YouSaid · the spoken record

Alex Busarov

lines on the record: 56
first: 2024-06-19
most recent: 2024-06-19
sittings or episodes: 1
sources: podcast

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“Well, yeah, to check out our website, check out our Twitter. We try to answer any of the questions that people might have. We really want to, it's not just about selling the devices for us. I think it was kind of becoming clearer during the call. We do want to help decentralize the network and build the much better system this way. There's other teams who are going to be doing similar things and will compete in some ways, can help each other in others. And altogether, I think we'll have a very decentralized base layer on the hardware layer that will make the monitoring system a lot more valuable for everyone to use. So I'm really looking forward to making that happen. And I want to say thanks for your invitation to join the podcast. It's a pleasure to speak to you. And yeah, if I can be of help going forward, please. Let me know”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The number I've heard, yeah. I think it would depend on the economy, right? You have more developed economies where it's harder to grow very fast and you have economies that are just moving from like agricultural society to more industrial society, they can move a little faster.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Exactly, and the technology efficiency, it kind of goes one way, it doesn't go the other way. So, overall, even by the time Bitcoin is the money, they're still going to be in an improvement as a decrease in prices in Bitcoin terms for everything that we consume. And it kind of makes sense at that point, you know?”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But then there's another effect that will play a bigger role by then, even if they say everyone has Bitcoin, everyone, everyone uses Bitcoin as money around the world. The price of things will still get cheaper, and that's just called progress. We as civilization, we tend to learn and we tend to improve things and make things better and more efficiently, right? The productivity of our work in the last even 300 years has gone up many, many times just because we had the machinery, we have the electricity, right? We know how to manage things better. And if the productivity increases, and if you have stable money, like Bitcoin in a concept that I'm talking about, then the prices should actually be reducing. Because, well, you know, for the same price efficiency.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think it's been more behaving a bit more like an asset, right? And just because there's more demand for the asset, the price in this case, you know, call it price was growing. And in that sense, everything else, a ton of corn or house would be getting much, much, much cheaper in Bitcoin over the last whatever seven, ten years. And at some point, there's going to be a plateau of this effect, right? It's going to reach some sort of a critical masters. More people have Bitcoin. There's not new people necessarily coming in. So it's going to be less of this speculative growth of the asset. It kind of becomes more of money, hopefully people really start thinking about that. Money at that point.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“For every day, there's different aspects to it. So there's different drivers as economists would say of why it's game. So right now, one of the primary drivers was Just the growth of the Bitcoin ecosystem, right? There's more people getting into Bitcoin, more people buying.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And the argument goes well, if it's an asset, you don't like gold, like Apple shares, like real estate, then there is a price because the value of the asset is determined and communicated in terms of the price of money, the monetary price, you know, dollars and euros and whatever. But if it's money, people don't talk about the price of pounds, price of dollars, price of UN or euros or anything else. They talk about the FX rate. And this is just, I think, an open discussion, an interesting discussion to have, is whether we should be talking about the Bitcoin price or should we really be talking about the Bitcoin exchange, right, Bitcoin FX rate? Because if it's money, then it shouldn't really be the price. It should be like, well, a thousand sats is X dollars, the FX rate. You know what I mean? Yeah, no, I can't.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think that's the small one that I mentioned that sometimes people think oh, heating uses energy and then mining uses extra energy. That's just not right. It's the same energy. But I think we talked about that already. Talking about the orange pilling and how people get introduced to Bitcoin and how they think about the price, et cetera, kind of caught thinking in the discussion that people talk about the price and price of Bitcoin. And I was thinking, well, if Bitcoin is money, then there's no price of Bitcoin. It should be price of Bitcoin. It should be in FX rate.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But it doesn't work the other way around. And then you have all these logical structures and you think, oh, but this is kind of crazy, right? Why is this relevant? But then you realize that having all these discussions and logical structures, it gives rise to so many other things. Like, you know how AI and generative AI, it kind of really got possible with the mathematical inventions that came out not that long ago. There's iterative learning that it's not that long that people came up with. So on one hand, you have these people who do this very, very basic science and, you know, they kind of look crazy to an average Joe. And it does give rise to the wonderful process like ChatGPT that we use now. With”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Even in logic, we would think that that's true and false, then this kind of something that gets a little bit more complex with like, oh, how many objects are there? Maybe it's for all of them, something is true. Then you have things like, oh, imagine that there's not just one world where certain logical statements interact, but there are different worlds. And then the sort of set of logical statements here doesn't necessarily correspond to set of logical statements here. Here A is true and B is not true. Here both A and B are true. And that's okay. But then you have like, we would call it this world can see this world. So that means if something is true here, it needs to be true here as well.