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Nybas

@nybas

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Bitcoin PoW security crisis Miner commission revenue on the Bitcoin network is at historic lows (less than 10 BTC per day), despite regular reductions in the block reward (halving). This means that the network's security budget (i.e. paying the miners who protect the network from attacks) is falling and is not being replenished by commissions as originally thought. If the trend continues, once the issue is complete (21 million BTC), the security of the network will be at risk: there will be few miners, and a 51% attack will become cheap even for one large mining farm. Even if the price of bitcoin rises (e.g. to $1 million or $10 million per coin), the total cost of mining capacity would be disproportionately small compared to the capitalisation of the network, creating a systemic risk to the entire market. #Firefly_Crosspost
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