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We all know halvings double the cost of production, a fact the media tends to dress up as an existential threat to Bitcoin every four years.

Miners seeking profit must also contend with fluctuating difficulty and energy costs. But if the price goes up, at least they’d get more money for every coin they mine.

At $88,500, bitcoin is ahead by 36% since the halving. More importantly, it’s up 130% on the average price during the last phase of the prior halving cycle (more than double!)

As it goes, high prices attract more miners, which have driven bitcoin’s total hash rate to all-time…

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