reactions to the infrastructure deal announced by president biden and 10 senators today. senator mike braun, republican of indiana. we welcome now lonnie chin. i want to thank you for being patient. we did have some pretty big news. what do you make of what we know so far about this apparent framework, bipartisan framework for a large infrastructure bill? >> so far, good news. the negotiations clearly have dragged on for some time. the fact you have a credible group of republicans and democrats working together who have some sway with her colleagues suggest this is a very real possibility to get to the senate. obviously, the president's endorsement helps. there will be additional sticking points. there is still conversation about the sequencing, this notion of a two-part deal could exactly where the papers will come from. i think those details are probably going to spawn new

cycles in an of itself but fundamentally, the idea that republicans and democrats can work together on a critical priority like physical infrastructure i think is very good news for the american people. david: is it big enough to make a difference on the economy? >> given the size of fiscal stimulus we have already seen, this seems like a drop in the bucket. it is remarkable to be saying that about a $20 plus package but when you look at the amount of stimulus that is been put into the economy over the last six months to nine months, it is hard to say whether there is going to be a significant impact. give a lot of pent-up labor in the economy, a lot of possibilities still going forward. i think it will be a positive impact but given the extent of what we have seen so far, i'm not convinced it will be as much of a game changer as it would have been let say two years ago. david: we talked with governor ned lamont of connecticut earlier in the program and you said it in infrastructure bill

like this can get through, he could improve their roads and bridges in connecticut enough in the next year or two is a 10 minutes of a commute from connecticut to new york. if you add that up across the country, that shows up in productivity, doesn't it? lanhee: i think so but we have to remember the nature of the economy has changed because of covid and how much commuting we will have come at-homework versus in the workplace work are questions in my mind that are still open ones. well i think we will see contributions to productivity in the long run, it is a big question of how substantial those inputs would be. this is good news, make no mistake. these are changes that have to be made. not just roads and bridges, also airports and seaports, some of the coastal issues that senator cassidy talked about. there are substantial changes that hopefully will be big net positives for the u.s. economy david: assuming this goes

through and assume further goes through the summer, which is a big ask, when will we start seeing it in the economy? lanhee: infrastructure takes time. projects take time to get online. i was probably won't see impacts for at least a year of not more just because there's a lot of wind up that has to happen before these projects actually get going and people are employed and you see those inputs and you see that impact on some of the broader economic measures. again, the concept of getting this done quickly is important. you want to begin to make those plans going forward and begin to see some of those projects come online as we get into 2022 and 2023. david: originally we were going to talk to you and i want to talk about proposals out of the biden administration to change her care system. after the supreme court refused to overturn the affordable care act, president biden said it is

time to strengthen it. one of the proposals is to reduce the minimum age for medicaid. you've done a study on what that would do financially. give us the result. lanhee: we release the study yesterday were we look at this proposal to lower the eligibility age of medicare to 60 and find there are significant fiscal impacts. perhaps more concerning is the impact on the medicare hospital insurance trust fund, which is the trust fund that pays for inpatient hospitalization through medicare. the possibility that might be exhausted two years earlier, so 2024 instead of 2026. we asked questions about the policy makers need to address these questions. it is a policy that sounds very enticing and easy. the base of point we make is there are impacts and massive questions to be answered about the design of the program. more important, the impact on seniors who are in medicare currently. david: we talked earlier this

week with another health care policy expert, catherine baker from the university of chicago. she said we would be better off giving subsidies to people so they can buy their own policies rather than lowering the age. does that make more sense from an economic point of view? lanhee: i think the idea of getting people into the marketplace that exists already make sense. the concept of subsidizing that coverage is also a reasonable one. the issue is, if you're talking about trying to cover people who are uninsured, expanding the medicare eligibility age does not you a whole lot of the way there because you really only talking about 10% of the population eligible for that expansion is currently uninsured. i would like to see more targeted approach. i that sense, the solution that professor baker and others have outlined make sense which is to say less subsidized people and make coverage in existing marketplaces more affordable as opposed to creating this massive

