Hi Peter. I'm looking into maybe setting up some mining kit with a buddy. Getting mixed info regarding its profitability, or the lack there of ( I do consider the time in which articles / videos are published). Did I hear right, you'll pull 100% in the first year? Is that your return on investment (hardware purchase) plus running costs (electricity & maintenance)? What is your cost per kWh? Love your show, always checking to see when a new episode is uploaded. Keep up the great work. Thanks!
If lightning transactions are totally secure, then why wouldn't you use one to buy a house? What is the downside of lightning for larger transactions that would make you revert to the base chain for those cases? Can the base chain even handle all the real estate transactions that happen globally?
Really great discussion, thank you! My husband put to me the argument that Bitcoin mining's effect on the energy exchange markets would actually RAISE electricity prices for people who live in areas that need to purchase a lot of their own energy. This would be based on basic supply and demand-- BTC miners will buy up a ton of energy, reducing supply, increasing the cost, etc. . . Would love to hear Harry or Peter's take on this so I can make a good argument to counter him!
Bitcoin mining tends to happen at the fringes of the electrical grid where electricity production is in less demand and the space seems to be constantly searching for lower cost energy naturally pushing the industry towards more use of sustainable and low cost environmentally friendly sources.
as the mining reward gets really small , wont transaction fees have to go up a lot and this may disincentivize people to move coins at all? or will the price of bitcoin just go up a lot in US dollar terms to compensate for the small btc reward?. thanks
stupid question, but could you launch a 51% of dishonest nodes and attack the network? If running a node is cheap, how come such an attack is not possible?
Peter get local heroes from each important city in the world right from Beijing to Bangalore from Lima to London on Bitcoin champions and cases and show case them.
More competition, better quality rigs coming out, block size reduction. Basically, if you buy a miner today, it will not produce the same amount of bitcoin per month in 10 years
PETER, please do a discussion about this. Can Bitcoin be secured by only transaction fees? Predictions that this will be a real challenge in only 20 years, as transaction fees become a larger portion of miner rewards. This is the ONLY outstanding Bitcoin protocol issue I see. Here is a great discussion about it, but it provides more questions than answers. th-cam.com/video/IxahxTZK370/w-d-xo.html. I would love to see smart people like Peter, Pomp, Robert B. and Saylor address and debate this topic.
![BITCOIN & CRYPTO: WATCH THIS BEFORE FRIDAY!!! [urgent danger]](http://i.ytimg.com/vi/f1YPUJ8D9Lc/mqdefault.jpg)
"What bitcoin does, is it demonetizes the political class, and empowers the productive class."
-Harry Sudock @ 27:07
Absolutely wonderful encapsulation. Im using it daily.
I love the macro view and philosophical view of Mr. Harry Sudock. Good interview Pete on your part as well.
The jigsaw puzzle is the single greatest metaphor for bitcoin mining I have ever heard
Agreed…dope sauce
This was awesome. Very informative
Hi Peter. I'm looking into maybe setting up some mining kit with a buddy. Getting mixed info regarding its profitability, or the lack there of ( I do consider the time in which articles / videos are published). Did I hear right, you'll pull 100% in the first year?
Is that your return on investment (hardware purchase) plus running costs (electricity & maintenance)?
What is your cost per kWh?
Love your show, always checking to see when a new episode is uploaded. Keep up the great work.
Thanks!
If lightning transactions are totally secure, then why wouldn't you use one to buy a house? What is the downside of lightning for larger transactions that would make you revert to the base chain for those cases? Can the base chain even handle all the real estate transactions that happen globally?
Really great discussion, thank you! My husband put to me the argument that Bitcoin mining's effect on the energy exchange markets would actually RAISE electricity prices for people who live in areas that need to purchase a lot of their own energy. This would be based on basic supply and demand-- BTC miners will buy up a ton of energy, reducing supply, increasing the cost, etc. . . Would love to hear Harry or Peter's take on this so I can make a good argument to counter him!
Bitcoin mining tends to happen at the fringes of the electrical grid where electricity production is in less demand and the space seems to be constantly searching for lower cost energy naturally pushing the industry towards more use of sustainable and low cost environmentally friendly sources.
@@catseyes2334 idiot comment. It’s a legit and fair question
Great episode!
I fancy having a go at this with a few solar panels. But UK weather not so good.
Go buy a small piece of property in El Salvador ;)
Excellent excellent👑
Excellent
as the mining reward gets really small , wont transaction fees have to go up a lot and this may disincentivize people to move coins at all? or will the price of bitcoin just go up a lot in US dollar terms to compensate for the small btc reward?. thanks
Awesome!
How would start out? If you where a newbie?
stupid question, but could you launch a 51% of dishonest nodes and attack the network? If running a node is cheap, how come such an attack is not possible?
Good ideas. Sometimes Peter's audio sounds distant.
Hey you 2 bears go running tonight 😆
Peter get local heroes from each important city in the world right from Beijing to Bangalore from Lima to London on Bitcoin champions and cases and show case them.
Take this interview and the one Peter just did with Nick Hansen and one could write a book titled "Katy, bar the door!"
how does bitcoin mining degrade over time? he mentioned it briefly but didn't go further.
It decays for two main reasons; machines develop errors and fail and the hash rate increases so the yield decreases.
More competition, better quality rigs coming out, block size reduction. Basically, if you buy a miner today, it will not produce the same amount of bitcoin per month in 10 years
how is the latest ban goin to affect bitmain the worlds largest bitcoin mining manufacturer by far
This guy has a vault full of alpha and won’t even let you see the door
PETER, please do a discussion about this. Can Bitcoin be secured by only transaction fees? Predictions that this will be a real challenge in only 20 years, as transaction fees become a larger portion of miner rewards. This is the ONLY outstanding Bitcoin protocol issue I see. Here is a great discussion about it, but it provides more questions than answers. th-cam.com/video/IxahxTZK370/w-d-xo.html.
I would love to see smart people like Peter, Pomp, Robert B. and Saylor address and debate this topic.