TFTC: A Bitcoin Podcast 21 million is Non-Negotiable | Phil Geiger, Center of Hash E004
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Aug 19, 2025 Phil Geiger, a Bitcoin expert and advisor at Bronta, delves into the economic incentives that shape the Bitcoin network. He discusses the critical relationship between Bitcoin mining and energy use, debunking myths around its consumption. The conversation highlights Bitcoin's unique mechanics as a decentralized system with a fixed supply of 21 million coins and the importance of preserving this structure. Geiger also tackles misconceptions about decentralization and emphasizes the potential of Bitcoin to thrive amid traditional finance's inefficiencies.
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Energy Is The Bridge To Scarcity
- Bitcoin demands energy because it ties digital scarcity to real-world electricity to prevent money printing.
- As the network grows, its energy demand (and thus security) scales with value.
Blocks Turn Electricity Into Money
- Bitcoin issues new coins via blocks every ~10 minutes, and that process requires real electricity (hashes).
- Energy secures issuance and transaction finality, linking monetary creation to physical cost.
Bitcoin Is A Global Cheap-Energy Buyer
- The Bitcoin network aggregates demand for the absolute cheapest energy globally, creating a single price signal.
- Miners everywhere are price-takers and the cheapest electricity wins.