BTC167: How Decentralized is Bitcoin Mining w/ Harry Sudock (Bitcoin Podcast)

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 31 January 2024

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dive into the world of Bitcoin mining with expert Harry Sudock. This episode unpacks the complexities of on-chain fee management and the intricacies of over-the-counter transactions on the blockchain. Sudock provides unique insights into the operational strategies of miners, revealing the unseen mechanisms that support blockchain efficiency and stability. An enlightening discussion for anyone interested in the behind-the-scenes of Bitcoin. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 08:23 - The role of miners in managing high on-chain fees in the Bitcoin network. 13:32 - The impact of on-chain fees on the overall efficiency of the blockchain. 17:44 - The operational challenges faced by miners in the current Bitcoin ecosystem. 30:36 - Insights into the unseen economic aspects of blockchain transactions. 35:18 - Strategies used by miners to handle fluctuations in transaction fees. 36:33 - How over-the-counter (OTC) transactions are integrated into the blockchain. 51:15 - The relationship between miners and the broader financial aspects of Bitcoin. 51:15 - Expert views on the future trends and developments in Bitcoin mining. BOOKS AND RESOURCES Harry Sudock’s Twitter. Bitcoin Park's Twitter. Griid’s Website. Check out all the books mentioned and discussed in our podcast episodes here. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. 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. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Fidelity Wise NetSuite NDTCO Shopify TurboTax Babbel Fundrise Vacasa Learn more about your ad choices. Visit megaphone.fm/adchoices 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	This episode is brought to you by River, the place that I personally go to securely invest in Bitcoin with confidence and with zero fees.
0:15.0	On this week's conversation I have back Bitcoin Mining expert Harry Suttock to talk about some
0:19.6	of the more interesting topics currently being discussed. We get into an interesting conversation about
0:24.5	high fees and how some entities are getting low fee transactions included into the blockchain
0:29.9	even though the market rate is much higher. Even though this might be happening, Harry shares his thoughts on whether this should
0:35.9	be a concern or not for the overall decentralization and health of the network.
0:40.3	Additionally, we talk about nuclear power, what it might mean for the Bitcoin mining sector, and much more.
0:46.0	So with that, here's my conversation with the thoughtful Harry Suttick.
0:50.0	You're listening to Bitcoin Fundamentals by The Investors Podcast Network.
0:58.0	Now for your host, Preston Pish. I'm here with
1:03.0	here.
1:05.0	Hey everyone.
1:07.0	Hey everyone,
1:12.0	welcome to the show. I'm here with Harry Suttuck back again
1:15.4	excited to have this chat with you I got to spend a little time with you last week so
1:19.9	excited to kind of touch basis on the podcast.
1:24.2	Yeah, Preston, always great to be back, always great to see you at the Quinn Park.
1:28.9	We had historically aggressive snow weather last week right in time to host 200 people, you know, just how we drew it up.
1:38.7	Speaking of everybody, speaking of which there's snow on the ground at Bitcoin Park in Nashville, and I walk up, it's in the evening, and there's three people sitting in a hot tub out on the front yard of Bitcoin Park and the hot tub is being heated by mining rigs.
1:58.6	They're making you guys are there sitting there making money while people are practically sitting there on the street in a hot tub.
	...

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