What is the most important project in Bitcoin? It isn't BIP 110 or some shiny new payment protocol. We actually have a massive security vulnerability sitting at the base layer: Bitcoin mining isn't really mining anymore.

Right now, we have millions of hashers but barely a handful of real miners deciding what transactions make it into a block. And that means a few centralized pool operators could easily censor the network.

In this Take, I explain why the critical distinction between a hasher and a miner matters. But more importantly, I outline how newer protocols are finally fixing a decade-long mistake.

Chapters

(00:00:00) - The most important project

(00:00:29) - Hashers vs miners

(00:01:35) - Pools choose transactions

(00:03:06) - The few pools who can censor

(00:04:21) - Nodes and block templates

(00:06:15) - Holding your own keys

(00:06:55) - Datum and Stratum V2

(00:08:50) - The single giant pool risk

(00:11:31) - Spam, Slipstream, BIP110

(00:13:22) - Ocean, DMND, and what's next

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References from the episode

Bitcoin StackExchange #1: https://tinyurl.com/279wnyjg

D-CentralTech: https://tinyurl.com/284e3gdh