change in an entitlement program that a lot of people already rely on and don't want to see change. david: to wrap this up, you are a policy person. you were in charge of policy for mitt romney when he ran for president. that is what you do. as we look at what this biden administration is doing in the economic front, are we seeing a redrafting of the economic policy in the u.s.? he is touching an awful lot of the american economy. lanhee: it is a fundamental reordering as far as i'm concerned. you see the fiscal stimulus we seen already, the really packages, $6 trillion in relief to date -- some came in the trump administration but a lot during the biden administration. the way he is talking about change in the economy, changing policy. these are relatively substantial changes. i think we have become a little amine because we hear the number like "trillions" runaround. we are already seeing those

difficulties in terms of what is happening in labor markets now. a lot of flak, a lot of opportunities available people are not filling. that is a function of economic policy. there are intended and unintended consequences and we were yet to see many of these consequences play out. it is a significant change from the last several years. david: great to have you with us. thank you for your patience. lanhee chen. emily wilkins is joining us down from capitol hill with more on this infrastructure deal just announced from the white house. emily, what is the reception likely to be on capitol hill? we just talked to senator mike braun of indiana, generally open but had some skepticism as well. can you hear me? can you hear me? ok, we will try to come back to emily. in the mean time, let's figure

out whether there are market reactions to this announcement of the infrastructure. for that we will go to abigail doolittle. are the markets reacting at all? >> there is. we've had a multi-day rally into this possibly passing the senate for the troop for piece but very encouraging if we break it down and going to the s&p 500 industrial sector, it is now at session highs. it had been up slightly ahead of the announcement, suggestion human capital portion of the package that the senate will impact managed to use the filibuster to then pass it along to the house. nancy pelosi needs to have both pieces for more than 20 another package. if we break it down even more, and engineering company up 6.3%, up 10% over the last four days. the best stretch in many months. the reaction suggests investors

of these infrastructure companies that do put in their bridges, they think the deal will get done. david: that is what i would take away from the markets. it was a just, if i can call it the hard infrastructure part, the four-part the senator said have agreed to. markets thing we think it will happen and that will be good news for certain set of errors. -- certain sectors. >> absolutely. it suggests that think it will benefit the bottom line and as lanhee chen was saying, could take a while to trickle through but the initial reaction typically happens on the news and does suggest a sort of reaction into it and out of it. we actually have the stocks cutting even more on this news was suggesting good news in terms of passing it along to the house. david: i'm not sure whether wall street believed the news until they heard it. we still have a long way to go. what about the rest of the market? >> a big outperformance.

the engineering and construction companies are up 6%, 3%, 2% relative to the s&p 500 now up. a big bullish reaction suggesting investors -- think this infrastructure bill will get done. bonds or yields are basically flat. it is not too much of a deal given the fact on investors are very steady as well. david: thank you, abigail doolittle. we will go back to emily wilkins on capitol hill for a short report about the possible reaction to what we have heard so far. emily: at this point we're just getting the news from the white house and from resident biden a deal has been reached. president biden is in support of the bipartisan infrastructure plan that senators have put forward. now comes the second hard part, getting 60 senators on board with the plane. democrats say the way they're going to do that is have two bills move at once.

the bipartisan senate infrastructure bill and then a larger package with more of president biden's initiatives including child care, child tax credit and it will be passing alongside the bipartisan one. david: you will have a lot of work to do, emily wilkins, to cover this. thank you very much. coming up, "balance of power." we will talk to basals michael . this is "bloomberg." ♪

>> this is "bloomberg markets."

