Justin Drake Criticizes Bitcoin's Safety Classifier, Saying It's Going to Self-Destruct

Justin Drake, a researcher at the Ethereum Foundation, wrote in X that the Bitcoin proof-of-work (PoW) safety classifier is in a "ticking time bomb" state. He pointed out that after several block reward halves, Bitcoin's fee revenue as a percentage of miners' total revenue remains at about 1%. The current average daily fee is less than 10 BTC, a 13-year low.