Insider Reveals the Brutal Truth About Bitcoin Mining | Center of Hash E06

Описание: Pierre Rochard breaks down Bitcoin's difficulty adjustment mechanism and how the difficulty target coordinates the global mining network. Learn how Bitcoin mining functions as both currency issuance and transaction ordering, why the 10-minute block interval matters, and how the network automatically adjusts mining difficulty every 2016 blocks. The conversation covers hash functions, proof of work, the relationship between hashrate and energy consumption, and why difficulty adjustment prevents Bitcoin's fixed supply schedule from being disrupted. Rochard explains complex concepts like nBits, block headers, and the security budget debate while addressing common misconceptions about mining centralization and the role of transaction fees versus block subsidies.

Episode Timestamps:

0:00 - Mining's Dual Purpose: Issuance and Transaction Ordering

6:26 - Bitcoin's Decentralized Clock vs Banking Timestamps

12:35 - Debunking the Security Budget Myth

18:26 - Game Theory and Attack Vectors on Bitcoin

23:59 - Why Bitcoin Mining is Always Decentralized

26:37 - Introduction to Difficulty Target and Adjustment

31:36 - Purpose of Difficulty Adjustment Explained

35:36 - Hash Functions: Random but Deterministic

38:36 - Block Structure and Chain Mechanics

43:36 - The Difficulty Target "Limbo Bar" Analogy

46:36 - Hash Rate Orders of Magnitude

53:36 - 2016-Block Difficulty Adjustment Cycle

58:36 - Why More Hash Rate Doesn't Speed Up Issuance

1:15:36 - Satoshi's Priority: Monetary Policy or Double-Spending?