- Fred Thiel, CEO of Bitcoin mining company Marathon Digital Holdings, spoke about Bitcoin mining, the highly anticipated event in 2024, in an interview.
- In the interview, Thiel expressed concerns about the “halving” of Bitcoin, where mining rewards are reduced to create new Bitcoin blocks.
- Bitcoin halving occurs approximately every four years, after 210,000 blocks have been mined. It cuts the amount of Bitcoin miners receive for verifying transactions in half.
Fred Thiel, CEO of Marathon, a publicly traded Bitcoin mining company, claims that major problems will arise if Bitcoin mining isn’t profitable.
Marathon CEO Talks About Halving!
Fred Thiel, CEO of Marathon Digital Holdings, a publicly traded Bitcoin mining company, spoke about Bitcoin mining, the highly anticipated event in 2024: the Bitcoin halving in April 2024 will be a significant event for Bitcoin!
In the interview, Thiel expressed concerns about the “halving” of Bitcoin, where mining rewards are reduced to create new Bitcoin blocks. Bitcoin halving occurs when it cuts the amount of Bitcoin miners receive for verifying transactions in half.
He noted that if the price of Bitcoin doesn’t increase enough to make mining profitable in the period following the halving, miners, especially those with high-energy-consuming machines, could face difficulties:
“If the price of Bitcoin doesn’t make mining profitable for them, I think they will encounter major problems.”
Looking ahead, Thiel expressed his excitement about innovations in the crypto space and the adoption of real-world use cases. He believes that blockchain technology will find applications in various industries, leading to broader adoption and growth in the crypto market.
Bitcoin halving occurs approximately every four years, after 210,000 blocks have been mined. It cuts the amount of Bitcoin miners receive for verifying transactions in half. According to a new report by Blockware Solutions, Bitcoin’s price could surge following the upcoming halving, potentially increasing by 1,250% from its current value.
“spot Bitcoin ETFs may be approved simultaneously”
Regarding the possible approval of Bitcoin ETFs and increased demand, Thiel said, “I won’t comment on whether we’re receiving calls because, you know, we always get calls. But when we sell Bitcoin, we’re not always aware of who the counterparty is.” He also suggested uncertainty about ETF approvals and that the SEC could potentially approve multiple ETFs simultaneously.
