You can’t find anything online?
60% of Bitcoin hash power has already engaged.
Bitcoin miner revenue is the security budget for Bitcoin. That security budget is shrinking in proportion to the value of Bitcoin’s network for every halving.
Before
$NAT, Bitcoin miners rely on Bitcoin value to at least double for every halving.
Doubling is exponential growth which is impossible to sustain. This means the security budget (miner revenue) will shrink over time as Bitcoin struggles to double at least every 4 years.
And even if it does double, you’re maintaining today’s security budget ($20-$30B per year collective revenue) for an exponentially growing Bitcoin. Example: if Bitcoin doubles all the way to 2140, each Bitcoin is worth $24 trillion/BTC. Which gives the network value of $504 quintillion - all secured by $30B.
That’s 0.0000000000595238% of the network’s value. To put that into perspective, the United States spends $1 trillion per year for the military, about 3% of the GDP or 50,400,000,000 times more than Bitcoin security budget. If this happens Bitcoin will be worth 5,000,000 times the GDP of Earth.
Clearly this is NAT gonna happen.
$NAT comes from the Bits field of each block. This bits field is the difficulty adjustment target. So if hash power goes up, we have a smaller target and therefore less
$NAT emitted per block. If hash power decreases we have a little
more
$NAT emitted per block. Each time a Bitcoin miner successfully mines a block they receive Bitcoin
$NAT.
$NAT doesn’t halve and therefore is a more sustainable security budget than Bitcoin’s exponential decay.
To match the block reward,
$NAT would only have to reach $350B market cap. Compare that to Bitcoin $2T market cap. With
$NAT it can grow as Bitcoin grows. Which means Bitcoin miner revenue can now grow as Bitcoin grows, without relying on exponential growth of Bitcoin.
More details in the NATpaper:
natgmi.com/natpaper