Name: Bitcoin Mining 101 with Sam Wouters (WiM320)
Uploaded: 2023-06-01T16:00:11+00:00
Duration: 1 h 14 min 10 s
Description: Sam Wouters joins me to discuss Bitcoin mining, what ultimately secures the network, and the misconception about Bitcoin’s energy expenditure. Sam Wouters is a research consultant and an international

2 years ago

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Sam Wouters joins me to discuss Bitcoin mining, what ultimately secures the network, and the misconception about Bitcoin’s energy expenditure.

Sam Wouters is a research consultant and an international speaker. He is currently working as a Bitcoin research analyst at River Financial.

// GUEST //
Twitter: https://twitter.com/SDWouters
Website: https://samwouters.com/
Blog: https://blog.river.com/author/sam/

// SPONSORS //
In Wolf's Clothing: https://wolfnyc.com/
Gold Investment Letter: https://www.goldinvestmentletter.com/
iCoin Hardware Wallet (use discount code BITCOIN23): https://www.icointechnology.com/
CrowdHealth: https://www.joincrowdhealth.com/breedlove
Wasabi Wallet: https://wasabiwallet.io/
Casa (use discount code BREEDLOVE): https://keys.casa/
Bitcoin Apparel (use discount code BREEDLOVE): https://thebitcoinclothingcompany.com/
Feel Free Tonics (use discount code BREEDLOVE): https://botanictonics.com
Carnivore Bar (use discount code BREEDLOVE): https://carnivorebar.com/

// OUTLINE //
00:00:00 - Coming up
00:00:59 - Intro
00:02:32 - Helping Lightning Startups with In Wolf's Clothing
00:03:19 - Introducing Sam Wouters
00:03:54 - Introduction to Bitcoin Mining
00:05:18 - Bitcoin Miners: Who They Are and What They Do
00:08:28 - The Bitcoin Mining Lottery System
00:10:22 - The Misconception about Bitcoin's Energy Expenditure
00:14:08 - Understanding the Fixed Supply of Bitcoin
00:15:50 - Proof of Work vs. Proof of Stake
00:19:11 - Monetization of Energy through Bitcoin Mining
00:20:40 - The Importance of Bitcoin Mining
00:24:37 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet
00:25:34 - Maximize Your Profits with Gold Investment Letter
00:26:30 - Take Control of Your Healthcare with CrowdHealth
00:27:32 - Energy Expenditure Secures Bitcoin
00:30:37 - The Rational Answer to the Energy Expenditure Question
00:33:29 - Energy Consumption is Integral to Civilization
00:34:57 - The Recent Hike in Bitcoin’s Global Hash Rate
00:40:41 - Increase in Hash Rate Represents the Resilience of Bitcoin
00:45:10 - Central Planners are Betting against the Individual's Self-Interest
00:48:05 - Nation States on Bitcoin Mining
00:52:03 - Bitcoin Mining Network is Immune to Government Restrictions
00:53:25 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet
00:54:16 - Hold Bitcoin in the Most Secure Custody Model with Casa
00:55:05 - What Ultimately Secures the Network
00:58:20 - The Relation between Security Budget and Bitcoin's Scarcity
01:00:07 - Where are We with Bitcoin Adoption Globally?
01:05:49 - The Future of Bitcoin Adoption
01:08:06 - The Right Approach to Orange-Pilling Someone
01:11:29 - Pain is the Ultimate Factor
01:13:24 - Where to find Sam on the Internet