Bitcoin Mining: Akin to a Lottery

Sam Wouters joins me to discuss Bitcoin mining, what ultimately secures the network, and the misconception about Bitcoin’s energy expenditure. 

Sam Wouters is a research consultant and an international speaker. He is currently working as a Bitcoin research analyst at River Financial. 

// GUEST // 
Twitter: https://twitter.com/SDWouters 
Website: https://samwouters.com/ 
Blog: https://blog.river.com/author/sam/

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// OUTLINE // 
00:00:00 - Coming up 
00:00:59 - Intro 
00:02:32 - Helping Lightning Startups with In Wolf's Clothing 
00:03:19 - Introducing Sam Wouters 
00:03:54 - Introduction to Bitcoin Mining 
00:05:18 - Bitcoin Miners: Who They Are and What They Do 
00:08:28 - The Bitcoin Mining Lottery System 
00:10:22 - The Misconception about Bitcoin's Energy Expenditure 
00:14:08 - Understanding the Fixed Supply of Bitcoin 
00:15:50 - Proof of Work vs. Proof of Stake 
00:19:11 - Monetization of Energy through Bitcoin Mining 
00:20:40 - The Importance of Bitcoin Mining 
00:24:37 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet 
00:25:34 - Maximize Your Profits with Gold Investment Letter 
00:26:30 - Take Control of Your Healthcare with CrowdHealth 
00:27:32 - Energy Expenditure Secures Bitcoin 
00:30:37 - The Rational Answer to the Energy Expenditure Question 
00:33:29 - Energy Consumption is Integral to Civilization 
00:34:57 - The Recent Hike in Bitcoin’s Global Hash Rate 
00:40:41 - Increase in Hash Rate Represents the Resilience of Bitcoin 
00:45:10 - Central Planners are Betting against the Individual's Self-Interest 
00:48:05 - Nation States on Bitcoin Mining 
00:52:03 - Bitcoin Mining Network is Immune to Government Restrictions 
00:53:25 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet 
00:54:16 - Hold Bitcoin in the Most Secure Custody Model with Casa 
00:55:05 - What Ultimately Secures the Network 
00:58:20 - The Relation between Security Budget and Bitcoin's Scarcity 
01:00:07 - Where are We with Bitcoin Adoption Globally? 
01:05:49 - The Future of Bitcoin Adoption 
01:08:06 - The Right Approach to Orange-Pilling Someone 
01:11:29 - Pain is the Ultimate Factor 
01:13:24 - Where to find Sam on the Internet

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