A year from now that you go to the grocery store, what do you think that loaf of bread is going to cost? You are less expensive.
It’s going to be more expensive. It’d be like two $280
Right? Even if it’s only $103 now where you have an inflation rate of two or 3%, right? It’s going to be more expensive in terms of dollars. Well, you look at your Apple stock and forget earnings, forget any fundamentals of the company just based on dollar buying power. The Apple stock is going to be $103 so the amount of loaf of bread that you can get for a Apple share versus loaf of bread is not changed. But the amount of dollars that you need to transact in both of those has increased. So that’s why inflation and the fed pumping more money into the system makes things more expensive. It’s not because they’ve gone up in value, it’s because your buying power has gotten degraded over time and that’s why we’re seeing equities, why they’re at. That’s a nice tailwind for crypto and that’s why I tell all my clients, Hey, you want to be well-diversified, not only in crypto, all of my clients, I advise them only do three to 10% in crypto.
Obviously I have 80% of my net worth in crypto, but I have a lot of conviction. But you know, that’s my kind of view on the industry and I, those are very strong tailwinds along with look at the global economy. We’re, we’re more globalized than we’ve ever been before and the need to transfer funds and do international business or have an international currency, whether it’s Bitcoin or whatever, cryptocurrency is going to be. No one really knows, right? It’s hard to predict anything in the space over 18 months. But if you think about the younger generation, you know I’m only 29 but think about people who are five 10 15 years old, what makes more sense for them? A piece of paper. Think about five-year-old. You give them a dollar bill and you say, Hey, you can go buy a can of Coke and a Coke machine.
They’re going to ask you why? Why is this dollar worth money? And the short answer is it just is, and it’s because people believe a dollars worth of dollar. But if you look at the banking system, what makes more sense to them? Oh, I can demo somebody or I can tell somebody and it’s just an electronic funds transfer. There’s really moving forward, I think there’s always going to be a need for paper, tangible money. But as the dollar or any global Fiat currency goes more and more digital, okay, well your counterparty risk, your third party, your intermediaries, those risks increased substantially. And so over the next 2030 40 years, what are we going to need? We’re going to need a big for assets that I can direct peer, peer, and control myself. People don’t realize when you have a bank account at JP Morgan or wherever, that’s just an imaginary number.
They just float out there and they show you, okay, that’s what they’re, they’re really touting is their credit worthiness that, Hey, you have this amount here and believe us, and guess what? If you open a checking account, the bank, if you walk to say you had a hundred thousand dollars in a checking account, you can’t just walk into the bank and pull out a hundred grand. No, you signed up for your checkout. You signed a bunch of paperwork saying, Hey, they can refuse you for 72 hours. And I don’t know if we have any, I don’t know if we have any Ozark fans, but if you remember the one of the very first show episodes of Ozar, when Marty bird goes into the Chicago bank that he works with, they’re trying to hinder him from pulling out his money. It’s like, well, it’s my money.
I have the right to, but technically the banks have a right to refuse money and people don’t realize they only keep a small percentage of their overall deposits. On hand in the branch but not, I mean, don’t get me wrong, I like the baggy system. It’s treated me well, but there’s, my point is there’s a demand and there’s going to be a need for cryptocurrency and the ability to transact in these matters. So really fundamentally the way I look at it is how the hell can I acquire as many Bitcoin or whatever crypto that I want. In the meantime, my big bet is demand is going to outpace supply.
Wait, don’t tell them Mike knows what he’s talking about with his hedge fund experience and you know a lot of the audience here is obviously long on Bitcoin. Everybody wants to bind themselves. They’ve been mining for years. Why would you want supply bit? Well, think about last year around this time in may when the price of Bitcoin was going up, you looked at the hash rate, you want it in, right, right then and there and you couldn’t get machines. You might have to wait two or three months so you can buy this supply bit heads, mining contract, get your hash power right away. In addition to that, if you think you’re so great at mining yourself, then go ahead and buy your new machines and wait the two to three months while you’re mining.
Yeah, to get permits and build out infrastructure to host. Yeah,
So you can mix and match and use this product really well even if you are mining yourself
And that’s a really great point, Scott. The nice thing is we can do anywhere from one to 100 petahash. It gets you turned on today, you know, longest turn.
How to hash would turn me on.
Yeah, I’m all, I’m already feeling sticky,
So that’s a nice slip. That’s the nice thing is you have scalability. We’re going to hold your hand every step of the way. For instance, if you mind with us, you get access to all of our hedge fund insights and you get access to me 24 seven again, we’re a boutique service. I’m your biggest champion. We’re only going to succeed if our clients succeed. And what’s really nice about that, at the end of the month, you’re going to get a report that kind of breaks down, okay, here’s how many coins you mined here was your power consumption. So you can, if you’re really into analytics, we’d give you the ability to really dive down and get to the granular granular level with however you want to financially model your mind. And we’re going to be the first ones to call you up. Hey, Ethan. Hey Scott. You know your minds, Bitcoin prices low, you’re below your break even. Do you want to turn it off or leave it going now?
Now that is in itself. Amazing. Yeah.
Yeah. I mean, I have miners hosted at, at a facility and you know, once in a while they’ll send me an email saying, Hey, your miners are offline. And I just kinda have to wait for them to turn it back on or fix their power. But you know, I mean, getting a phone call, you know, in advance from somebody saying, Hey, you know, you maybe want to,
Yeah, it was revolutionary to me. Yeah. So yeah, mitigating the risk, being able to have instant access to hash power and being able to, to manage, you know, your, your mining opportunity I think is a game changer.
Yeah. Well that’s awesome. So we’re coming to the end of our podcast episode today, but usually, you know, when we end, we just want to make sure that our audience knows where to find you guys. So Scott Hancock w where do you hang out online?
Yeah, you can find me on telegram at @cryptominingScotty also Twitter, @ScottyBitcoin. You can email me at [email protected] and also the supply bit [email protected]. So I look forward to speaking to all of you soon. Again. Awesome. And how should people contact you?
For me, I, I, I fly under the radar. I’m not on Twitter, I’m not on telegram briefly, but I’m just [email protected] or you can find me on LinkedIn at Mike, Mike Roth, or you can find our company at supplybit.io. And then if you mentioned, I asked that if you go to the website and you’re curious, please drop me a line and just mentioned that you heard us on the podcast and I’ll be happy to give you a discount.
Awesome. That’s awesome. That’s awesome. Well, great. Thanks again for coming on here and teaching us a little bit more about hedge mining, hedge mining. You heard it here first on crypto mining tools. Edge mining. Alright guys, have a great day. Have a good weekend and we’ll hopefully see you guys care everybody. Bye. Bye. Bye bye.