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[2607:f8b0:4864:20::f2b]) by gmr-mx.google.com with ESMTPS id 6a1803df08f44-8ffdc179114si3723156d6.8.2026.07.11.15.08.36 for (version=TLS1_3 cipher=TLS_AES_128_GCM_SHA256 bits=128/128); Sat, 11 Jul 2026 15:08:36 -0700 (PDT) Received-SPF: pass (google.com: domain of xodn348@gmail.com designates 2607:f8b0:4864:20::f2b as permitted sender) client-ip=2607:f8b0:4864:20::f2b; Received: by mail-qv1-xf2b.google.com with SMTP id 6a1803df08f44-902fc790cd5so15669756d6.1 for ; Sat, 11 Jul 2026 15:08:36 -0700 (PDT) ARC-Seal: i=1; a=rsa-sha256; t=1783807716; cv=none; d=google.com; s=arc-20260327; b=gxxczwtajB0NR3VtNrDjsbK/Ms8QiouUcJGgGiSHBAJPnacVEILNlyRYOcyxRHbDK0 04+peMjm1g1OKo9//KC0+Sht8DBaq0Sizy2mA2Wehut5CeAwr6ZoO/mX6uM/eoKjbT7z OtraLEl1jglSzGbtfmTolAQufPFTQhhrY7NO4vb/u4tREvWjTLOmN90pZdg5iv3Gg/DJ OpFQhTs/CVhVPE/O22oDrH5ysv/JtwPleRlUdE50bQfZVMq9XfQNxjkgnsKe8fz0PrT6 tGU84LIjg1CGBMcUZizu3x8pb7v49V5K5SCnhLYidhIjfgJsb2G12CppOg3v1PLjkOJ+ xGLQ== ARC-Message-Signature: i=1; a=rsa-sha256; c=relaxed/relaxed; d=google.com; s=arc-20260327; h=to:subject:message-id:date:from:mime-version:dkim-signature; bh=S/2KV/B0yyMDixy7fiyJIOEVlFweug+9iTDjLgwmmC4=; fh=VcGcg+Zjs9gw1uDcHbxsAILhBAcecnbJzZRdxgKVDIc=; b=B8SoccUAUCedxdAmhR/uGxtmiZfqaiXpCJLOr5Xmlkd7MPbUg8yAZuRYx0OZ26p+UA nf7/NARK8eE7NYpaAB+qSX3sPq5214HmdFQlL9Bdjf9585HKZf0EZ0FfgHt8ghLpuYjs D+RPvS8fra1Pdw9yIpfdT35KO3o23X6U+ngcdnKjX99MUCYBGA5kqmLzHUG+8GNasFrO kuXSeXrNLGR2qKSYLsngW0cbXi34iuZru4I+yJcA/UP2PN3Akzznucssf/77dYJApLoe OPmJhPdNVTPeVIQDOuoYTgGvLHk/Xs2P8y/NaS4r6uGsp9IVE+ljpvCT64FMeVLDBY8T rDIg==; dara=google.com ARC-Authentication-Results: i=1; mx.google.com; arc=none X-Gm-Gg: AfdE7cnEDkr9MccnSdGhyu6hXj+/7vjVg1crMdAqDCP2zEV0ZcsOL1+siYfO/uLiBHN 08zirk/06KY/9iJsMZwsFVZeFXD/wdNshNa1u0NgUVwHzVR29uVHutzPgXkmzreHdx4ljvDPTwi RNua11tCdUIf92zbr+XOmhHa/oYqV6K7YtfmjZxPeOgEF2kk0Aw7BYagvYidcKPNYAqZyu3rG9V 1Kheh4kopWQc8UQ2C1/cKbdgY/gl4UdM0ZGJJpSLEDoGm/7KEi0O5gQ5l6FoCkjO2j5JWipIKmJ /HP+HkoZuj6AdChOwYdVcImzNzwQDnDAIcny9WVr4mjJIiVJZLvjp+rHOw== X-Received: by 2002:a05:6214:2c0a:b0:8ee:7c26:8bb8 with SMTP id 6a1803df08f44-90400f95402mr49009476d6.9.1783807715992; Sat, 11 Jul 2026 15:08:35 -0700 (PDT) MIME-Version: 1.0 From: Junhyuk Jun Lee Date: Sat, 11 Jul 2026 17:08:25 -0500 X-Gm-Features: AUfX_mwP_qRmzB1fpaBm3OIG0WfKtNDhDJ9oGqsdc3jTHOKcS6ennyo3sBmDEOw Message-ID: Subject: [bitcoindev] [Research] Bitcoin After Block Rewards: preventing miner deviation as the block rewards approaches zero To: bitcoindev@googlegroups.com Content-Type: multipart/alternative; boundary="00000000000042697706565d19cb" X-Original-Sender: xodn348@gmail.com X-Original-Authentication-Results: gmr-mx.google.com; dkim=pass header.i=@gmail.com header.s=20251104 header.b=m2mGpL82; arc=pass (i=1); spf=pass (google.com: domain of xodn348@gmail.com designates 2607:f8b0:4864:20::f2b as permitted sender) smtp.mailfrom=xodn348@gmail.com; dmarc=pass (p=NONE sp=QUARANTINE dis=NONE) header.from=gmail.com; dara=pass header.i=@googlegroups.com Precedence: list Mailing-list: list bitcoindev@googlegroups.com; contact bitcoindev+owners@googlegroups.com List-ID: X-Google-Group-Id: 786775582512 List-Post: , List-Help: , List-Archive: , List-Unsubscribe: , X-Spam-Score: -0.5 (/) --00000000000042697706565d19cb Content-Type: text/plain; charset="UTF-8" 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 * 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 -- You received this message because you are subscribed to the Google Groups "Bitcoin Development Mailing List" group. To unsubscribe from this group and stop receiving emails from it, send an email to bitcoindev+unsubscribe@googlegroups.com. To view this discussion visit https://groups.google.com/d/msgid/bitcoindev/CAEOyoSPQt%3DTTN-JOVxmCk9UvD1MMHwoHPSvm34Zf2gv8RjcxNg%40mail.gmail.com. --00000000000042697706565d19cb Content-Type: text/html; charset="UTF-8" Content-Transfer-Encoding: quoted-printable
Hi, list.

I'd like to share a paper on= Bitcoin security in the fee-only regime, after block rewards reach zero.= =C2=A0

This paper analyzes=C2=A0at what point = deviating from honest mining becomes the rational strategy and how to preve= nt massive deviation for profit-maximizing miners using Base Fee, Fee Floor= , and adaptive block size=C2=A0rules .

Results:
1. We define a threshold (G_t) that signals when deviation becomes rationa= l 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=C2=A0zero by continuous halving.
3. We evaluate three mitigatio= ns and their effect on the deviation threshold: base fees, fee floors, and = adaptive block sizing.

Paper: https://arxiv.org/abs/2606.05503

Related discussio= n on Delving Bitcoin, including recent fee-equilibrium modeling that approa= ches the same regime from the revenue side:
https://delvingbitcoin.org/t/resea= rch-bitcoin-after-block-rewards-preventing-miners-deviation-when-the-bitcoi= n-rewards-is-zero/2626
https://delvingbitcoin.org/t/addr= essing-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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