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The Bitcoin Infinity Show
The Future of Bitcoin Mining with General Kenobi - Bitcoin Infinity Show #137
Dec 5, 2024
General Kenobi, a savvy Bitcoin mining analyst, shares his thought-provoking insights on the future of Bitcoin mining. He argues that FPPS models are on the decline and predicts that mining may not be profitable in ten years. The conversation dives into the complexities of mining pools, payout structures, and the necessity for enhanced security measures like Stratum V2. With humorous Star Wars references peppered throughout, the discussion illuminates how Bitcoin’s evolving landscape interacts with economic dynamics and community growth.
01:19:22
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Quick takeaways
- The future of Bitcoin mining faces potential unprofitability within a decade, urging miners to seek alternative revenue streams beyond mining itself.
- Criticism of the FPPS model highlights its transparency issues, which could diminish trust and collaboration within the Bitcoin mining community.
Deep dives
The Concept of Proof of Work
Proof of work is described as an essential principle that underlies all valuable entities in the world. The idea suggests that tangible results, such as fitness or success, can only be achieved through consistent effort and energy expenditure. This connects to Bitcoin and cryptocurrency, where the integrity of transactions is ensured by requiring participants to demonstrate that work has been done. The speaker emphasizes that proof of work not only applies to mining Bitcoin but also to every aspect of life where value is derived from tangible results.
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