What is the most important project in Bitcoin? It isn't BIP 110 or some shiny new payment protocol. We actually have a massive security vulnerability sitting at the base layer: Bitcoin mining isn't really mining anymore.
Right now, we have millions of hashers but barely a handful of real miners deciding what transactions make it into a block. And that means a few centralized pool operators could easily censor the network.
In this Take, I explain why the critical distinction between a hasher and a miner matters. But more importantly, I outline how newer protocols are finally fixing a decade-long mistake.
Chapters
(00:00:00) - The most important project
(00:00:29) - Hashers vs miners
(00:01:35) - Pools choose transactions
(00:03:06) - The few pools who can censor
(00:04:21) - Nodes and block templates
(00:06:15) - Holding your own keys
(00:06:55) - Datum and Stratum V2
(00:08:50) - The single giant pool risk
(00:11:31) - Spam, Slipstream, BIP110
(00:13:22) - Ocean, DMND, and what's next
Affiliate Links
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Host Links
Guy on Nostr (Link: http://tinyurl.com/2xc96ney)
Guy on X (Link: https://twitter.com/theguyswann)
Guy on Instagram (Link: https://www.instagram.com/theguyswann)
Guy on TikTok (Link: https://www.tiktok.com/@theguyswann)
Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake)
Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann)
Bitcoin Audible on X (Link: https://twitter.com/BitcoinAudible)
The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)
References from the episode
Bitcoin StackExchange #1: https://tinyurl.com/279wnyjg
D-CentralTech: https://tinyurl.com/284e3gdh
Stratum v2: https://tinyurl.com/26wn5kps
Pavlenex's X post: https://tinyurl.com/23w828ac
LNhance: https://tinyurl.com/2c9k4ogm
DMND: https://tinyurl.com/2yfurts9
BitcoinTalk: https://tinyurl.com/234qlqgb
Bitcoin StackExchange #2: https://tinyurl.com/279wnyjg
Mempool.space: https://tinyurl.com/245ahvdq
Minoa.com: https://tinyurl.com/24qmfn4d
The Defiant: https://tinyurl.com/28vsgv7z
