Bob Burnett, CEO of Barefoot Mining, a bitcoin mining company providing off-grid “wild” mining services, has declared that wars will be fought over Bitcoin blockspace. In a recent interview, Burnett stated that as bitcoin becomes critical to companies and nation-states, the value of Bitcoin blockspace will be treated as an essential scarce commodity.
Barefoot Mining CEO Bob Burnett States Bitcoin Blockspace Will Be ‘Financialized’ in the Next 15 Years
Bob Burnett, CEO of Barefoot Mining, a bitcoin mining company that provides off-grid infrastructure and services, believes the financialization of the Bitcoin blockspace will solve the network’s sustainability problem.
At the Bitcoin Fundamentals podcast, Burnett stated that, as bitcoin grows to become more prevalent in the world’s economy, there will be more demand to access blockspace at certain times and dates. This need will give origin to a market for blockspace futures, where mining companies will offer their product (blockspace) to bidders needing to access the Bitcoin network to transact.
Burnett stressed this will change the notion of the real value of a block, shifting away from the conception of its financial value (fees + subsidy) to a more scarce and finite resource, considering that several companies and high-worth individuals and offices will need to access it to complete critical transactions.
He declared:
If we’re on a path to Bitcoin being the base layer of money, now Bitcoin is existential to all the financial services companies and government. We can probably debate the time frame, but we are on a path where wars will be fought over control of those 53,000 blocks.
Burnett also thinks that groups of companies will surge to have preferred access to Bitcoin blockspace, including mining organizations as part of these associations. These cartels will only process transactions from their inner circles, rejecting bids from other organizations.
This situation will stabilize the income for bitcoin mining companies, which in 15 years will benefit more from transaction fees than from subsidies, Burnett concluded.
