September 26, 2023

Mining the Bitcoin Base and Social Layers with Bob Burnett - Freedom Footprint 54

1 hour 27 minutes

In this episode we're joined by Bob Burnett, CEO at Barefoot Mining. His life trajectory has taken him from working on the first personal computer to discovering Austrian economics to a burning passion for Bitcoin and Bitcoin mining.

Today we dive deep into Bitcoin mining. We learn about pools, how they operate, the risks and threats that they face; from blocksize to blocktime, and how the role of miners will change with time; but we also talk about the ins and outs of operating a company within 100% of bitcoin ethos and the passion and purpose that Bitcoin can inspire.

Connect with Bob on Twitter: https://twitter.com/boomer_btc

Check out Barefoot Mining: https://www.barefootmining.com/

Chapters:

00:00:00 - Intro

00:02:37 - Introduction to Bob Burnett

00:08:07 - Acting in Bitcoin's Best Interests

00:12:20 - Signal to Noise Ratio

00:17:03 - Public Mining Sector

00:21:26 - Block Time War - Reducing Block Frequency

00:28:38 - Absolute Scarcity in Block Space

00:33:37 - Importance of Block Times to Miners

00:40:55 - Stratum V2 and Block Templates

00:44:52 - Mining Pool Centralization

00:49:09 - Mining Pool Payouts

00:52:00 - KYC Mining

00:56:30 - 20 BTC Transaction

00:57:47 - Private Key Storage

01:02:18 - Dunning-Kruger Effect

01:06:47 - Orange Pill App

01:12:22 - How Bob Found Knut

01:16:46 - Bitcoin vs Personal Computers

01:19:29 - Life Vectors

01:22:27 - Wrapping Up, Final Thoughts

The Freedom Footprint Show is hosted by Knut Svanholm and BTCPseudoFinn. We are concerned about your Freedom Footprint! Join us as we talk to #bitcoin philosophers about how #bitcoin can expand your Freedom Footprint and much more!

The show is sponsored by Wasabi Wallet, the privacy-focused desktop wallet with Tor and coinjoin built in. The coins you send to the wallet are coinjoined through Tor, so when you take the coins out they are private. Visit https://wasabiwallet.io/ and download Wasabi Wallet!

The show is sponsored by Orange Pill App, the social network for bitcoiners aiming to increase hyperbitcoinization in your local area. Download the Orange Pill App today! See https://www.theorangepillapp.com/ for details and connect with them on Twitter https://twitter.com/orangepillapp

The show is sponsored by The Bitcoin Way, specialists in cutting through the technical jargon of Bitcoin, so you can confidently navigate this complex world. . With a skilled IT team well-versed in the Bitcoin space, their goal is to make entering this dynamic realm as straightforward as possible for everyone. They cover everything from Cold Wallets to Nodes, No-KYC Bitcoin Purchases, Inheritance Planning, BTC Payments, and more. If you're looking to expand your freedom footprint, securely managing your Bitcoin in self-custody—the right way, then booking a free 30-minute call with them is the next step to take: https://thebitcoinway.com/contact/

The show is sponsored by Xellox, developers of the Yokis, your solution to protect your seed against everything life throws at your, including fire, water, corrosion, and pests. The Yokis package includes 3 stainless steel plates and a pen-sized electric engraver, so you write your seed like writing on paper. Check out the Xellox Yokis: https://www.xellox.io/yokis/ and connect with Xellox on Twitter: https://twitter.com/xelloxwallet

The show is sponspored by bitcoinbook.shop, the #bitcoin only bookshop by Konsensus Network. Check out https://bitcoinbook.shop/ for Bitcoin books in more than a dozen languages, both original and in translation. Use code FOOTPRINT for 10% off at bitcoinbook.shop!

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