Just going on guys testing testing, just doing a mic check as everybody doing
Awesome. Hey, what's up everybody? Sue's anybody else from Huddy mining joining for the conversation? Yeah, we should have that
had age point, uh, had eight page joining Jamie. Unfortunately, our CEO can't make it today. She's in transit. Um,
So yeah, I think that's just gonna be us.
Okay, perfect. I'll see you there profile right here.
Yeah, just send them co-hosts and wait.
Hey Tucker, I sent you an invite to speak as well, brother.
and I sent the co-host invite once again to the HUD 8 mining profile.
But you know, in the meantime, I think we can get introductions started. So, as soon as it's great to have you up, we'll just wait for the honey, my name profile to come on up whenever they fix their technical difficulties or something like that. I know Twitter spaces can be a bit buggy, but so I want to welcome you up on the
the show. And I think this is going to be a pretty interesting conversation. This is the first time that we feature a mining company or even speak about mining in general up on our spaces. Usually in these spaces we talk about markets or projects developing in the crypto space and all that
So I think this is going to be a pretty interesting conversation. So I want to thank you for coming on up to talk some shop with us. I hope you're doing good today. Why don't you give us a little introduction on who you are and what you do at HUD 8 mining. Yeah, absolutely. So my name's Sue. I've been in crypto since late 26th.
and it's been with Hedi since December of 2020. So we're one of North America's oldest Bitcoin miners, but in 2021 we started looking at the high performance computing AI, machine learning space, and looking at how would that type of computing play alongside
mining Bitcoin compute. And it's super topical right now. AI's not all anything all anything anybody wants to talk about so we'll certainly get into that. We also have one of the highest stacks of Bitcoin if any publicly traded company but 9000 Bitcoin on our balance sheet or based in Canada we're in the middle of a massive merger
with a company out of the US. And so, yes, super pumped to be on here today. Talk about the market, talk about AI, talk about Bitcoin, and yeah, let's get into it. Awesome, awesome. So, I think the first question that we can dive into is how do mining companies generate revenue? Is there some sort of
Fiat-based service, is it strictly making money off of Bitcoin? Are there some services that certain mining companies provide? How is it exactly how the revenue stream works for a mining company? Yes, so miners, so Bitcoin miners are
instrumental in securing the Bitcoin blockchain. And so we make transaction fees and then also a lot of miners and we're also responsible for minting new bitcoins into circulation. So we make money on transaction fees and a lot of miners actually sell their Bitcoin once they mint it. So you know, for example, some miners can make a Bitcoin
for 12 or 13 grand and then obviously when it's trading at, you know, north of 20, it's incredibly profitable to sell that. So those are the two ways generally that Bitcoin miners make money. Heidi, it's a little different because again, we've got this high performance computing side of our business, 370 clients in the cloud and co-location and now a
AI space and then we also have a merger that is pending and that merger is going to come with effectively a business line that's it's called managed infrastructure operations and that's effectively like a white glove mining services offering sort of like the we work but for mine
So, you know, we run the machines, we host the infrastructure and that's that's a really interesting business. But yeah, those are some of the general ways that that miners make money. So for example, also miners were instrumental and are still instrumental in ordinals. So in Q1 or Q1,
alone, I believe miners made something like 59 million bucks in additional transaction fees from all the demand for ordinals on the Bitcoin network. So and speaking of ordinals, I want to kind of take it back. I want to take it back to 2014 and also 2016.
You know both during bear markets during bear markets There's always some sort of narrative in the crypto space that ends up kicking off the next cycle right in the 2014 2015 2016 bear market We've had the alternative payment options right your dashes scenarios XRPs the ERC20
20 token standard, you know, the ICOs, all that stuff kicked off the 2017 bull run, right? And then the cycle after that, you had DeFi, NFTs, and the Metaverse. And now we have things like ordinals, right? Sort of essentially all coins and NFTs.
on the Bitcoin blockchain. I wanted to know since you've been here at the intensity inception of the ERC20 token standard, do you see some similarities between ordinals and also when all the ERC20 tokens start to come out, all these layer ones on crypto?
