Bittensor I $TAO Most bittensor miners are losing money. they just do not know it yet. this is what mining bittensor looks like after 20 subnets, some made real money. most did not. here is what i learned that nobody tells you. a cheap registration is not a good subnet. i made that mistake early. low tao to get in felt like opportunity. it meant the subnet was starving because the math did not work. the math does not work on most subnets because of the burn. every subnet has a burn rate. some are at 100% burn. every emission goes back to the subnet. zero goes to the pool miners split. you are running gpu against earning nothing. you pay for hardware. you pay for power. you grind emissions every cycle. the burn takes it all. you are not a miner. you are a subsidizer. some subnets have 90% burn. they leave 10% for miners. that 10% gets split among everyone registering. the more miners join, the thinner each slice gets. registration is cheap so everyone piles in. then they wonder why their daily payout is dust. i have watched subnets promise a new scoring function, restructure their tokenomics, burn promises pinned in their discord. my payout never changed. most fail because the incentives are misaligned. the subnet needs miners to function. miners need payouts to stay. the burn makes the first cycle free for the subnet and expensive for the miner. this is the part nobody in the telegram and discord chats will say out loud. the wallet in the image is mine. those are real earnings from active subnets. the ones that worked had low burn and a team that shipped. the ones that did not had a roadmap and a 90% burn. do the math before you register. look at the full subnet stats first, not the registration cost. a cheap slot on a 90% burn subnet is an expensive lesson.