Shownotes
Want to be able to generate more bitcoin? Well, aside from buying it through Strike or something similar on a DCA you can mine it! We cover the basics of bitcoin mining - what you have to do to get involved and how you can expect to profit.
News
California governor signs executive order on
Senator Loomis (Wyoming) to introduce comprehensive crypto regulatory framework
Solana blockchain network shutdown - time to sell your Solana?
https://cryptoslate.com/what-now-for-solana-following-candy-machine-spam-attack
Bitcoin Mining Links
Bitcoin mining calculator - https://www.cryptocompare.com/mining/calculator/btc
https://www.buybitcoinworldwide.com/mining/hardware/
https://bitcoinmagazine.com/business/intel-launches-new-bitcoin-mining-chip-blockscale
Podcasting 2.0 Apps Available at http://newpodcastapps.com/
I can be reached by email at mcintosh@genwealthcrypto.com and on twitter at @McIntoshFinTech. My mastodon handle is @mcintosh@podcastindex.social. Looking forward to hearing from you!
Website
Music Credits
Protofunk by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4247-protofunk
License: https://filmmusic.io/standard-license
The following music was used for this media project:
Music: Ethernight Club by Kevin MacLeod
Free download: https://filmmusic.io/song/7612-ethernight-club
License (CC BY 4.0): https://filmmusic.io/standard-license
Artist website: https://incompetech.com
Transcripts
everyone. No one on this podcast is a financial advisor, and all information presented on this
Speaker:podcast is for informational purposes only. Now that we have the legal stuff out of the way,
Speaker:let's jump on in. Welcome to the Generational Wealth Cryptocurrency Podcast. I'm your host,
Speaker:McIntosh, and today we're going to have a throwback to the 70s. So get out your disco globe,
Speaker:maybe some of those hideous pants, maybe even a leisure suit. We are going to go back to the
Speaker:70s, man. Can you dig it? Sorry, I was just having a little fun. We do have the 70s interest rates
Speaker:and inflation, unfortunately. Earlier this week, Jerome Powell announced that they're going to be
Speaker:raising interest rates that the Fed loans money at another half a percent. So please expect your car
Speaker:loans, your bank loans, your house loans, all of that stuff to go up. This was not an inflation
Speaker:report per se, but I think I've covered inflation quite thoroughly over the last few months.
Speaker:No. So that's not really what we're here to talk about. So everybody let out a big sigh.
Speaker:No, today we're going to talk about mining. Specifically, we're going to talk about Bitcoin
Speaker:mining. It's something that I have touched on, but never really discussed, and I thought it was time.
Speaker:And the reason why is this, some of you might be in the position where you're looking at,
Speaker:you want to invest in Bitcoin in the long-term, but you would love to have what amounts to dividends.
Speaker:You want to increase the value of your Bitcoin over time, not just in the price go up, so to speak,
Speaker:which we certainly expect, but in the number of Bitcoin or the amount of Bitcoin. You may not
Speaker:have a whole Bitcoin, and that's okay. Mining is one way of doing that. And it's a fairly simple
Speaker:process. I'm going to go through roughly what you have to do. We're going to talk about some basics
Speaker:of it, first of all. When you mine Bitcoin, really what you're doing is your system is sitting there
Speaker:performing computations in order to solve a cryptographic puzzle. So you're going to have a
Speaker:graphic puzzle, the block. When you solve the block, you get the rewards of the block.
Speaker:Those rewards are Bitcoin. Currently, you get 6.25 Bitcoin when you solve a block. Now,
Speaker:the problem is it's gotten very, very difficult to solve that cryptographic puzzle.
Speaker:You still can mine on your own, and in fact, people do. And just recently,
Speaker:I actually saw a news article. I did not clip it and share it on the show. It's been a few
Speaker:months now, but some random person out, they were mining at home, and they were not using
Speaker:what's called a mining pool, which I'll explain in just a second. They were literally mining.
Speaker:It was just their server doing the mining all on its own, and it solved the puzzle, so to speak.
Speaker:And thus, they got the block reward in total, 6.25 Bitcoin. So at that point,
Speaker:and I don't know what the price of Bitcoin was at that time, but let's say it was $40,000.
Speaker:That's $240,000. Just like that. Pretty cool. The problem is that's exceedingly rare.
Speaker:So the way that we get around that problem is they create what are called mining pools.