president biden says he has reached a tentative deal with a group of democratic and republican senators bipartisan $559 billion infrastructure plan . the president obama's ago. pres. biden: republicans and this group did not want to go along with my family plan issues , the human infrastructure i talked about. we will see what happens in reconciliation bill and budget process. if we get some compromise there and if we can, see if i can attract the democrats to the position. they will move in a dual track. matt: hear the latest is emily wilkins from bloomberg government. what do we know about within this package that biden wanted to get through and what do we know about what he's going to try to push through any reconciliation? emily: this bipartisan package

focuses on what we think of as traditional infrastructure -- roads, highways, bridges. that is what is contained, what they have come to an agreement on. but democrats say, hey, look, there's still a lot we want to get done. we want to reduce the cost of childcare, have a child care tax credit, expand health care, elder care, potentially education. they're hoping to get that done a budget reconciliation process which would not require any republican votes as long as all democrats are on board. and that is the key, the fact of the matter is, democrats have very, very slim margins in both the senate and house. but they were also really far apart. yet her moderate democrats an idea of what they want in a bill is different from what their progressive counterparts one. it is going to take time to get agreement between -- within the democratic caucus on what they want this potential reconciliation package to look like.

it does need to be together. house speaker nancy pelosi made it very clear last night as this morning that those two bills come the bipartisan infrastructure and the democratic-only reconciliation bill, need to pass together. matt: she said without it, she would not consider the bipartisan deal. this is a good news story? we have republicans and democrats working together. or are there still members of either party that will try to block this legislation? emily: i think both members -- members of both parties are still trying to better understand with the legislation has in it, in regard to the bipartisan infrastructure plan and at this point proposed $6 trillion reconciliation bill. senators and lawmakers want to see numbers and details. those are still being fleshed out. i think as we continue ahead in the following weeks and get more details about what is exactly in the plan, you'll see lawmakers begin to really weigh in on what

they can cannot accept. matt: doesn't mean president biden can start working with republicans to do more -- i mean, reconciliation aside, he is always been fairly optimistic that with his experience and with his skills as a parliamentarian, he is going to be able to get legislation passed. emily: infrastructure is something pretty unique on capitol hill because it is an issue that does have a lot of bipartisan support. it was just a matter of figuring out the details and trying to find a way to get to yes, as we have got to today. so many other issues on capitol hill. gun control, climate change -- they just don't have the same level of bipartisan support that infrastructure has. it would be difficult for president biden to get something else done. this package is not going to happen overnight. the end of july timeline that chuck schumer and needs a plosive put out last night, that is really optimistic. there's a good chance this

entire congress, this spending -- spending potentially well into the fall working on this package. matt: what about the pay for's for this bill, the phrase used in washington for basically revenue they need in order to finance this kind of spending? we are all used to hearing trillions of dollars, figures much higher than this, for 559 billion dollars is still a large figure. emily: it is a very large figure. one of the ideas they have or how to pay for this is to bolster the irs' ability to audit wealthier individuals and companies. studies have shown some of these individuals are not paying every thing they're supposed to be paying in taxes to the federal government. the idea is if you give the irs more resources to be able to examine these individuals and companies in the complex tax returns, you can get more money in taxes coming into the u.s.

coppers. that is one big plan on how to pay for it. at this point the group has moved away from any sort of idea about raising a gas tax or indexing a gas tax, something president biden push forward. republicans are holding strong on their line there are no tax increases. they do not want to agree to president biden's proposed corporate tax or proposed capital gains tax, so none of those will be used to pay for this bipartisan infrastructure package. matt: emily, thank you so much. italy wilkins reporting on this developing story -- emily wilkins reporting on this developing story. now how stocks are reacting to this news. only,, dave wilson joins us to talk about the new records we are seeing in the equity markets. this is "bloomberg." ♪

matt: this is "bloomberg markets." president biden said he has reached a tentative deal with a group of democratic and republican senators on a bipartisan 559 billion dollar infrastructure plan. that has boosted stocks back to new records. time now for stock of the hour. dave wilson is looking at how infrastructure stocks are responding. dave: you look at the companies that provide construction materials, they are among the top performers on the day. the s&p 500 specifically talking about materials. you look at the companies that provide equipment used in construction. caterpillar is an obvious example, up three point 5%. so is united rentals, which makes equipment available. put it all together and it is really in the last few minutes after this agreement was reached that you saw these stocks jump

up. it is clear people are at least somewhat excited about what is coming out of washington at this point. we should note there is even an exchange traded fund under the ticker, global structure etf. it is up 1.5% or so at the moment. we are seeing broader gains as well. materials and equipment suppliers. matt: dave wilson, thank, bloomberg stocks editor talking about the new highs we have hidden away investors are playing that. i want to stick to infrastructure. i spoke to roland bush this morning and asked him what his target prices for shares of siemens. >> i just referred to what our analysts say and let me quote "two years from now, they can see 200."