Do you see any similarities between the two or do you feel that ordinals might be a bit different in the sense of community hype and things of the like? Yeah, I think ordinals personally, I think that ordinals is really here to stay and I think what we love about ordinals other than
obviously. Like for example, when days, when days that ordinals had been in high demand, we've actually doubled our earned fees. So I think it was May 7th or 8th. We were just processing so many transactions and making literally double the amount of money that we normally make in a day, processing transactions or minting new bitcoins on the Bitcoin network.
But I think what's really unique about ordinals and what I love about ordinals is that I think it brings even more people into the Bitcoin ecosystem. So it sort of takes Bitcoin out of this peer-to-peer network pigeonhole. And again, obviously, it's a good thing for Bitcoin to have that branding.
and what not and that use case, but this is just another really meaningful use case that's being built on top of it. And I think a lot of people also understand and love the fact that ordinals are being inscribed upon again a scarce limited and finite asset versus, you know, NFTs are still relatively centralized.
And you know, there's still quite a bit of human Centralization there and so that's what I think is quite unique about sort of the fact that they're written on top of the Bitcoin blockchain. So, so yeah, I think it's unique. I think it's really interesting. I think in terms of, you know, what
was sort of reminiscent of past bull markets and the most recent bull market was definitely like the Metaverse, like everyone going like meta in the Metaverse, like Amix setting up shop J.P. Morgan setting up offices in the Metaverse, that to me was definitely like peak bull market behavior. Not saying the Metaverse isn't real, but that
That was more reminiscent in my opinion of the ICO craze of 2017. Everything was ICO in 2021. Everything was going to be in the metaverse. Versus when you actually look at user adoption and let's say sandbox. Last time I looked it was like 579 people were actually playing and using the sandbox platform.
So, yeah. So, do you see any VC money going into something like Ordinals? Because I recall, you know, quote, unquote, like all coins, you know, people were able to execute tomorrow.
contracts on a theorem and create their own token. Eventually VC money came into Ethereum and started developing all these DeFi platforms. So I'm starting to see some more of a trend. Not sure if it's only myself, but do you see VC
see money investing into the original space. Another reason why I ask is because I'm starting to see a lot of activity on Twitter spaces and quite contrary to belief, but I feel like Twitter spaces is somewhat like Google trends.
We can circle all the way back to the Pepe craze, right? A couple of weeks ago, if you typed in Pepe on Twitter spaces, you would see all these rooms with hundreds, if not thousands of people. And when you type in ordinals on the little space type on spaces, sometimes you'll see rooms with
hundreds of people. Sometimes these rooms will go on for hours and hours. I know Trevor from the Bitcoin Frontier Fund has done that on occasion throughout the week for months now. And the social analytics of that typically if
If they keep on during this down period in the market, eventually during a bull market, it'll just pop off of the consistency remains. I'm wondering, what if VC money comes in and then all the quote unquote web theme marketing agencies jump on board.
How is the original space going to look like? To me, it sort of gives the case of, "What's going to take Bitcoin to over $100,000?" I think the original is definitely a huge proponent of that. I would love to know your thoughts on that given that I'm sure you guys
guys that hot eight mining speak to VCs all the time. Yeah, so look again, from a minor perspective, we're super bullish on ordinals because again, we can double our our income on in a single day when ordinals are high in demand. I think a lot of Bitcoin Maxi's definitely don't like it because
it does also cause network congestion and higher fees. But again, I think it's been really interesting to see some of the BRC 20 token standard come up. I did see an article and I had a conversation. I can't recall which fund it was a couple of weeks ago, but they were looking at funding again.
gaming project and NFT gaming like game that was built or some related to the BRC 20 token standards. So but is super VC demand here yet? No, I would say well at least not to my knowledge. Although like to your point,
What is coming up though are potentially some catalysts for uptick in demand. One in particular is that the US, I believe it's on the 13th or 14th, is releasing whether or not they're going to do another interest rate rise. And right now, consensus is that about 77% think that they're not going to raise rates, that they're going to hold them steady.
and that this could be the beginning of rates going back down. Why am I referencing that? Because when rates are going back down, usually risk appetite for higher risk assets like crypto's comes back on. VCs get more comfortable investing. The insti's start looking at this base again because everyone's ready to go risk on once rates come back down.
