Bitcoin’s PoW security model under scrutiny as fees hit 13-year low

Bitcoin’s (BTC) transaction fees have fallen to a 13-year low, now contributing just 1% to miner revenue despite multiple halvings. Ethereum (ETH) researcher Justin Drake warned on X that this sharp decline in fee income is undermining the sustainability of Bitcoin’s proof-of-work (PoW) security model. Drake estimates that a 51% attack on the network could be executed with as little as $20 billion in hardware—just a fraction of Bitcoin’s potential $200 trillion market cap—raising serious concerns about long-term security. Without significant fee growth or structural reforms, such as introducing tail issuance or transitioning to proof-of-stake, experts argue that BTC could face systemic risks impacting the broader crypto ecosystem.