On Today's Episode, Andreas M. Antonopoulos, Stephanie Murphy, Jonathan Mohan and Adam B. Levine are back with part two of our recent live show recorded at BTC2019 in front of a live studio audience. This time, we've got nearly an hour of audience Q&A. Enjoy the show!
Stephanie Murphy: “Do you think Bitcoin will be able to shift from block rewards to transaction fees to maintain security as the block reward approaches zero?”
Andreas M. Antonopoulos: “This is one of the fundamental misunderstandings and dynamics of mining for most people, which is the idea that something suddenly happens sometime at an undescribed future, either at the next halving or in 2141. The truth is on a daily basis, every single miner in the industry looks at six or seven different factors: the efficiency of their mining equipment, the price of electricity in their local fiat, the cost of their operation system, the current price of Bitcoin in fiat, the reward that's available as a block subsidy, the average amount of fees they can get, and the relative proportion of hashing power. They decide based on all of these factors. Do I leave this specific machine on at its current efficiency, or do I turn it off, or do I point it to another coin? That happens every single day. Every single day that decision continues, it’s rebalancing all of these dynamic factors. So the shift between block subsidy and fees happened every single day since January 3rd 2009 and it continues to happen today.
