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Adam Haynes

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2025-01-22
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2025-01-22
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  1. “Yeah, no, appreciate that, Preston. Thankful to be here. And if anybody's looking to learn more about mining, we have a website where simplemining.io backslash insights. We have a lot of information. One of the biggest things that we try and do at our company is educate on mining, on Bitcoin, and those sorts of things. So visit our insights page, and there's a lot of great resources there if you're looking to learn more. And then if you're interested in learning more about Bitcoin mining and how to possibly get started there, visit our website, simplemining.io, and there's a start page there where you can schedule a call to chat more with us about that.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  2. “I'm the type of guy that's kind of don't know if anybody cares what I have to say, but some of the guys here on our team have been encouraging me to be better about that. So yeah, Adam Haynes on Twitter, our company is at simple mining.io. And then I'm more active on LinkedIn as well. Okay.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  3. “I've seen it. Yeah. Oh, yes. Let's look at the parts per million. Yeah, exactly. So that's one of the big ones is just misinformation around our facilities. We're just a business looking to operate like any other business and has some negative preconceived notions, I think, about our business and the environmental impacts and the sound and some of these other things where we've been very successful in being able to set up our operations across the state of Iowa. We want to be a friendly neighbor, don't get me wrong. We understand that there is some noise and things like that, but I think that we are able to locate in areas where we take a common sense approach to this. We don't want to set up our business where it's going to cause any legitimate problems for anybody. So combating some of those has been interesting. We've had great success so far setting up different sites across all over the state of Iowa, but certainly have been some interesting comments and concerns that we've received over the last few years related to”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  4. “Yeah, the question that I get asked the most that makes me roll my eyes is there's a lot of misinformation, I think, surrounding mining. Luckily, most of my friends and family, I've had some good conversations with over the last few years, but just in general, we've had to battle a lot of misinformation, specifically related to mining. We've heard everything under the sun related to mining and how it's bad. Our facilities are going to emit 12,000 tons of CO2 per day right there physically on site. You know, our machines are going to emit CO2 here.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  5. “Conditioning during the summer. So you kind of start to think about the intermittency of renewable energy and what if we just had a large nuclear plant with a base load and then we sprinkled some renewables on top in order to supplement the changes in the demand?”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  6. “These wind turbines because the wind turbines can run at a loss. They can operate because they're still going to get that subsidy on the back end. And that starts to cause a whole bunch of walky things to go on in the grid and it just renewables are intermittent. And there's always a demand for electricity. It's called base load. That is the energy needed to heat your home, turn on the lights, run the air conditioning, so on and so forth. All of the basic things you always need to use. And then we have what we call a peak load where it's the hottest day of the year and everybody is running their air conditioner. Everybody's running their heater because it's so hot or cold outside. And you need more and more and more energy. And that right now is being supplied by peaker plants. Natural gas peaker plants are one of the most common forms of matching that demand with the available supply because if there's no wind, there's no energy production from the wind, but everybody still has demand for energy to run their air.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  7. “Well, it's an interesting thought experiment for sure. It's very windy here in Iowa, but you look at these windmills, a few different examples here in Iowa. There's government subsidies for every kilowatt hour or every megawatt hour of energy produced by these windmills. So if you just look at the disruption of the free market, while there's larger incentive because of that government subsidy to install these wind turbines. And you run into a situation where it starts disrupting the natural free market of energy. And pricing actually here in Iowa will go negative. Utilities will actually get paid to take power.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  8. “There's gonna be more and more renewables going online. Iowa currently has about 15 gigawatts of wind energy. They're looking to install another five gigawatts by the end of the decade, so total of 20 gigawatts.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  9. “In the US, it's a little under 20% of our production in the U.S. comes from nuclear energy. And we're talking about 100 reactors or so, roughly.