Crypto Mining Tools
November 26, 2020 - 38 Mins
And we are alive. Yeah, Ethan Zerka here and I’m with my business partner over here. Sakib, can you please introduce our guests today? Yes. Today we have Adam Bloomberg from [inaudible] joining us for crypto mining tools. Adam, please introduce us.
Hey guys. Thanks for having me on my name’s Adam Blumberg. I’m a financial planner, but a few years ago, my business partner and I got into crypto last year, started a company called interacts this where our goal is really to educate people about crypto digital assets, decentralized finance really to help investors, help financial advisors really just help people understand it a little bit better. We, we, for years of course have been explaining financial concepts to people which a lot of times are very complex and we, we get on the whiteboard back here and, you know, I always say, look, if I can get someone in front of the whiteboard and I can explain it, they’re probably going to get it. And so we’re trying to do the same thing with, with crypto and digital assets and defy.
That is really awesome. Adam, I’m so glad to have you on our podcast because I have just a cornucopia of questions to ask. And I guess I want to start off and kind of warm up into this. Can you explain to our audience, you know, just imagine audiences is new to crypto. What is defy? What does it mean for them to understand?
Sure. I can probably knock that out in 30 seconds. That’s just so easy. Okay. The defy being decentralized finance. So if you start, if you start with the idea that Bitcoin was kind of the impetus for this, right, Bitcoin started this idea that finance doesn’t have to be centralized with government and banks. It can be peer to peer, right? I can send you Bitcoin, you can send me Bitcoin. It doesn’t have to go through a bank. It doesn’t have to go through a government deciding what the value of Bitcoin is. You and I kind of make that determination of what we’re trading in value. So decentralized finance has taken that several steps further to say, now we can have peer-to-peer other peer-to-peer financial transactions. So it can be not only am I sending you Bitcoin or sending you crypto, and we’re not going through the banks or the financial system, but now it is I can lend you money or I can borrow money from you, or I can invest in your company.
And it doesn’t have to go through the traditional financial rails through the traditional financial system. It’s decentralized in that everything of course is being mined on. In most cases, the Ethereum blockchain usually mind there. But because of the way Ethereum is written because of the smart contracts, we can create a lot more than just transacting one cryptocurrency back and forth. It can be creating a smart contract, creating a that I can lend you money. I can put certain stipulations onto it. I can invest in your company and my ownership is stipulated. My ownership is recorded on the, on the, on that blockchain. So that in an essence is decentralized. Finance is taking this idea of peer-to-peer finance, the fact that you and I can interact and then making that grow making that scale upwards. So now it’s just not you and me. It’s it’s you and me with a protocol in between, but that protocol isn’t necessarily a company. It’s not a bank. It can just be really a protocol, a series of code, that’s it?
I think that’s, you know, that’s one question that a lot of people have is, is what is the difference between, you know, coins like Bitcoin, Ethereum and defy coins? You know what really, I mean, isn’t Bitcoin decentralized finance as well, you know, but in a way, as you explained that, you know, defy goes into a lot more than just a pure pure transactions.
Right? Right. So Bitcoin essentially has really become its own asset class. Almost. It’s a store of value as digital gold. You can’t transact a whole lot on the Bitcoin network. You can create necessarily a smart contract on the Bitcoin network, not very efficiently at least. And, and run that to say for example you know, an example we like to use say in the shipping business, if I’m sending you something and we’re putting it on a container ship and it’s going across the ocean we could technically put on there you know, using a theory, I’m using some other blockchain, something that says from a GPS perspective, when it hits a certain point ownership of the, of those goods transfers and funds will transfer. And it’s all based on this particular GPS device hitting a certain point out in the middle of the ocean.
