As 2026 approaches, Bitcoin (CRYPTO: BTC) shows a divergence between what the network delivers and how the market prices it. The network has never been more secure, with hashrate at record levels, but the economics of mining remain fragile. Miner rewards are smaller than before, difficulty is higher, and revenue per unit of compute leaves miners with almost nothing after covering basic costs.

In 2021, investors saw a similar pattern in premium-based Grayscale Bitcoin Trust (NYSE:GBTC) trades, which were viewed as reliable BTC-linked yield until the trust premium collapsed and liquidity reversed. So to avoid repeating that cycle, Bitcoin income must be tied to the compute that secures the…

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