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  10. “It is one of the safest, it is the safest form of energy production per terawatt hour outside of ground mounted solar. It is an extremely safe form of energy production. It is very dense. We should be building much more nuclear. We had a nuclear plant, have a decommissioned nuclear plant here in Iowa, actually, about an hour from where I live. And it turned into an interesting economic situation. And due to the abundance of the wind energy, the nuclear just couldn't compete and you could look at it as you have maybe some free market disruption with government subsidies on the wind side of things. And does that disrupt the natural free market of energy production based upon where it would have gone? And so on and so forth. But I'm very optimistic about nuclear. The AI has looked at optimistically, I think, a 3x increase in nuclear energy by 2050 in the United States. We currently have just under 100 gigawatts of nuclear energy.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  11. “I'm very, very optimistic and a big fan of nuclear energy. It's a great technology that's really a majority of the nuclear technology that we have running was developed back in the 1950s and 60s and built in the 70s and 80s here in the United States. We've had only a couple reactors built since a majority of them were built in that time period most recently there was a reactor that was just deployed, I guess, technically earlier last year, 2024 down in Georgia. There's a lot of, I think, government bureaucracy and other things that get in the way of getting nuclear up and going. There's a lot of public fear over a meltdown and those sorts of things. But if you just look at the simple step.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  12. “Customer and that one customer goes bankrupt, where does the revenue come from? You know, that's where I think from just a first principle standpoint is where is the revenue being generated today from all of this AI activity? Certainly there's lots of things going on. And there's, and by the way, over the long term, I'm very bullish on what AI can possibly do for the future. Don't get me wrong. I just think that things of this magnitude do not happen overnight. It is going to take time and you are going to see a lot of over the course of the next few years maybe a lot of bodies float to the surface over malinvestment.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  13. “Yeah, my high-level overview of AI and data centers and whatnot is I think in the short term here, the next few years, I think a lot of what you're seeing is large, large companies, the MAG 7 companies have a very large balance sheet in access to capital at next to no cost. And they're taking all of this money and they are throwing it at NVIDIA GPUs and just seeing what will possibly stick. kind of interpretation is there's no true business case on how this investment is going to produce any revenue that will recoup this investment in the future. They're just trying to be, it's an arms race. They're trying to get these things up and going as quickly as possible and going in with a fingers crossed. We'll figure it out. We'll build the plane as we fly it type of situation. And I think in the short term, that's going to cause a lot of difficulty in trying to operate a business, trying to operate an AI data center business if you have one.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  14. “So, Bitcoin mining data centers don't have to have that type of uptime. They can be flexible those. They can shut down, and it really doesn't affect day-to-day operations. And that helps continue to get the lower cost of power. But it's a whole different ballgame going to that level of uptime with the backup generation, backup battery requirements, the networking requirements, and all of those sorts of things.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  15. “You say that Adam. Because it can be. So on the Bitcoin mining side of things, we can be interrupted in order to have our cost of power be as low as possible. We can be on off, on off, and it doesn't really affect operations at all. You cannot turn an AI data center or even a traditional data center on, off, on, off, on off. It doesn't work. So they need that power all of the time, no matter what, no matter if the grid is under major constraints, it has to have that power in order to in a traditional data set of standpoint make sure you can open the Facebook app and scroll your newsfeed and those sorts of things”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  16. “Battery backup generation. All these other sorts of things. Because unlike Bitcoin mining, these traditional data centers cannot be a flexible load. They require five nines of uptime, 99.9999999999999% uptime on an annual basis, and you're not going to get a standard Bitcoin mining facility as of today. A few other points that I would add to that.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  17. “Little cynical Yeah, common question that we get asked just naturally being in the Bitcoin mining space is the talk of the town for the last year 18 months it seems like has been AI and all that good stuff. I'm going to take the other side of this one actually. I think in the short term I think a lot of this is probably overblown the way that I'm visualizing this to just talk out loud is You're looking at the transition of a Bitcoin mining data center, which is really like a tier zero data center. It's the bare bones. It's this little CapEx as possible in order to be as profitable as possible on the mining side of things. You're transitioning to a traditional style data center, which is 10x cost in CapEx in order to operate this equipment. It requires a lot of redundancy.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  18. “All the repairs, and we offer a flexible pause period where if the mining ever becomes unprofitable, you're able to actually pause your units on our dashboard. And then we also have a marketplace where you're able to resell your equipment at any point in time if you'd like.