And that’s something you can do in, in defy, theoretically that you can’t really do with Bitcoin, because there’s not really a, there’s not a smart contract system that that can be run on Bitcoin, at least not as efficiently as you can on Ethereum, which is essentially built for smart contracts, right? So that’s kind of the difference. Bitcoin has become this store of that is placed that I can put money where as we know, there’s only going to be 21 million of them. And therefore if we print more dollars and more of what a more euros and whatever other currencies, and there’s only 21 million Bitcoin, the value of Bitcoin should go up. And so if I think there’s going to be inflation, I want to own Bitcoin theory [inaudible] is very different. It’s I want to be able to transact and have more participation in the financial ecosystem in the world. And I can do that because I’m not having to go through banks and governments and other financial institutions. All you have to have as a wa is a crypto wallet, right? Yeah.
I think it’s, it’s really interesting because
You know, I’ve considered for a long time using crypto to purchase land real estate or a house
Or something of that effect. And you know, there, there’s a huge hurdle because the banks take care of the Providence of, of the money and the value. So they, you know, handle writing the mortgage loan note and then setting up the mortgage and then checking, you know, the deed of the land and all that stuff. And I personally don’t really get any access to any of that. I don’t have any control over that process. And we obviously know that the banks are paying somebody. There’s a markup. There’s a profit involved in that. Are you saying that that defy has the potential to, to kind of just cut out the bank is a middleman altogether and handle all of that Providence through the blockchain
In theory, it definitely has the potential for that in practice. That probably won’t happen. Mainly because a lot of what you talked about is not bank only a lot of it is government regulated, right? Because you’re running that title and deed to land and such. And for instance, if you owned your home and we put the title on, on some sort of security token on a, on a blockchain and represented that way, and you sold me those tokens, then does the state agree that you actually sold me the house, the white house now? Right? I mean, there, there are legal issues that have to do with title and indeed it’s such, so that that’s a big part of it is getting the government, the regulation involved. And then on the banking side yes, there, there is the opportunity for defy to replace some of that.
There there’s the opportunity for you to say, look, I have these cryptocurrencies, these tokens, whether it’s Bitcoin or ether or some other tokens, can I somehow get a loan based on those tokens? Can I get a decentralized loan? Is there a pool of money or is there someone who’s willing to lend me money? And I can put up some sort of collateral then yes, that is available. Now came that collateral, be your home. That’s something that remains to be seen because then you, then you go into other legal issues like enforcement. So if you don’t pay back the loan and someone else comes to claim those tokens again, do they own the land? Do they own your home? And the government probably says, no, they don’t. In which case now, you know, all these loans that have been created using some sort of a real estate as collateral are no longer valid because that, that collateral is not enforceable.
You, no one can go, you can’t go. I can’t take it from you because you didn’t pay the loan back because the government’s not going to recognize that. And mortgages are very caught up in in, in what is available from a legal perspective, what is available from a tax perspective, right? Cause I get to write off some of my interests for tax purposes. So the question is when is the government going to get on board with that? And the answer is we’re not quite sure there are companies that are already building chains and already have billions of dollars on chain. There’s a company called figure that has already quite a bit of this and is doing home equity loans all on, on chain, but they built their own chain for it. So
Speaking of taxes, can, can you give us some insight because I just, it starts to making my head spin when I think, you know, okay, I got paid in this crypto, but then the value of it changed, then I had to change it to another stable coin to pay or like it just, what, is there an easy way to see this? Is there an easy way to understand this?
I am definitely not a tax expert and not even licensed to give tax advice or, or even tell you, I will tell you that crypto is taxed as property and not as a security. So the rules are a little bit different and I would refer to some of the crypto tax experts in there are aware that, that we can talk about. But for the most part, it’s, it’s very difficult because if you buy Bitcoin and then you convert it to eith for instance, that is considered a taxable event, there’s a, if there’s a gain or loss on your Bitcoin, that’s considered taxable. If you then use that eith to pay for something that is also a taxable event that is used to telling the, to, to get some sort of goods or services in return. So technically that is also a taxable event because of how the government has decided to classify cryptocurrency. But again, I would talk to a crypto tax export and not even remotely try to do it yourself.
