On this week's episode of The Crypto Mile, our host Brian McGleenon spoke with Jameson Lopp, a Bitcoin expert and co-founder of the digital asset security firm, Casa. The conversation centred on the longstanding concerns about the concentration of Bitcoin's mining hashrate within China. The hashrate is a measure of the amount of computational power that Bitcoin miners are utilising to process transactions and safeguard the network. A higher hashrate value signifies more processor chips are being used to mine new bitcoin and verify transactions on the network. Lopp discussed the potential risk of a '51% attack' if China gained control of over half the global mining power. He discussed the possibility of the Chinese government launching such an attack, which could effectively shut-down the Bitcoin network.
On this week's episode of The Crypto Mile, our host Brian McGleenon spoke with Jameson Lopp, a Bitcoin expert and co-founder of the digital asset security firm, Casa. The conversation centred on the longstanding concerns about the concentration of Bitcoin's mining hashrate within China. The hashrate is a measure of the amount of computational power that Bitcoin miners are utilising to process transactions and safeguard the network.
And that's just because they have that direct supply. And when it comes to mining, time is money. If you have to ship your hardware to other countries, you know, every day those machines are in transit, you're essentially losing potential profit. Could China come back and be a dominant force? Sure.
You know, you can't spend other people's money, you can't create money out of thin air that the protocol doesn't allow, but what you can do is you can send a transaction, get something in return, and then you can basically roll back that block. You can kind of undo the transaction history and make it as if that transaction never happened, therefore getting your money back into your wallet and then being able to spend it elsewhere.
So I've just been-- I've been trying to increase the convenience factor for people to be able to hold their own keys, to be sovereign.
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