Speaker:People work together, and you can have literally thousands of machines kind of working in this
Speaker:mining pool, and then when a block is solved in that mining pool, the rewards are shared
Speaker:among everyone in the pool. So it makes it a lot more predictable. So if you have a thousand
Speaker:machines, and I'm pulling this off the top of my head, I would suspect if you have a thousand
Speaker:machines, you would probably mine a block every month. I don't know. I may be off on that. Maybe
Speaker:the mining pools are actually a lot larger. We're going to talk about some actual numbers about what
Speaker:you could expect if you were to mine. So we'll get to that. If you were to mine in a mining pool,
Speaker:if you were to mine by yourself, you might do one of these in who knows how long, years, decades.
Speaker:It's not... Look, for somebody who's doing it like that, it's a complete gamble. They're doing it as
Speaker:a hobby because I don't know, they want to or whatever. In this case, it actually, you know,
Speaker:it panned out, but it's not how I would recommend that you do this. Now, we need to talk about the
Speaker:hardware as well. So the hardware has become very specialized. It used to be literally you would
Speaker:just run your Bitcoin miner on anything that was laying around, like any computer would work. And
Speaker:then eventually it got to where you kind of had to have these specialized graphics cards, GPUs,
Speaker:in order to reliably mine. And we've actually moved beyond that to now they use what are called
Speaker:ASICs, specialized chips that perform extraordinary amounts of these computations. And they're
Speaker:called hash rate. So when it's solving this puzzle, it's performing these operations, those are
Speaker:hashes. And you can calculate how fast a server can perform that function. And so they call it a hash
Speaker:rate. They are now measuring that hash rate in the tera hash. You'll see it abbreviated tera hash.
Speaker:You'll see it abbreviated th. And a tera hash is a trillion, one trillion hashes per second,
Speaker:which is a lot. So if a tera hash is one trillion hash per second, when you look at mining equipment,
Speaker:it might say something like 60 tera hash or th. That means that it can mine at 60 trillion hashes
Speaker:per second. And that's not the top of the line equipment. I'm going to walk through some of the
Speaker:equipment that's available. One of the things that you'll find about the market if you're looking
Speaker:at mining is the equipment varies in price based on the tera hash on basically the speed that it
Speaker:processes because that directly determines how much Bitcoin it will mine. And it kind of fluctuates
Speaker:up and down based on the cost of Bitcoin, frankly, if Bitcoin was at an all time high right now,
Speaker:it might be extraordinarily difficult to get a miner and it would be thousands of dollars more
Speaker:expensive. So now, when we're kind of more towards the bottom, so to speak,
Speaker:it's actually a better time to get in. Now, the Bitcoin that you mine is not worth as much,
Speaker:but if you're mining it, most likely you're going to be holding it. So over the long run,
Speaker:that will increase in value, of course. So it's a long term investment. If you're mining Bitcoin,
Speaker:if you're going to buy a miner, and you're going to mine Bitcoin, you need to look at at least,
Speaker:in my opinion, three years, a three year commitment, if not longer. All right, so you've got
Speaker:these miners, they've got specialized chips, ASICs is what they're called, A-S-I-C-S. And I
Speaker:don't know offhand what that stands for, but they are custom designed to perform these calculations
Speaker:as fast as possible. So what can you really expect? As far as I know, and I may be mistaken about this,
Speaker:well, I will say this, one of the most common well-known mining rigs is called Ant Miner.
Speaker:So they've been around for quite a while, and they build what I would consider high quality rigs.
Speaker:We'll go ahead and talk about the miners themselves. We also need to talk about
Speaker:electricity and how that fits into all this, because it does affect all this.
Speaker:All right, so one of the most common miner rigs is called Ant Miner. They make a number of different
Speaker:models. The older models are still in use. A lot of times it's used equipment that you can buy.
Speaker:The hash rate will vary, and depending on basically how new it is, it's kind of like your computer.
Speaker:The more recent your computer is, typically the more powerful it is. Same exact thing. They've
Speaker:increased the chip's power in these servers, and subsequently they're performing more tear hash.
Speaker:I will go through the last few of the Ant Miners. You got an Ant Miner S19. I'm going to give you a
Speaker:price. Understand, prices are all over the map, so I'm going to go ahead and throw these out there.
Speaker:They probably are reasonably accurate. I hope you're sitting down, because these aren't cheap.