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's true. If it doesn't fit, it's false. It's the kind of stuff that you discuss. And it's very, very conceptual, but it teaches you to think from very different angles and slice and dice any situation in very different ways, which helps you to uncover interesting thoughts or solutions with any kind of problem. And the second thing, it teaches you to think and express yourself in a more or less clear way. I think this is what philosophy degree really brings you. I think it can be a stepping stone to a career in academia or a lot of people who study philosophy can become very good lawyers, I think, because again, they can take the situation, kind of slice it in different ways and argue their way through my philosophy, philosophy of science, but did a lot of things like logic. And there's just so many levels of depth to it. And my degree wasn't just an undergraduate degree, right? There wasn't anything too advanced.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Economics, and the whole thing started this way. I'm not sure that mathematicians would agree, but the early mathematicians would also be like, well, I'm a philosopher. And then because mathematics got so big, it branched out as well. The study that I did was mostly philosophy of science. So it's things like how does science develop? Does it go this way? Does it go that way? What do we consider truth? There's different ways to think about this. What is true? It could be something that there's a statement that kind of corresponds to reality, but then it kind of begs the question, okay, but what is reality if you've seen matrix, you're like, you know, what is reality there? Or it could be another theory would be, so that would be the correspondence theory of truth, and you would have something like coherence theory of truth, which is like, well, reality doesn't matter because, you know, who knows what reality is, but if you have set of statements, which has kind of critical mass of those statements, then you have an extra statement. If it fits those, then...”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Philosophy is a very broad thing. Very often people have a misconception that philosophy, they mix it with something like history of philosophy. Philosophy is not about studying who said what at what time, right? It's studying different concepts and discussing them, trying to see what works, what doesn't. And then there's just so many different areas that there's a lot of things to choose from. The one way to think about it would be that every major science kind of started as philosophy and then kind of branched out. So when Adam Smith was writing about economics, you didn't really write about economics. You would consider himself a philosopher. And then, you know, because it grew, they're like, well, let's just branch it out and people call it.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And then we're like, hey, you've been working so much. How about we make it official? And like, yeah, sure. And he's like, if you want to pay me, pay me. I'd work for free, but if you want to pay me payment, I'm like.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But then he's a miner himself. He's been mining since like 2010. He liked you so much. He ended up working as a CTO just by default. He's like, oh, oh, guys, I see you have a problem. Let me help you with this. And then he ended up being the CTO without ever having a discussion or a contract. I was at some point I was even getting a little worried. I'm like, why is this guy so helpful? I was getting cautious. I'm like, not sure that's good. Maybe we shouldn't share all the plans. But then, yeah, he was just genuinely very, very, very helpful. And he ended up like working as CTO for like six months Without us even paying him just because he liked the idea”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Invested much in building when you're reasonably certain that it's going to work and you can't build it, then start testing it. Speak to your friends, speak to your family, go on Reddit, share the idea. Don't be afraid that someone is going to copy you. It's not hard to copy an idea, but it's hard to execute it quickly. So if you have a great idea, if you start sharing it, you're probably going to get more people who kind of trying to support you. Maybe you'll find some co-founder or whoever else and it's going to get easier to build rather than if you like, oh, I think it's too valuable, I'm not going to share. No, share it early. That's kind of how we start working with our CTO. Our CTO was never, he never had a job interview with us. He actually started as someone who was helping conduct the technical interviews for the end.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is going to drive you a long way. And two, I would say, and this is where most of the startups fail something and maybe build something hard and build something wonderful, but people don't use it or people don't pay for it. Now, if people don't pay for it, maybe it's still okay. But the problem with that is that if people don't pay for something or you don't have a business model to whatever you have built, then it's hard to scale it. It's hard to get the resources. Again, payment and the money, it's the resource to make it work on a bigger scale. So you can't get the resources to grow it and to get more people to use it and make even the thing even more wonderful because you need to hire the engineers at some point. You can't just build everything yourself. And if you hire people, you need to pay them salaries because they need to eat something and they have families. There's got to be a business model to it. And the advice would be to try and test it as early as possible. Ideally, before you...”