The Resiliency of the Bitcoin Network with Nick Hansen - WBD414

Mr Obnoxious

Peter McCormack

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

4.8 • 2.7K Ratings

🗓️ 25 October 2021

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Location: Los Angeles
Date: Sunday 17th October
Company: Luxor Technologies
Role: CEO

Proof-of-work mining is at the heart of the bitcoin network consensus, ordering transactions into blocks and providing security. Without a healthy mining ecosystem, the Bitcoin network is vulnerable.

Earlier this year, China banned Bitcoin mining within the country. At that time, over 50% of the hashrate was said to be located in China. What followed was a huge drop in the hashrate as miners migrated out of the country.

While, on the face of it, this could be seen as a negative, the outcome was a more decentralised hashrate and a smaller concentration of miners operating within an authoritarian country.

In addition, stressed economic conditions have led to increasing uncertainty in the supply chains surrounding the fabrication of new ASIC mining equipment.

So what is the state of the Bitcoin mining industry today?

In this interview, I talk to Nick Hansen, CEO of Luxor Technologies. We discuss the resilience of the bitcoin network, mining pools and the global economics of ASIC supply chains.

Transcript

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0:00.0	The China Band also demonstrates the resiliency of the Bitcoin network and the Bitcoin mining network.
0:06.0	As long as there's one computer running Bitcoin, Bitcoin won't die.
0:09.0	So we've effectively created this new life form that's going to far outlast all of us and
0:13.8	and probably humanity. Hello there from Austin in the great state of Texas.
0:18.4	How are you all? This has been a very long trip. I'm going to be heading back to the UK in a few days.
0:24.3	I've been away for two months now and I've been missing my kids so much.
0:27.3	I really need to get back home, but it has been a great trip.
0:30.3	It's been great to see so many of you catch up with some friends and go to some amazing events.
0:34.4	So talk about Bitcoin, but I need to go home. I need to recharge.
0:38.0	Anyway, welcome to the What Bitcoin did podcast, which is brought to you by Gemini Gemini the only place I'm using for
0:43.6	buying Bitcoin I'm your host Peter McCormack and today I've got an interview with
0:47.2	Nick Hanson where we're going to be discussing the resiliency of the Bitcoin
0:51.6	network but before that I do have a message from my amazing show sponsors.
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	...

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