Uploaded February 2026 | Updated September 2026, 4 days ago
In this data-driven session, William Wright examines five years of performance data comparing Bitcoin mining versus direct purchase. From cost structures and risk to returns, difficulty adjustments, and market cycles, the discussion breaks down what the numbers actually show—and what investors should consider when deciding between mining and buying Bitcoin.
🎥 Recorded live at AusCryptoCon 2025.
In this data-driven session, William Wright examines five years of performance data comparing Bitcoin mining versus direct purchase. From cost structures and risk to returns, difficulty adjustments, and market cycles, the discussion breaks down what the numbers actually show—and what investors should consider when deciding between mining and buying Bitcoin.
🎥 Recorded live at AusCryptoCon 2025.







![Layer 1s Still Matter? Yonatan Sompolinskyi from Kaspa shares thoughts
Are Layer 1 blockchains becoming irrelevant in the age of chain abstraction?
Dr. Yonatan Sompolinsky, the founder of Kaspa, argues that Layer 1 user experience (UX) and sequencer competition are more crucial than ever.
Yonatan dives deep into the nuances of Layer 1 design, using analogies from gaming servers to explain latency, resiliency, and the importance of sequencer competition for DeFi. Learn about Kaspas innovative approach with a BlockDAG architecture, aiming for 100 blocks per second, and its implications for a more competitive and user-centric crypto future.
Attend AusCryptoCon Next Year & Dive Deeper into Crypto Innovation! Get your tickets for AusCryptoCon: https://auscryptocon.com/
[0:00] Introduction to Yonatan Sompolinsky & Layer 1 Relevance at AusCryptoCon - Introduction to Yonatan Sompolinsky and his presentation arguing for the continued relevance of Layer 1s in crypto.
[0:20] Crypto 2030 & Active Kaspa Nodes in Sydney: Setting the Stage - Yonatan discusses the Crypto 2030 theme and highlights active Kaspa full nodes in Sydney, showcasing community support.
[0:51] Chain Abstraction Trend: UI vs. UX & Layer 1 Properties - Introduction to the trend of chain abstraction and Yonatans argument that UX and Layer 1 properties cannot be abstracted away.
[2:11] UI vs. UX in Crypto: Why Layer 1 Properties Still Matter - Explains the crucial difference between User Interface (UI) and User Experience (UX) in the context of Layer 1 blockchains.
[3:36] Gaming Server Analogy: Latency, Resiliency & User Experience in Chess & Crypto - Uses the analogy of gaming servers and chess (classical vs. blitz/bullet) to illustrate the importance of server/sequencer properties for user experience.
[5:40] Comparing Infrastructure Metrics: Gaming Servers vs. Crypto Blockchains - Compares key metrics of gaming server infrastructure (latency, resiliency, throughput) to analogous metrics in crypto blockchains.
[7:41] Unique Crypto Metric: Resilience to Sequencer Manipulation & MEV - Highlights the unique crypto metric of resilience to manipulation by sequencers/miners and the issue of MEV (Miner Extractable Value).
[8:47] Kaspas BlockDAG: Visualizing Active Nodes & High Block Rate - Introduces Kaspa and its BlockDAG structure, visualizing active nodes and the high block rate (initially 1 block per second).
[9:59] Kaspa Visualizer Demo (If Available): 1 Block Per Second DAG in Action - Attempts to demo the Kaspa visualizer (technical difficulties noted in transcript).
[11:09] Kaspa Vision: 10 Blocks Per Second & Internet-Speed Proof-of-Work Crypto - Discusses Kaspas vision of achieving 10 blocks per second, aiming for internet-speed crypto while maintaining Proof-of-Work ethos.
[12:45] Why 100 Blocks Per Second? Bitcoin Core Developer Feedback & Sequencer Competition - Explains the motivation for aiming for 100 blocks per second, driven by Bitcoin core developer feedback and the desire for sequencer competition.
[14:11] SPR (Sequences Per Round) Metric: Measuring Sequencer Competition - Introduces the metric SPR (Sequences Per Round) to quantify and measure sequencer competition in different blockchains.
[15:49] Leader-Based Consensus vs. Sequencer Competition: Monopoly vs. Duopoly vs. Competition - Compares leader-based consensus (Bitcoin, Ethereum, Solana) to a model with sequencer competition, highlighting the benefits of increased competition.
[16:37] Kaspa DAG Slice Visualization (1 Block Per Second): Parallel Block Creation & Miners - Visualizes a slice of the Kaspa DAG at 1 block per second, showing parallel block creation by multiple miners.
[18:11] Kaspa Testnet (10 Blocks Per Second): Increased Competition & Efficiency - Shows a snapshot of Kaspa testnet at 10 blocks per second, emphasizing increased competition and efficiency.
[19:37] Auction Mechanism for Sequencer Competition: First-Price & Second-Price Auctions - Proposes an auction mechanism (first-price or second-price) to enable competition among sequencers and benefit users with better prices.
[21:04] Auction Efficiency & SPR Metric: More Competition, Better Efficiency - Explains how auction efficiency increases with higher SPR (more sequencer competition), leading to a more competitive and efficient market.
[22:51] Oracle Problem & Data Feeds: External Data & Cryptographic Security Limits - Discusses the Oracle Problem: reliance on external data feeds for DeFi and the limitations of cryptographic security for off-chain data.
[24:43] Aggregating Price Feeds & Market Data: Competition for Oracle Accuracy - Proposes competition among oracle providers within the 100 blocks per second Kaspa framework to improve price feed accuracy and resilience.
[25:50] Research Project with ETH Zurich: Oracle Aggregation & Competition - Mentions ongoing research with ETH Zurich on oracle aggregation and competition mechanisms. Layer 1s Still Matter? Yonatan Sompolinskyi from Kaspa shares thoughts](https://i.ytimg.com/vi/MugsziO0OYY/mqdefault.jpg)


