Hashrate follows miner revenue. Miner revenue = block subsidy + fees × BTC price. Efficiency gains help, but not enough to counter halvings forever. Hashrate will not “always” grow.
> “Security scales with market cap automatically”
is not guaranteed
What really happens if price does NOT rise after a halving?
1. Subsidy halves from 6.25 → 3.125 BTC;
2. Efficiency improvements add maybe +20% over 4 years;
3. Miner revenue still falls roughly ~45%.
That means hashrate must drop, difficulty drops, and attack cost drops.
ManyKeys
npub129…hhud3
2026-02-22 15:44:40 CET
in reply to nevent1q…j3vj
Author Public Key
npub129puxu7lrd2g5a7hnmr57fe9t5ffk62m2gklkkl5xjvt5j6srhuswhhud3Seen on
wss://relay.snort.socialwss://relay.damus.iowss://primus.nostr1.comwss://theforest.nostr1.comwss://nos.lolwss://relay.snort.social/,Published at
2026-02-22 15:44:40 CETEvent JSON
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