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The Proof of Work Episode
Watch this episode on https://www.youtube.com/watch?v=wEZXg8FIAcU
- the beauty of Bitcoin’s proof of work 0:00 - 9:05
- Bitcoin is a chain of truth 9:05 - 14:18
- Money is the root of what exactly? 14:18 - 18:53
- We are all early bitcoiners 18:53 - 22:01
- Bitcoin wages and the theory of relativity 22:01 - 24:05
- How much work is in each satoshi? The value of each satoshi. 24:05 - 27:41
- What Bitcoin Doesn’t Fix (and how it actually does) 27:41 - 35:03
- Bitcoin is a being of pure energy 35:03 - 36:23
- Bitcoin reflects and focuses you. 36:23 - 44:38
- A bitcoin story from 2011 44:38 - 49:56
- Bitcoin isn’t a gamble and it’s going to make things great 49:56 - 56:33
- Gratitude for everyone in Bitcoin 56:33 - 59:10
Additional Notes:
Francisco’s Money Speech from Ayn Rand’s Atlas Shrugged: https://www.capitalismmagazine.com/2002/08/franciscos-money-speech/
Calculating the total work in each Satoshi:
To verify how much total work is in the blockchain enter “GetBlockchainInfo” on the command line or console of a fully synched bitcoin core node. The number next to “Chainwork” is the total work expressed in hexadecimal
To verify how many Satoshis exist enter “GetTxoutSetInfo” on the command line or console of a fully synched bitcoin core node. The number next to “Total Amount”
To see how much work there is per satoshi divide chain work by Total amount and then divide by 100 million. For example at block 671265 there was, in hex, 19a091308e5db4c5c6e21926 total work. In decimal this is 7.931239015514253e27, which is like the number 8 with 26 zeros behind it. There were also 18,632,702.3698561 bitcoin. So the amount of work per BTC is 4.256623037324622e20 which is a number like 4 with 20 zeroes behind it. And you drop 8 zeros to get to satoshis - so each satoshi has 4.256623037324622e12 hashes of work behind it, which is 425,662,303,732 hashes. Every satoshi had had 425 billion hashes of work behind it. And that number keeps going up.
Sensei’s essay ”The new, sustainable Individualism” is at https://tomerstrolight.medium.com/the-new-sustainable-individualism-641a9fc073f
View all episodes
By Bitcoin Granny, Bitcoin Mechanic & Bitcoin SenseiWatch this episode on https://www.youtube.com/watch?v=wEZXg8FIAcU
- the beauty of Bitcoin’s proof of work 0:00 - 9:05
- Bitcoin is a chain of truth 9:05 - 14:18
- Money is the root of what exactly? 14:18 - 18:53
- We are all early bitcoiners 18:53 - 22:01
- Bitcoin wages and the theory of relativity 22:01 - 24:05
- How much work is in each satoshi? The value of each satoshi. 24:05 - 27:41
- What Bitcoin Doesn’t Fix (and how it actually does) 27:41 - 35:03
- Bitcoin is a being of pure energy 35:03 - 36:23
- Bitcoin reflects and focuses you. 36:23 - 44:38
- A bitcoin story from 2011 44:38 - 49:56
- Bitcoin isn’t a gamble and it’s going to make things great 49:56 - 56:33
- Gratitude for everyone in Bitcoin 56:33 - 59:10
Additional Notes:
Francisco’s Money Speech from Ayn Rand’s Atlas Shrugged: https://www.capitalismmagazine.com/2002/08/franciscos-money-speech/
Calculating the total work in each Satoshi:
To verify how much total work is in the blockchain enter “GetBlockchainInfo” on the command line or console of a fully synched bitcoin core node. The number next to “Chainwork” is the total work expressed in hexadecimal
To verify how many Satoshis exist enter “GetTxoutSetInfo” on the command line or console of a fully synched bitcoin core node. The number next to “Total Amount”
To see how much work there is per satoshi divide chain work by Total amount and then divide by 100 million. For example at block 671265 there was, in hex, 19a091308e5db4c5c6e21926 total work. In decimal this is 7.931239015514253e27, which is like the number 8 with 26 zeros behind it. There were also 18,632,702.3698561 bitcoin. So the amount of work per BTC is 4.256623037324622e20 which is a number like 4 with 20 zeroes behind it. And you drop 8 zeros to get to satoshis - so each satoshi has 4.256623037324622e12 hashes of work behind it, which is 425,662,303,732 hashes. Every satoshi had had 425 billion hashes of work behind it. And that number keeps going up.
Sensei’s essay ”The new, sustainable Individualism” is at https://tomerstrolight.medium.com/the-new-sustainable-individualism-641a9fc073f