Bankless：符文热消退 谁来保证比特币网络安全？
Author: Jack Inabinet, Bankless; Translator: Deng Tong, Golden Finance
Bitcoin's fourth halving has programmatically reduced the BTC block reward by 50% to 3.125 BTC per block, reducing network inflation.
While there were concerns that the halving would lead to a drop in hash power and hence lower security, the runes and their far-reaching effects appear to have allayed those concerns.
Bitcoin miners' revenue comes from two components of block rewards: inflationary bitcoin issuance and transaction fees. Their revenue has been halved, but with on-chain participants starting to mint and trade the latest generation of NFTs on Bitcoin, net transaction fees have soared.
On April 20, transaction fees accounted for 74% of the total block reward, and miners are earning more BTC than before the halving, despite a sudden drop in inflation.
In the long run, the rise in transaction fees may be sustainable, and some claim it marks the beginning of a new era for Bitcoin, but there are good reasons to be sceptical of such claims.
Upon the release of Runes, the average transaction fee on the Bitcoin network immediately surged to $127, but then plummeted to $27 and continued to drop rapidly to normal levels.
Although Runes generated more than 1,000 BTC in fees in the first 24 hours after its release, the following two days of transaction activity produced a relatively paltry 328 BTC, demonstrating that the hype had begun to wane and indicating that Runes may not be a direct solution to the miner income issue.
While Rune enthusiasts are hoping for a wave of centralised exchanges to list the token and reignite excitement, it's hard to deny that this momentum is quickly fading.
Even if Runes' resurgence increases Bitcoin's transaction activity, remember the fundamentals (or lack thereof) behind these tokens. Memecoins performed well in Q1 2024, but history has repeatedly shown that all purely speculative crypto trends will eventually fizzle out; the runes speculation saga is unlikely to be any different.
Bitcoin enthusiasts with sharp eyes have long emphasized the proof-of-work consensus mechanism and the 21 million hard cap on issuance as two aspects that give BTC value, but with Runes potentially unable to promote sustainable transaction revenue, network participants may be forced to reassess the sustainability of these features.
Bitcoin's hash rate has remained relatively stable after the halving, dropping by less than 4% since the event. As long as the market continues to be driven by risk sentiment, rising Bitcoin prices and strong on-chain speculation will support miner revenue.
There is currently little incentive to enact changes that may jeopardize Bitcoin's core value or its established monetary premium.
While the Bitcoin community has historically been staunchly opposed to changes, ignoring future issues in resolving network security concerns could put the blockchain in an awkward position.
Mathematically speaking, Bitcoin cannot maintain its current security position without driving transaction fees.
A reduction in future speculative activity would not only weaken Bitcoin's on-chain activity, but could also have an impact on Bitcoin's price, further lowering the dollar
注册有任何问题请添加 微信：MVIP619 拉你进入群
打开微信扫一扫
添加客服
进入交流群
1.本站遵循行业规范，任何转载的稿件都会明确标注作者和来源；2.本站的原创文章，请转载时务必注明文章作者和来源，不尊重原创的行为我们将追究责任；3.作者投稿可能会经我们编辑修改或补充。