Can, can you tell us the difference just for simplicity sake, what the differences between a security and property is layman’s term,
It’s the securities and, and again, not, not being a tax expert from a security standpoint that, you know, the government has stipulated, what securities are, it’s some sort of ownership of or, or the notion of ownership in some sort of asset like stock in a company or Holland or, or owning, you know, shares of, of of a private company even is different from owning a home or owning a car, necessarily doing property in any security security usually denotes my ownership in some other sort of investment, right? Some other sort of investment, which could be an asset, but usually it’s an investment in some sort of company that then invest in, in assets. That’s usually how it works. Whereas owning property is owning real estate or owning or, or owning a building or owning a car or something like that that is owning property. And they’re just taxed differently because for the most part, your goals in owning those are very different and therefore the government has, has taxed them and classified them differently. And some of it is so that you as an investor have different incentives than you as someone who’s owning and, and you know, buying and selling property.
Sure. That totally makes sense. Just one more question for you, and this is a personal opinion, it’s not advice or anything like that in your personal opinion, do you think crypto should be classified more as a security then you know, a property asset that, that people are
Crypto in general? It, it probably, it’s such a hard thing, right? Because I can see it both ways. I don’t think it should necessarily be classified as property. There has to be some distinction though, because I can own crypto. I can try to, I, I can own it because I want it to go up in value, but then maybe I want to transact in it. Maybe I want to buy something using some sort of cryptocurrency. So how, how, how are we going to account for that? And it’s just a hard delineation for the government to make. And so I think you asked for an opinion, and I can’t really, I can’t really offer one because I don’t, I don’t really know what the options are because there’s, there hasn’t been a case where I could own, for instance, stock in Apple. I can’t own Apple stock and pay for something with my Apple stock, right.
Cryptocurrency was initially created not to be an asset class that I hold and try and hope it goes up in value. It was created to, to be a currency, to be a, a medium of exchange. And so it wasn’t meant for me to hope that it goes up in value. It was meant for me to actually buy something from you using Bitcoin or utility. Exactly. It was meant to have a utility. And so it’s really hard, I think, for the government to get their arms around and classify it and figure out the tax implications. So when you say, should it be a property of security? It really has to be its own thing now. Yeah. It really has to, they really have to start from scratch and go, what is this thing? And how are we doing a handle taxing it? And we’re probably just going to have to have some crypto tax experts that that’s all they do, because there’s no way you’re going to be able to easily classify this now, because in all honesty, like I have some crypto that I hold and hope it goes up in value. And I have some that I hold and I actually use to pay things I pay for you know, someone to design my website and it’s so much easier to pay them in crypto than it is to fly around the world. Right. You have to set up a wire transfer and all that. It’s so much easier to go look, here’s here’s die. I paid you in die. Yeah.
What’s your wallet address? Give it to me. It’ll be there in 15 minutes
And we can both and we can both prove that it happened and it doesn’t matter if it’s a Saturday or Sunday or a Friday or two, I can pay for it.
This incident. Well, we have a question here from Scott. He’s asking, what’s it like explaining crypto to other financial planners?
Oh well I hope, well, I hope that financial planners will come take our course because we have recently launched a course, helping financial advisors understand cryptocurrency up to this point, financial advisors, financial planners, haven’t been as interested in earning crypto, as you guys know, it is quite a rabbit hole to go down.
Many financial planners advise all of my friends and, and people that are very close to me against crypto. They’re like, yeah, it’s, you know, it’s a scam. It’s a, and I’m like, you guys don’t get it. Like I’m making a living off of this. Like, it’s wonderful.
And it’s hard because one, there hasn’t been an easy way for financial advisors to make money advising though, to this point, right? It doesn’t fit neatly in the assets, under management model where I can go, I’m managing, you know, a million dollars for you, you know, half a million of it as crypto. And therefore I can charge you my 1% based on that. There hasn’t been an easy way to do that. So there really hasn’t been an incentive for financial advisors to learn about it because the incentive is I’m going to learn about this new asset class so that I can advise people so I can make money. But if it doesn’t fit neatly in the way that you’ve structured your business, then how are you, how are you going to make money? And therefore, why is it worth it for me to go learn about it?
