Is it still profitable to mine bitcoin when the price drops? Is the reduction in energy prices dangerous for Bitcoin? Will transactions fees rise dramatically in 2140 when the block subsidy goes to zero?

These questions are from the second and fifth sessions of MOOC 11, which took place on February 7th and March 1st 2019, respectively. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop

RELATED:
Consensus Algorithms, Blockchain Technology, and Bitcoin – https://youtu.be/fw3WkySh_Ho
Advanced Bitcoin Scripting Part 1: Transactions and Multisig – https://youtu.be/8FeAXjkmDcQ
Advanced Bitcoin Scripting Part 2: SegWit, Consensus, and Trustware – https://youtu.be/pQbeBduVQ4I
What is Consensus: Rules without Rulers – https://youtu.be/2tqo7PX5Pyc
Forkology: A Study of Forks for Newbies – https://youtu.be/rpeceXY1QBM
Bitcoin: Where the Laws of Mathematics Prevail – https://youtu.be/HaJ1hvon0E0
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What is mining? – https://youtu.be/t4p4iMqmxbQ
The mining process – https://youtu.be/L4Xtau0YMJw
Nonces, mining, and quantum computing – https://youtu.be/d4xXJh677J0
Iterating nonces and the block reward – https://youtu.be/tjn2aoMaFlY
Miners, pools, and consensus – https://youtu.be/JHz7LM4ncLw
What is difficulty targeting? – https://youtu.be/h429LCTRmQw
Genesis block and coinbase transactions – https://youtu.be/strhfzJ56QE
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The value of proof-of-work – https://youtu.be/ZDGliHwstM8
Migrating to post-quantum cryptography – https://youtu.be/dkXKpMku5QY
Could a state-sponsored 51% attack work? – https://youtu.be/KUd8ZGgm6Qo
Honest nodes and consensus – https://youtu.be/KAhY2ymI-tg
Spam transactions and Child Pays For Parent (CPFP) – https://youtu.be/t3c0E4fkSNs
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Decentralized power, leaderless governance – https://youtu.be/E5VbDlQTPzU
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What is the role of nodes? – https://youtu.be/fNk7nYxTOyQ
Why running a node is important – https://youtu.be/oX0Yrv-6jVs
Lightning, full nodes, and miners – https://youtu.be/dlJG4OHdJzs
Running nodes and payment channels – https://youtu.be/ndcfBfE_yoY
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Spam transactions and Child Pays For Parent (CPFP) – https://youtu.be/t3c0E4fkSNs
Energy consumption – https://youtu.be/2T0OUIW89II
Solar energy and mining in space – https://youtu.be/cusakcpa8AM
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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.

Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/

He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.

Subscribe to the channel to learn more about Bitcoin & open blockchains; click on the red bell to enable notifications about new videos!

MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9

Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/

THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs

THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ

Translations of THE INTERNET OF MONEY:
Spanish, ‘Internet del Dinero’ (v1) – https://amzn.to/2yoaTTq
French, ‘L’internet de l’argent’ (v1) – https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390
Russian, ‘Интернет денег’ (v1) – https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg
Vietnamese, ‘Internet Của Tiền Tệ’ (v1) – https://alphabooks.vn/khi-tien-len-mang

MASTERING ETHEREUM (Q4): https://amzn.to/2xdxmlK

Music: “Unbounded” by Orfan (https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)

source

31 COMMENTS

  1. Hey andreas,

    could you discuss the relationship between the Price of Bitcoin, the hashrate and the total energy consumption due to mining at high prices?

    When I read the "Predictions" of 300,000 to 1,000,000 $/BTC I wonder how would the total energy demand will look like in this cases. Today the estimations on total consumpion are between 40 and 120 TWh in 2018 or 0.2 to 0,6 % of total global electricity consumption.

    Thanks in advance

    HKF

  2. I am a miner… Its simple- If the value of BTC is growing faster than Hash-Rate its good and vice versa… It's ONLY when Hash-Rate is going UP and the value of BTC is going down- THAT'S WHEN IT's BAD!

