Justin Drake Criticizes Bitcoin's Security Model, Claims It Is on a Path to Self-Destruction

Ethereum Foundation researcher Justin Drake stated on X that Bitcoin's proof-of-work (PoW) security model is in a "ticking time bomb" state. He pointed out that after several block reward halvings, the proportion of Bitcoin's fee income to miners' total income remains at about 1%, with the current daily average fee income being less than 10 BTC, marking a 13-year low.