"i know we have to deliver quarter by quarter." we have to deliver on execution. our cost savings program as well. we have to get complexity out of a company. that means everything that sits below our industrial business, our portfolio companies, we have to find better owners, for does reduce cost complexity -- reduce cost complexity. i am pretty sure the number i mentioned is not the limit. matt: siemens has diverse businesses, some of which have potential workers, a lot of production workers who have never been working from home. you also have a large executive force that has been telecommuting. what is the return to work look like for you? >> we have a clear strategy and a clear policy. so wherever it is possible, we want the people going forward to have two to three days in the

office, remote. we call it remote because in some cases where people can go without commuting back and forth for an hour or so. we do believe this is the right model going forward. it is a plan. -- it is a blend, not like and why. we appreciate people have more flexibility in how they structure their work. we do believe there is also higher productivity if we do it right. we know it is not easy. we train our executives, our leaders to measure the outcome of the work not the presence in the office. if we do it right, we believe we will be able to offer more attractive jobs which drive the productivity high. we still believe in high quality time people sit together, meet finally. and we hope to see that soon.

matt: that was my conversation earlier, the ceo of siemens, roland bush. a quick check at the markets. we are at new record highs for stocks s&p 500 up .6%. the teen year yield higher as investors sell bonds. the dollar index down and crude back up. coming up, we will discuss the gamut the occasion of the stock market with an old friend. this is "bloomberg." ♪

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mark: i am mark crumpton with bloomberg's first word news. as you saw on bloomberg,

president biden reached he reached a tentative deal with the group of democratic and republican senators on a bipartisan $559 billion infrastructure plan that would fulfill one of his top priorities. the president spoke to reporters after meeting with the senators at the white house. >> republicans and this group not want to go along with my family plan issues and child care tax credits and the human infrastructure i talked about. we will see what happens in the reconciliation bill in the budget process and if we can get compromise there. if we cannot, see if i can attract all the democrats. they are going to move on a dual track. mark: it marks a significant step forward in the effort to put together a picture of infrastructure spending that can draw enough votes from both parties to get through congress. how speaker pelosi says she will create a select committee to investigate the january 6 insurrection at the capitol

after republicans blocked naming an independent commission. the speaker said today the riot was "a day of darkness for our country," and says the panel will investigate the causes of the attack by a mob of former president trump supporters and what can be done to prevent future events. people who are unable to pay their rent due to the coronavirus have more time. the cdc is extending a one-month extension of the moratorium preventing eviction of tenants for nonpayment of rent. the cdc says it expects this to be the last extension. the white house asked the cdc to make the decision based on public health conditions. rudy giuliani has been banned from practicing law in new york state for the lies he told following the 2020 presidential election. a manhattan appeals court ruled he made "demonstrably false and mystic statements to bolster the narrative that the election was stolen from his client, then

president donald trump." they say his conduct threatens public interest. global news, 24 hours a day on-air on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. amanda: welcome to bloomberg markets. i am amanda lang. matt: i am matt miller. here are the top stories we are following from around the world. in the last few moments, president biden said he reached a tentative deal with a group of democratic and republican senators on the bipartisan $559 billion if the structure plan. we expect to hear from the president at the top of the hour. the s&p 500 driven to a record.

