Bitcoin Survived Halving, but Death Spiralists Still Say BTC Is Doomed

Bitcoin (BTC) halvings are a little spooky, sort of like the witching hour, and one of the prophecies being murmured about last week was something about a Bitcoin network death spiral. This idea, which isn’t really new, premises a mass exodus of BTC miners whose work creating new parts of the blockchain no longer pays because of a reduction in their rewards.

As put forth most recently by Zach Resnick, a managing partner at venture capital firm Unbounded Capital and a prominent supporter of Bitcoin SV (BSV), and summarized by Cointelegraph:

“As the halving cuts the block reward, a large number of miners will leave the network. As the network hash rate drops, the block time increases, the network becomes congested. This, in turn, makes Bitcoin less attractive, as participants do not want to wait forever to have their transactions processed. This leads to the Bitcoin price falling, which pushes more miners off the grid. This process repeats itself until the network dies.”

The May…