Fidelity rebuts claims Bitcoin becomes less secure after halvings
Fidelity Digital Assets says Bitcoin’s long-term security should remain strong even as block rewards decline. The key point is that security depends not only on new issuance but also on transaction fees, market incentives, and Bitcoin’s price, which can keep mining profitable enough to deter attacks. The report argues that past halvings have not weakened incentives overall; rising BTC prices have helped miner revenue grow sharply over time. The broader debate is whether transaction fees will eventually replace block subsidies as the main support for network security once issuance keeps falling. Meanwhile, many public miners are under near-term financial strain from lower rewards and higher costs, prompting some to pivot into AI and high-performance computing.