So I think in general for more of the institutional and the VC money that's been sitting on the sidelines in this rising rate environment, I think if we see rates taper or again just sort of hold steady this Wednesday or Thursday that we could see another sort of uptick.
major demand and interest in looking at this asset class from the normies and the trade the trade-fied guys which I think will be interesting. So a bit a bit on the topic of rates and all that stuff do you believe that this is going to be the last rate hike that the Fed does and do you believe that they'll
They'll cut at the end of the year. That's what the market is currently pricing in at the at the moment. I mean Look, I'd love for them to cut at the end of the year I am being held hostage in a terrible variable rate mortgage right now And I think what's really interesting and what I'd love what I know what I'm not
reading enough rhetoric on is one of the problems and what's different about this market because everyone's looking at employment right and we're still we're still seeing quote-unquote low record low levels of employment and that's also because during the pandemic we had a huge trosh of baby
and so naturally that would leave a hole in the labor market. And so I think that, you know, if the Fed is going to finally factor that dynamic into their thinking, I think we probably will start to see a more tapering environment.
environment, just because a lot of the other factors and numbers that people are looking at are starting to come down. But I mean, who knows? Who knows? Right? Like if we've got another energy crisis on our hands, then no, probably not. But yeah, I, yeah, I'm not, I'm not quite sure, but that's sort of what's percolating in my brain on it.
So this is a great conversation. Thank you for the interesting dialect. We have Will's Outlook here. I don't want to overtake the conversation and I understand that we only have about an hour with you guys. So Will's Outlook, go on ahead and Sue, I sent another invite to the HUD
my name profile. I'm not sure if they're on desktop, but hopefully they can join on up here. Would love to speak to them and all that good stuff. Yeah, I mean usually I'm the one who reps Hut 8 here, but yeah, I'll figure it out. But yeah, let's talk to Will.
Hey, how's it going? Yeah, so I was just kind of catching part of the conversation. Obviously Twitter spaces has continuous issues. So every time I came up as a speaker it was making it so I couldn't hear YouTube. Unfortunately, I was telling kind of about half what you said there. But yeah, so.
I don't know. There's a lot of things. I agree with you on the ordinal thing. I think the ordinal thing is a here to stay. But I also think, you know, in a way that meta versus a thing too. And I think there's a lot of things that will factor in into the next bull market. It's kind of like if you think about it, keep in mind when the people are sitting there talking about the metaverse#
came to fruition. The same thing happened within FTs initially. And FTs initially, and 17 people thought was just like a little, you know, in the cycle thing that people were getting into and it would never come in, it would never turn in anything. And now it's one of the biggest things out there. So I think there's always room for growth
in a lot of these sectors of stuff like that. One of the bigger ones I've been looking at is like, you know, on-chain gaming and stuff like that, Web 3 gaming, I think that that's kind of a space that a lot of people are ignoring too. But, you know, kind of to the macro conversation, like, I think there's potential for upside where we are.
I just want to kind of feed into that too. The only issue is like the inversion. I didn't know. I wanted to get your opinion on the on the on the other version or if you knew anything about that as far as for your understanding. No, you know what? I actually don't know much about that project.
Oh, sorry, sorry. No, I meant that the two in the 10th year, the yield inversion between the bonds market. Oh, sorry. I thought you were. I put it out there on my end. Yeah, again, I don't know guys like.
I don't know. Honestly, I don't have a good answer for you just because...
There's so many different factors that play and again I think the real tipping point for figuring out where the rest of this year is going to go. In my opinion is going to be seen on Wednesday and Thursday when we figure out what the next move is up the Fed because again if they hold great steady that's going to be
just off to the races. I think I think markets are going to become to really really take off then. Yeah, I feel like the market's been taking any type of headwind and just using it as an opportunity to bid. I'm just kind of curious of like whether or not it'll end up being a scenario where if we
don't get a rate hike where the market kind of pauses and takes a breath, right? And then tries to make a decision from direction from there. That's kind of my biggest head on the upcoming forum so you get the situation. Yeah. I think.
