In this episode, Bitaxe founder Skot joins the show to discuss the new wave of affordable Bitaxe miners, the permissionless nature of Bitcoin mining, and why proof-of-work is the ideal consensus mechanism. We also delve into the odds of mining a block, centralization in Bitcoin mining, and more. Enjoy!

—

Follow Skot: https://x.com/skot9000

Follow Rizzo: https://x.com/pete_rizzo_

Follow Supply Shock: https://twitter.com/SupplyShockBW

Follow Blockworks: https://twitter.com/Blockworks_

Join Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx

Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock

—

Join us at Permissionless IV June 24th - 26th. https://blockworks.co/event/permissionless-iv

—

Bitcoin DeFi is here. Stake, bridge, swap and earn real yield on Core - Bitcoin’s consumer chain and staking layer.

Join Ignition and get onchain: ignition.coredao.org/blockworks

Stake your Bitcoin with Core: stake.coredao.org/blockworks

Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com.

Need liquidity without selling your Bitcoin? For 6+ years, Ledn has been the trusted choice for Bitcoin-backed lending. With transparency, security, and trust at our core, we help you access your BTC’s wealth while HODLing. Discover what your Bitcoin can do at ledn.io/borrowing.

—

Timestamps:

(00:00) Introduction to Supply Shock

(02:59) Understanding Bitaxe and Its Impact

(06:05) The Open Source Movement in Bitcoin Mining

(10:52) Ads (Core, Ledger, Ledn)

(12:25) The Open Source Movement in Bitcoin Mining (Con't)

(13:16) Building and Buying Bitaxe Miners

(20:19) The Future of Decentralized Bitcoin Mining

(22:43) The Economics of Proof-of-Work

(25:28) Ads (Core, Ledger, Ledn)

(27:33) The Economics of Proof-of-Work (Con't)

(31:44) Levels of Success for Bitaxe

(34:51) Government Involvement in Bitcoin Mining

(36:53) Challenges in Bitcoin Mining Pools

(44:59) The Centralization of Chip Manufacturing

(48:55) Identifying Bitcoin Miners on the Blockchain

(56:28) The Future of Bitcoin Mining

—

Disclaimer: Nothing discussed on Supply Shock should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.