At the CoinGeek Toronto 2019 scaling conference, Kristy Leigh Minehan used her time on stage to tell everyone how Bitcoin SV (BSV) is changing the mining industry for the better. CoinGeek’s Becky Liggero joined her on the sidelines to further discuss how important miners are to the Bitcoin ecosystem, and how BSV is finally treating them right.
As Minehan sees it, miners have always been a crucial part of what makes Bitcoin work, but they’ve been underappreciated. “A big part of it is that mining is about a social contract, inherently with your ecosystem,” she explained. “So the rules of mining are simply that, as miners, we are going to expend a lot of economic resources in electricity and hardware costs. And in turn, our chain is going to do its absolute best to ensure that we, as miners, can secure revenues, but also that infrastructure providers will keep upholding the infrastructure of the network. Things like nodes, things like, you know, datacenters, colocation, hosting. So these three participants in the mining ecosystem are incredibly valuable.”
“Right now, part of the problem is no chain has gotten mining right. No chain has understood that it’s not simply a financial or economic game, it’s a social and psychological one, and it’s a wonderful, brilliant ecosystem that has to be nurtured,” she added.”
The mutual responsibility different groups in the Bitcoin ecosystem have for each other is an important dynamic to understand. “Miners have a responsibility,” she said. “They have to contribute economic resources. They also have to start investing in a bit of nodes and infrastructure. The chain, on the other hand, has to ensure that miners can get the appropriate transactions per second with secure revenue to secure an ultimate source of income outside of the block rewards.