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think a few main ones. From the personal standpoint, try to do something that you actually like. I was just messaging our team on some of the things that were achieved over the past few months and I was telling them, I love to build things and I like to see them work. And I was telling them how it's not necessarily, it's not all about the money. It's not like growing the capitalization of the company. The money is necessary and there should be a business model because that can sustain the business and it can make it grow so more people use what we built. But what I'm excited about at heart and our team is excited about as well is building something that people use. And that excitement goes a long way. So stop with something that you're excited about. And it could be anything, right? Maybe it's something about social media. Maybe it's something about Bitcoin. Maybe it's something about hardware. Just if you're genuinely excited about something, that's really, really good.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And when I compare my engineering capacity to his, I'm like, I shouldn't really call myself an engineer, you know, of this guy and many of the others on the team. So, I think again, framing.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think I'm maybe kind of an engineer at heart. I mean, by training, I studied philosophy in economics, right? Yeah. Philosophy of to be fair. So we did a lot of science stuff, but I never had an engineering degree. I think whatever I learned, I know I kind of learned by myself. But I think it's still fair to say that I'm not an engineer when I compare myself to the engineers on our team. There's me who can think of the concept, who can challenge in ways that kind of make sense, or at least I hope to believe that they make sense. But then on our team, we have guys who build the power turbines previously. It's the same guy who was jumping on the hebat. He's the one who built the power turbines.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You know, the problem with the heron dust is solved. And then, like, wait. But then it becomes an air purifier as well. And there's additional value that we can bring to the user. Because as long as we put in a good app, you're fine. Then we're like, okay, let's use Heaper filters and the proper things. And that's how essentially a problem ended up being a major feature. And I love these kind of solutions when you have something negative and you turn into something positive for yourself or the users, for whatever.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This is like, I think, a good lesson as most of the startups learn that sometimes a problem can become a feature. It was a problem. We're like, well, there are pretty high-end electronics in size. There's a lot of the airflow that gets through. Same with any industrial miner. And at some point, with all the dust and ham and whatnot, it gets clogged, right? So then it becomes a problem because the air doesn't flow and then it will overheat. Now in an industrial setting with big miners, you have something called maintenance, right? Someone would come in, would open it up and kind of clean it with a brush, and it works again. Now, it's something that we don't really want to make our users do because people don't like doing that. I hate cleaning even my vacuum cleaner. I have to, so I do, but I don't like it. And so we're like, well, that kind of sucks. We need to do it in a different way. Oh, why don't we put an app purify? Because then it will not get clogged. It's kind of easier.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You can get advice and you'll pay about $800, and then you'll use X amount of energy to get X amount of heat. Now, if you get a heat bit, you're going to spend the same amount of money. You're going to use this X amount of energy, the same amount of energy as the Dyson, to get X amount of heat, the same amount of energy as the Dyson. But you can get sets on top. Now, if you put it this way, then in this scenario, when you think of getting a Dyson, then the price of Bitcoin and mining difficulty, what is going to be in three years, five years, et cetera, doesn't really matter, you're any way you're better off. Now, if you're not thinking of getting a Dyson, you're thinking of getting a cheap heater like for 50 bucks, then you're probably going to be better off getting a cheap heater for 50 bucks and buying some Bitcoin. Because people often challenge me this way, well, I could get a cheap heater, or I would make more, or I would get more Bitcoin this way. It's like, yeah, sure, but you're going to have a cheap heater, not something.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“When I started mathematics, a lot of the times when there's too much complexity, you kind of try to package together and set it aside. And that's how you actually solved it, something that looks very, very complex In a kind of similar way, think of it in terms of the scenarios and having the scenario which is always better. And this, I can frame it as comparing it to a Dyson. Let's say you're thinking.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So far, we're probably going to change that. If people get introduced through a home miner, price doesn't matter. If they heat with heats a minor, then if the price of Bitcoin goes up, well, great. If it goes down, then they make a little less, but they still make free sad. So they still cover part of their energy bill. So either way, it's a positive scenario for them. So there's much less of this turn.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“What I realized is when people get introduced through the price, there's a pretty big churn speaking in the marketing terms because the price is volatile. It goes up. People are happy to stay and maybe they sell and leave. Or if it goes down, they're like, oh, Bitcoin has that poison and it's terrible and I lost money on it and they hate it and they talk about it. That's just because the price went down. So in terms of introduction, prices may be not the best way. It leaves a lot of people who get unhappy and they leave the community. What we realize is with the kind of way that we introduce people is a bit of orange peeling. How many people have a heat to this? A few billion people who have heat. Let me put it this way. A lot more people have home heater than people who have Bitcoin.