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The whole spiel before that explains the uncharted territory, i.e. the activity generated by the rune protocol and the OTC institutional buys for ETFs. As @lopp noted on X/Twitter:
"Bitcoin is on a record 100 block streak of transaction fees exceeding the block subsidy."
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I posted that tweet in a miner telegram group
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and if Miners aren't paid as much. well, it's pretty straight forward to me. It doesn't seem as if it will be as profitable.
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Uncharted territory?
This happens like every 4 years or something like that!