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Friday, May 19, 2017

Bitcoin Miners Are Not ‘Winning’ From High Fees: ShapeShift CEO

Bitcoin Miners Are Not ‘Winning’ From High Fees: ShapeShift CEO

ShapeShift CEO Erik Voorhees has hit out at comments that miners are “winning” from the increase in Bitcoin network fees.

Responding to a Reddit post which noted fees had increased to “40 percent” of the 12 BTC block reward, Voorhees said it was “narrow-minded” to think that miners were on top.

“If BTC price is suppressed because of the scaling conflict (which I promise it is), then high fees in blocks doesn't necessarily surpass losses from mining reward due to price suppression,” he wrote.

“It would be extremely short-sighted and foolish to block progress which enables Bitcoin to scale and become worth $10k+ per coin merely to get marginally more mining fees.”

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