Hey guys great conversations so far great to have you on the panel too I'm really just saying it and what you guys are working on because I'm not super familiar with the Bitcoin ecosystem I don't necessarily think of builders when I think of Bitcoin ecosystem but it's great to have here by which mentioned 9,000 Bitcoin I had to look that
because I know it was a big number but didn't realize it. It's actually 9,265 Bitcoin so that's almost a quarter of a billion dollars worth of Bitcoin to go grandson that that's quite massive number but I love to take your I love to have you take on the division that you did you see for the Bitcoin ecosystem
There's a lot of things that play, you guys talked about ordinals and I think it's exciting, you mentioned the BFC 20, it's exciting, but there's also lighting network for example, right? And there's also other layer 2s, kind of similar to what we have in an ether and ecosystem, I think it's like ZKs, they're being built as well.
for sure is one of the most exciting things in the Bitcoin ecosystem just because it is solving for a lot of the scalability issues that is preventing a lot of the adoption of Bitcoin globally. So for example, one of the things that Lightning really solves for when we're already seeing the start to take off is in Africa.
So one of the problems in Africa is that a lot of the countries there are still built, their financial systems are still built on legacy colonial infrastructure. So a lot of entrepreneurs or like major corporations if they're trying to do any transaction, like major transaction, it first has
to settle overseas in Europe, which is whack. There is a plethora of innovation and brilliant people in Africa who again are being handcuffed by this antiquated legacy infrastructure. And this is where the lightning network comes in. So for example, right now there are over 2,000 sort of alternative payment networks
that have been built in Africa, but only 2% of them actually talk to each other. And then you have a lot of apps that are actually using the Lightning Network to help integrate all of these thousands of payment networks and effectively give more mobility and financial mobility for some of the tremendous like, and innovative minds and
entrepreneurs there because again it's real-time settlement like for almost for pennies on the dollar if that and so I think I think yeah lightning network is extremely extremely interesting very bullish on that yeah that that that's that's a real use case that I'm pretty excited about
Sue one thing that I know you wanted to bring up was AI in the mining markets and well, we'll get back to you I just want to touch upon this with Sue I know we have some limited time here, and I know that's something that she wanted to touch upon so Sue why don't you tell us what are the benefits of having artificial intelligence in the
blockchain mining space and what are some things that you guys would be able to do with that technology that you guys wouldn't have otherwise done at inception when you guys started about a decade ago? Yeah, so obviously, oh, anyone and everyone can talk about his AI right now. And in video and
obviously Tesla are basically the two companies that are holding up the S&P 500 right now in video obviously with their big focus on the AI chip market. There was a hosting provider called Applied that was initially hosting Bitcoin miners that then signed a deal a couple
weeks ago for about $186 million AI deal. They're stock rallied by about 172% in two weeks and is up like over 369% a year to date. And I think that's because obviously everyone is looking for sort of the next big Nvidia, the next sort of
AI proxy play and infrastructure is certainly where it's at because all of this AI compute needs servers and infrastructure and security and cooling for their chips, right? So, and this is something that Hut started thinking about well, you know, well beyond this AI bull run because our CEO Jamie lever 10 her background is
She spent like 20 years at IBM transforming data centers. And so what's really interesting about companies like Hut is and what's unique about AI compute is that AI is a lot less latency sensitive. So that means that there's sort of like a different
a class of data center that can fit AI and what that class of data center is, is cheap power, cooling, and infrastructure. Versus the traditional Amazon web services of the world, those are data centers that have a lot of bells and whistles and different security requirements for traditional cloud computing.
So I think again, we're hot eight, what we're really focused on over the next sort of, you know, 12 to 18 months is number one, we already started buying data centers in Canada in January of 2022. And we have clients right now using a 40s for generative eight
AI text to image modeling. And then again, we're in the middle of this merger with a company south of the border and it comes with a tremendous power portfolio. And so looking at, you know, how can we take advantage of our sort of geographic diversification into like various cheap power markets, plus being
You know, very good at scaling data infrastructure, understanding cooling systems and then having tremendous relationships with Nvidia and also TSMC. So that's sort of like the next evolution of where Hut is going and where I think the market is demanding more ideas as to how can we
play in this AI space. Again, we're already kind of doing it, but that's a major focus for us moving forward because it's a lot easier as a miner who's got access to cheap power and understands how this infrastructure is separate from mining, which we do, to stand up infrastructure fast and at a cheaper price point than a hyper-scaler would.
