New Money Review podcast

New Money Review podcast

Understanding bitcoin mining

January 23, 2019

Bitcoin mining has evolved into an energy-intensive, highly specialist industrial activity. In this episode of the New Money Review podcast Chris Bendiksen, head of research at Coinshares, discusses the following topics with New Money Review editor Paul Amery:

What is bitcoin mining?

Where does it take place?

How much computing power is dedicated to the bitcoin network?

How much would it cost to mount an attack on the network?

Who manufactures bitcoin mining hardware?

Why is the network's processing power going up despite the last year's price falls?

Why are some miners willing to operate at a loss?

What are the implications of bitcoin's energy consumption?

Why do some people consider bitcoin the world's electricity consumer of last resort?

Why are renewable energy sources increasingly linked to bitcoin mining?