For only the third time in history, Bitcoin’s mining subsidy was cut in half this month. It was a moment that garnered attention from around the world, reminded us of the protocol’s programmable scarcity and inherent value proposition and gave some of the space’s technological and cultural principals reason to reflect on the past and future.
Further Reading: What Is the Bitcoin Halving?
Bitcoin Magazine’s BitcoinHalving.com live stream, held for 21 hours continuously around the third Halving, shared some of these reflections with thousands of viewers and created a broadcast that reminds us why the technology has been so important to date, and of the vast potential it still holds.
Samson Mow’s Bitcoin Predictions for After the Halving
In a video for the BitcoinHalving.com live stream, Blockstream CSO Samson Mow offered predictions for Bitcoin’s fourth epoch, the period between this most recent Halving and the next. For instance, he weighed in on the potential energy use of Bitcoin mining in the coming years — something Blockstream has a firsthand stake in.
“Right now, we’re probably using 77 terawatt hours per year, and that’s really miniscule compared to 157,000 terawatt hours per year that’s being used for everything else around the world,” Mow explained. “I think at the next Halving, we’ll be doing pretty well if we can reach 0.1 percent [of the world’s total energy use]. It could be higher, but we also see a lot of efficiencies being gained all the time by ASIC manufacturers.”
When asked to offer a prediction for one of the biggest issues in Bitcoin, which is only poised to grow as interest in the technology does, Mow offered some more advice based on his own experience.
“For us at Blockstream, we actually see a lot of people getting scammed by cloud mining schemes. They’re using our name and even before we started mining, they were scamming using this concept,” he said. “But I think overall, the biggest new scam is…