In March 2011, Gavin Andresen, Bitcoin's lead developer, participated in a podcast discussing Bitcoin's potential and viability. At the time, Bitcoin was valued around $0.73, and key questions were raised about trust, acceptance as payment, and the possibility of it replacing national currencies. The podcast reflects a time when individual miners could still efficiently mine Bitcoin using personal laptops. Today, solo mining has become exceedingly rare, and nearly 95% of Bitcoin's supply has already been mined. Institutions and sovereign nations are now purchasing existing Bitcoin, rather than mining new coins. This shift in engagement highlights a change in Bitcoin's appeal to different entities over time. Listening to Andresen today offers a perspective on Bitcoin's evolution, noting that its attractiveness to institutions in 2025 differs significantly from that of early adopters. Despite advancements in mining technology and infrastructure, the foundational principle remains: successful mining is now the exception rather than the norm. The ongoing development of Bitcoin raises questions about governance and the necessary evolution of its software as the network matures.

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