Speaker:This is one of the things that I try not to think about, because back when I got into Bitcoin
Speaker:and crypto, well, really into Bitcoin, they were RDF, if I'm not mistaken, at the point where you
Speaker:were using GPUs. They were relatively expensive, and I don't know if you've heard of them, but
Speaker:they were relatively expensive. I don't know what I was thinking, but I've never actually mined Bitcoin.
Speaker:I actually have a background in system administration, so I manage computers for
Speaker:a living. I do something a little bit different at this point, but I still have that background,
Speaker:and I did it for years and years. I can manage a server in a server farm without any problem,
Speaker:and it's kind of funny that I've never done this. I am thinking about doing it if I can
Speaker:put together the money, to be honest, as a revenue stream, because I want to increase my Bitcoin.
Speaker:All right. Anyways, let's go through this. Miners. You've got the Antminer S19 95-terra hash. So,
Speaker:again, 95 trillion hashes per second. The price range on this one is about $10,000 to $12,000.
Speaker:That's pretty good. You could make money with that these days. It's not top of the line,
Speaker:and we'll get to that one in just a minute, but it's pretty good. The Antminer S19 Pro,
Speaker:at 110-terra hash, $15,000 to $17,000, and then their latest one, which, from what I understand,
Speaker:is not even shipping yet, but will be shipping in the middle of this year.
Speaker:So, that would be the Antminer S19 XP, and that one
Speaker:is 140-terra hash. So, I've not seen any models that are any higher than that.
Speaker:If there are, I'm not aware of them. So, there you go. I'm not going to give a price,
Speaker:these haven't even been released. You would expect it to be more than those others,
Speaker:or the others will come down. Now, the last one that I mentioned, the Antminer S19 Pro,
Speaker:at 110-terra hash, $15,000 to $17,000. This article actually says these others are going
Speaker:to come out cheaper, and that may be true. It says like $12,000, and they will bump down the
Speaker:price of the others as they do that. So, that might actually be something you want to think about.
Speaker:So, that's kind of the hardware side of it, and you have to have one of those. Now,
Speaker:you could run these from your house. They are energy-intensive devices, and we do need to talk
Speaker:about that. These top-of-the-line machines currently are using about 3,000 watts. It's like
Speaker:a big giant microwave running all the time. I don't know that they even make 3,000 watt
Speaker:microwaves, but I can't think of anything else with that many watts. So, there are people who
Speaker:do this at home, or maybe in a shop, or something like that. It's better if they're kept cool.
Speaker:The normal temp range for one of these Antminers is 5 to 40 degrees Celsius,
Speaker:which is 40 to 105 degrees Fahrenheit. The cooler they are, actually, the better they are.
Speaker:In fact, some of the best environments for mining, Bitcoin mining, are further north,
Speaker:where it's cold during the winter. But people typically, I guess my point is, don't run these
Speaker:at home. You can run them at what amounts to a data center. They're specialized for mining.
Speaker:Compass mining, in fact, would be an example. It's compassmining.io, if I'm not mistaken.
Speaker:And basically, they put it on a rack, plug it into some type of ethernet network, you're given
Speaker:a login to it, and away you go. You are responsible for the server. If there's an issue
Speaker:with hardware, say, for example, your power supply were to fail, you can typically,
Speaker:you would have a deal with the data center in order to have them replace that because you don't
Speaker:want downtime, of course. You don't want to be shipping things back and forth. It is certainly
Speaker:possible that these systems can fail. They don't have a lot of, well, they're fairly reliable,
Speaker:but there are still failures, if that makes sense. So they will typically have spare parts or
Speaker:whatever to get you, should be able to get you back up and running without too much trouble.
Speaker:But that is something that you need to think about. So they're going to charge you a fee,
Speaker:and that is basically your expense. You have two things. You've got the upfront expense of
Speaker:buying the miner. You've got the expense of any parts, any system failures, and then you've got
Speaker:the month-to-month fee, which basically is rack space, internet, which is very minimal,
Speaker:but there is internet, and electricity. So electricity cost on this actually can
Speaker:vary quite a bit. You've got areas that electricity is very expensive. You've got
Speaker:areas where electricity is very cheap. And to optimize your profit for this, of course,
Speaker:they're going to want as cheap as possible. That's why you see Bitcoin mining companies
Speaker:who do this exclusively, they will work out deals, for example, to work with an oil drilling company
Speaker:to buy cheap electricity because if you drill oil, I don't know if this is everywhere, but they have
Speaker:what they call natural gas. It's a flare-off gas, and they can capture that and then use that to
Speaker:create cheap energy on site. And they work a deal with the oil company for X number of years to
Speaker:X number of years to bring in equipment and run that equipment on site with cheap, predictable,
Speaker:reliable energy. The other thing that you've got, for example, is companies that are using
Speaker:hydroelectric power, where I know that, for example, there's a publicly traded company called
Speaker:Bitfarm. We actually own a little bit of Bitfarm stock, just full disclosure, but they're up in
Speaker:Canada and they are actually running on hydroelectric power. So they have a good cheap rate for that.
