Fred Thiel, CEO of Bitcoin mining company Marathon Digital Holdings, shared his views on Bitcoin halving and the future of miners in an interview: 1. Thiel believes that the Bitcoin halving bull market is just a fantasy and he does not think it will happen. He thinks that the price of Bitcoin is more related to transaction prices and liquidity cycles than to the halving event. 2. Thiel mentioned that they hold about 39,000 Bitcoins and $1 million in cash. If the price does not improve significantly after halving, they will continue to sell the Bitcoins they receive until 2026.

3. In the next 10 years, Bitcoin will undergo two halvings, and mining revenue will decrease to less than 2 Bitcoins per block. However, he hopes that Bitcoin can attract more users to increase transaction fee income. 4. Without enough incentives, miners may leave the Bitcoin network and look for more profitable opportunities, such as mining on other blockchains like Ethereum. 5. To increase miners' revenue and attract more miners to join the network, Bitcoin needs to be scaled up to increase network security.