Bitcoin Miners Are Losing Revenue in a Bear Market

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In May, the total block subsidy fell to like nearly all time lows. We haven't seen this since March 2021. The fact that we're celebrating the nearly all time high of transaction fees as a percentage of total minor revenue around 14, 15%. That says a lot about a chain that's been around for 10 years. But I do expect that narrative to change at some point and Bitcoin miners are going to start losing revenue.

In today's episode, we revisit our 2023 predictions and make new predictions for 2H 2023. Tune in to find out why you should watch alts on Base, how ETH could flip BTC, DeFi's next big narrative and why Circle will eat your favorite bridge's lunch. And as always, we start with our hot seat/cool throne segment where we discuss OP unlocks, Moonpay's crash, the Celestia/Noble partnership and how MakerDAO's DSR could impact DeFi borrowing rates.

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Timestamps:

(00:00) Introduction

(00:38) Hot Seat/Cool Throne

(24:31) The Atom Accelerator Promo

(26:08) 2H 2023 Predictions

(26:58) Prediction #1: Base’s Alts Will Outperform

(36:11) Prediction #2: ETH Will Flip BTC

(48:13) Prediction #3: LSTFi Will Be THE Narrative

(1:01:24) Prediction #4: CCTP Will Eat Crypto’s Bridges

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Resources:

2022 Mount Rushmore & 2023 Predictions (0xResearch)

https://spoti.fi/3q9vI3x

Dan's The Flippening Twitter thread

https://twitter.com/smyyguy/status/1612866619981856769

Bitcoin Miner revenue chart

https://dune.com/smyyguy/bitcoin-asset-profile

Dan's LSD DEX Volume Analysis

https://flipsidecrypto.xyz/dan-smith/lsd-dex-volume-analysis-OmebEt

CCTP Twitter thread

https://twitter.com/blockworksres/status/1663577685656997888

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Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Dan, Sam, and our guests may hold positions in the companies, funds, or projects discussed.