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 -- 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 [email protected]. To view this discussion visit https://groups.google.com/d/msgid/bitcoindev/CAEOyoSPQt%3DTTN-JOVxmCk9UvD1MMHwoHPSvm34Zf2gv8RjcxNg%40mail.gmail.com.