In reality, also, even if I know all about it, I still wouldn’t advise many of my clients to put more than, you know, three to 5% of their net worth into it. So how much am I going to go learn and how much money am I going to make, just having my clients put at most 5% into it. So it hasn’t necessarily been the incentives until very recently when clients have really started to ask about it, of course, clients asked about it end of 2017, early 2018 when it was hot. And then when we had, you know, the, the crypto winter, it, it kind of lost its, its cachet, right? So now that it’s really back in favor and, and you know, of course with the government issuing trillions and trillions of more dollars, and the idea that Bitcoin could be a store of value in decentralized finance, having such the summer that it had.
Now you have more clients asking about it. And so now you have more, more advisors that are willing to look at it. Plus we have the infrastructure built around it now. So I guess the question was, how do you explain it? How have you been able to explain it to financial advisors in the, and the answer is that’s something we’re working on. Like it’s not been easy until recently when advisors have been really interested in it and you really need to be interested in, have a reason for learning anything before you’ll go down that rabbit hole really worrying about it. So now it’s, it just takes baby steps. It takes steps of here’s what Bitcoin is. Let me explain to you what a blockchain is, and then we can go into why it might have value and who are some of the people that think it has value and why.
And then once you’ve understood Bitcoin and a blockchain, now you get to understand decentralized finance because now we take it further. What does, what does peer to peer mean when you’re not using banks and not using government? And we have to explain all that and it’s explaining an entire new financial system because, you know, we, all of us growing up understood dollars. We understood what a dollar was, even if we didn’t really understand that my bank, or if I had in my wallet, I could go buy a burger for it. Right. But having a explain Bitcoin to someone right now is, is really difficult. It’s not an easy thing to do.
Yeah. So w you know, I, I think, you know, w what I wanted to ask is what would you suggest, you know, to someone that’s going on you know, that wants to learn more about the crypto space and goes onto your site and, and signs up, you know, what would you suggest to start off with?
Well, if they’re, if they’re a financial advisor, okay, we, we have a free course and, and we’ll send you the link and you guys can send out the link. It’s a free three day, and it’ll teach you a little bit about how Bitcoin works and how, as a financial advisor, we look at allocating some of client’s net worth to Bitcoin, and what your role as a financial advisor might be. And then you decide if you want to go further down the rabbit hole and learn more. In addition, there are if you’re not a financial advisor, we have a, a YouTube channel in it called interacts is where we explain it. And again, it’s, I get on the whiteboard and just draw things out and try to explain it as simply as we can with the idea of, of also trying to get you to, to know why it’s important for you.
Why is this technology important? Why is this, and it’s not about trading, and it’s not about, you know, trying to get Bitcoin to go to 20,000 or 50 or a hundred, or, or make price calls or something like that. It’s just, here’s how it works. And you get to decide for yourself where you see value in it. We also have, you know, several others that we know of that do a great job of explaining their part of decentralized finance or digital assets, or, or what have you. But it, it really takes finding some of those, you know, really good educators usually online. You can find some really good books, the Bitcoin standard and, and, you know, we, we can send some others that are really good at explaining. For first you have to understand money. You have to understand a little bit about banking and how money works to, to then be able to go into how Bitcoin works or how crypto works and why it might be different.
And then you take what you guys do, which is mining and go, okay, we’re going to create it out of thin air. And, and then, you know, and then figure out why that has value. What’s the cost of mining because you guys I’m sure get the you know, either investors or someone else that goes, Oh, you know, you have to spend so much on minors and what is it doing to the environment to have all that energy going into Bitcoin miners or crypto miners, which is just horrible. We’re trying to do something else. And, and you guys I’m sure have to explain to people the, the numbers behind it and go look, it’s not all that bad. There are other ways to, there are other ways to get energy. You know, it’s not like we’re, we, we got sweat shops and we’re burning coal, killing the atmosphere just to make me a Bitcoin.
Right. I mean, there’s so much, so many other ways to do it here. We’re building solar farms and we’re pulling natural gas right out of the ground, straight into a straight into a generator that, that mines Bitcoin. I mean, I’m in Texas. Like there’s no place, no place cheaper, probably right now to mine, Bitcoin, then Texas West Texas, and get cheap gas and plug it into a generator into a container of minors. And, you know, you’re, you’re mining Bitcoin for relatively small investment, right? So it just, it just takes, you know, iterating through all those things that people, you know, just have to start with the basics of the technology, just like 25 years ago. How would you explain the internet to someone? It would be really hard and now you go, well, I don’t have to explain all the inner work as the internet. I explained that if you go to Amazon and putting your credit card and buy something, it’ll be at your house in two days.