Speaker:If you choose to do this, I would certainly recommend that you look at having it hosted.
Speaker:And you do need to be able to manage a server. It's not super difficult. You don't have to be
Speaker:a server administrator guru, but you do need to have basic skills. You got to be able to
Speaker:SSH into the server. You're probably going to have to install some software, fiddle some bits or
Speaker:whatever to get this going. And you got to be able to maintain that system. You want to make sure that
Speaker:it's up, that it's available, and that it's running your Bitcoin mining software.
Speaker:All right. So all of that being said, what can you actually expect? Well, there are mining
Speaker:calculators to tell you. If you're plugged into a pool, what can you expect? So there's a pool fee,
Speaker:so there's a pool fee, which is quite reasonable. There are a number of calculators online
Speaker:that would let you estimate how much your server will generate.
Speaker:I'm going to plug in 140 terahash. Let's just say I bought this top of the line server.
Speaker:It consumes the spec I saw is 3010 watts. The cost per kilowatt is 0.12. So 12 cents per kilowatt
Speaker:hour. That would depend on your hosting facility. I would assume that that would be a fairly
Speaker:reasonable rate. If you're paying a lot more than that, you probably don't need to be looking at
Speaker:this because your spending at that cost is $3,100 a year for power, just to give you an idea.
Speaker:The pool fee is 1%. All right. Profit per day. $16. Doesn't sound like a whole lot, but that's at
Speaker:current Bitcoin prices. So your profit is profit in Bitcoin. You mine 0.0006316. The power costs
Speaker:$8.67, and so you actually get a profit of $16.07. So it doesn't sound a whole lot, especially with
Speaker:over a $10,000 investment, but it adds up day after day. And again, let's say we're at the
Speaker:bottom or let's say we're near the bottom, the prices, the profits should go up from here,
Speaker:not down. So the profit per week is 112. Per month is 482. Per year is 5,867. So by my estimates,
Speaker:you're going to have to basically run that rig two to three years to pay for the rig.
Speaker:Somewhere in between there, you're going to actually start making real money. And that again
Speaker:is assuming that the price of Bitcoin never goes up. It just stays at the $40,000 roughly
Speaker:that it's at. Bitcoin right now is at $39,600. It's actually touched $40,000 a few hours ago.
Speaker:And of course, we don't expect that to happen. So on paper, it's not going to look like a whole lot,
Speaker:but it's a long play as usual. If I can get a miner going and I run it for three years and I mine,
Speaker:oh, by the way, for the year you mine 0.230, you're going to have to run it for three years.
Speaker:Oh, by the way, for the year you mine 0.2305. So almost a quarter of a Bitcoin. So after four
Speaker:years, roughly, you would have mined a Bitcoin. And it would have cost you at $3,000 a year,
Speaker:$12,000 to do that, plus the miner, which you can always sell the miner at the end.
Speaker:Now you will not get anywhere near full price, but you're going to get some money back on that
Speaker:if you choose to sell it, or you can keep mining. It will become less profitable over time, because
Speaker:as I've explained before, over time, Bitcoin mining becomes more difficult. That's just the
Speaker:nature of it. I even mentioned like back in 2013, if I'm not mistaken, they were already using GPUs
Speaker:back then. A GPU based unit now would basically be worthless. So where are we going to be in four
Speaker:years? I don't know. Where are we going to be in 10 years? I don't know. I do know that more companies
Speaker:are getting involved in the ASIC chipset business, specifically for mining. Intel just announced
Speaker:earlier this year, if I'm not mistaken, that they'll be producing a mining chip. They kind
Speaker:of consider it to be the Toyota, like the Camry of mining chips, which to me means it's not going to
Speaker:be the highest hash power, but hopefully the price will be more reasonable. And maybe the power
Speaker:consumption is not so much. We'll have to see about that. But there's a lot of research and
Speaker:technology going into this. If you remember, we have a long way to go with the Bitcoin mining
Speaker:to mine all the Bitcoin, even though we've mined 19 million Bitcoin already,
Speaker:and there's only two million left. Those two million will take a long time to mine. So this
Speaker:isn't going to go away in the next few years. And the reality is at some point it's going to
Speaker:become too difficult to mine. And these rigs or something similar will have to be used to monitor
Speaker:and kind of police the network. And in return, they will get transaction fees, is how I see it
Speaker:playing out now. I'm not part of the Bitcoin core team, certainly, and that's just my speculation.
