Remove the steak from the refrigerator about 45 minutes before you’re ready to start smoking. Pat it dry, and then generously sprinkle salt on both sides.
Meanwhile, soak your wood chips in water for 30 minutes. Add your wood chips to the smoker or grill. Then, preheat the smoker or grill to 225-250 degrees for about 15 minutes.
Brush olive oil on both sides of the steak and sprinkle the pepper, smoked paprika, and garlic powder all over the steak.
Move the steak to the smoker or grill grates. Smoke until the steak reaches 110 degrees, or about 1.5-2 hours. Transfer the steak to a clean plate to rest while you preheat a skillet with a drizzle of oil over medium-high heat.
Add the steak to the skillet and sear for 2-3 minutes on each side.
Rest the steaks on a plate loosely tented with foil for 10 minutes before serving. The final temperature should be 130-135 degrees for medium-rare.