we discussed the rise in equities and the gameification of the stock market the past few months. plus the latest on crypto mining and bitcoin with argo blockchain's ceo. amanda: it is a positive session on the broad s&p 500. everything but utilities and real estate moving higher today, unsurprisingly led by financials, which can be released from captivity when it comes to dividends and buybacks as the stress test comes after the bell today, so we still see interest and overall, tech consumers in the middle of the pack with a couple of standouts, has left more than 5% and eli lilly as it gets that breakthrough drug status also rocketing above 7% last check and here is your 10-year below 1.5, and the long contained, but

it is a degree to which retail investors are being drawn into certain volatile parts of the market. it is very much on the minds of regulators. it is something that was addressed, to clearly the notion of free trade. have a listen. >> it is those disclosures and ensuring that the retail investors get the right disclosures and are protected, and somebody is not misleading them. amanda: we are glad to have with us joseph saluzzi, cohead of equity trading. thank you for being with us, joe, always. i would like to start with the general feeling of the way the retail investor is being drawn into parts of the market. is it of concern or something regulators should look at more closely? joseph: thanks for having me, amanda. it is very concerning, and i think the sec chair has it right on. he understands market and he will regulate it for a while,

and he sees what is going on in the market structure, and it isn't more of a market structure story than it is a market story. the chair has said that he wants to take a closer look at once to see if there are conflicts of interest buried in and things like that where most retail investors do not understand what goes on in the plumbing of the stock market. i can tell you that we trade for mutual funds and hedge funds and it is complicated. it sounds like it is an easy process trading a stock, no. matt would notice as a car guy, the mechanics of the engine are complicated. you really need to know what goes on inside. matt: is the payment for order flow problem a serious one? on the one hand, these retail investors who tend to treat the market more like a casino, you know, more like a state fair then investing on wall street, at least they get what they feel like is free trading, and maybe

they are only getting gauged on the price fight a few tenths of a cent. joseph: that is an argument a lot of folks away, but i will argue those few pennies adds up to billions of dollars a year. it has created an entire ecosystem where stock exchanges create data centers, which cost hundreds of millions to build so they can sell the data and traders can jump ahead of retail orders so they can see the data quicker. this is extreme the complex. you may think it is free, what is the big deal? if you trade once or twice a year over 100 shares, that is fine. but if you are trading actively, and a lot of professionals and retailers are because of the retrading mode, it adds up quickly and it will decrease your performance. amanda: there has always been and it is a bit of a negative toward game of whack-a-mole of cutting off conflicts of interest. there will always be big inside

players will have the advantage to the retail base. that retail base gets bigger, and to matt's point, accesses the market easier. what is the quickest way to make sure they do not get abused so they can be equal participants fully aware of the risks that they don't get run over? joseph: i think the chair has it right on. in his congressional testimony a few weeks ago, he said he wanted to look at segmentation and concentration. segmentation meeting -- meaning a couple of large market makers who trade off exchange. that is a segmentation where order flow is being shot up. he also wants to look at if there is too much order flow going to one or two players, which, by definition, they do not need to be in the market. there is no specialist or market that has the obligation to be there. they could walk away. the chair is saying, let's look at that and make sure we have structural issues in place so we don't have another crash like

2020. matt, i was on here with you in 2010 when we talked about that rash. matt: only 20 or 30 times that year. let me ask you about the liquidity out there. we have a great chart showing the cash that banks have parked in the reverse repo facility. it is mind-boggling. especially when you have this low rate environment. the fed once to push people out into riskier investments and can banks to lend, what if they are putting the money there, what is going on and what is the liquidity doing to the market mechanics that you follow so closely? joseph: let's talk about liquidity. years ago we would talk about that. i would come in as a bear and say we cannot continue this. i seriously underestimated how far the fed would go. they will not stop. they are not going to stop. they are defending it. even looking at the inflation numbers and whatnot, they have said we will continue pumping money and buying bonds. you trade the market sat in front of you, whether you agree

or not, they are telling us they're going to be in the market. when the fed is in the market, as well as fiscal programs now, as we have with president biden and the infrastructure plan, the money is coming in has to go somewhere. it is going into risk assets. it will create risk bubbles and problems, but that problem is not today. as a traitor, you have -- trader, you have to look at those. you have to look at what is in front of you right now, right now you see this enormous amount of duty pumping of risk assets, cryptocurrencies, -- amount of money pumping up risk assets and cryptocurrencies. amanda: it is important context to say the level inside the reverse repo is still below

