Barefoot Mining CEO's Forecast: Bitcoin Block Space to Be Financialized Within the Next 15 Years
Publication Time:2024-08-07 12:46:06
The CEO of the Bitcoin mining service company Barefoot Mining, Bob Burnett, highlights the growing influence of Bitcoin in the world economy, accompanied by an increase in demand for block space. He forecasts that this demand will result in the emergence of a block space futures market, enabling mining companies to provide services to bidders requiring access to the Bitcoin network for transactions. This transition will lead to a shift in the value perception of block space, moving from being tied to fees and subsidies to being seen as a scarce resource, especially as several major companies and high-value entities need access to the network for executing essential transactions. Expectedly, within the next 15 years, revenue for Bitcoin mining companies will predominantly stem from transaction fees instead of subsidies. Bob Burnett stresses that as the significance of Bitcoin to businesses and countries grows, block space will be viewed as a crucial scarce good.
Bitcoin
Barefoot Mining
Bob Burnett
Block Space
Financialization
Mining Services