SOB: Bitcoin Security and a Rogue Power Plant

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4.7 • 698 Ratings

🗓️ 17 January 2022

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

A bitcoin miner with an unlicensed power plant leads to a discussion on BTC, security and energy. This episode is sponsored by Nexo.io. Bitcoin's energy usage has long been controversial but this time it's not what you'd expect, a story about a rogue power plant kicks off a wide ranging discussion between the hosts, touching on key issues like game theory, network security and more. Links from this episode: https://www.vice.com/en/article/bvz93q/bitcoin-miner-facing-dollar56m-fine-for-starting-rogue-power-plant https://tftc.io/martys-bent/issue-1138/ https://bitcoin.sipa.be/ https://www.coindesk.com/business/2022/01/10/billionaire-investor-bill-miller-now-has-50-of-his-personal-wealth-in-bitcoin/ - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 17% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Credits: Today’s show featured Andreas M. Antonopoulos, Jonathan Mohan, Stephanie Murphy and Adam B. Levine, with editing by Adam B. Levine and music by Gurtybeats.com. Our episode art was created by Adam B. Levine with Pixelmind.ai Any questions or comments? Send us an email at adam@speakingofbitcoin.show See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Speaking of Bitcoin on the Coin Desk Podcast Network is brought to you by nexo.io.
0:06.7	Well, as of the latest metrics, I would say Bitcoin is about $700 billion secure.
0:12.5	How do I know? Well, $700 billion sitting on the table, well, it's actually $800 today,
0:18.2	waiting for someone to steal if they break Bitcoin.
0:21.9	The fact that they can't tells us that Bitcoin is at least, at minimum, $800 billion worth secure.
0:32.1	Bitcoin, although certainly maturing with age, is still very much the Wild West.
0:37.3	Today we're taking a look at a story that takes that view a bit more literally than most.
0:41.2	In the hunt for cheaper energy, one Bitcoin miner built and operated a power plant,
0:45.9	at least until they got caught.
0:47.5	It's an interesting story, and on this episode, we'll talk about it.
0:50.5	But before that, introductions.
0:51.9	My name is Adam B. Levine, and this is speaking of Bitcoin.
0:55.0	This time, as always, I'm joined by the other host of the show, Stephanie Murphy.
0:58.6	Hi.
0:59.3	Jonathan Mohan.
1:00.5	Hey, hey.
1:01.5	And Andreas M. Antonopoulos.
1:03.8	Hello.
1:05.1	Okay, folks, so this is a bit of a strange one.
1:07.8	Jonathan, you've been following this one pretty closely.
1:10.0	What the heck is going on here?
1:11.7	Oh, this story gives me hope for humanity. Okay, explain that. Yeah, it is my favorite Bitcoin story of last
	...

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