Decentralising Bitcoin Mining with Whit Gibbs - WBD426

Mr Obnoxious

Peter McCormack

Technology, News, Politics, Money, Investing, Finance, Bitcoin

4.8 • 2.7K Ratings

🗓️ 21 November 2021

⏱️ 76 minutes

🔗️ Recording | iTunes | RSS

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Summary

Location: London
Date: Friday 19th November
Project: Compass Mining
Role: Founder & CEO

Proof of Work is the bedrock of Bitcoin. It provides the network security but is not immune to attack. One attack vector is a collusion of miners who gain a significant amount of the hashrate could theoretically block transactions and reorganise the blockchain. This is known as a 51% attack.

While this is known as a 51% attack, it would likely require significantly more than 51% of hashpower to pull off this attack. However, in 2014 GHash.io were able to attain 55% of the hashrate, but fortunately, they were willing to assist the community in overcoming this potential weakness.

For a number of years, China housed a large amount of the hashpower, but their seemingly reckless geopolitical decision to willingly allow for ‘the great mining migration’ to occur earlier this year, saved the community from another dangerous consolidation of mining power.

Compass Mining recognised this fragility, but also a business opportunity in being able to become a recognised and trusted facilitator of retail mining, with the mission to “support the decentralised growth of hashrate and strengthen network security by helping more people, learn, explore and mine bitcoin.” To that end, they provide and support retail access to mining infrastructure while hardware ownership remains in the hands of individuals.

In this interview, I talk to the Founder and CEO of Compass Mining, Whit Gibbs, about their rapid success, the associated growing pains they’re overcoming, and the technical details of connecting retail mining with physical hardware and power markets.

Transcript

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0:00.0	We believe that the strongest thing for Bitcoin's network is to have millions of miners as opposed to 12 or 15 miners with millions of
0:14.3	a6 hello there how are you all doing welcome to the what bit coin did
0:18.6	podcast which is brought to you by Gemini the only place I am using for buying
0:22.3	Bitcoin I'm your host Peter McCormack and
0:24.6	before we get into today's interview I do have a quick message from my show sponsors
0:29.2	this show is brought to you by Sports Bet. I. The very best place for online gaming
0:34.3	because they're badasses and they accept Bitcoin. Now the football season
0:38.2	started. It's been a strange start to the season's Tottenham started well but
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1:13.6	UX is super important to me. So when the Exodus team reached out to me, I spent some
1:17.4	time playing with the app and you know what they crushed it. The
1:19.6	experience is amazing, which is why I'm happy to recommend it to you, my friends and my family.
1:24.5	Now the Exodus desktop gives you a way to secure and manage your Bitcoin in one beautiful
1:29.0	application and with their mobile wallet you can send and receive safely using a QR code or address
1:34.8	knowing that Exodus automatically checks all addresses for errors.
1:38.1	So make sure you check it out yourself at Exodus.com or search for Exodus in the Google or Apple Appstores. Next up it's or
1:43.3	App stores or App stores. Next up, it's Kasa, the safest way to store your Bitcoin.
1:47.3	Now listen, forgotten passwords, sim swaps and fishing attacks.
	...

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