Mining Bitcoin vs. Buying Bitcoin with Mason Jappa | SLP647

This episode explores the state of the US Bitcoin mining industry in March 2025, featuring an interview with Mason Jappa, CEO of Blockware Solutions. Against the backdrop of a recent, largely unreported SEC announcement clarifying the regulatory landscape and deeming mining activities not subject to broker regulations, the discussion centers on the current health and future prospects of Bitcoin mining. More significantly, Jappa highlights the disconnect between the relatively low hash price (dollars per terahash per day) and the continued growth of the Bitcoin network hashrate, suggesting a potential course correction in the near future. For instance, Jappa's firm forecasts a Bitcoin price of $225,000 for 2025, based on an internal model incorporating various macro and micro events. The conversation then pivots to the strategic advantages of Bitcoin mining, particularly for those with access to cheap energy and the expertise to manage the inherent risks and liquidity challenges. In contrast to the struggles of many publicly traded mining companies, Blockware offers hosted mining services and a secondary marketplace for trading mining rigs, enabling clients to achieve high IRRs (Internal Rate of Returns) and potentially double their Bitcoin holdings over a cycle. Emerging industry patterns reflected in the discussion include the increasing adoption of hydro and immersion cooling technologies for mining rigs and the potential for greater competition among mining equipment manufacturers.