Speaker:But that in a nutshell is mining Bitcoin. It's something you might want to think about.
Speaker:I know a lot of us don't necessarily have that kind of money to put into it.
Speaker:And I don't know that I would necessarily recommend if this was the only thing you could do,
Speaker:and you didn't have any other crypto holdings, this was it. You're putting a lot of eggs in
Speaker:that one basket. And I don't know that I would recommend that. But if you're looking to diversify
Speaker:things, and most importantly, if you're looking at a way to continue to build that store.
Speaker:Let's say I had half a Bitcoin now, but four years from now, if I do this and I mine,
Speaker:I've got 1.5 Bitcoin, basically. And four years from now, I don't think the price will be $40,000.
Speaker:So you kind of see where that goes. So it's something worth thinking about. It might be
Speaker:something you want to shoot for in the future, possibly. If you're worried about the kind of
Speaker:administration side of that, I wouldn't be too worried about that. It's certainly something
Speaker:that's, in my opinion, you can learn enough to do it. And that might be something that we could help
Speaker:with as well. I could maybe put together some tutorials for that. We'll just have to see.
Speaker:So let's jump on into the news. Before I actually jump into the news, I did want to follow up
Speaker:on one thing. I mentioned the Morgan Stanley report, actually a couple of times. I'm not
Speaker:really going to be able to talk about it because I can't find a full copy of the report. I found
Speaker:some information about the report, which is why I wanted to talk about it. But I can't, without
Speaker:actually seeing the report itself, report back to you all. So we're going to have to kind of skip
Speaker:that. So I do apologize. Another little bit of news, I just wanted to mention in passing,
Speaker:Facebook is actually getting out of the podcast game. So they briefly gone into it.
Speaker:I don't think we ever put this podcast on Facebook. I might have. We have a Facebook
Speaker:page, which I never do anything with, but it's possible I plugged in the thing. But as of June,
Speaker:that won't matter. So whatever. We support Value for Value and Podcasting 2.0. And there are a lot
Speaker:of excellent applications out there that you can use to listen to your podcast. Actually,
Speaker:not to go off on a tangent, but I've told you on the past, I've thought a little bit about
Speaker:looking at video for the podcast. I don't want to do YouTube. And so I was investigating that.
Speaker:And it turns out there are actually already podcast 2.0 apps that support video. And I
Speaker:don't want to call them out by name because if I mess them up or get the wrong ones,
Speaker:land sakes, it probably wouldn't be good. But there are podcast 2.0 apps that support video.
Speaker:I do not know at this point if they can stream sats. And one thing I will say, if I start going
Speaker:down the route of doing video so that we can show charts from time to time and do some things on
Speaker:the screen rather than just listening to my voice, it's going to take more investment. And so
Speaker:we'll just have to see. And on a final note in regards to Value for Value, and I'll skip my
Speaker:little thing at the end that I normally do, letting y'all know about that because we're
Speaker:already talking about this. But I did have a couple of users who boosted the podcast a few
Speaker:weeks ago. And I think I even mentioned it online at one point or on the podcast at one point.
Speaker:And I sincerely appreciate whoever did that. I think I said that a couple of weeks ago as well.
Speaker:But I do not know who you were. And I apologize. What happened is I just recently switched over,
Speaker:I'd been using a lightning node, which would have captured all that information.
Speaker:And basically, because of money, the lightning node costs like 12 bucks a month.
Speaker:At this point, it doesn't make any sense to do that. I had switched to using the Satoshi streams,
Speaker:which they basically provide that service. And in return, they take, it's like 3%. It's very
Speaker:minimal of the Sats flow through. And to me, that's a reasonable return. I don't have to do
Speaker:a monthly bill, anything like that. It's all automatic. Well, I got these boosts after we
Speaker:had switched over and did not realize at the time, there's like a command I had to run to turn that
Speaker:on so that when boosts come through, I get the message. So I don't know if y'all sent a boost
Speaker:message when you did it. If you hear this, again, I super appreciate it. But that's kind of where
Speaker:we're at on that. So now in the future, when they come through, I do have it set up right.