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  19. “Yeah, so our rates that we charge are between 7 and 8 cents per kilowatt. You hear unique things with our offering where we actually, so we have a full dedicated repair center where we include all repairs. So we have bitmen certified technicians where if a machine gets damaged or breaks down because these computers run 24-7, 365 will actually include any repairs regardless of whether it's under warranty or not. Our goal, our offering when we talk to our clients, we very much don't really like to discuss a return on investment because we don't know. Nobody knows exactly how things are going to play out. And our goal is not to mislead anybody or anything like that. Our goal is to offer the best service out there if you are looking to participate in Bitcoin mining and if you want to do this business. And we do that through a combination of a few different things. We do it by providing the low cost of electricity. We do it by having a full dedicated repair center where we include.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  20. “We've seen some clients that have taken two years or longer to recruit their investment. Obviously, there's a big timing aspect, just like buying any asset would be. But that's the ball.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  21. “Right, right. And this is where, you know, I'm not going to lie to you, Preston. There's no, I don't think there's a single person who could sit here and tell you confidently exactly how the return on investment of word. What's the ballpark? It's going to vary depending on Bitcoin performance, lots of different things. I mean, we've seen for us, we've seen some of our clients return their investment as quickly as six months.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  22. “The whole thing would be a considered revenue. Yep, that means hopeline revenue and then your operating expenses would be sort of like the electricity cost associated with navigating that.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  23. “Depend the payout time that you receive at the time that you receive the point is marked as revenue based upon the current price of Bitcoin.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  24. “Yes, three of five, I would say on an asset like this. And certainly there's bonus appreciation. There's Section 179. Everybody's situation is going to be just a little bit different on how you want to go about that. But it's like there are real world tax advantages to buying this equipment on top of the additional operating expenses of running the mining business that depending on any given person's situation could be lucrative to exercise those.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  25. “So there's, first of all, not a tax advisor. So I would recommend everybody listening to talk to your own tax professional. But these machines are assets that can be depreciated over a lifespan. And you can do all kinds of different depreciation on them. What is the tip?”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  26. “Exactly. It's a forced DCA. Now, there are some additional benefits that we could get into with depreciation and some business benefits. Talk to that.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  27. “It can definitely get some emotions involved when you have drawdowns like that. And, oh, I'll buy it lower trying to time the market rather than time in the market. So that's one of the first things that we've seen is just the ability to be producing Bitcoin every single day regardless of the price and then paying for that hosting with your electricity once per month, more or less. So that's one of the added benefits that we've seen to our clients.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  28. “Absolutely, it's one of the most common questions that we get asked. And I'll start by saying I don't think it's all mining by any means. I don't think it's all mining necessarily. I think it's a happy medium of both. Through my experience of mining and through the experience of a lot of our clients, one of the things that there's a few benefits, like you said, there's pros, there's cons, so on and so forth. But it removes the emotions of having to actually go through and commit that buy is one of the big things that we've found over the last few years. When Bitcoin price is low, there is a lot of human emotion involved. And regardless, you know, you and I are both very much Bitcoin maximalist. I'm more sure about Bitcoin than I am the sunrising in the east, right?”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  29. “Where in the off chance that there isn't wind energy being produced, it's a very calm day. Maybe it's a calm day and it's also cold outside. So there's lots of demand for heating in the winter. We're actually able to curtail our operations. We can shut down our full load within 60 seconds at our facilities to help match that supply and demand. The grid has to operate at 60 hertz 247 365 or you get blackouts. And nobody likes blackouts during the middle of winter. So it becomes this really unique opportunity where you can actually incentivize the growth of more and more renewable energy by building out these load centers that are flexible. And that's what a Bitcoin mining facility is. It's a flexible load center. We can very quickly ramp down and ramp up to match the insuremittancy of renewable energy.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  30. “The wind isn't blowing and the sun isn't shining, you still have to have energy produced from somewhere. And we can get into all this. It's definitely a long conversation on getting into the weeds of renewables and government subsidies and baseload and whatnot. But from a high level, there's an abundance of energy here in Iowa. Call it 98% of the time. We have a lot of windmills and a lot of cornfields here in Iowa, and that's about it. So what we're able to do is have very unique agreements with our utility companies.