Junhyuk Lee · #1 ·
Howdy.
I have written paper about Bitcoin;s security when the Bitcoin block rewards approach zero near 2140.
The original motivation of this paper is worrying about reducing block rewards and miner’s profitability because of halving, while the price could not doubling in every four years.
Problem :
How the Bitcoin’s security changes when the Bitcoin rewards is 0 and how could we prevent the miner’s deviation.
Findings :
1. Found G_t threshold which could determine whether miner’s deviation is happening or not
2. The massive deviation is not happening only because of block rewards
3. In a pure fee-only regime, deviation can become rational even at 0.17% of transaction fees
4. In a pure fee-only regime, base fee, fee floor and adaptive block size could help to alleviate massive deviation of miners.
My suggestion would not be a only solution fot the problem but I would be appreciate if this incur the other brilliant scientists’ inspiration.
The link is in below.
[2606.05503] Bitcoin After Block Rewards
Thank you.
Sincerely,
Junhyuk Lee