BTC203: Bitcoin Mining Decentralization with the Datum Protocol at Ocean Mining w/ Bitcoin Mechanic and Jason Hughes (Bitcoin Podcast)

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 9 October 2024

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, we dive into the technicalities of Bitcoin block templates, the Stratum V1 and V2 protocols, and the innovations brought by Ocean’s Datum Protocol. We also explore a fascinating story of Tesla hacking and the challenges of implementing decentralized mining pools. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:48 - What a Bitcoin block template is and its role in decentralization. 07:07 - The function and limitations of Stratum V1 software. 09:12 - How Stratum V2 aims to improve mining decentralization and why adoption has been slow. 14:52 - A fascinating story of how Jason Hughes hacked a Tesla in front of its Chief Technology Officer. 21:49 - How the Datum Protocol manages reward distribution among miners with different templates. 22:31 - How Ocean’s Datum Protocol enables decentralized block templates for both small and large miners. 41:36 - The challenges Ocean faces with large miners, especially regarding SOC2 compliance. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Bitcoin Mechanic on X (Twitter), Nostr. Jason Hughes on X (Twitter). Ocean on Discord. Ocean on Nostr. Related Episode: Decentralizing Bitcoin Mining Pools with Bitcoin Mechanic. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. 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. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Daloopa Fundrise TastyTrade The Bitcoin Way Public Facet Onramp Fidelity SimpleMining Sound Advisory Vanta Shopify Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

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.
0:14.8	On today's show I have an exciting conversation with the brilliant Jason Hughes and
0:19.5	Bitcoin mechanic.
0:20.8	Earlier in the year we talked about how ocean mining is taking a whole new approach to how
0:24.9	block templates are built and used by individuals and companies providing hash rate to the network.
0:29.9	Well today, these incredible guests are back to explain how their new datum protocol is
0:34.8	making this even better and more decentralized pushing the power of mining into the
0:39.2	hands of the people providing all the proof of work. Additionally there's a really neat story in the middle of this interview
0:45.0	where Jason talks about hacking into a Tesla car
0:48.0	by actually getting it to move for Tesla engineers,
0:52.0	which leads to a phone conversation with Elam
0:54.4	Musk himself, and this episode is sure to entertain and inform, so without
0:59.4	further delay, here's my chat with Jason and Mechanic.
1:08.0	Celebrating 10 years. You are listening to Bitcoin Fundamentals
1:10.0	by the Investors Podcast Network. Now for your host Preston Pish. Hey everyone welcome to the show. I'm back here with Bitcoin Mechanic and we have
1:28.5	an additional guest here. Jason Hughes. Welcome to the show excited to have you guys to talk about some amazing stuff you guys are. and I want to start off is Mechanic you and I had a really good discussion about the block templates,
1:45.8	why it's important for miners to be able to have block templates, basically get control
1:51.9	of the block template because right now it's very
1:54.1	centralized at the mining pools. Can you give us just a three to five minute
1:58.7	overview for people that might not have heard that conversation? We're going to have a
	...

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