Fidelity refutes the claim that Bitcoin halving undermines the cryptocurrency’s security: Miners’ daily revenue has risen from $26,300 to $40.2 million.

Fidelity Digital Assets recently released a research report addressing concerns that Bitcoin’s halving will long-term weaken the network’s security. The report’s author, Fidelity research analyst Daniel Gray, noted that Bitcoin network security does not solely depend on block rewards; transaction fees, market incentives, and other economic forces also continuously motivate miners to maintain network security, making sustained attacks prohibitively costly. On the data front, Gray pointed out that while block subsidies have continued to decline, the rise in Bitcoin’s price has largely offset this impact. Miners’ average daily revenue has surged from roughly $26,300 during Bitcoin’s first halving cycle to over $40.2 million today. He wrote: “Despite the decline in issuance, miner incentives—and by extension, network security—have historically strengthened alongside Bitcoin’s price growth.” Since Bitcoin’s fourth halving in April 2024, miners’ per-block subsidy has dropped from 6.25 BTC to 3.125 BTC. However, the report’s optimistic conclusion stands in sharp contrast to the reality of publicly traded mining companies. Multiple industry analysts have described the current period as one of the most challenging mining environments on record, driven by concurrent declines in block rewards, rising operating costs, and intensifying competition. In response, several mining firms have begun transitioning to AI and high-performance computing sectors, leveraging their existing power infrastructure to meet AI computing demand. VanEck estimates that public mining companies may need to raise up to $50 billion in additional capital to fully transition to AI infrastructure, though AI data centers have far higher requirements for facility standards, cooling, power redundancy, and networks than traditional Bitcoin mines, making the transition’s difficulty non-negligible.