Speaker:I have not tested it. I probably will test it the next day or so. And we'll make sure it works,
Speaker:but I'm sure it will. This Satoshi stream is a great product.
Speaker:Okay. News. Wow. We got some interesting stuff. I'm going to talk about this one first.
Speaker:It's probably the oldest bit of news. And it actually relates, I think I may have mentioned,
Speaker:I'm not sure if I did or not. In the last episode, the one that came out Monday morning,
Speaker:there, I think I did actually. So if I'm not mistaken, I was talking about the
Speaker:board eight yacht club with their land sale that happened over last weekend and kind of bogged down
Speaker:the Ethereum network. The network did not fail. People say that that's true. It's not.
Speaker:It's not. The network was up. Everything was running. Transaction fees were extraordinarily
Speaker:high. Gas fees were extraordinarily high. That is true, but that's the way that the network is
Speaker:designed. Those fees will be coming down as part of the scaling efforts that are ongoing.
Speaker:Ethereum 2.0, this main net merge, that will not resolve it directly, but there will be other things
Speaker:that go on after that. One of the funny things I saw about that is basically the company behind
Speaker:Board Apes, bless their heart, they'd sold a half a billion dollars worth of virtual land.
Speaker:There's no polite words for this. The gall, that's the best way to put it, to say,
Speaker:maybe we should move to another blockchain because Ethereum didn't work so well.
Speaker:Really, the issue was they flooded the network. Now, they basically dozed the network. Now,
Speaker:the network worked. People were able to buy their virtual land at a high price,
Speaker:but they were able to do it. They chose to do that. They could have resolved this by using a
Speaker:rollup. If you're going to sell half a billion dollars worth of product and saturate a network
Speaker:like that, knowing that that was going to happen, you might actually want to take the time to do
Speaker:that and make yourself a better blockchain citizen. Now, I don't have their kind of money.
Speaker:I don't have their connections. I don't have a Board Ape Yacht Club NFT, and if I did,
Speaker:I'd probably sell it, but that'd be a mistake probably. Regardless, I just kind of thought
Speaker:that was a little funny. Maybe I've got a weird sense of humor, but they're blaming Ethereum when
Speaker:really what they did was DDoS the network, and the network stood up. But here's the thing.
Speaker:I don't know if y'all heard about this, and I did not report it last week. At the same time that
Speaker:that was going on, for seven hours on Saturday evening, the Solana blockchain did go offline
Speaker:following a bot attack that flooded the network. I'm going to read a little bit of this article.
Speaker:I'll be including it in the show notes. There was basically a spam attack. The third such incident
Speaker:to date, and in fact, well, the third such that... Let me back up. The latest incident is the third
Speaker:time Solana has suffered a significant network shutdown. They literally had to restart everything.
Speaker:Now, nobody hears about this. Ethereum has bad gas fees and whatever, but not only have they had
Speaker:three significant network shutdowns, there's actually been 11 outages since the start of
Speaker:this year, so in less than six months, which they classify as partial outages.
Speaker:So I've kind of... What's the word? I've been very cautious about Solana.
Speaker:I do not own any Solana. I don't... I've not advocated not trading Solana or owning Solana,
Speaker:but I'm going to go ahead at this point. Solana has actually been around for a while, several years.
Speaker:They clearly are not doing something right or they're running too fast or trying to develop
Speaker:too fast. It happens, and you can't trust them. So what are you going to do when they're down for a
Speaker:week and their price goes from $100 to zero because nobody wants to hold the token? And that is my
Speaker:concern. All right. So by the way, I said it was spammed. It was spammed by an NFT minting protocol
Speaker:called Candy Machine. So it was very much similar really to Ethereum because that's what was going
Speaker:on in Ethereum land. They were minting these NFTs that were basically deeds to virtual land,
Speaker:if you want to think about it that way. And yet, it did work in Ethereum. It didn't work in Solana.
Speaker:And what do we talk about? We talk about Ethereum. I don't understand it.