Yeah. I’m still amazed to this day that people utilize the internet day in and day out very much the same way they utilize money, you know, us dollars day in and day out, but they really have the fundamental understanding of what’s actually happening.
The people don’t know what money really is and what Kurt, you know, the difference between money and currency.
But I think it’s a good opportunity for people to learn for people to become educated about it. And speaking about what we do I’m going to have Sakib over here. Talk about our website, crypto mining tools, because crypto mining tools is what has brought this podcast today. So, so Keith, can you give everybody an overview of crypto mining?
Yes. this is our website, Cryptomining.tools. And on this website, we basically have a few applications that are very useful for anyone that wants to get started mining. On our home page, we have our latest podcasts that’s that’s going on. And then if you go into our calculator app, you’ll be able to add any of the miners that are available in the market. Let’s say the advanced features to keep guests. If you go into the advanced features, you can actually change your power cost and change the price change rate and the difficulty change rate. And if you apply the filters you’ll be able to see your ROI. And the number of years basically using those settings,
The multiple minor setting, which I think is also very important.
Yes. So, so, so let’s see
Where it says, quantity, show them that you can, you, you don’t, you no longer can just simply do a calculation for one minor. Let’s say you have a hundred miners, and you want to know what the total hash rate, what is your ROI on a hundred minors, you know, who owns just one minor these days, and who wants to go through the hassle of, you know, going through doing the calculation for one minor, and then having to multiply that out, you know, somewhere on a spreadsheet or in your head, you can now do it on the website, things
That are using it Twitter. And then we also have the comparison app, which is basically a comparison of all of the minors that are available. You can compare the Terra hash and you can sort and basically find the you know, your hardware costs and your operational profit on all tabulated right here, easy to see. And then once you do that, you can come visit our shop where we have the latest minors that are available for really great prices. You can basically place an order right here on our shelf,
True and show a listing show, how much information, how much detail that, that we have showed the can show a Bitcoin miner and show the profitability charts that we have.
Yeah, sure. So if we go to let’s say let’s say T 17 plus, and we go into minor profitability. We can actually see you know, if you put in your hardware, your electricity costs, let’s say 8 cents and the Bitcoin price, then you can actually see the the gross income on this per month, per year and per day. And you know,
Correct. Yeah. You have to select a listing first and then you can see you don’t add it to your cart. You can, you just select the item and then you can see the profitability based off of the sales price of that item specifically.
Let me I, I know you guys are talking about your toe, but let me break in here because back in December, January we were actually trying to find some investors to go into some mining here in Texas, because again, you know, where else is energy cheaper in the world in Texas right now? And this was all pre COVID and this, this tool was not yet available if I’m correct as of January, you know, December, January of this past the time we had to take to put together spreadsheets to get this same data was, was ridiculous. And so to have this tool out here for those that I’m sure are more apt to be investing in mining now with energy costs, coming down with the price of crypto, going up with all sorts of other things going on in the world that make you want to own crypto and make this investment be, be worthwhile.
This site is, is unbelievable. And I’ll point out also real quickly, as long as I’m, I’m talking for those that are interested in mining, that there are so much more infrastructure now. And when I talk about infrastructure, I talk about financial infrastructure, the ability to utilize your crypto as collateral, the ability for financial organizations to see your mining organization, and to understand it enough that they will lend you money or, or let you again, let you use your crypto as collateral, let you do things so that you don’t necessarily have to sell because you sell, it might be a taxable event. You want to hold it, but you might also need to pay some bills, or you might want to buy more miners that might be in the cards there. So get, you know, having a tool like this, and then adding on the financial infrastructure, that’s come with with the growth in Bitcoin, the growth of crypto as an asset class, it’s just a great time for it in a, in a great tool. Like I said, this w what you’re going through right now took us hours and weeks to put together less than a year ago when we were trying to get her spreadsheets to try to get investors to come mine in Texas.