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  31. “It's fascinating because, again, it's a misconception in the fact that people think that Bitcoin mining is going to be taking energy away from other use cases, from other quote-unquote more important things, which is just not the case if you analyze supply and demand. Very simply, Bitcoin miners need a very low cost of electricity. And anytime there is going to be demand for any other uses such as air conditioning, lighting, any of that, any basic function that's going to consume electricity is going to outbid Bitcoin miners. And that demand would drive Bitcoin miners away if there was not enough supply. So it's a very simple supply demand analysis. We could relate this to maybe our situation here in Iowa where there's an abundance of wind energy. Like I said, we have the largest percentage of wind power production in the country. And you run into a very unique situation with renewable energies, as you and I both know.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  32. “So, you can help balance this chicken and egg problem by introducing a fixed load that's going to consume a very large amount of electricity all the time, 24-7, 365, and will be a buyer of that energy in order to help the economics make sense of deploying that energy producing project. And that's really interesting.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  33. “Talk through this Yeah, there's a few things I could touch on this. So, one quick brief overview you can highlight is in new areas, there's a project called Gridless in Africa. You're familiar. with that project and it's kind of this this chicken and egg problem of you have a society that's looking to develop and obviously needs electricity production in order to continue to expand and grow over time and so there's a demand for electricity but in the beginning when this growth is just starting there's not much demand for electricity it's incremental and it increases over time and then you have the developer situation of we need to create electricity generation and make an investment into producing electricity but we know there's not going to be very much demand in the beginning”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  34. “Exceptionally more efficient over time. A few years ago, when we first were starting this company, we were looking at machines that were 35 joules per terahash is the rating of how much power it takes to produce one terahash of hash power. So now we're getting into the low double digits of joules per terahash, you know, 12 joules per terahash. So we've seen a 3x efficiency gain just in the last few years. Where these machines are able to produce a significant amount of more hash versus the power that they're using.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  35. “And maybe we could go back a little bit throughout history of Bitcoin mining and see how things have developed. When Bitcoin was first launched, all mining was done via CPU on a computer, which is a very slow, it's very slow and not very efficient way to do this particular process. About a year later after Bitcoin was launched, the famous Bitcoin pizza guy Laszlo, he was actually the inventor of GPU mining. So graphics processing unit, it does a much more efficient job of doing these processes than a CPU does. So that went on for a couple years, and then we upgraded to ASIC, the application specific integrated circuit, which is a computer in a specifically a chip that is designed to do one process and one process only extremely efficient. And we've seen large manufacturers such as Bitmain and MicroBT produce these units and continue to get them.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  36. “Easily 10x. Yeah. I think a very important geese that gets lost very quickly just because you're looking at the overall net Energy usage instead of the efficiency gains that we've seen in the technology”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  37. “The lowest cost of energy in order to be able to be profitable. Bitcoin miners, us, and everybody else around the world are very incentivized to go get that low cost of power as low as it possibly can be. And typically that is going to be renewable energy number one, over 50% of the entire Bitcoin network. It's estimated currently is using renewable energy. We're based in Iowa, Cedar Falls, Iowa is where we are based out of, in Iowa, we have the highest percentage of wind power production in the entire country for our state. almost two-thirds of our energy production here in Iowa is renewable energy predominantly from wind energy. You also have other sources of energy, stranded energy. So Bitcoin miners are very incentivized to go find those very low cost of energy and maybe those stranded sources of energy, then that's great. And again, I think that we are only going to need more and more energy production over time to continue to enhance that quality of life. It's one of the easiest metrics.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  38. “It's a really bad take. I think there's an article a few years ago talking about how Bitcoin mining was going to use more energy than the entire world consumes by 2020 or something along those lines. And the reality of the situation is Bitcoin uses around 1% of 1% of all over the energy usage in the world. It's 100 terawatt hours of energy approximately right now. There's a few components of that. I think there's been this assumption in kind of preconceived notion that energy usage is inherently bad, which is just not true. Energy usage is what's propelled us to have the quality of life globally higher than it's ever been in the history of the world. Our quality of life today globally is outstanding. You know what I mean? And it's only been excelled by the increase in energy production. So I'm a big proponent that we need more and more energy production over time, not less. On top of that, Bitcoin miners in