Published in June 2024, The Bitcoin Almanac by Robert Warren offers a high-level overview of the BTC mining world. The book is divided into two parts: the first explains what BTC mining is, and the second consists of interviews with key players in the field, each approaching the task with different sizes, scales, and scopes.
Bitcoin Mining Explained π
Mining Bitcoin is relatively straightforward, but profiting from it is the real challenge. A critical metric for miners is the hash-to-price value, which determines if it's economically viable to run their machines based on power consumption. Miners also deal with side effects like noise and heat emissions. Some innovative solutions include using water and air heating systems to recycle the heat from ASICs. Interestingly, no attempts have been made to turn the noise into a feature rather than a bug.
Inspiring Interviews β€
The second part of the book features inspiring and insightful interviews, showing different approaches to the mining business. A key takeaway is the significant divide between BTC miners and developers. While following crypto innovations on the software side, it's evident that developers and miners often speak different languages.
Diverse Opportunities π
Miners aren't restricted to BTC alone; they can mine altcoins like XMR, LTC, and BCH. However, many choose to mine BTC. A looming question for miners is whether they will continue mining BTC or diversify into altcoins as permissionless bridges become more developed and integrated.
Conclusion π
In essence, crypto miners are more aligned with the energy and commodities industry than the cryptocurrency business. This book is a must-read for anyone curious about the nuances of BTC mining and its future.
