Under the dual pressure of the continued halving of Bitcoin block rewards and mainnet transaction fees dropping to record lows, this decentralized network that has been running for 15 years is undergoing its most severe security budget test.

Bitcoin network transaction fees were once almost negligible, but during the Ordinals and Runes boom from 2024 to early 2025, fees accounted for a significant portion of miner revenue, creating a unique “dual subsidy” phenomenon. As these booms faded, the balance between fees and subsidies once again became skewed.

The generation of each block is both a security verification process and an economic calculation. When the BTC from subsidies is halved, but the BTC from transaction fees does not increase accordingly, this calculation begins to look precarious. #成长值抽奖赢iPhone17和周边 #十二月行情展望 #广场发帖领$50