Hashrate Collapse, BIP-110 Chain Split & Banks Will Mine Bitcoin | Bob Burnett
Podcast: BTC SessionsPublished On: Mon Jul 20 2026
Description: 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 - Intro1:11 - Harsh reality of Bitcoin mining in 20261:46 - Meet Bob Burnett of Barefoot Mining2:00 - First year of falling hash rate2:52 - Why hash rate drops through the halving4:29 - Current-gen miners sold for pennies8:18 - The miner's trilemma: energy, machines, capital11:25 - Easy capital drove public miner overbuild13:39 - Invasive apex predator wrecking the ecosystem14:50 - Why public miners' production costs are broken17:12 - Is the public mining model sustainable?21:43 - Barefoot mines on sub-3-cent self-produced power29:49 - Building a mining business that survives forever31:39 - Enter mining in the depths of despair34:14 - Is falling hash rate a network security threat?35:36 - Could a bad actor mount a 51% attack now?37:44 - Why Bitcoin can't balance the world's power grid42:44 - Activists turning rural towns against miners1:00:11 - Financial institutions and nation states enter next cycle1:01:36 - Banks will mine for block space, not coins1:07:42 - Why institutions will control block templates1:08:26 - Nation state mining and economic sovereignty1:09:20 - Is Iran already solo mining Bitcoin?1:14:00 - The death of full-pay-per-share and virgin Bitcoin1:17:33 - BIP-110 explained: what problem it solves1:18:28 - Core v30 policy change that sparked the fight1:29:11 - RDTS: the reduce-data temporary soft fork1:31:14 - The SegWit discount and CSAM concerns1:31:48 - Activation at block 961632 and chain split risk1:44:19 - Advice for plebs before the split1:46:15 - Advice for miners: get a backup pool ready1:50:28 - The 99% best case vs the really bad scenario1:52:53 - Where to find Bob and Barefoot Mining🔗 Links & Resources:Barefoot Mining: https://barefootmining.comBob on X: https://x.com/Boomer_BTCBTC Sessions: https://btcsessions.caBTC Sessions Dashboard: https://btcsessions.live/Sovereign Sessions — AI, Privacy, and Bitcoin education: http://youtube.com/@SovereignSessions?sub_confirmation=1💡BOOK Private Sessions with Nathan, Benn and the BTC Mentor Team: Master self-custody, hardware, multisig, Lightning, privacy, and more. 👉 Visit btcmentor.io 📌 Previous Episodes: Matt Hill & Odell → https://youtu.be/cOQC81hLSu0⚡ POWERED by Abundant Mines: Fully managed Bitcoin mining. Learn more at https://qrco.de/bgYKPB#Bitcoin #BTC #BTCSessions #BitcoinMining #BIP110 #BitcoinKnots #HashRate #BobBurnett #BarefootMining #NationStateMining #BlockSpace #SelfCustody #BitcoinNode #MiningEconomics
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