AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
2min chapter
Bitcoin Mining 101 with Sam Wouters (WiM320)
The "What is Money?" Show
Bitcoin Mining: Akin to a Lottery
One of the useful analogies or framings I've heard for Bitcoin mining is that it is something akin to a lottery system. Each miner or each unit, these are little shoebox sized mining units that are plugged in. They have chips, one of these application specific integrated circuits. So these chips are designed to do one thing only and earn reward every 10 minutes. The more capital expenditure you're committing to the network...is like buying more lottery tickets effectively.
00:00
Transcript
Episode notes
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode