BTC218: Bitcoin Mining 101 w/ Adam Haynes (Bitcoin Podcast)

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 22 January 2025

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Adam Haynes from SimpleMining.io breaks down Bitcoin mining fundamentals, energy innovations, and advanced technologies like AI and quantum computing. We explore hashrate growth, the debate between mining and buying Bitcoin, and strategies for engaging new adopters. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:43 - The basics of Bitcoin mining and how block templates are created. 04:28 - How transaction fees support the Bitcoin ecosystem. 09:22 - The impact of hashrate growth on Bitcoin’s security and profitability. 11:45 - The role of renewable and nuclear energy in Bitcoin mining. 14:39 - The potential effects of quantum computing on Bitcoin security. 20:40 - Effective ways to introduce and engage new Bitcoin enthusiasts. 22:00 - Dollar-cost averaging (DCA) through mining versus buying Bitcoin. 27:02 - How Bitcoin mining companies might transition to AI-driven data centers. 28:38 - Insights into interest rate trends and their implications for Bitcoin. 30:35 - MicroStrategy’s influence on Bitcoin adoption and corporate treasury strategies. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Adam’s X Account. Adam’s LinkedIn Account. Adam’s company: Simple Mining. Gigi’s article: Bitcoin is Time. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found Unchained Fintool The Bitcoin Way Onramp Bluehost Vanta PrizePicks Fundrise TurboTax Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.7	Hey everyone, welcome to this Wednesday's release of the Bitcoin Fundamentals podcast.
0:06.6	On this week's show, I have the talented Adam Haynes from Simplemining.io to take us back to the basics.
0:12.8	Since focusing on Bitcoin full-time on the podcast, I find the conversations tend to only go deeper and deeper down the rabbit hole.
0:19.3	But this week, we're going to take a step
0:21.1	back because I know we have plenty of new people showing up to the Bitcoin scene, and we're going
0:26.5	to cover Bitcoin Mining 101, a crash-level course. Adam does an exemplary job making this topic
0:32.9	accessible. So without further delay, here's our chat that you can share with all your
0:37.4	family and friends that always ask,
0:39.4	yeah, but how does Bitcoin mining work? So this is the episode to find and share with them.
0:43.9	All right, guys, I hope you enjoy.
0:49.4	Celebrating 10 years, you are listening to Bitcoin Fundamentals by the Investors Podcast Network. Now for your
0:56.8	host, Preston Pish.
1:06.6	Hey, everyone, welcome to the show. I'm here with Adam Haynes, and I am pumped to do this because
1:11.6	you know what? So many of the conversations that we've done over the last year or so get so
1:16.8	down into the weeds, and sometimes you've got to zoom out. And I mean, the whole show isn't
1:21.3	going to be 101 style. But when we started off here, I want to talk about mining 101.
1:26.8	The reason I want to do this,
1:28.2	when I talk to family and friends, one of the first things that comes up, they're like,
1:32.6	okay, you're in Bitcoin. Help me understand what this is. And then it almost always goes to,
1:37.8	help me understand mining. How are you mining an imaginary coin that doesn't even exist? What in the
1:43.0	world is that? So this is where I want to
	...

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