The subsidy is the fixed amount of new bitcoin created in each block. I’m not sure how else to phrase it. We’re all just front running future halvings.

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It's a virgin UTXO. I think there's a better word for it but 1 Bitcoin from a block reward and 1 random Bitcoin is verifiably not the exact same thing. You can verify is someone obtained it from mining or not.

THIS IS AN ATTACK ON FUNGIBILITY