And again, that's just high level something that we're really excited about and so I'm talking about it on all our spaces because I think everyone's looking for the next AI stock and that's a that's a theme that I think we're gonna we're gonna crush to and would AI also help facilitate things like green
energy and renewable energy. I understand that currently within the mining infrastructure space globally, there's a shift for most of the power outage and usage for miners. It's sort of this shift to renewable energy and things of that nature. And here in America,
They're sort of they're sort of this job owning from from the Fed and people in high places that oh, you know mining takes up so much energy We're full to the planet and all those things so if you can if you can answer that question and also sort of clear up You know those misstatements that certain people
people say about mining and how it's quote unquote harmful to the environment and things of that nature. And then after that we'll go on over to Will. For sure. Yeah. So that's certainly a lot of fun that's coming out of different parts of the political arena in the US. Luckily, so
couple weeks ago Biden proposed a 30% tax on minors and luckily that proposal was abolished which is great and I think again the actual amount of renewables that are powering the total Bitcoin network right now is closer to something like 56%
56-ish percent and that's solar, hydro, wind and I think what's really unique about miners that a lot of, you know, again, sort of the media forgets to even look at or focus on is the fact that we are incredibly incentivized to use
and one of the problems with renewable grids and why miners are a good partner for renewable grids in the transition to more renewable energy is that the grid needs to be balanced at all times. But with renewables when you're looking at solar or wind, oftentimes
there will be a lot of intermittency issues. And so for a renewable grid operator to have a 24/7 off-taker of demand. So someone that, you know, if there's not a lot of demand right now in your grid, miners can just power up and use it to mine Bitcoin or whatever. Or if there's a ton of demand on the grid and the grid looks like it's about to get congested, miners
can easily power back down and help them balance the grid. So again, miners, we look at ourselves as a complement to renewable grid operators as a partner in the transition to renewables. Now, why the media has hopped on it, miners being incredibly pollutive, I mean, look, there's a lot of
theories out there, i.e. some concern around the US dollar losing its position globally as a means of trade. And so therefore, a lot of politicians trying to effectively abolish Bitcoin and making it very difficult for Bitcoin to survive in the US because it's a technically an alternative currency.
So again, there's a bunch of things that people are surmising as to why this but exists, but the reality is we're not as pollutive as the media is making out to be the head of the Texas or Cot grid. Brad, I believe this last name is Jones, actually came
and said that minors are a compliment to the grid because again we help with load balancing which is incredibly important for grids to say up and running and successful so yeah that's my little Ted talk there love it too love it we'll go on ahead brother
I was just kind of listening. I really liked the conversation a lot. I actually worked with Google for a while on their data centers. Five layers thick. I was kind of oversaw. I believe like six sites over here on the west coast as far as construction went and stuff like that.
I've seen the full build on data centers and stuff like that. I think things have come in long ways since the fight that since the inception. I love how politicians tend to be electricians tend to be certified electricians understand electricity very well. They come in and tell
people to use electric cars, but they tell them, "A, mine ain't not okay, it uses too much electricity." They also utilize, you know, the current structures as far as our electric power plants, when they can really move into something like nuclear, which would be massively, massively better as far as utilization.
So I really, I kind of, I don't know why people listen to them. I just don't on a lot of those aspects. But yeah, I think mining as a whole is great. And I think that mining can succeed. But I also look at it like this when you talk about
Not you but when people talk about renewables and how you know we can be green with mining It is very true the the scenario though is that a lot of people don't understand is like when you're talking about mining if you want to be renewable Let's say you want to go solar or air or whatever. There's a lot of upfront costs
If you want less upfront costs, you just go straight out the grid, straight out the power grid, or whatnot. And then your upfront cost is less, but your overtime cost is more, and so on and so forth. So if you have the upfront cost, I think it's definitely possible to be greened, like 100% green.
While I like data centers, I don't like them. I don't like the centralization of them personally. I think like things, you know, working out as everybody kind of controlling the grid as a whole is a much better, you know, approach.
that's why I like Bitcoin because it's immutable so it's not able to be stopped essentially. So, you know, from that aspect that that's why I like Bitcoin specifically out of every other asset. I just want to kind of throw in there to kind of compliment what you were saying in the sense. -Hobbly. -With money.
Alright awesome in case you guys are new here to these spaces we are because bitcoin and we host content here on twitter and also youtube throughout the week featuring a variety of guests and we're over here speaking with
with Sioux from Hud8Mining. We're talking about all things Bitcoin. We're talking about some AI, tech, macro. And if you guys are enjoying this conversation, feel free to follow us. And we'll be providing a lot more content like this.
