Each Bitcoin halving sees Bitcoin miners rewarded with a smaller block subsidy, but ViaBTC is optimistic that innovative Bitcoin applications will more than cover these needs, as Satoshi Nakamoto envisioned.
Bitcoin transaction fees from applications such as Ordinals, Runes and BRC-20s will be key to making sure miners stick around even as more halving events occur, according to a cryptocurrency mining pool.
“[The Bitcoin network’s] evolution has led to an expanding array of use cases and a growing user base [which] has significantly impacted miners’ fee income from on-chain transactions,” ViaBTC told Cointelegraph in a recent interview.
Prior to the Ordinals protocol’s launch in January 2023, miners relied on peer-to-peer transaction fees to accompany the block subsidy — which halves every 210,000 blocks and thus has an “indisputable” impact on miners’ revenue over the long haul, ViaBTC said.