Bitcoin Mining Game Theory with Marty Bent, Thomas Pacchia & James McAvity - WBD747
Mr Obnoxious
Peter McCormack
4.8 • 2.7K Ratings
🗓️ 11 December 2023
⏱️ 92 minutes
🧾️ Download transcript
Summary
Marty Bent is a Venture Partner at Ten31 and founder of the Bitcoin-focused media company TFTC.io, Thomas Pacchia is a Bitcoin entrepreneur and co-owner of the NY Bitcoin bar Pubkey, and James McAvity is the founder and CEO of the Bitcoin Mining company Cormint. In this interview, we discuss Bitcoin’s potential future, its interaction with financial institutions, the challenges and risks of the Bitcoin mining industry, and why Texas is favourable for Bitcoin.
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It is no surprise that a podcast with three eminent Bitcoiners will cover a lot of ground, and yet, the discussions on this show cover a myriad of fascinating topics that are the subject of fervent debate within the community. The initial debate focused on whether users will continue to pay high fees, the operational constraints and cash flow concerns of a growing network, and the issues affecting the adoption of Lightning and Liquid.
We talked about the profitability and health of the mining ecosystem, exploring the idea of miners cooperating to reduce electricity consumption while maintaining the same revenue. We also touched on the possibility of chip manufacturers restricting supply and the potential commodification of ASICs.
Our speakers provided their opinions on the future of Bitcoin and its scalability. We explored the concept of self-sovereignty with Bitcoin, the potential need for multi-institution custody solutions, the importance of maintaining the 21 million supply cap and ensuring mining is sufficiently distributed.
We discussed the potential future of Bitcoin and its interaction with financial institutions, speculating that the institutions offering the best monetary utility, such as fast settlement and low costs, will likely win the battle for user trust. The conversation raised the prospect that Bitcoin exchanges will need exposure to mining in order to provide liquidity to their users.
The impact of the Chinese hashrate and the centralised market for mining hardware and software on the mining industry was covered. Our guests explained the challenges and risks associated with entering the mining industry, specifically, the effect of the upcoming Bitcoin halving, volatile power prices and weather conditions upon Bitcoin mining. We also discussed why Texas is viewed as a favourable environment for the Bitcoin industry.
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Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-mining-game-theory
This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
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Wasabi Wallet - Privacy by default
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Transcript
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| 0:00.0 | I do think that there's a world where this materializes and Bitcoin is incredibly |
| 0:08.4 | valuable but a lot of the other like promise and utility and like hope that I think early |
| 0:14.6 | bickoiners had you know is kind of negated. |
| 0:17.8 | Hello there from Bedford yes I'm back home had the most amazing time just out in Africa. |
| 0:25.0 | Just a big shout out to Eric from Gridless for arranging everything and also to Alex Gladsstein |
| 0:29.5 | for everything he's been doing out in Africa and all the great people he introduced me to. |
| 0:34.1 | We will be working on editing the film. |
| 0:36.0 | We're just going to finish off our Lebanon edit. |
| 0:37.9 | It should be out very soon and then we'll be on to edit in this. |
| 0:41.2 | It's been a Madge. |
| 0:42.2 | I can't believe it's already December. So much has happened. We've done so much this year. We've got so much coming next year. Crazy times. Anyway, listen, welcome to the What Bitcoin did podcast, which is brought to you by the massive legends at Iris Energy |
| 0:53.7 | the largest now that listed Bitcoin miner using 100% renewable energy. I'm your |
| 0:58.7 | host Peter McCormack and today I've got a bit of a different show I've kind of got a |
| 1:01.8 | mining round table. |
| 1:03.5 | When we're out in Fort Worth recently, |
| 1:05.8 | we got together Marty Bent, Thomas Pachea, |
| 1:08.8 | and James Mcavitti, where we kind of got together |
| 1:12.0 | just to shoot the shit on mining |
| 1:13.8 | discuss a number of topics so we got into minor centralization |
| 1:17.4 | the security budget we even got into drive chains |
| 1:19.9 | it was a great show great chat love all these guys really enjoyed it and I know you will too |
| 1:24.6 | Let's see you got any questions about this show or anything else please do get in touch you know my email as hello at what |
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