Bitcoin Mining 101 with Sam Wouters (WiM320)
The "What is Money?" Show
Bitcoin's Security Budget
The incentives are tilted towards honesty, right? And basically complying with the consensus rules of the network to benefit your own self interest. We don't know how much hash rate we need to secure Bitcoin. Maybe Bitcoin is secure enough with 5% of its current hash rate where nobody's even going to bother attacking it.
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/
// SPONSORS //
In Wolf's Clothing: https://wolfnyc.com/
iCoin Hardware Wallet (use discount code BITCOIN23): https://www.icointechnology.com/
Gold Investment Letter: https://www.goldinvestmentletter.com/
CrowdHealth: https://www.joincrowdhealth.com/breedlove
Wasabi Wallet: https://wasabiwallet.io/
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Carnivore Bar (use discount code BREEDLOVE): https://carnivorebar.com/
// 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
// PODCAST //
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// WRITTEN WORK //
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