  3. HEy Andreas, I have a question.. If a person owns some BTC and there is a fork, he gets equal value of new fork for example 0.0019 btc is also 0.0019 BTC SV now ? could you explain how this works

  4. Andreas this video is great.. I can hear you fine and I can see you perfectly. Your Giving FREE KNOWLEDGE and People crying literally In the comments.. ungrateful entitled folks.

  5. Why can't this concept of continual hash power adjustment (basically reducing supply to meet demand) be implemented differently within other things, like price stabilization? Couldn't the liquidity of supply be adjusted (via timelocks) to meet demand, therefore stabilizing the price of all remaining liquidity? Then you could have a price-flexible "stablecoin" without any collateral or 3rd parties. Something like what BitBay has built into their dynamic peg system. Do you think this is possible Andreas?

  6. Andreas, I'd argue that the ability to turn electricity (a tax-deductible expense) into real time anonymous liquidity is enough incentive for many entities to mine at a loss. I think this phenomenon will only increase in future, making it unprofitable for the average miner

  7. Whether the market is going through a Bullish or a Bearish market scenario is not in the hands of an individual or a single factor but large scale factors and other macroeconomic situations. Every investor has to go through such phases at some point since these situations are inseparable. Hence the risk in hodling the market is speculative and any factor can affect the market at any time. Investors should direct their investments basis through various factors which define the outlook through which the market is going through. The entry and exit of an investor get impacted and hence investor sentiment plays an important role in defining how long bullish or bearish outlook exists. Never get emotional with your coin and always remember it's strictly business. One cannot escape withering of the scenarios and thus a judgmental call has to be taken before making investment and patience and knowledge should also be held to go through choppy market conditions as well. As an investor that wants to earn consistent profit and do well with cryptos, you must be patient and knowledgeable, always seeking new information, researching news and analysis properly because most content providers on YT are mediocre and don't know anything about trading properly and then create a working system to use in expanding that portfolio over and over again. Or you can find a working system like me with the help of an expert. Am currently using and implementing the strategy and signals of a world class trader Eric Caruso. I got 5 BTC last month and now with his guidance and patterns I have grown that 18 BTC already. I will keep increasing and expanding my portfolio waiting for the next resistance which many believe to be in the range of $6000 instead of just hodling and waiting. When bitcoin eventually starts skyrocketing, I would have had a very good stock in my portfolio. It is no secret Eric Caruso's signals and trade strategy are some of the best and speaking with him for the first time sometime back gave me a clearer understanding of how to make money and propelled me into this system of his that has really helped me in growing my portfolio. You can reach him on ericcaruso66@gmailcom if you need advice or any assistance to help you trade better

  8. now i understand why bitcoin DOESN"T waste energy, but banks DO! bitcoin always evolves to use less electricity to produce more bitcoins. but banks don't care about their computers' energy consumption, and i bet they even run BUILDINGS of TPUs for better AI to defeat retail traders in order to monopolize trading markets and suck up money.

  9. Andreas; Great respect to you brother. I’ve seen most of your video contents and I’ve learned so much from you. You are so fond of decentralization (thus, equal to all); but I’ve been recently wondering; since electric power cost varies significantly globally; how is it possible to be fair for everyone worldwide?
    Thank you brother if you could explain this issue.

  10. Andreas,thank for awesome content as always. Question: What will happen to security of bitcoin network in case of major solar flare? For example this:"At 4:51 p.m. EDT, on Monday, April 2, 2001, the sun unleashed the biggest solar flare ever recorded, as observed by the Solar and Heliospheric Observatory (SOHO) satellite. The flare was definitely more powerful than the famous solar flare on March 6, 1989, which was related to the disruption of power grids in Canada. This recent explosion from the active region near the sun's northwest limb hurled a coronal mass ejection into space at a whopping speed of roughly 7.2 million kilometers per hour. Luckily, the flare was not aimed directly towards Earth."

  11. Andreas, just a tip: spend some money on a good microphone, maybe also a bit of light. A channel with information of such quality should have better looks/sound quality and it is relatively easy to achieve that.

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