Speaker:And in fact, Solana, one of Solana's quote benefits is it's supposed speed and its ability
Speaker:to handle so many transactions. So at this point, if you hold any Solana, I would highly recommend
Speaker:that you think about probably divesting yourself of it or at least having a stop loss that if
Speaker:the price drops 10% or something that you just bulk sell, I don't want you to get burned. I don't
Speaker:want you to be left with something that's worth one hundredth of the value that it was a month ago.
Speaker:And if they keep this mess up, that's exactly what's going to happen. You can take it from a
Speaker:grizzled old system administration. You can take it from a grizzled old system administration.
Speaker:You can take it from a grizzled old system administrator. All right. I've been in the
Speaker:business of this stuff since the mid 90s. It's a long time. And I'm telling you this is an accident
Speaker:waiting to happen. And when it does, that will be the end of Solana. So I don't know what else to
Speaker:say about that. I'm going to drop the link in the show note. You can take a read to the article
Speaker:yourself. Probably not a whole lot of you have Solana, but maybe some of you do. And I just,
Speaker:I feel like I need to put that word out there. All right. On to better news.
Speaker:I told y'all at the start of the year, this was going to be the year of regulation. And I'm going
Speaker:to say at this point, frankly, it would have been fairly prophetic. I may be lucky. I don't know.
Speaker:Senator Loomis, United States Senate, has spoken about a bill that she is working on.
Speaker:Apparently it's a fairly large bill and it all relates to cryptocurrency.
Speaker:Going to set, and she is from Wyoming. She's a Senator from Wyoming and Wyoming is known
Speaker:as a very Bitcoin and crypto friendly state. If you want to call it, well, it is a state.
Speaker:And so I would expect that this will provide a lot of clarity and a very good framework, I think,
Speaker:for regulations of crypto in the United States. So I'm very much looking forward to this.
Speaker:I will put a link to that in the show note as well, of course. And then the final thing,
Speaker:which actually just came out tonight, involves, I was surprised at this, I'll be honest,
Speaker:the state of California. The California governor signed an executive order encouraging Bitcoin
Speaker:and crypto businesses. So apparently he signed an executive order that gives some kind of framework.
Speaker:I was not expecting this. Now, California, I think most of us, if not all of us know,
Speaker:is kind of the, there's a lot of innovation that goes on in California. You've got Silicon Valley
Speaker:and it's old school tech, right? They've been very quiet in a lot of respects about this up until now.
Speaker:So I think this is a good move for them. I think they've got a lot of other issues, frankly,
Speaker:they need to deal with, but we'll leave that alone for now. I think in terms of crypto,
Speaker:this is a really good thing. California, love them or leave them, is a very large economy.
Speaker:If you pull it out of the United States economy on its own, it's a very large economy. It's like
Speaker:in the top 10 of the world economies. I don't remember what the number is, but it's way,
Speaker:way up there. So it's, I mean, it's a big, it's big business. And for them to have that kind of clarity,
Speaker:again, this will continue to bring in the innovation. It will continue to bring in the
Speaker:institutions. So I'll include that in the show notes, of course. And that is actually it
Speaker:for the news this week. I know this week was a little bit different and I know probably none
Speaker:of you are going to run out next week and buy a crypto miner, a Bitcoin miner. I would encourage
Speaker:you not to do that actually. You need to do more research. I will provide some links into the show
Speaker:notes for maybe a few pages about Bitcoin mining, Antminer, some of the other brands, and you can
Speaker:start there. And I would certainly, it's a large investment. I mean, there's no getting around that.
Speaker:But in the long run, I think it could be a very profitable investment. So I do hope you have found
Speaker:this useful. I will not go through the normal value for value information. I would say though,
Speaker:if you're not listening to this on a podcasting 2.0 app, please go get one. They are available at
Speaker:newpodcastapps.com. And I say that because it will help your experience. I truly mean that.
Speaker:All right. If you like the content, I would love it if you would tell your friends about
Speaker:the Generational Wealth of Cryptocurrency podcast. And thanks for being here. I hope this has been
Speaker:helpful and I would love to hear from you. I'm on Twitter at McIntoshFintech and you can reach me
Speaker:by email at mcintosh at genwealthcrypto.com. And of course, the Generational Wealth website
Speaker:at genwealthcrypto.com. Now go out and make it a great week. And one last note, in the last few
Speaker:days, I did move the GenWealth Crypto website to its new place. Mail is up, it's all settled.
Speaker:And so you really shouldn't see any change, but it's going to let me make some changes.