The Resiliency of the Bitcoin Network with Nick Hansen

“The China ban also demonstrates the resiliency of the bitcoin network and the bitcoin mining network. As long as there’s one computer running bitcoin, bitcoin won’t die, so we’ve effectively created this new lifeform that’s going to far outlast all of us, and probably humanity.”— Nick HansenLocation: Los AngelesDate: Sunday 17th OctoberCompany: Luxor TechnologiesRole: CEOProof-of-work mining is at the heart of the bitcoin network consensus, ordering transactions into blocks and providing security. Without a healthy mining ecosystem, the Bitcoin network is vulnerable.Earlier this year, China banned Bitcoin mining within the country. At that time, over 50% of the hashrate was said to be located in China. What followed was a huge drop in the hashrate as miners migrated out of the country. While, on the face of it, this could be seen as a negative, the outcome was a more decentralised hashrate and a smaller concentration of miners operating within an authoritarian country.In addition, stressed economic conditions have led to increasing uncertainty in the supply chains surrounding the fabrication of new ASIC mining equipment.So what is the state of the Bitcoin mining industry today?In this interview, I talk to Nick Hansen, CEO of Luxor Technologies. We discuss the resilience of the bitcoin network, mining pools and the global economics of ASIC supply chains.This episode’s sponsors:Gemini - Buy Bitcoin instantlyBlockFi - The future of Bitcoin financial servicesSportsbet.io - Online sportsbook & casino that accepts BitcoinCasa - The leading provider of Bitcoin multisig key security.Exodus - The world's leading Desktop, Mobile and Hardware crypto wallets.Ledger - State of the art Bitcoin hardware walletCompass Mining - Bitcoin mining & hosting-----WBD414 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.