Historical context and broader implications

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Justin Drake noted that since 2016, Bitcoin fees have remained at roughly 1% of miner revenue despite multiple halving events

Justin Drake warned that failing to address the shrinking security budget could pose an existential risk to the broader crypto ecosystem

Justin Drake and other observers stated that Bitcoin’s fee revenue has consistently failed to rise in line with diminishing block rewards, challenging the belief that transaction fees would eventually replace subsidie

Justin Drake explained that the remaining 99% of miner income currently comes from block rewards, which are newly issued bitcoins distributed to miners and designed to halve every four years until the supply cap is reached

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