Bitcoin mining: bigger than you think…

Bitcoin mining is reaching a critical inflection point. Block rewards continue to halve, compressing revenues and reshaping long‑term profitability. At the same time, both capital and operating costs – driven by rising energy intensity, frequent machine upgrades, and regional power market volatility – are climbing. With margins narrowing, operators are being forced to reinvent or retreat.Some choose to repurpose their infrastructure toward artificial intelligence and high‑performance computing, seeking more predictable revenue per kilowatt. Others are doubling down on Bitcoin, maximising fleet efficiency and embracing ever more dynamic hardware management to extract every basis point of income.Still, to view mining solely through the lens of short‑term return on investment is to overlook its broader significance.In this note, we explore the recent evolution of the business model, examine the strategic paths available to miners, and highlight why the importance of mining extends far beyond the generation of mined bitcoins. As miners set out to demonstrate their societal value, we conclude that the sector is far more consequential than most people think and deserves greater recognition across economic and policy circles.