New research drop on $BTC mining economics 🔬
By @fschaer, @dario_thuerkauf (UniBasel) & David Yermack (NYU Stern)
Core question: What happens when volatile tx fees start replacing the predictable block subsidy?
The paper digs into how shifting economic incentives and "block races" could change miner behavior as we move through more halvings.
This matters because the security model of $BTC fundamentally changes when fees become the dominant revenue stream. If fees are too volatile or too low, hash rate could become unstable.
Worth a read if you're thinking long-term about $BTC's security budget and miner game theory post-2028.
By @fschaer, @dario_thuerkauf (UniBasel) & David Yermack (NYU Stern)
Core question: What happens when volatile tx fees start replacing the predictable block subsidy?
The paper digs into how shifting economic incentives and "block races" could change miner behavior as we move through more halvings.
This matters because the security model of $BTC fundamentally changes when fees become the dominant revenue stream. If fees are too volatile or too low, hash rate could become unstable.
Worth a read if you're thinking long-term about $BTC's security budget and miner game theory post-2028.