Bitcoin Mining 101 with Harry Sudock

 
 
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“What Bitcoin does is it demonetises the political class and empowers the productive class...that’s what better money does for people is it takes the people who are just rent-seeking in our political structure, and it says to them, ‘I’m sorry, but you don’t belong here because you don’t produce anything or create any net economic positive’.”
— Harry Sudock

SHOW DESCRIPTION

Location: New York
Date: Sunday 19th September
Company: Griid Infrastructure
Role: VP of Strategy

Bitcoin mining requires energy expenditure as a fundamental pillar of the proof-of-work consensus mechanism. While bitcoin is considered energy-intensive by some, it is often misreported in the media, overlooking its importance and the positive benefits for humanity of having sound money.

Similarly, while some criticise bitcoin mining as wasteful, there is ignorance regarding how mining companies are improving communities, the efficiency of the energy grid, and even the impact of energy use itself.

So how is bitcoin mining a driving force for beneficial change?

In this interview, I talk to Harry Sudock, Vice President of Strategy at Griid. We discuss how bitcoin mining works, mining as a force for good globally, and demonetising the political class.

TIMESTAMPS

00:05:06: Introductions
00:07:14: Bitcoin mass awareness
00:08:28: US political bitcoiners and the Ted Cruz speech
00:11:45: Bitcoin mining basics
00:16:27: Consensus explained
00:18:21: Nodes and keeping miners honest
00:21:17: Mining is big business
00:22:31: Griid and the mining process
00:24:58: The energy debate
00:35:22: The ESG narrative
00:43:30: Mining fees
00:51:44: El Salvador and the Lightning use case
00:59:13: Mining pools
01:10:05: Why Peter returned to mining
01:18:08: Final comments

 

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SHOW NOTES

PodcastPeter McCormack