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“$10,000 per Bitcoin, I would guess most of the miners will be out of business pretty quickly. I mean, the big miners. Yeah, in fact, an interesting point recently came out with a conversation. We were talking about how people get introduced to Bitcoin. And if you think of it, most people get introduced to Bitcoin through the price. They're like, well, I can make money on that. I'm going to buy. And then, you know, it grows and I'm going to sell. And that's how people start. It starts with speculation. And I think at some point people kind of learn like, oh, this is actually much bigger than I thought. And then, you know, they go down the rabbit hole and then become the Maxis and they never saw.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes. But what we often do is they sell the equity, get some of the money, then to buy the equipment, they take a loan, which is done in US dollars. And that loan kind of depends on Bitcoin price. Now, if the Bitcoin price goes down, some of the miners could go bankrupt. We've seen what happened to Cocientific a couple of years ago. And then what? The thing that secures the Bitcoin network could just disappear. That doesn't sound very comfortable, right? For someone who believes in the network. So this leverage and this centralization of the mining becomes a single point of failure from many angles. But then you split this and people are going to hit their homes. Then I'm going to turn it off, irrespective, like Bitcoin price goes to $1,000 tomorrow, people will still hit their home. They will still support the network. The network will still be there. When I said, you know,”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Need more. So by default, it's going to be physically distributed. And that becomes very, very important because if you have the physically distributed hardware, then you can have truly physically distributed system. And then, you know, whatever layers you have from the hardware all the way to how the system operates overall, the hardware is kind of the base for it and the mining is the base for it. And with centralized mining, there's so many issues that you could have from things like the government crackdowns. We've all seen 2021 and the mining in China just disappeared in a matter of few weeks, then you could have things like control and censorship of transactions. Someone doesn't like some of the transactions and what Bitcoin transactions get censored. And then there are things like, and actually what people don't talk about that much is the miners tend to get very leveraged, maybe not all of them.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Bigger you are, the easier it is to raise money on the NASDAQ, the more money you have, the better price you can get from Bitmain or whoever else. And then you just become a bigger and bigger and bigger mining operation. And they understand that. I recently saw Fred Thiel talking about this and Fretl, the CEO of Martha. He did talk about like, well, yeah, centralization mining is not good for the industry and we need to do something about it. What we realized on, but what we realized is we can make mining physically distributed when it's big industrial mining operation by default the more centralized it is, the better economies of scale they get, like the bigger warehouse. Energy price, an energy contract, et cetera, but you don't need a megawatt of heat. Need a kilowatt hit for a room.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“No extra energy that Bitcoin mining uses and kind of application of a building. So, like, well, great. But then, kind of educating myself more, talking to more people, learn a lot more about the decentralization aspect of it. And in a way, or at some point, this could be even more important, actually. So if you think of Bitcoin as a system, is that valuable because it's that decentralized. There's no central control party. And it needs to be decentralized in many layers. There's layers like the mining pools, but then people are doing that. I've seen the ocean pool, the demand pool, there's this few, few others that are coming out with great solutions for that. But then there's the physical centralization that's happening around the big miners. And it can kind of become a problem, right? Especially as the large mining operations, they tend to get bigger because of the economies of scale, right?”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Once you learn more about what the pool is, maybe create your own pool account and you'll be able to switch whatever pool you like and mine towards any pool that you want, Solomine for that matter. That's going to happen. That's how the process actually looked. On that kind of voting political power piece, we realized that we're actually doing something bigger than just smart energy use. At first, for me, the way it started was from the angle of energy. I had quite a bit of diagram and energy and I was like, wow, you know, it's a valuable resource and we're saving so much of it. Essentially, we're making zero energy mining. Like if there's mining and how Bitcoin was, if Bitcoin was criticized, it's either because the price has dropped and someone is unhappy or because it uses energy and someone is unhappy about that. And we're like, well, but we've kind of taken that away and it doesn't use any extra energy this way. It still has secure because it's secured by the same energy, but it's not Martian.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“If you choose your own pool, then in a way you can vote for how Bitcoin is developing. We're like, well, then yeah, it makes sense. And we're going to build it. Right now, it's not implemented yet, but we have it on the product roadmap so that they could start with...”