credit crisis or even dotcom post bubble crash levels. do we have room to run because we know risk assets in some cases are overvalued, how much further could ago? joseph: i wish i knew. if i had that, i would not be sitting here. i am looking at the charts and at the technicals, and it says we have room. we have room, especially in a slow summer and volumes have light the last few weeks i month or so. like markets -- few weeks or month or so. like to markets moved volatility in right now it wants to go higher and the volume is in there necessarily to create a force or resistance on the others, so i think we have room. matt: historically, july has been a good and, as well, so looking forward to new highs. joe, thanks for joining us, joseph saluzzi. coming up, we will talk about crypto. bitcoin miners are shifting

regulations out of china as revelatory pressure intensifies. we discussed with the ceo of argo blockchain, peter wall. this is bloomberg. ♪

matt: this is bloomberg markets. i am matt miller with amanda lang. the new catalyst event kicks off next week, celebrating the brightest thinkers and innovators who are accelerating solutions at the edge of technology and policy. one of those thinkers looking to be highlighted is the ceo and cofounder of swarm, which

affords affordable satellite services to remote regions across the globe. thanks for your time. talk to me about what kind of satellites we are talking about and what affordable mean. what are you doing at swarm? >> our satellites are about the size of a grilled cheese sandwich, smaller than my head, and they are about 10,000 times smaller than conventional satellites that provide a similar service today. they are the next variation on this cube set formfactor that has been popularized by other companies the past five years or 10 years. what we mean by affordable, services are less than a netflix subscription, five dollars per device a month, and that allows companies to connect devices at any point on earth at any time, middle of the ocean, the north pole, wherever you might be.

that is about 20x lower cost than any conventional satellite internet has been. matt: what do you mean by connect? does that mean i could use it for telephones, internet access? can i watch big swaths of the earth? what can i do with it? sara: it is basically text messages or tweets, so you could send a message of 200 rights through the network, it is not telephone -- bytes through the network, it is not telephones, but valuable data. if you could send 50 bytes, your position in an sos message could save your life, so that information can be super valuable. amanda: you are competing against some existing players. one comes to mind for many. but to point, we think of star link, jeff bezos' company.

you are not trying to occupy that space. yet, they may occupy yours, i would imagine. how do you fight off a big arrival like that who may have good claimant rates? -- good deployment rates? sara: we actually find these companies as great validations that there is a ton of interest in connectivity and that millionaires are developing companies around the same space. there is a huge differentiator, so they are providing broadband direct to users, and i actually have a star link terminal in my backyard and it requires a ton of power and basically needs to be plugged into a wall at your house, and it is super high-speed and it is about $100 a month. by comparison, swarm is focusing on iot, internet of things, small assets that do not have power, that do not have a huge amount of area that they can fix something too, like a soil moisture sensor, or an

electricity meter. it is a different adjacent space, and we see them as very logistic. the actually cannot do what we are doing due to the bans they are using if you go into the physics, but you will have to trust me on that point. matt: we trust you. sara: we are in this niche space. matt: how do you make money, just a subscription service, what people pay monthly, or are you collecting data, as well and will you be able to monetize that? what is the five-year plan look like? sara: we never know where we will be in five years, but today, we are making money on the hardware and data services. although it is the five dollar price point, we do have software as a service company, so a lot of esters frool over those gross -- a lot of investors drool over those gross margins we see. we can even do higher capacity and better margins in an

improved service with increasing data rates adding on security and things like that. and there is absolutely a data plate. that is where a lot of companies are headed. we moved everybody's data, so we have kind of the front-row seat to do interesting things with it, whether that is dashboards, analytics, insights, so we are also thinking in that space. i cannot give away too much of our strategic vision. matt: i appreciate the insight we have got me thus far. i look forward to seeing more of you, sara spangelo, ceo and cofounder of swarm. you can catch sara next wednesday, june 30 at the bloomberg new economy catalyst event. register online now. you can see the url at the bottom. do the kids still say url? i think they still call it url. it is at the bottom of the screen. shifting bitcoin operations out of china has regulatory pressure intensifies. we discussed the impact with the ceo of argo blockchain, peter wall. this is bloomberg. ♪

