Post
Topic
Board Bitcoin Discussion
Re: What if the fees aren't enough?
by
Oshosondy
on 04/05/2022, 06:52:17 UTC
I know its heresy but I'd really like to entertain a discussion on both sides regarding a concern of mine. What if transaction fees aren't enough to incentivize the miners to secure the bitcoin network? I think this is a potential problem we may see in the next few decades as the halving continues on. My hope is that we will have enough people using the bitcoin network to have a healthy fee market, but if we have weak periods like now where there are several unfilled blocks, wont miners just turn off their equipment as they are unprofitable? What options or solutions are being discussed to help mitigate this?
Yet mining hashrate as been increasing even in the recent bearish market, bitcoin mining hashrate still continue to increase and have reach ATH many times this year alone. Bitcoin mining hashrates reach ATH even recently like 3 days ago.



If miners are not having profit, they would have shot down operation and never mine but the hashrate rate continue to increase which means either more miners are joining and old miners are buying more mining equipments.

Abiut the issue of if the transaction fee is never enough, this can happen if the mempool is congested, that is why to use RBF in case of such time so that you can be able to increase the fee if such situation happen.