071 98% of Bitcoin Miners Are Giving Away Their Power w/ Bob Burnett
Show Notes
🔗 Bob Burnett:
Website: https://barefootmining.com
X (Twitter): https://x.com/BobBurnett_BTC
LinkedIn: https://linkedin.com/in/bobburnett
In this episode of HashrateUp, Jesse sits down with Bob Burnett, founder of Barefoot Mining and board member at Ocean Mining Pool, to break down the critical difference between hashing and actually mining Bitcoin and why it matters more than ever.
Most operators think they're mining Bitcoin. Bob argues they're not, they're hashers, handing over block template control, mempool management, and protocol signaling to a third party. The episode unpacks how FPPS pools work, what miners are silently giving up, and why Ocean's PPLNS-based payout model has outperformed FPPS pools by 6–18% over a two-year study.
Bob also explains miner signaling for the first time in plain language: what BIP 110 is, how the 55% activation threshold works, why the concentration of hashrate in three pools gives them effective veto power over Bitcoin protocol changes and what it means that Bob mined the very first block ever signaling for BIP 110.
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