TechFlow news — In an interview, Fred Thiel, CEO of Bitcoin mining company Marathon Digital Holdings, shared his views on the Bitcoin halving and the future of miners:
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Thiel believes the idea of a bull market following the Bitcoin halving is merely a fantasy that he does not expect to materialize. He argues that Bitcoin's price has little correlation with the halving event, and is more closely tied to transaction activity and liquidity cycles.
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He mentioned that the company currently holds approximately 39,000 bitcoins and $1 million in cash. If prices do not significantly improve after the halving, they plan to continue selling newly mined bitcoins through 2026.
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He noted that over the next decade, Bitcoin will undergo two more halvings, reducing block rewards to less than 2 bitcoins per block. However, he hopes that increased user adoption will drive higher transaction fee revenues.
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Thiel warned that without sufficient incentives, miners may leave the Bitcoin network in favor of more profitable opportunities, such as mining on other blockchains like Ethereum.
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He emphasized that to boost miner revenues and attract more participants, Bitcoin must scale its capacity, thereby enhancing network security.