Over the coming months and years so if you guys want to come on up and Have any questions for the panel feel free to hit that request button. We'll bring you right up We have one person requesting. I'll go ahead and bring them up so
So just let us know once you're connected and to ask your question, brother.
Zing what's going on brother. Hey hold on I'm just connecting hold on Hey guys thanks for hosting the space can everybody hear me? You're good man. What's going on brother? Hey, I just uh Sue Canadian here huge shareholder. I just had a couple quick
questions for you. In terms of the merger, I'm not sure if it's been answered yet, but when do you anticipate being complete and what are the benefits of this merger for HUT 8 overall? Yeah, so
The benefits of this month are hot eight again as we go south of the border. We have a huge geographic diversification and uptick in terms of our power portfolio. So again, having a massive pipeline of power to put it towards mining, hosting, or again, the high performance compute in AI infrastructure.
space. If we get through this merger, it would also make us eligible for the Russell 2000 indices, which Marathon and Riot are already in. And the significance of that is a lot of pensions and institutions
Build their mandates off of that indices. So if you're in the indices, it's almost like you sort of have this class of auto buyers of your stock. Another thing is that it increases our mix of renewables. So more solar, more wind in our power mix. The team is also like their beast. They are absolute
infrastructure scaling be so they are incredibly good at standing up infrastructure at scale. And Mike Ho, one of the co-founders of US Bitcoin Corp, all he has been doing is studying AI for the past eight months. So those are some of the things that we really like about this merger and why we thought it made a lot of sense. And then in terms of timing,
So we're in the middle like when you when you do a merger as a Canadian company south of the border you have to go through an approval process with the SEC. And so basically what it is is you go back and forth at this letter writing process. So we're on the second round of letter writing.
with the SEC right now, they wrote us a letter asking questions and then we obviously write them a letter back answering their questions so far our legal team thinks that you know the the round of questions they've been asking are relatively benign so we're not really seeing any sort of negative narrative narratives
being threaded. And again, we're already NASDAQ listed. So it's like we've already gone through the compliance lobotomy to get on the NASDAQ. So again, we're feeling good. But again, when we close this is contingent on sort of how this SEC process goes. But again, we're feeling good about it. And that's sort of the most
I can say about it right now. Okay, well that sounds good. And then just a quick question I wanted to see what your feedback is on Gary Gensers' attack on Coinbase and Binance and what you feel will come out of that in the end. Yeah, what I think is interesting is Coinbase hasn't shut down
they're staking as a service platform yet. I mean, I know right now it's about 3% of their total revenues, but Brian Armstrong was on a panel a couple days ago and he basically said, "Look, until we go through this core process, I'm doing me, bro." And so I think that's interesting because I think we're coin bases coming from is that they filed
and S1 that the SEC approved, but the SEC is now coming back and saying, "Well, if you file the S1, that means that you're shilling securities." But then they're like, "But bro, you didn't provide me a framework or parameters, and you approved me." So like, what are you saying? So anyhow, I
I think it's interesting. We'll see what happens. I love that Bitcoin has been resilient AF throughout this entire process. Obviously some of the altcoins like Salona have sold off. I mean, I'm still hotline Salona because I think that's a good ecosystem. But so yeah, TBD, but I think
that Coinbase has a pretty strong case here in terms of why they're doing what they're doing based on what was approved by the same SEC that's now suing them. Okay, cool. Thanks for coming on today and I appreciate the time. I'll step down.
Thanks for coming out now brother if anybody else wants to come on in and join the conversation feel free to do so and If you guys are enjoying the conversation once again feel free to follow us and turn on bell notice we post real-time
data across all global financial markets. And if you guys are interested in getting to know us a bit more, feel free to subscribe to our newsletter. All those links are in our bio. So yeah, what's that look? What's going on, brother?
Okay, so I have a little bit of a tough question, but I have also statement. I like that you mentioned the NASDAQ. That's really good. You guys are eyeballing that looking to get into that. You're going to use this murder as a door opening to get in. Sorry, sorry, no, no, we're already on the NASDAQ.
which is why we've been listening on the NASX since 2021, but that's like helpful for us, right? Because we already had to go through that regulatory process to get there. Yeah, okay. Yeah, and I've looked at marathon and riot. They both look really good. So I mean, in comparison, like,
It sounds like you guys are heading the right direction. You know, outside of that, like, I guess what would be the scenario that the deal doesn't go through? Let's say the SEC doesn't approve of it or whatnot, but what is your, what is your guys' position there or how will you be repositioning with that?
