80: Mining for Bitcoin with MGTCI’s President Steve Schaeffer

Invest Like a Boss

Sam Marks Johnny FD Derek Spartz

Business, Investing

4.8 • 518 Ratings

🗓️ 27 December 2017

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Steve Schaeffer is MGT’s President on Crypto-Capital Strategies. MGT is one of the top Bitcoin producers in North America with the largest individual Bitcoin mining operation. We may have heard about Bitcoin a lot these days, but what we hardly hear about is Bitcoin mining - how does it work and how is it done?

On this episode, Steve explains MGT’s mining operations and returns. He also explains why the company chose to mine Bitcoins over other cryptocurrencies. He shares MGTI’s strategies in choosing locations, securing bitcoins, and gaining profit. Listen in and learn other ways to invest on cryptocurrencies.

Links:

Mgtci.com

Ticker (OTC: MGTI)

Discussed:

ILAB 78 - Bitcoin 101, How to Invest In Cryptocurrency

Where we are:

Sam - United States

Johnny - United States

Time Stamps:
03:23 – What is Bitcoin Mining?
12:39 – The Geographic volume of traders
14:22 – Correlation between MGTI stock price and Bitcoin
16:29 – MGTI’s Operation and Returns
19:16 – Mining location
20:41 – What coins are they mining?
23:04 – How many coins do they mine per day?
26:58 – How do they store the Bitcoins?
29:19 – Exchanges through a Broker
31:08 – Major Banks’ play in cryptocurrencies
34:58 – MGTI’s tech infrastructures

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Transcript

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0:00.0	Welcome to the Invest Like a Boss podcast. I'm Sam Marks and I'm Johnny FD. We're self-made entrepreneurs
0:06.0	who invest our own money and use modern technology to invest like a boss. Join us each week for
0:10.4	exclusive interviews with our network of modern investors, business owners, and multimillionaires to discover
0:14.9	new ways to invest our hard-earned cash. Ho, ho, ho, and welcome to episode 80 of the Invest Like a Boss podcast. It is Christmas Eve,
0:24.7	and I'm here with Sam Marks. Johnny, how do you do and where's your Santa hat?
0:29.2	You know what? I didn't even think to invest in a Santa hat until I saw you on a video with one,
0:35.6	and I wish I would have made that investment.
0:37.8	Well, we should have been doing more videos earlier because I've been wearing this hat for the last
0:41.4	two months. I've been, I brought it, I actually bought it in Shanghai and took it to the West
0:46.5	Coast where you are now and then on my drive all the way across spreading holiday cheer all
0:51.8	across the, what do you call it, the bread belt of America? I've known why would you call it the bread belt of america i've
0:55.8	no idea why would they call the bread belt of america isn't that where all the grains made like
0:59.9	you know oklahoma texas kansas those areas i definitely never heard of that term but so you were
1:07.3	in what's crazy is the last time we spoke, I was in Florida, you're in California.
1:12.5	And in that week that has passed, I flew to California and you drove from California to the East Coast.
1:21.8	Yeah, it's quite a transition we've made.
1:23.8	And I think you're heading back to Asia.
1:26.5	I'll be in the U.S. for a little bit longer, but it's
1:29.5	good, man. It's good to get back to the roots, have some friendly American conversations about
1:34.7	football, old fashions, whiskey, craft beer, and whatever else everyone's talking about here.
1:41.4	Everything good in life. And a lot of people have actually been talking
1:45.4	about Bitcoin. So I know we had an episode on the basics of Bitcoin two episodes ago,
	...

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