BTC161: Decentralizing Bitcoin Mining Pools w/ Bitcoin Mechanic (Bitcoin Podcast)

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 20 December 2023

⏱️ 98 minutes

🔗️ Recording | iTunes | RSS

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Summary

Preston Pysh sits down with Bitcoin Mechanic to discuss Ocean's disruptive mining pool model, emphasizing non-custodial payments and transparent block templates. They tackle the current mining centralization trend, the innovative PoW marketplace for 2024, and respond to the controversy around the alleged censorship of certain Bitcoin transactions. IN THIS EPISODE, YOU’LL LEARN: Ocean's unique non-custodial payment system for miners. The significance of transparent block templates in mining. Details of Ocean's upcoming proof of work (PoW) marketplace. The impact of miners constructing their own block templates. The arguments for and against transaction censorship in Bitcoin. The role of centralization in the current Bitcoin mining ecosystem. Ocean's response to the community's concerns about transaction selection. Insights into the potential future of Bitcoin mining and network security. BOOKS AND RESOURCES Checkout Ocean mining pool at ocean.xyz. Bitcoin Mechanic on Twitter. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. Check out all the books mentioned and discussed in our podcasts here. SPONSORS Support our free podcast by supporting our sponsors: River AlphaSense Wise NetSuite American Express Business Gold Card Toyota Ka'Chava Babbel Glengoyne Whisky Efani Noble Gold Investments Salesforce Vanta Alto Shopify Masterclass Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to TIP.
0:02.0	Hey everyone, welcome to this Wednesday's release of the Bitcoin Fundamentals Podcast.
0:07.0	On today's show I have Bitcoin Technical Expert and co-founder at the New Ocean Mining Pool Mr. Bitcoin mechanic.
0:14.3	Although most people are familiar with the process of Bitcoin Mining Polls,
0:18.2	many might not be aware of a growing centralizing force that's starting to materialize for pool owners and operators.
0:25.0	Specifically, the ability of a couple major pools to determine which transactions do and
0:30.0	don't get included in the blocks, how nearly all require KYC information, and whether there's a better way
0:36.0	to track how fees are paid out to the ones providing the hash rate.
0:40.1	Finally, there's been a ton of controversy over ocean censoring of certain transactions,
0:45.2	and so we talk about all of that and much, much more. This conversation gets fairly technical,
0:50.4	but I promise you it's well worth your time to understand the risks, the opportunities,
0:55.4	and most importantly, what the battle for free and open borderless money is all about.
1:00.2	So with that, let's get to the interview.
1:02.6	You're listening to Bitcoin Fundamentals by the Investors Podcast Network.
1:10.8	Now for your host, Preston Pish.
1:14.0	Hey everyone.
1:17.0	Hey everyone welcome to the show. I'm here with Bitcoin Mechanic and boy we have a
1:28.8	hot topic to talk about here there's been quite the buzz in the community over this new mining pool called
1:35.2	Ocean and here to talk to you about it is Bitcoin Mechanics. So welcome to the show.
1:41.2	Thanks for having me, man.
1:43.1	Thrilled to have you, I want to start off with a quote
1:47.4	from Austin Barnhill, who I just recently got to meet
	...

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