Bitcoin is designed to put large miners out of business on a long enough timescale.
Halving cuts the block reward, inflation and rising energy costs raise cost of production. Margins for large-scale miners get squeezed harder every cycle. Industrial mining operations need profits to cover facilities, staff, investors, and debt. When the math stops working in their favor, they shut down or, more recently, pivot to AI.
But the pleb miners at home? Different game entirely. No rent for a datacenter. No employees. No shareholders demanding returns. Just miners in garages and basements, heating houses in winter, running on solar in summer and providing a revenue stream for anyone with excess energy.
Bitcoin doesn't care about your economy or scale. The halving itself is a filter. Long-term, it filters out the operations that can't survive on thin margins.
Guess who can stay irrational much longer than any commercial entity? It's us!
