Michael Terpin

So all of a sudden now there's only 3,600 a day.

It's about 5 million over that four year cycle.

And then

One day, it gets cut in half again.

So now it's only $1,800 a day, about $2.5 million over the four years.

And then four years later, it gets cut in half again.

Now it's $900 a day, about 1.1 something over a four-year cycle.

We're now in the fifth cycle.

So we are now at only 450 Bitcoin a day.

The first four years, it was 7,200 Bitcoin a day and not many people mining.

If you were a miner back then, you could just turn on a laptop and you were going to get maybe 100 Bitcoin a day.

with a difficulty of one.

The level was one.

You could just have a laptop, sit there, and get 100, 150 Bitcoin a day.

Mark Karpeles, who I got to interview last year at the Korea Blockchain Week, he started Mt.

Gox, and he's known for building that up and exploding it, et cetera, et cetera, being sued and all sorts of things that happened there.

He actually started out in...

He actually ran a payments company, and he also had a web hosting company.

He's a young man in his 20s, Frenchman living in Tokyo.

And he got a call one day from someone who was a Frenchman living in South America, Peru, I think it was.