Key Findings from Fidelity's Report
Fidelity Digital Assets has released a research report stating that Bitcoin's halving events do not weaken the network's long-term security. The report highlights that miner incentives come not only from block subsidies but also from transaction fees and other economic motivations, so network security does not necessarily decline as block rewards decrease.
Data Shows Miner Revenue Growth
Despite the block subsidy dropping to 3.125 BTC per block, miner average daily revenue has surged from approximately US$26,300 during the first halving cycle to over US$40.2 million today, driven by the appreciation of Bitcoin's price. Historically, both miner incentives and network security have strengthened along with Bitcoin's price. The report emphasizes that Bitcoin's security is guaranteed by its programmed economic model, and halving events do not undermine this mechanism.
Market Implications
Published after Bitcoin's fourth halving, the report offers a positive response to concerns that halving could reduce network security. Fidelity Digital Assets believes that as transaction fees account for a growing share of miner revenue, network security will be further consolidated. Current Bitcoin network hashrate remains at elevated levels, validating the report's conclusions.