Understanding Bitcoin Transactions and Mining Dynamics

Phil Geiger discusses the economic incentives of the bitcoin network, why there is (and always will be) an incentive for someone to profitably sell power to the network, what mechanisms make bitcoin unique as the only demand for power in the world that removes counterparty risk and how the non-negotiable nature of bitcoin’s fixed supply enables it all.

https://www.unchained.com/blog/21-million-is-non-negotiable