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Long-Term Sustainability Concerns in Bitcoin: "If We Can't Do This, the Game is Over" - Coin Bulletin
As the hash rate on the Bitcoin network increases, the decline in transaction fees and empty blocks raises concerns about Bitcoin's long term sustainability.
Bitcoin's hashrate reached an all-time high of 838 exahash/second (EH/s) on the 14-day moving average. However, despite this increase, the blocks are almost empty, resembling a strong train moving swiftly on the tracks but with no passengers. A block with only four transactions in January 2023 was one of the blocks with the lowest transaction density in this area.
Empty blocks and future concerns
Nicolas Gregory, the creator of Mercury Layer and former Nasdaq executive, commented on this situation by saying, "Partially empty Bitcoin blocks tell a story — defending the value storage argument could jeopardize Bitcoin's future." Gregory added, "I hope the Bitcoin community realizes that this space is not just about podcasts, conversations, and the 'numbers are going up' digital gold story. If we don’t start using Bitcoin for real commerce, the game is over."
These statements emphasize the need for Bitcoin to be used not only for investment purposes but also for real trade and point out that if this issue is not resolved, the future of Bitcoin may become uncertain.