fbpx
Home » Videos » Video: Andreas M. Antonopoulos Demystifies Bitcoin Mining

Video: Andreas M. Antonopoulos Demystifies Bitcoin Mining

Andreas Antonopoulos

“Bitcoin Mining Demystified” is a presentation given by Andreas M. Antonopoulos via video conference at Lab111’s Cinema to celebrate Coinfest during Bitcoin Wednesday on  6 April, 2016.  Mr. Antonopoulos is one of the world’s leading authorities on Bitcoin and the blockchain.  A detailled profile of Mr. Antonopoulos can be found here.

In the marketplace there is a lot of noise and very little understanding of how the fundamental capabilities of Bitcoin arise out of its proof of work algorithm.  We’ll see a lot of consensus suggestions and quite honestly a lot of them are not going to work and a lot of them are bullshit that will make a lot of consultants rich selling bullshit to banks.

In the first half of the video Mr. Antonopoulos gives a clear explanation of Bitcoin mining and the halving.  He also debunks many of the common misconceptions around mining and proof of work which he calls one of the least-understood and yet most central elements of the Bitcoin blockchain.  After a short break, he answers two interesting questions from the audience, the first about proof of stake and alternative consensus mechanisms, the second about the relationship between Bitcoin and Ethereum.

In this video he is introduced by Trent McConaghy, the CTO of BigChainDB.

He discusses:

  • The halving at 9’00”;
  • Proof of stake and alternative consensus mechanisms at 15’30”;
  • The Lightning Network as Bitcoin’s first proof-of-stake system at 17’00”;
  • Closed blockchains and private ledgers including his statement about selling bullshit to banks quoted above at 19’00”;
  • Whether Ethereum is a threat to Bitcoin’s dominance in the industry and the possible relationship between the two technologies at 20’53”;
  • Bitcoin’s Scalability Issues Compared to Ethereum’s at 22’43”, and
  • Bitcoin’s niche as a reserve currency at 27’52”.

 

Avatar

Early Stage Investor, Bitcoin Business Strategy Architect and Project Leader for Complex Internet SolutionsSee generalseven.com for more info.

View all posts by
Andreas Antonopoulos
Geoff Goodell, Researcher at University College London
Geoff Goodell

Geoff Goodellis a researcher at the Department of Computer Science at University College London and an authority on the interface between computer science, finance and public policy. His talk for Bitcoin Wednesday will cover the range of available options on the subject of financial privacy, from total surveillance as represented by traditional financial institutions to the use of cryptocurrencies and related privacy enhancing technologies.

Lyn Ulbricht, mother of Ross Ulbricht
Lyn Ulbricht

Lyn Ulbricht is the mother of Ross Ulbricht, the man sentenced to life in prison at the age of 36 for his involvement in Silk Road. The dark web marketplace has made an indelible impact on the industry.

JP Thieriot, CEO of Uphold
J.P. Thieriot

J.P. Thieriot is CEO of Uphold, a digital money platform that serves 1.7 million customers in more than 184 country and has processed almost $6 billion in transactions.

Ruben Merre, CEO of ngrave
Cold Hardware Wallets

Ruben Merreis co-founder and CEO of Ngrave, an end-to-end hardware wallet solution that tackles the what-ifs of managing digital assets and cryptocurrencies.

Patrick Dai, CEO of Qtum
Patrick Dai

Patrick Dai is CEO of Qtum. He will talk about how Qtum built a smart contract system on top of Bitcoin’s infrastructure.

Thomas Borrel, CPO of Polymath
Thomas Borrel

Thomas Borrel leads the Product Strategy, Product Management and Product Marketing teams across Polymath’s product portfolio. Prior to joining Polymath, Thomas was Director of Product Management at Extreme Networks where he led Extreme’s Software and Cloud offerings.

Micha Roon, CTO of EnergyWeb
Micha Roon

Micha Roon is the CTO of the Energy Web Foundation and the Share&Charge Foundation. He is an authority on energy grid decarbonization, electrical vehicle charging and the tokenization of renewable energy.