Don’t understand this framing… miners’ cost to “produce” Bitcoin is completely unchanged by tx fees.
Their revenue and profit margins have certainly increased.
Discussion
You attain 100,000,000 Satoshi’s faster and with less electricity expenses when your transaction fees are through the roof fren. Check out the Braiins pool calculator……….
You earn more revenue when you mine a block, but that has nothing to do with the cost of mining it.
The attainment of 100,000,000 Satoshis through the subsidity and fees is obtained with an overall lower electricity cost.
I see that on a small scale fren with mining, so I respectfully disagree with you.
Hope you have a great New Year!
Cheers, happy new year to you!
I just push back on the idea of “100k sats” as a single measure of miner revenue.
Block subsidy (new issuance, or “production”) is an entirely separate revenue stream from tx fees. One is known and predictable, where the other is a determined by (volatile) market demand.
The cost of producing ~enough hashes (statistically) to find a block is not determined by either form of miner revenue. It is determined by real world hardware/energy/etc costs, and how many hashes competing miners are producing.
TLDR; successful miners do a ton of financial and risk modeling for all kinds of scenarios, and invest accordingly.