Part 8/19:
A recurring theme was miners’ profit models in an evolving landscape. As Bitcoin’s price fluctuates and block rewards halve, miners’ profitability depends heavily on operational efficiency, cost management, and access to advanced hardware. Efforts to keep up with ASIC innovation—like the release of Bitmain’s S21 and other next-gen machines—are aggressive, often undercutting previous models and squeezing margins.