Fred Thiel

You don't have enough transaction volume today to support the industry.

You go to the having in 2032 and a lot of miners are going to be worrying about what their business they should be in.

We operate in a market where today the cost of a terahash of Bitcoin mining capacity is at its lowest point most probably ever.

You can buy mining rigs today for $8, $9 a terahash.

When go back to the peak in 2021, it was $80 a terahash for a much less efficient machine.

It's a combination of oversupply and no demand.

Think about it.

40% of miners in the US are the public miners.

The vast majority of them have all said, we're going to do HPC or AI.

they're not buying any more miners uh you know bitmain has shut down what was going to be a u.s assembly facility um they're trying to place machines anywhere they can to put them to work nobody is buying bitcoin miners because right now unless bitcoin price moves up there's no profit margin in adding capacity you're literally just taking money off the table from yourself

And so it's a perfect time to expand if you are wanting to expand somewhere.

And it's a marketplace where really energy rules and you have to have energy and that drives everything.

No, I mean, data centers in space.

I don't know if any of you have ever built electronics that have to operate in space, but your average GPU will die a quick death from gamma radiation in space, and there's no way to service it.

So I think it's a great Elon thing for him to focus on, build data centers on the moon.

It's a moonshot type of project, which is perfect for him.

Data center innovation is, you know, if you look at Bitcoin mining, it costs you a little over a million dollars a megawatt for infrastructure and miners.

Infrastructure alone in the data center world is 12 million a megawatt.

Add to that another 24 to 30 million dollars a megawatt for GPUs.

That's a crazy cost.