Blockstream CEO Adam Back has always been in the news for discussing relevant topics in the cryptosphere through various social media channels. On the sidelines of Consensus 2019, Back addressed popular questions related to the future of crypto mining, during his interview on Crypto Finder.
Back believes that although existing protocols related to “transaction and mining fees are improving overtime,” the amount of Bitcoins mined are positioned to go lower in the future. The crypto-veteran commented that lower mining costs can also be attained through decentralization-enabled direct profitability from mining. He added,
“If the mining reward gets very low, you can get a situation where it becomes profitable for miners only to reorganize previous blocks and take the fees. Such a technology can be developed at the time to average out the fees.”
Contrary to popular opinion, Back stated that Binance CEO Changpeng Zhao’s reorg decision could easily have been implemented. However, it would incur “too many side-effects,” he added. One of Back’s suggestions to reduce service fees is to enable users to mine. While speculating about the future possibilities of mining, he added,
“Some exchanges are still profitable with some reporting a $400 million profit. On the other hand, there are other miners who are benefiting from bitcoin via merchants and payment processes. And ultimately if bitcoin wasn’t secure, the miner business would not exist.”
Back also shared Blockstream’s intention to be a reviewer of code in the space, rather than a decision maker. The interview concluded with Back encouraging the growing number of independent developers, something which Back believes, will enable much-intended decentralization in the crypto community.