Our fearless CEO and Co-Founder Kent Halliburton recently joined Nico and Opti on Simply Bitcoin to discuss Bitcoin’s current cycle, the risks of Bitcoin treasury companies, and why Bitcoin mining is still the most sovereign way to acquire Bitcoin.
If you missed the episode, here’s a recap — and why it matters for anyone thinking about stacking sats.
Bitcoin Treasury Companies: This Cycle’s “ICOs”
Every Bitcoin bull market has a mania. In 2017, it was ICOs. In 2021, it was DeFi. According to Kent, 2025’s version may be Bitcoin treasury companies.
The logic is simple: when Bitcoin is pumping, treasury companies that hold Bitcoin can appear to outperform it by using leverage or issuing stock. But when the price dips, many of these companies struggle to justify their valuations.
“You play fiat games, you win fiat prizes. Bitcoin is not a fiat game. Mining lets you acquire Bitcoin outside the system, the way Satoshi did.” – Kent Halliburton
While large players like MicroStrategy may weather the storm, Kent believes many smaller treasury companies are exposed to outsized risks — making them this cycle’s speculative trap.
Why Bitcoin Mining Is Different
Unlike treasury companies, Bitcoin mining doesn’t depend on Wall Street maneuvers. Miners earn Bitcoin directly by contributing energy to the network. It’s Bitcoin at cost, not at a premium.
Mining also produces what Kent calls wild sats — Bitcoin earned directly from the network, not through an exchange, ETF, or custodial middleman. This distinction is crucial for sovereignty and long-term security.
At Sazmining, we’ve built a platform that makes mining accessible without the headaches of high electricity rates, unreliable hosting, or hidden fees. Our incentives are 100% aligned: we only profit when you mine Bitcoin successfully. That’s why customer retention is so high and why so many are building long-term fleets with us.
Global Insights: Ethiopia’s Energy & Mining Boom
Kent recently returned from Ethiopia, where massive investments in hydropower are reshaping the energy landscape.
What surprised him most: Bitcoin mining isn’t just securing the network — it’s bringing in hard currency. In fact, Ethiopian miners generated nearly a quarter billion dollars for the economy last year, helping the country service IMF debt while creating jobs.
This is a powerful example of how Bitcoin mining can support national development, stabilize currencies, and incentivize renewable energy growth.
A Changing Cycle?
Bitcoin’s famous four-year cycle may not play out the same way this time. Kent pointed out that while hashrate continues to soar, price action has been steadier, with fewer euphoric spikes or deep drawdowns.
His thesis: the cycle could be lengthening, and the real breakout may still lie ahead. If true, miners are positioning themselves perfectly for the next leg up.
Why This Matters
Kent’s Simply Bitcoin appearance highlights why mining is fundamentally different from speculative treasury plays:
- Aligned incentives – Mining strengthens the network and rewards miners directly.
- Sovereignty – Wild sats are yours from day one, outside of custodians or exchanges.
- Global impact – Mining can empower communities, incentivize renewable energy, and even bring stability to developing nations.
If you’re serious about stacking sats long-term, mining may be the smartest way to do it.