Kosta Ouzas explains how crypto mining works as a winner-take-all competition where one miner claims the block reward. The system was designed to be decentralized but has become dominated by institutions, making it nearly impossible for regular people to participate. Sovereign wealth funds and regions like Dubai are now moving in.
At any given time, when a block is approved by the whole network, there's only that one miner gets that reward, right? That one who solves the problem gets the reward. So they're all fighting. It's like a game theory, but they're all, they're all incentivized to continue with the protocol. And then whoever wins that particular block gets the, you know, the fees and the, and the, and the mining payout, whatever it is. At the moment it's like three point something Bitcoin. So, so the system is really robust, it's decentralized, Anyone can do it. But it's, it's, it's an institutional game now. The average cannot do it. Yeah, this is fucking Mario Brothers mixed with the Matrix, bro. It's crazy. It's a bit like that. But people are coming in now because you're seeing Dubai. Have you seen their new. Yeah, I know. The sovereign wealth funds invested in this stuff as well. Everyone's kind of. It seems as though we're going cashless anyway, and that's the way forward.