Yeah, so that's a good question. And again, this is not me publicly disclosing anything or giving any outlook, but there, but what there is optionality in the sense that, you know, worst case scenario, let's say at the SEC,
It doesn't look like they're going to approve anytime soon. We can still get this deal done as a Canadian listed company. And the only thing that would change is that we wouldn't be American listed, aka, we wouldn't be eligible for those indices, but we can still get this deal done.
here in Canada and stay listed on the NASDAQ. Stay listed on that exchange, which is obviously very important and incredibly liquid. So yeah, there's certainly still optionality here for us. It's not sort of do or die.
I forgot what was the cause for a second. I realized I got those special privileges that might think full of measurement from now on. Great conversation so far.
I'm looking at Hub 8, it seems that you guys are leveraging heavily Nvidia and it seems for both the GPU mining and also for the AI high-performance computing. I kind of like to know like what makes Nvidia so special and is it the same
machine that you use for both purposes, or they specialize for mining and they specialize for AI computing. Can you tell us how you guys are using the NDVS? >> Yeah. We have A40s, which is an older chip that we do have clients using right now for generative AI text to image.
modeling. And then in 2021, we started tinkering around with GPU chips in general, but that was more of a proof of work GPU based networks. So before Ethereum went proof of stake, we were mining Ethereum using those Nvidia GPU chips. But then yeah, like,
We've got, obviously, there's only so much I can say publicly, but we feel like we're pretty strategically positioned to the Nvidia chip supply chain. And in terms of why they're in video such a big deal, I mean so far, they've got really like the industry
leading chips specifically for AI compute, so condensed, just really industry leading chips and silicon. So yeah, that's sort of why all the fuss about Nvidia. And guys, sorry, do you have to roll in like one minute if there's any more questions?
Yeah, whatever analyst is a bit shy to come on up here Sue and he'd like to know, you know, if if if I'm a new individual to the markets, right? And I feel like using some of my liquidity to
have exposure to a minor, right? And there's a ton of names, right? And of course, with our conversation, I can make the case you guys are doing a lot of innovative things. And I do believe you guys have the first mover advantage in a lot of things regarding mining. But how would HUD
separate itself or rather how is hot a separating itself from the competition. Yeah, so so hot eight for sure is differentiated because of we've got sort of different lines of business revenues. So like I said in a post merger world, we're picking up a hosting line of revenue and this sort of we
work, wake love mining services business, but really like the killer app in my opinion about Hadeat is that it's effectively a call option on the growth of the AI space. It's a call option on the growth of Bitcoin because obviously we hoddle Bitcoin, we do mine some Bitcoin, but this the moves that we're making in the AI infrastructure space
None of our competitors are set up to benefit or as far along the game in terms of infrastructure that's already stood up as we are. So that's how I pitch HIDE. It's a call option on the future price of Bitcoin and a call option on the growth of the AI.
space and I think we're trading at like two bucks right now. So that's I think what's the most differentiated about HUD 8 for sure in my opinion. My dams are also always open if anyone ever wants to chat and sorry what was your your question about market cap?
I just wanted to know what was your total mark. Last time I checked it was like 569 mil. Okay, not too bad. That's fine. Thank you. That's actually really interesting.
There's a lot of these vapor where all that have like, you know, significant more evaluation than that. So I'll definitely be checking that out. But anyway, too, I want to thank you for taking the time out of here Friday to come and talk shop with us. God bless you, your family.
friends and all your coworkers. It's been a pleasure having you up and we look forward to having you guys at HUD 8 on one of our spaces. Hopefully on a YouTube video throughout the summertime. That would be pretty cool. And yeah, working people find out more about
All things hot eight. Yeah, close up space. Yeah, so I'm at big Sui on Twitter. My DMs are always open and then also the Hut 8 mining page at Hut 8 mining is where you can find us. Thank you so much for having me on and talk to you soon guys. Bye.
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God bless you and have a good weekend and rest of your Friday. Peace out, take care and goodbye. Thank you Will and Dow chemist for helping me out for the speaker panel. Looking forward to having you guys on next week. So I'm just going to do this real quick.
Thanks for having us, man. Later.