From: Junhyuk Jun Lee <xodn348@gmail.com>
To: bitcoindev@googlegroups.com
Subject: [bitcoindev] [Research] Bitcoin After Block Rewards: preventing miner deviation as the block rewards approaches zero
Date: Sat, 11 Jul 2026 17:08:25 -0500 [thread overview]
Message-ID: <CAEOyoSPQt=TTN-JOVxmCk9UvD1MMHwoHPSvm34Zf2gv8RjcxNg@mail.gmail.com> (raw)
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Hi, list.
*I'd like to share a paper on Bitcoin security in the fee-only regime,
after block rewards reach zero. *
This paper analyzes at what point deviating from honest mining becomes the
rational strategy and how to prevent massive deviation for
profit-maximizing miners using Base Fee, Fee Floor, and adaptive block
size rules .
*Results:*
1. We define a threshold (G_t) that signals when deviation becomes rational
in a fee-only regime.
2. In simulation, deviation becomes rational at fee differentials as low as
0.17% of transaction fees when the block reward reaches zero by continuous
halving.
3. We evaluate three mitigations and their effect on the deviation
threshold: base fees, fee floors, and adaptive block sizing.
*Paper: https://arxiv.org/abs/2606.05503 <https://arxiv.org/abs/2606.05503>*
Related discussion on Delving Bitcoin, including recent fee-equilibrium
modeling that approaches the same regime from the revenue side:
https://delvingbitcoin.org/t/research-bitcoin-after-block-rewards-preventing-miners-deviation-when-the-bitcoin-rewards-is-zero/2626
https://delvingbitcoin.org/t/addressing-the-diminishing-block-subsidy/2640
Feedback on the model and its assumptions is welcome and whether the
mitigations are realistic as soft forks.
Best,
Junhyuk Lee
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next reply other threads:[~2026-07-11 22:09 UTC|newest]
Thread overview: 2+ messages / expand[flat|nested] mbox.gz Atom feed top
2026-07-11 22:08 Junhyuk Jun Lee [this message]
2026-07-13 22:58 ` [bitcoindev] [Research] Bitcoin After Block Rewards: preventing miner deviation as the block rewards approaches zero Melvin Carvalho
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