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1 Venture Investing in Mobility + Tech with University of Michigan’s Early-Stage Zell Lurie Commercialization Fund 39:30
17 What is a Miner?
Manage episode 316737728 series 2942532
Host C.J.Wilson goes solo for a short informational episode answering the question, “What is a Miner?”
Wilson explains that a “miner” is an “asic”, and shows what one looks like in the video version of this episode (on Youtube). It’s a 30 pound shoe box shaped machine with fans and plugins that connects to your laptop.
After purchasing the asic, the next step is joining a mining pool. A mining pool is a group of computers that all work together to share the hash rate. The brand new miners are usually somewhere between 90-110 terra hashes per second, which is a computing speed measurer.
For every 100 terra hashes, you are averaging around .02 bitcoin per month, in terms of how much you will actually win.
There are competing pools that are headquartered in different countries, many of which have been around for about 10 years allowing people to share the winnings. Every ten minutes or so, a block is mined and the winner gets 6.25 bitcoin. So, if you are participating in that pool, you will get your share of whatever you’re putting in the network financially or hash rate wise.
If you were mining with just one asic on your own and not using a pool, you will have a statistically near impossible chance of winning a block. This is because there are so many miners competing.
Wilson explains the conversation around how much energy bitcoin uses, and how much of it is calculated based on the hash rate. However, each machine has a different electrical efficiency- the watts to terra hash ratio has changed over time and throughout the different generations of machines.
As electricity prices change, the miners have to figure out how they will be profitable with the source they are using. He goes on to explain how co-location services work and how these benefit miners.
There is more competition for mining as bitcoin has gone up, causing people to come up with innovative ways of accessing power. One of these ways is using waste fuel. There are farmers extracting the methane from animal waste to convert to electricity. There are others converting natural gas, which might normally be burned, into energy to mine.
Wilson goes on to explain how immersion works, preserving the life of the miner and increasing efficiency.
States like Wyoming, Texas, Nebraska, Pennsylvania, New York might have an energy source that they don’t know what to do with, and bitcoiners are willing to take whatever power they can get and they scale their operations onto that. With bitcoin trading 40, 50, 60 thousand dollars this past year, it’s a really lucrative time to be a bitcoiner.
Listen to the full episode for more!
53 episodes
Manage episode 316737728 series 2942532
Host C.J.Wilson goes solo for a short informational episode answering the question, “What is a Miner?”
Wilson explains that a “miner” is an “asic”, and shows what one looks like in the video version of this episode (on Youtube). It’s a 30 pound shoe box shaped machine with fans and plugins that connects to your laptop.
After purchasing the asic, the next step is joining a mining pool. A mining pool is a group of computers that all work together to share the hash rate. The brand new miners are usually somewhere between 90-110 terra hashes per second, which is a computing speed measurer.
For every 100 terra hashes, you are averaging around .02 bitcoin per month, in terms of how much you will actually win.
There are competing pools that are headquartered in different countries, many of which have been around for about 10 years allowing people to share the winnings. Every ten minutes or so, a block is mined and the winner gets 6.25 bitcoin. So, if you are participating in that pool, you will get your share of whatever you’re putting in the network financially or hash rate wise.
If you were mining with just one asic on your own and not using a pool, you will have a statistically near impossible chance of winning a block. This is because there are so many miners competing.
Wilson explains the conversation around how much energy bitcoin uses, and how much of it is calculated based on the hash rate. However, each machine has a different electrical efficiency- the watts to terra hash ratio has changed over time and throughout the different generations of machines.
As electricity prices change, the miners have to figure out how they will be profitable with the source they are using. He goes on to explain how co-location services work and how these benefit miners.
There is more competition for mining as bitcoin has gone up, causing people to come up with innovative ways of accessing power. One of these ways is using waste fuel. There are farmers extracting the methane from animal waste to convert to electricity. There are others converting natural gas, which might normally be burned, into energy to mine.
Wilson goes on to explain how immersion works, preserving the life of the miner and increasing efficiency.
States like Wyoming, Texas, Nebraska, Pennsylvania, New York might have an energy source that they don’t know what to do with, and bitcoiners are willing to take whatever power they can get and they scale their operations onto that. With bitcoin trading 40, 50, 60 thousand dollars this past year, it’s a really lucrative time to be a bitcoiner.
Listen to the full episode for more!
53 episodes
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1 The Increasing Need for Decentralized Systems with C.J. Wilson & Josh Olszewicz 49:42

1 The Evolving Importance of Bitcoin Mining w/ Troy Cross, C.J. Wilson & Josh Olszewicz 1:07:23

1 Industry Products and Mining Challenges w/ C.J. Wilson & Josh Olszewicz 40:55

1 Fed Funds Rate and the iPhone of Bitcoin w/ C.J. Wilson & Josh Olszewicz 41:16

1 SBF Taken into Custody, CPI, FOMC, Inflation & More w/ C.J. Wilson & Josh Olszewicz 40:23

1 FTX Contagion Slowly Being Revealed w/ C.J. Wilson & Josh Olszewicz 50:37

1 The Bitcoin User Experience Is Still In Its Infancy w/ Josh Olszewicz & C.J. Wilson 42:41

1 44. Bitcoin Mining Removes Methane From The Atmosphere w/ Josh Olszewicz, C.J. Wilson & Daniel Batten 53:50

1 43 Bitcoin Is A Safety Net w/ Josh Olszewicz & C.J. Wilson 38:31

1 42 How to survive a Bearmarket /w Josh Olszewicz & C.J. Wilson 40:50

1 41 The Energy Crisis and Bitcoin w/ C.J. Wilson and Josh Olszewicz 41:40

1 40 Coding bitcoin at a young age w/ Daniela Brozzoni 40:05

1 38 Is the Bitcoin Bottom In? How To Navigate the Bitcoin Market w/ Josh Olszewicz 42:02

1 39 The Financialization of Bitcoin w/ Alyse Killeen 37:47

1 37 The Life of a Bitcoin Core Developer w/ Gloria Zhao 53:11


1 35 Bitcoin Policy Institute w/ Matthew Pines 39:00

1 34 Does Bitcoin need regulation? w/ Yankun Guo 37:33

1 33 The Case for Athletes to Buy Bitcoin w/ Josh Olszewicz 44:30

1 32 The Quality Of Life Is Defined By Energy w/ Harry Sudock 25:23

1 31 You need to secure your bitcoin w/ Jameson Lopp 39:09

1 30 The Brandolini Effect Explained w/ Mike Hobart 22:43

1 29 Professional Wrestler is Bullish On Bitcoin w/ Summer Rae 18:45

1 28 Protecting Bitcoin Mining w/ Nick Hansen 37:33


1 26 The Impact of Biden's Executive Order On Crypto 33:07

1 25 Governmental Bitcoin Adoption w/ Congressional Candidate Taylor Burks 42:30

1 24 Understanding Bitcoin's Energy Consumption w/ Mike Hobart 1:00:10






1 15 With Black Bitcoin Billionaire's Lamar Wilson 35:31



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