Our guest, Cormint CEO James McAvity, makes the case that Bitcoin’s low transaction fees should raise concerns.
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Welcome back to The Mining Pod! Today, James McAvity, CEO of bitcoin miner Cormint, joins us to talk about a potential, looming existential crisis for Bitcoin: low transaction fee revenue. With transaction fees at only 2% of mining revenue, McAvity argues the current model is unsustainable as rewards halve every four years.
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**Notes:**
• Transaction fees: 1/50th of total block rewards
• 20GW mining capacity running 24/7 globally
• 70 basis points: current annual BTC issuance
• $30-50K: cost per gigawatt hour electricity
• 2036: block rewards drop to 8 basis points
• $20T: potential future Bitcoin market cap
Timestamps:
00:00 Start
02:32 Is mining cooked?
08:05 Interpreting Satoshi's Goals
13:17 Hot mess or solid roadmap?
20:46 Cleanspark
21:15 Fees in a money protocol
25:44 truested intermediaries
31:42 Monero attack
38:39 Longterm bearish on mining?
44:59 What to do?
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