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Who is the minor has a minor and wants to do a DIY heater, they probably know what to do. They probably don't need us. Hopefully they do what they're doing. So we thought, well, let's make it back in place. So someone could plug it in, you know, connect it just like any other smart device, just start using it. Why not? And that's how we built it. People kind of plug it into the power socket and connect the device to Wi-Fi. And then they press the button and start mining. So that's how we built it. Then we showed it to the community. We started getting feedback and they were like, I think about half the people asked, can I use my own pool? And at first, I didn't quite even understand why is it so important? It was in the early days, I think, you know, I didn't educate myself enough and didn't quite understand yet why that was so important. And one of the people I asked and one of the people very generally said, well, there's kind of a political aspect to it.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, first of all, there's actually quite a few software components to it because generally for any app, you kind of have two sides. You have a mobile app and you have the server side. For us, it's also the software that runs on the device itself. And within that, there's actually a few places, one, two, three places where server is running, where software is running. The miner itself, then there's the mining software, then there's the control software on an orange by it's like a Raspberry Pi kind of thing, just a little smaller, called the connectivity and all the kind of main controls talking to the mobile app. And then there is the special software that runs, that controls the energy use, not of the miner, but of the device itself. So there's a lot of different kind of software that needs to talk to each other. But from the user side, if you look at it from the user side, we thought, well, let's make it plug and play. Let's make it. So we thought, well, if there's someone...”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Got a few kicks from the team for this happening. At the end, he was the one testing the devices in China. He came to China to the production plan. And what he did, he kind of stood on his. He kind of stood on his hands on the trio and was kind of shaking on it with his feet lifted off the ground. So his whole weight was on the device. And he was like, now it works. You see, now it's so strong. He was so proud. I think we even bossed it on Twitter. The guy was so proud.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So he pulls us, he starts the recording, like proper unboxing. He opens the box, takes out the device, and then the top part is okay, but the bottom part is kind of hanging on the wires. I go like, oh my God. How could this know? Because it's not like we didn't test it. We tested it, right? We threw it and it was okay. But I guess people at UPS threw it much harder than we did at the actual, I don't know what they did. And you're like, yeah, that's difficult. And then it takes you, like I said, takes a long time, right? You're like, you know, is it difficult to fix? Not really. You just change the structure slightly, make the walls a little thicker, but then it takes two, three months to actually make it happen because testing again, industrial process. Yeah. And then at the end, the engineer, the guy who did all the hardware instruction, I think he obviously.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And then there's going to be even more things that you didn't think could go wrong and they will still go wrong. So we were developing the trios and we were about to start shipping them. We had an early version, like an early prototype, and we shipped it to one of the YouTube influencers. And part of the physical structure, so like the part at the bottom, there's kind of a cone that holds most of the structure. It was 3D printed. And in 3D printing, because you print and kind of layers, the strength of the structure is very, very different compared to extrusion or any kind of proper industrial process. And as it shipped, the thing broke in half, right? There's the metal parts of the case on one side, metal part of the case on the other side. And this plastic in the middle, it broken off. So the YouTuber and, you know, thanks to him, he didn't go like really, really public with this because he supports us and he's like, hey, guys, I want you to.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That was super, super strong. Now, you know, three, four years later, we see people coming and seeing the trios, like you've seen the trio, right? You've seen it's kind of cool. We've had people when we're in New York. We had people like Frank Corva coming and posting Alex Glasting coming and like, oh, you know, this is so cool. You tweet about it. Just now, one of my colleagues was in Norway beforesey. And he was like, I know about you guys. You do cool stuff. And it's so cool. Like this is supposed to be the community. Amazing. And second part, which I think was more of Anything that could go wrong will go wrong.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like, well, we're going to make it work. And then we had that with the first device, then kind of the device didn't work very well now once. But now we're like, oh, we've built a second one with like 20 people on the team instead of five people on the team last time. And now it works brilliant. So we're like, okay, now we're kind of fulfilling our duty to the community, actually bringing good device to the market. So this trust and support of the community was a surprise. It was an amazing surprise.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“One thing that actually I think that's one positive on one next, one positive surprise, one more negative surprise. Positive surprise people started buying the devices and they're expensive devices, they were like $1,000 each. I'm talking about the older proof of concept version even. They started buying it and they started kind of spreading the word and supporting us very early on, way before we had the device. And I was very surprised. Like the amount of trust that people put to us, the strength of the community, that was incredible. Thought, this is amazing. Obviously getting the money so we could use the money to develop the devices was helping, but there's something, you feel some sort of a duty, you know, like when people put so much trust to you.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“AC chip is a very small chip, like the one that we use about five by five millimeters. It's very small. And it does just one thing, very, very efficiently. Whereas AI chips are a lot more complex and they tend to be bigger in size. And I'm not sure they compete for exactly the same thing. We see some of the miners now going into AI and they're like, oh, we have the power supply and we have the energy contracts. We can do AI. Let's see if that works. I tend to be a little skeptical at first. because my belief is that right now in AI it's much more about the cost of the chip rather than the energy whereas in bitcoin mining it's the other way around it used to be the cost of the hardware it used to drive the whole cost of mining right now it's more and more the cost of power yeah these are slightly different industries”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To help guys like us build more devices. I think that's going to be wonderful. That's a big thing that they're doing for Bitcoin mining. When it comes to AI, I'm not an expert on AI chip. I actually don't know what kind of tech they use. But the AI chips are very, very different in terms of complexity compared to ASIC chips.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So you've got the structure of the market is that you've got the companies that design the chips, and there are quite a few. You've got the companies that actually manufacture the chips. And this kind of lithography, five nanometer and smaller, there's only two places that make them. There's a couple more apps that are coming online in the US in the next few years. But right now, there's just one in South Korea and one in Taiwan. They have they're busy. They have companies like Apple, like Bitmain, like many others competing for the production time. I imagine, I don't know, but I imagine when block is developing the three nanometer chips, they are having to compete with guys like Bitmain and Apple and many others for the same fab. So that's not an easy task. And thank God Block is doing that so that they could kind of provide and sell the chips once they come on the market.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think apart from that, it's the safety, right? Because it's not just a minor. Mine is an industrial device, right? And it's in the warehouse. You have maintenance. You have people overlooking it 24-7. That's one environment from when you build a home heater. It's a very different environment where you have like cats and dogs with pet hair. You know, you have kids running around and it's very different robustness that you need and very different safety requirements that you've got. So these are the kind of things to look out for and that's something that we worked on a lot as well.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Guys like that I spoke to, and somehow the community is actually so tight that you can get access to the founders and the CEOs fairly easily. But still, no one would sell the chips. But then we found a way and we managed to actually get the latest generation brand new chips, one of the major supplies. And that's how we built the trigger.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That's something that took us quite a long time, and that's one of the reasons we would build on and used hardware at first as kind of a proof of concept. We're like, wait, we're just going to build it. We're going to bring something to the world. If we have to use secondhand, we'll use secondhand. So that's when we had S9s. So access to chips is a big thing. Getting access to chips. A lot of chip manufacturers would not sell the chips. I've spoken to pretty much all of the chip or mining manufacturers like 90% of them, all the biggest ones. Because I lived in China, I spoke on to some that you probably never heard of. I don't know if you ever heard of e-bang.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The time to fix it can take like three months. Even if it's small, first you'll find out the problem, then you fix it, then you test it, and then you change your moles, then you change your production process, then you change your logistics. It's very different from software, I tell you. Yeah, the hardware is hard. I think that's why it's called hardware. And given the weight of those things, and I carried it in a lot of places, I would call it heavyware sometimes as well. Yeah, but the other challenge, in terms of, I mean, in job society, in terms of big challenges, hard thing is access to chips.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We actually went through a lot of the prototypes at some point, the way that you develop hardware is that you have a new prototype every week or so, like with some incremental changes, some of the bigger changes. The first version that worked on, it didn't even work as a prototype. It was just overheat. The second kind of concept, which also had 100 different iterations, it was based on a used Ant minor S9, and we had so many problems with it. It's unbelievable. So starting from the fact that it was the COVID times, things like the supply chain wouldn't really work because some of the ships would not go, some of the planes would not fly. It's just, where do we get all the components? And that led to a lot of delays. Plus, with”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, exactly. The different ways to think about it, some people, less Bitcoin inclines, they would think about it as, oh, I can get some subsidy or cover part of my electric bill. And that's fine, depending on you, power rate, you'd have somewhere between 30 to almost 100% of electricity bill covered. But then some more of the more Bitcoin and client people would think, well, I'm just getting free stats. Is also an okay thing to think about it. It makes sense, you know, it's just one of those things that just makes sense.”
2024-06-19 · We Study Billionaires · BTC187: Home Heating and Bitcoin Mining w/ Alex Busarov (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT