{"type":"rich","version":"1.0","title":"ManyKeys wrote","author_name":"ManyKeys (npub129…hhud3)","author_url":"https://yabu.me/npub129puxu7lrd2g5a7hnmr57fe9t5ffk62m2gklkkl5xjvt5j6srhuswhhud3","provider_name":"njump","provider_url":"https://yabu.me","html":"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. \n\n\u003e “Security scales with market cap automatically” \n\nis not guaranteed \n\nWhat really happens if price does NOT rise after a halving? \n\n1. Subsidy halves from 6.25 → 3.125 BTC; \n2. Efficiency improvements add maybe +20% over 4 years; \n3. Miner revenue still falls roughly ~45%.\n\nThat means hashrate must drop, difficulty drops, and attack cost drops."}