rich1.0ManyKeys (npub129…hhud3)https://yabu.me/npub129puxu7lrd2g5a7hnmr57fe9t5ffk62m2gklkkl5xjvt5j6srhuswhhud3njumphttps://yabu.meHashrate 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.