Why this mining firm thinks ASICs beat spot Bitcoin

Why this mining firm thinks ASICs beat spot Bitcoin originally appeared on TheStreet.

In an interview with TheStreet Roundtable, Simple Mining director of research and marketing Billy Boone argued that buying Bitcoin outright may not be the most efficient way to gain exposure to the cryptocurrency and that mining could be a smarter alternative.

Boone traced Simple Mining’s roots to 2021, when the team pivoted from cell-phone repairs to unlocking ASIC miner passwords. “Simple mining started in 2021. We originally came from a cell phone repair background and we started getting a lot of requests to fix ASIC passwords,” he said.

Spotting Bitcoin’s staying power, Simple Mining deployed its first container of 50 machines at a utility site in Iowa that November. Since then, Boone says the firm has grown to operate seven sites with more than 20,000 machines and plans to open nine sites by year-end.

He also highlighted a recent partnership with Alps Blockchain to build a 50-megawatt hydro-powered site, giving clients access to water-cooled hydro miners. Those machines, Boone noted, are “extremely profitable right now,” thanks to lower cooling costs than traditional fan-cooled rigs.

Get hands-on with mining

Unlike cloud-mining models, Simple Mining sells direct ownership of ASIC hardware. Boone explained that investors “take a couple of clicks to get mining same day as payment. And at that point, you can plug in your machine, you can start mining Bitcoin.”

Customers own their machines and can even relocate them if they secure cheaper power elsewhere — plus they benefit from depreciation tax write-offs on the hardware.

Potential cost advantage

As corporate Bitcoin treasury strategies gain traction, Boone believes hosted mining offers a cost-efficient way to boost Bitcoin per share. “If you have an ASIC miner, you can consume $50,000 of electricity to generate a $110,000 Bitcoin,” he said, pointing out that miners effectively buy Bitcoin at a significant discount to spot prices.

With Iowa generating 65% of its electricity from wind, Boone says mining operations there also help utilities balance renewable-energy variability — turning what might be wasted power into Bitcoin.

As more investors look beyond lump-sum purchases, Boone’s vision is clear: don’t just buy Bitcoin — own a miner and let the hardware work for you.

Why this mining firm thinks ASICs beat spot Bitcoin first appeared on TheStreet on Jun 12, 2025

This story was originally reported by TheStreet on Jun 12, 2025, where it first appeared.

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