Bitcoin Mining: Minting or Transmitting?

The decay of the Block Subsidy is inevitable

Halvings are Inevitable

As we approach the fourth Bitcoin Halving (‘halvening’ for dwarves or ‘halfining’ for Hal Finney) expected for April 2024, it is interesting to consider how much longer Bitcoin mining can be profitable based on the block subsidy reward.

It has always been anticipated that eventually, the revenue of bitcoin miners would, over a period of multiple halving eras, shift to rely primarily on fee revenue…