Episode
Hashrate Collapse, BIP-110 Chain Split & Banks Will Mine Bitcoin | Bob Burnett
- Podcast
- BTC Sessions
- Published
- Jul 20, 2026
- Duration seconds
- 6818
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Summary
Mentor Sessions Ep. 083: Bob Burnett explains the Bitcoin hash rate decline, BIP-110 chain split, nation state mining, and why banks will mine block space. Bitcoin's hash rate has been declining for nearly a year for the first time in 16 years — and Bob Burnett of Barefoot Mining explains why it keeps falling straight through the next halving. This is the mining reset almost nobody is pricing in. In this conversation you'll learn why the big publicly traded miners quietly shed Bitcoin and pivoted to AI and data centers, why Bob believes financial institutions and nation states (Iran included) are the real next entrants — not energy companies — and why they'll mine for block space control rather than the coins themselves. You'll see how the BIP-110 (RDTS) activation at block 961632 in mid-August could trigger a chain split, exactly what miners and plebs should do before that block, and why the fight is really about Core's process and the SegWit discount, not just spam. Bob also breaks down the miner's trilemma, virgin Bitcoin premiums, and why the depths of despair is historically the best time to enter mining. ⏱️ Timestamps: 0:00 - Intro 1:11 - Harsh reality of Bitcoin mining in 2026 1:46 - Meet Bob Burnett of Barefoot Mining 2:00 - First year of falling hash rate 2:52 - Why hash rate drops through the halving 4:29 - Current-gen miners sold for pennies 8:18 - The miner's trilemma: energy, machines, capital 11:25 - Easy capital drove public miner overbuild 13:39 - Invasive apex predator wrecking the ecosystem 14:50 - Why public miners' production costs are broken 17:12 - Is the public mining model sustainable? 21:43 - Barefoot mines on sub-3-cent self-produced power 29:49 - Building a mining business that survives forever 31:39 - Enter mining in the depths of despair 34…