In this episode, we sit down with Skot, electrical engineer and creator of Bitaxe, the first open-source ASIC bitcoin miner. Skot shares his journey from IoT hardware development to designing hardware for bitcoin mining, including his early experiments with FPGAs in a university lab. We discuss the significance of open-source mining for bitcoin’s future, the challenges of hardware and firmware development, and how Bitaxe compares to industry giants like Bitmain. Skot explains the potential for decentralized mining, the risks of centralization in mining hardware and pools, and why making mining accessible and transparent is critical. We also touch on the concept of incorporating miners into household devices and the role of small-scale miners in bitcoin’s long-term resilience.

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TIMESTAMPS:

00:00 - Intro

01:16 - Meet Skot, the mind behind Bitaxe

02:34 - From IoT projects to bitcoin mining innovation

05:20 - Skot’s bitcoin origin story and the PayPal saga

09:35 - Mining bitcoin with university lab FPGAs

12:11 - Why Skot started the first open-source ASIC miner

14:55 - The challenges of open-source bitcoin mining hardware

19:59 - Bitaxe vs. Bitmain: efficiency showdown

21:25 - Who’s building Bitaxes and why?

25:01 - The importance of open-source mining for bitcoin’s future

28:26 - Can Bitaxe become a significant part of bitcoin’s hash rate?

33:39 - The dream of decentralized mining in household devices

41:02 - The future of bitcoin mining: big grids vs. home miners

47:06 - Skot’s take on mining centralization risks

53:37 - How open-source mining could save bitcoin

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→ Skot on Twitter: https://x.com/skot9000