Name: This NYC bathhouse is hacking $20,000 monthly energy bills by heating pools with Bitcoin mining
Uploaded: 2023-12-20
Duration: 4 min 17 s
Description: Bathhouse began mining Bitcoin on its premises in 2021, and its founders say their energy bills haven't changed drastically since they started their side hustle.

Bathhouse began mining Bitcoin on its premises in 2021, and its founders say their energy bills haven't changed drastically since they started their side hustle.

This NYC bathhouse is hacking $20,000 monthly energy bills by heating pools with Bitcoin mining

 Bathhouse cofounders Jason Goodman and Travis Talmadge

Fortune_Crypto

Jason and I were both investing in Bitcoin, both interested in Bitcoin. We talked about it a little bit. Jason goes down really deep rabbit holes on youtube. And I remember one day Jason sent me a video with no explanation of some guy in like middle America who had figured out how to heat his pool with Bitcoin mining. We're open from 9 a.m. to midnight every night. And so we're constantly running these machines to create our product. So, you know, our con Ed Bill kind of makes us want to throw up. We heat, we use heat, we actually buy energy to make heat. When Jason found this immersion mining and the ability to pull heat off mining Bitcoin, it made all the sense in the world like we get a rebate for the energy that we buy. I'm Jason Goodman and I'm Travis Talent. We're the co founders of Bath House. We have two locations, one in Williamsburg, Brooklyn and one in the flat iron district of Manhattan. Travis. And I met hanging out around a campfire. We became good friends. We knew we wanted to work together and we had discussed like different ideas and came together on building a bathhouse. I think that we just saw the opportunity for American culture to re embrace the traditional bathhouses that were there. As soon as I started going to bath houses with Jason, it was like a light bulb went off and I started using them for recovering to start feeling much better than I'd ever felt. And pretty quickly when we started going to these dingy bathhouses, we were just frustrated with the products. I think we decided that we wanted to do this. And I think we signed a lease about two months later. So we kind of just threw ourselves into it the way that these miners work. Miners are just computers, right? They just run algorithms to uncover Blockchain. It's like taking one of those computers that gets hot, we strip the fans off, we put them in a special dialectic fluid. And so now instead of that heat going into the air or being hot to the touch on your computer, it's much more powerful than that. It goes and heats the oil around it. And then you pull that heat out. Eventually on heat exchanger, it's basically a very powerful computer that runs so hard and is working so hard that, you know, it creates heat as a by product. In Williamsburg, we have 12 miners, we're producing about 1000, 200 tera has in Williamsburg and about 2000 tera hash in flat iron. It's very easy to set up a system like ours yourself at home. It's off the shelf parts, a lot of the parts you can buy from Home Depot or from like plumbing supply.com off the shelf heat exchangers off the shelf circulation palms and it's piping. So when we first started mining, we were projecting that we would be producing enough ter has to mine 1.25 even up to possibly even two Bitcoin per year. That was when the Bitcoin network was doing about 200 X has total now that we're pushing 500 X hash, um which means that a lot more miners or a lot more computing power has joined the network since we started, I think we're both bullish on the market long term. And, you know, again, it's a fun side project. It's uh you know, kind of like a little treasury, sit there and grow and figure it out one day. We want it to be efficient. Not like, oh, how much Bitcoin can we make? We are not trying to recover our energy costs necessarily with Bitcoin. We want to treasury the Bitcoin because we're long term believers in Bitcoin think of it as a rebate on our heating costs. You know, every business has expenses and every business has ways they make money. I think this is an important topic for our civilization to have. And what you're really saying is it, should somebody have the um moral authority to decide who gets energy and who doesn't, who decides which use of energy is moral and which use of energy is not moral? Why is a pool heater? A moral use of energy and a computer that runs a Bitcoin node or a Bitcoin miner not, I would argue that Bitcoin is, is a very, very moral use of energy because having a fair and equitable money is a very important thing for society. I think environmentalists or people that commented negatively. I think that they should actually be happy with us because we are a miner that is not going out there and buying fresh energy just for the purpose of mine, of mining. We're buying the same energy that we need to run our business, whether we're mining Bitcoin or not. And I think that it would be great if more businesses did this.