general are always”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  39. “The analogy to mining was actually first referenced in the white paper. Section six of the white paper, Satoshi talked about how expending CPU and electricity is analogous to gold mining. So that's kind of where the mining portion of things actually stem. This is not we're putting shovels in the ground and trying to find Bitcoin like any other commodity. This is very much using compute power and electricity to solve hash functions and then basically get that block reward, which is what the miners are all competing for. So as Bitcoin first started out, the Bitcoin block reward was 50 Bitcoin every single block, every 210,000 blocks. Sure, most of the people have heard of this. Approximately every four years, every 210,000 blocks, that block reward is cut in half. So on and so forth until the very last Bitcoin will be mined in 2140. The gold analogy is, I think, very beneficial because you can look at expending real world resources in a large”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  40. “Yeah, yeah, yeah. I love the gold analogy. It really makes it an easy visualization to break that down. I just had a utility company visiting our headquarters here last week, actually. The first question that we always get asked is, what's going on here? What is Bitcoin mining? Like, you know, they walk through, they see the computers sitting on the shelves. They see our repair team fixing these broken computers. And they go, what in the heck is going on here”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  41. “Bitcoin consensus that all the transactions from the very first day that Bitcoin started 16 years ago to today are true and accurate. It has nothing to do with the miners. The nodes are going to verify those transactions. They're going to broadcast. They're going to send those transactions to the mempool. And then after the miners confirm those blocks and add them, then they're going to update that on the actual, the nodes are going to confirm that on the blockchain. So that's a little bit more in depth. It's very fascinating how important that is so that you don't have to rely upon that trust. You have these set of nodes around the world that anybody can participate in. And that's extremely important as it goes to that double spend problem because you, I, and everybody else, if we own Bitcoin, if we hold our own private keys and we want to verify that the network is true and accurate and there's no illicit activity going on, we can run a node and verify that everything is true and accurate every single”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  42. “So, what is a Bitcoin mining node, or excuse me, a Bitcoin node? A Bitcoin node is simply just, it could be an everyday computer. It's nothing fancy. It does not require these crazy high power computers that you use for the mining. A node can simply just be an everyday PC. That node is going to be running the Bitcoin software and going through and it goes through and verifies that everything that is on the Bitcoin network is true and accurate as of now. So you will go through when you set up a node. We have a node running here at our office. When you have a node set up, it's going to go through and one by one, every single transaction since the very first Bitcoin block, it's going to go through and verify that all of those transactions are true and accurate. And it's going to take some time. It's currently, I think, around 700 gigabytes of data to go through and verify all those are true and accurate. And ultimately, those nodes is what gives”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  43. “Exactly. No, it really goes into the genius of Bitcoin itself and Satoshi. You've commonly referred to the blockchain sometimes as a time chain. And that sequence of adding transactions one after another and then the verification that is gone through. So maybe we could get into nodes. I think nodes is maybe especially as you're coming in, if there's new entrants coming into the space trying to learn more about Bitcoin mining, I think nodes are an important aspect of that.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  44. “That Satoshi came up with in order to prevent the double spend and sort of getting to that decentralized consensus for transactions, being able to actually verify a transaction without having to trust centralized party. So that's kind of a high-level overview.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  45. “16 years Yeah, exactly. So maybe we could just start off with talking about what is Bitcoin mining. Bitcoin mining is just the process of verifying transactions and adding them to the blockchain. Now, maybe we can break that down a little bit further because there's a lot of buzzwords that you hear in Bitcoin blocks, blockchain, so on and so forth. So really simply a block is just a set of transactions. Joe sends Bitcoin to Sally. Sally sends Bitcoin to Jim, so on and so forth. Every single block of Bitcoin has a few thousand transactions on average. And those blocks are added to the blockchain in a sequence. So there's one after another. On average, about every 10 minutes. And this is done as sort of Bitcoin mining's security in order to ensure there's no double spend. It's a very important and very unique”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  46. “Yeah, well, just wanted to say, grateful to be here today. Been a big fan of the show for a long time. We're sitting here January 3rd, 2025 recording this episode, and that's the 16th anniversary of the Genesis block. So pretty exciting to be here running a Bitcoin mining company and getting to record a podcast with you here today on that anniversary. So thanks for having me and really, really appreciate it.”

    2025-01-22 · We Study Billionaires · BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT