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Bitcoin has a fundamental exchange rate and a financial exchange rate let me show you the differences between the two everyone and their grandma has heard about the Bitcoin to dollar price but not so many people understand the Bitcoin to kilo price this is where bitcoin’s value comes in you can think

Of them as production and consumption and that is that with producing Bitcoin AKA mining it’s the consumption of electricity through a computer to produce your Bitcoin buying is the consumption of your dollars through an exchange to purchase your Bitcoin when you produce Bitcoin you get it at a

Lower rate to the market it’s the same as when you mine gold the typical Gold Miner spends $1,000 processing Rock to get his ounce of gold versus buying that same ounce of gold for $2,000 on the market Bitcoin is no different you can produce it yourself or buy it at a

Premium on the market for

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The Bitcoin harving wrong it’s the doubling let me explain why Bitcoin miners consume a certain quantity of electricity in their miners to produce a certain quantity of Bitcoin but remember this if the harving comes along and cuts that amount of Bitcoin in half the electricity bill doesn’t change because we have to

Measure both the inputs the electrical cost versus the outputs mining Revenue which is what gets cut in half and this is evident the electricity bill doesn’t change it’s $125,000 but you’re only mining half a Bitcoin cuz the Haring comes along so you’re only getting $25,000 for your 122 Grand of cost what

Does this mean so everybody understands the Haring as it cutting it half but what it actually means is you need twice as much electricity and twice as much compute to produce the same Bitcoin for miners it’s not the Haring it’s the doubling

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Within bitcoin’s ecosystem there is three Core Power bases and I’ll take you through the timeline of how they all used to be the same thing and now they’re sort of separate different roles let me show you Bitcoin miners you can think of as the soldiers of the Bitcoin Network they fight a computational

Battle to be able to put the next block in the chain approximately every 10 minutes who stores all that data that’s the nodes you can think of them as the accountants of the network they store all of the transaction data otherwise known as Bitcoin and there’s obviously

The wallets if you hold a lot of Bitcoin you have a monetary power and all three at the beginning of bitcoin’s History were all one in the same role and if there is ever a disagreement within the Bitcoin chain these three groups vote with their voting power economic power

And computational power to choose which chain they think is the true Bitcoin it’s all willing participants

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Bitcoin miners supply and demand electricity let me explain typically Bitcoin miners demand energy they’ll buy their energy cheap in a contract say 5 cents run the electricity through their mining machines to produce hash power and turn that into 12 cents of Bitcoin per kilowatt but then you might be wondering

How on Earth are Bitcoin miners supplying energy to the grid let me show you bit coin miners have three things at their disposal they have an energy contract locked in at a cheap rate their computers and obviously the Bitcoin that they can produce with that kilowatt so

The value of that kilowatt to a minor has 12 cents but what if the price of energy on the grid was to rise to 15 cents instead of mining Bitcoin they could switch the machine off and Supply that power back to the Grid at 15 cents selling the price of energy down and

Stabilizing the grid

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This is a very interesting Bitcoin business case study he’s farming in the physical world and he’s farming in the digital world as a circular economy let me explain so the successful factors of farming which is highly competitive is that he’s going to need a lot of heat to

Keep his green houses warm to optimally grow the crops at the best rate the more crops he sells the more money he makes on the left the output the waste of mining Bitcoin is heat from the electricity so this farmer already needs electricity to make heat to warm his

Greenh houses but instead of just producing heat he runs the electricity through these computers so he creates one income stream for mining Bitcoin liquid he can sell it on the internet if he needs the money and he’s also growing produce in the physical world which needs that heat so it creates a circular

Economy of cost sharing the energy that is Energy Efficiency in a Bitcoin standard

Video Transcript

Is it possible to shut down Bitcoin entirely and shut down the entire network well let’s find out Bitcoin is the people’s money which is data stored in nodes which is updated through the internet by hash power which is produced on mining Farms with hardware and those Hardware are all plugged into the

Electricity grids and off- grid as well and all of that power comes from energy producers to get rid of Bitcoin you would have to dismantle all six pieces you would have to stop the political power of people holding Bitcoin destroy every computer that stores the files destroy all internet connections between these

Computers destroy all the mining Hardware dismantle the electricity grids and switch off all of our power production you would have to switch off humanity and all the civilizational infrastructure as a whole I don’t think it’s happening Bitcoin is forever but