[Marathon CEO Fred Thiel predicts Bitcoin transaction fees will exceed block subsidies] Golden Finance reported that Fred Thiel, CEO of Marathon Digital Holdings, a listed mining company, shared his insights on several key aspects of the Bitcoin landscape, focusing on transaction fees, hash rate elasticity and global expansion plans. Thiel emphasized the conditions for Bitcoin transaction fees, noting that large payloads that need to be prioritized will increase fees. He emphasized that transaction volume in the memory pool is the main driver, and various value-added services are built on top of the basic transaction fee. Thiel likened it to a tiered system in which first-class services guarantee the finality of transactions, while lower-level services operate on a less specific basis. Thiel predicts that transaction fees will exceed block subsidies over time, especially as block subsidies continue to decrease. Speaking of the elasticity of Bitcoin's hash rate, Thiel noted that although a sharp drop was predicted after the halving, the actual drop was not that severe. He attributed this elasticity to the growth announcements of public and sovereign miners. Thiel expects that as new sovereigns and other private entities enter the mining field, public miners will merge and account for a smaller proportion of the global hash rate, which will dilute the overall share held by public miners.