amanda: i am amanda lang alongside matt miller, and we have been watching china's shifting stance on bitcoin that may be forcing some mining

companies to relocate from china. that has an effect across the whole space. peter wall is with us, ceo of argo blockchain. thanks for being with us. i wanted to start with the implications of the china crackdown. what do you think it is doing to the whole market? peter: it is such an interesting time, amanda. thanks for having me on. in the short term, we are seeing that miners like ourselves, argo, and others outside of china, are going to take on more of the bitcoin verification jobs. that essentially means you are going to see margin of, more bitcoin -- see margins improved, more bitcoin flow into existing miners. i think in the long-term what is interesting is that with that rate been out of china and with them being forced to shut down and move to other parts of the world, it is redistribution of the hash rate to other jurisdictions, kazakhstan, russia, but most importantly,

and i think the majority of it is going end up in north america, and that is going to mean that north america is going to be a much more significant player in the global bitcoin monument system, ecosystem that we have seen before. amanda: one of the big factors, and i know this has affected argo for a lot of miners, access to equipment and the chip shortage. how is that influencing your business, and do you see it resolving anytime soon? peter: speaking of access to miners, what happens when half of the network comes off-line and those machines need to go somewhere? a lot of those chinese miners are not just looking to move but sell those machines, so it means that prices for miners have come down as much as 50% over the last month or so, and it means a lot of orders that they put in for the future where there was the arms race and it was hard to get machines, they now need somewhere to put them. it is really significant for i

think where we were talking about two months ago, three months ago, when we talked about the chip shortage and arms race and it was hard to get miners. what we are talking about now is where you going to put them? where's the power going and coming from? who can host those machines? so it has been a change in the overall ecosystem and how miners are no longer focusing on machines but on where to put them. matt: so, how much mining do you think is going to be going green , peter, in the next five years? for me, five years is a relatively short amount of time but we just spoke to a startup founder without five years was like 100 years from now, nonetheless, it takes time to move the machines and find new power sources. what do we look like in terms of 2026 blockchain -- coin mining? -- bitcoin mining? peter: great question. i know you guys have had folks

on the show talking about the movement towards esg, concerns around mining and having miners move toward sustainable choices. we have unfortunate at argo that we are dining at quebec, we have a big facility in texas where it is powered primarily, over 90%, from wind power. do you see the -- you see the movement already toward esg, and now moving out of china, it is moving away from coal. a lot of those machines were powered by coal facilities. just that will jump up the overall sustainability numbers for cryptocurrency mining in the short-term. in the long term, getting that any of the mining companies would like to join in the gets -- would like to join the public markets and share the narrative about bitcoin but also would like to be responsible corporate citizens, many are just only looking at renewables now. to answer your question, five years from now, we will see the majority, probably the vast majority, cryptocurrency mining being used and being done with

renewable power. matt: thanks for your time, peter. really appreciate you joining us. we hope we can get you back soon. peter wall is the ceo of argo blockchain. i would like to mention we still expect president biden to come out and speak. it looks like it could be in the next 10 minutes or so. of course, that news about one hour ago that the president has reached a tentative deal with republicans and democrats on the bipartisan $559 billion infrastructure plan. you are looking at a live shot of the white house, and we will bring you the president, live, as soon as he gets to the microphone. for amanda lang, i am matt miller, this is bloomberg. ♪

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mark: i am mark crumpton with bloomberg's first word news. the biden administration plans to relocate thousands of afghans who help the u.s. military's

invasion and occupation of the country before american forces withdraw later this year. the afghans, described as interpreters and translators, will be moved to a third country while they wait for the u.s. to provide visas. advocates are worried that after americans withdraw, they will be vulnerable to reprisals from the taliban and other u.s. enemies. pakistani security forces arrested a man they say was a key suspect in wednesday's deadly car bombing that killed three people and wounded 25 others near the home of a convicted militant leader linked to the 2008 mumbai terrorist attacks. officials say the man was arrested at the airport as he was trying to flee the country. and in surfside, florida, outside of miami, at least one person is dead and many others are feared dead after a reading on a 12 story beach condo collapsed.