history just simply says that the halving cycle actually is the best way to do it.

it creates a psychological up and down pattern that makes mining more profitable right after the dump after the peak, and less profitable later when the miner should be reserving their output.

so it pits short term profit against long term gain. the more the miner can hold off the market, the better, so investing in better hardware becomes a big part of the business. because the miner producers are incentivised to liquidate their stock as quickly as possible to turn over into R&D to improve it to stay competitive, the net result is that the hashrate of bitcoin continues to climb at an exponential rate that roughly matches the exponential decline of supply.

i used to think it would be better without the stair steps but i think actually they create a contradiction between short and long term that ensures that the winners in the miner game are the ones playing the long game, and the ones that play the short game, always lose.