Mining all of the Bitcoin blockchains
Brijbassi opens the conversation by asking Baker to explain how TAAL can mine any of the three main Bitcoin blockchains, including BTC Core, ‘Bitcoin’ Cash, and Bitcoin SV, to maximize its profitability.
Baker explains that this is possible because all three are proof of work SHA-256 blockchains. At TAAL, they’ve engineered a node and management network layer called ‘TAAL orchestrator’ that allows them to switch easily between the three chains. It continually monitors factors such as the last block mined, difficulty rate, the price of the coins, and more. This allows them to quickly switch between the three to maximize profitability.
“Over the last 12 months, the yield is $20,000 per 100 petahash, irrelevant of which one you’re mining on,” Baker reveals.
Baker mentions that a quick look at WhatsOnChain or another block explorer reveals greater participation on BSV over the past 12 months. He also explains that there’s $5.4 billion in capital coming into BTC Core mining this year. The next halving will occur somewhere between March and May 2024, meaning there’s a lot of hash power on BTC that won’t benefit from as much yield after that halving. Some of this hash power will surely move to BSV as transaction fee revenue increases.
A different strategy and model for BSV
Baker is keen to emphasize that BSV doesn’t have a “crypto strategy” but instead has a networking and protocol strategy. He points out that mining competition is good for consensus in the long-term as BSV ramps up to billions and eventually trillions of transactions.
Where will all of these transactions come from? As well as the growing number of BSV blockchain applications, Baker points to the data coming from the Internet of Things devices.
“The transaction processing capability needs to be underpinned with a resilient, mature set of mining companies participating and competing to support that transaction economy,” he says.
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