We we’ve recently put our heart and soul in this. And I just want to explain to our audience a little bit more with clarity here. The reason why you’re seeing the gross income, you know, is 15,937, because that’s based off of the entire order. So there’s a minimum quantity to each listing that we have. And to keep, if you could point out to the minimum quantity there and based on those mental quantities, like, for example, if you bought those 50 minors, that would be your profit for that purchase. So it’s giving you a realistic projection of, you know, and again, it’s saving you the time, the trouble and the hassle of having to figure all that out manually. It’s right there on the site. You can see it with you, go ahead and go to the directory and show our users how this process works, because we’re, we’re seeing a lot of other copycats that are coming out. We, as far as we know, are the first to do a directory listing and our prices are spectacular folks. The average pricing out there is somewhere between five and 6 cents a kilowatt hour. And again, that’s for managed hosting. If you want to go to co-location or power purchase as, as Adam’s been talking about, you can get it even lower than that.
And basically it’s really easy. You just go to our site Cryptomining.tools and you know, you select the type of hosting that you want, whether you want managed hosting unmanaged, or, you know, you want to do a power purchase agreement. Let’s say we want to do a managed hosting, and we select you select the miner that you want. You select, you know, you can, you can basically check out different scenarios. Okay.
And a really cool feature is you can see how many megawatts of power you need to use. And that’s another thing, you know, that most people, they don’t want to have the hassle of calculator. Let’s say, I know I’ve got two megawatts worth of gear. And you know, I want to be able to get the best hosting rate for that. And most hosting quotes, most electrical quotes, they’re all done in how much power do you need from them. That’s how you can negotiate and leverage the best price from them. It’s not saying, Hey, I’ve got 50th such and such miners because then the hosting facility has to figure out, okay, what did they use? You know, how much power are they going to need? What’s the best deal I can get here. It’s figured out all already for you. And you can put in your own custom values and everything. There’s nothing like this out there, guys. We’ve, we’ve left no stone unturned to make this an easy and convenient process to get your minors hosted, to purchase your power to shop and, and understand profitability. There’s nobody else doing this. I mean, there’s people listing gear for sale. There’s people listing you know, places to host, but nobody’s going through these kinds of efforts to just really make it easy for you to do your due diligence and make it a no-brainer.
And yeah, so basically, you know, once you select all your value, once you put in all the details, you can it’ll, it’ll give you different facilities in the United States and worldwide for that you can go ahead and request quotes for at different facilities just, you know, real time, pretty much.
Yeah. And that’s another thing too, is, you know, geo location, let’s say you only want to be in North America. Well, our map makes that really simple to see where North America, we have directory listings, let’s say you only want to be in, in China or Russia or someplace else in the world. We do have listings globally, all around the world. They’re growing every day. Our database is growing every day. And you know, like I said, we just want to make it as easy and as convenient as possible. So yeah, here over here in Europe they have some really excellent power rates over in Europe, you know, so you’re, you’re not just limited to, you know, one small database you’re really exposed to a global database of hosting solutions all around the world and an interactive map. And like I said, nobody else out there is doing that. But that being said, I’m gonna let Sakib go ahead and close this down. Let’s go back to our guests, Adam hopefully you were impressed a little bit. Maybe
I’m very impressed. Like I said, we, we we were trying to calculate all that back in, in December, January, February and, and had to do it all, going to different sites and do our own, you know, power calculations and, and go back and forth. And, and it took days, weeks to do, you had to do a lot of your own calculations and hope you are. Right. and so this makes it much easier and, and look finding the sites is great too. The, the ability to go, you know, I want it to be close to me, or I want it to be in cool weather or dry weather, or that’s really important to know, and to probably also have to know what type of miners or what type of cooling or what type of power works better in different types of weather, right? Not all miners are gonna work here in humid Gulf coast or, or dry West Texas, or really cold North Dakota. So you really, th those are things that you really have to know, and if you’re relatively novice at that, or you’re trying to get into it, then, then it’s nice to have a a resource like,
Yeah, I’m really glad you pointed that out because you know, it’s, it’s not just a simple telephone book. It really is meant to give that extra layer of information that true, you know, novices or, or, you know, seasoned miners alike can get that extra layer of information. That’s relevant to them. And you know, we’re trying to create that standard. We’re trying to elevate that to where that’s, what’s expected from everybody. Right. and like I said, we’re the first to do it. A lot of people are trying to copy it. So that must mean we’re all to some good ideas. Yeah.
I’m not, I’m like we have a time for maybe one more question and let us know how to get in touch with you as well.
What is your final questions to Gabe? And then I’ll give my final question.
Okay. Well, Adam, I think you know, interacts, it sounds very interesting because the number one thing that, you know, it took me a while to, to, to understand, you know, things like inflation and, and, and I kind of had to learn the hard way of getting into crypto and going after hype, you know, high percentage proof of stake coins, but I think, you know, going to your site and learning that, you know, learning those courses is very important. So, so what would you say, you know, to the, to someone that’s just coming in a novice you know, that that needs to learn about why, why do they need to learn about, you know, these what money is
Important thing in this case is to, especially if you’re a novice and you want to get into mining, you’ve probably heard about it because you go, man, some of these people, some of these folks I know are making ridiculous amounts of money, and I want to figure out how to do that. And I don’t want to do it by investing in stocks or something like that. I want to invest in mining. And what you have to learn is, is how the different cryptocurrencies work first. And then, and then you’re determining, okay, am I okay investing in all this equipment that produces this cryptocurrency? And then what am I going to do with it? Do I think it’s going to go up in value because you have to know all of that, right? You have to have, you have to feel like Bitcoin is going to go up in value for some reason, or at least maintain its value, to be able to do your calculations and figure out if you’re going to have a positive ROI right before you can go, all right, I’m willing to invest hundreds of thousands to millions of dollars, potentially into crypto mining.
I need to know what the ROI is. I need to have a, I need to have a pretty firm idea of why this might or might, why this might go up in value or maintain its value or how I’m actually going to structure it like a business, because we are way past the early days of Bitcoin mining when it was a speculation, and you could do it with one computer and, you know, if you’d have held it since then, you’d probably be a, you know, a billionaire by now. But we’re way past that. It’s a lot of money going in involved. It’s a lot of expense. It’s a lot of variable costs, a lot of sunk costs, and you have to know and understand all of that. So you have to know how to run it like a business. And the first part of that is understanding the product that you’re creating and the product that you’re creating as a cryptocurrency.
And you have to understand how you’re going to hold it, how you’re going to distribute it, how you’re going to sell it, what the tax implications are what, what the, the gains implications are and what your financing is and everything. So that’s why the education is so important because it’s just like, you wouldn’t go start a company to manufacture shirts. If you didn’t understand what the market was for your shirts and how much you could make for them, how much you could sell them for, and, and where there was going to be a market, it’s the same thing. You have to know the product before you can go down the road of manufacturing it, which is exactly what mining is. Is manufacturing a product,
Correct? Yeah. That’s yeah, that kind of covered all the questions that I was going to ask. Can you tell our audience what’s a good way to reach out to you in case they have some questions of their own that they would like to ask you and learn more?
I would be happy to do that. So on Twitter, we’re at interacts eight that’s @interaxis8. The number eight our website is Interaxis.io email email@example.com. Feel free to ask, you know, reach out with any questions if anyone’s interested in mining, but wants to talk about it from the financial standpoint, one, you know, w we’re financial advisors, we can explain it into as I mentioned, we kind of already went down this road. We didn’t actually end up buying any minors because COVID caught us, but we actually have gone down the road of going through all the numbers and, and we can probably help with that. And, and even understanding better how your tools and your resources on your crypto mining tools website can, can affect them. And we can probably put them in touch with some of the other providers that the lenders and such that can help.
Excellent. That is awesome. That’s awesome. Well, thanks for being our guest and yeah. When you guys appreciate it. Thank you. Bye-Bye.