Bitcoin Miner Revenue, Power Curves & Why Stock-to-Flow Still Fails

Show Notes

In this episode, Matthew analyzes Bitcoin miner revenue trends, the post-halving fee landscape, and long-term power curve models. He breaks down trailing 12-month miner revenue data, the inflation-to-fee split, and how off-chain demand from ETFs and institutions is shaping this cycle differently than 2017 or 2021. He also dives deep into the “PSR” (Price-to-Security Ratio) model, assessing where we are in the Bitcoin bull market using percentile bands and regression curves. Matthew critiques stock-to-flow models, arguing that they fail due to flawed asset comparisons and misapplied coefficients. Porkopolis Economics - Episode 237 Chapters: 00:00:00 - Bitcoin Mining Revenue Trends 00:05:39 - Bitcoin Price Trends and Market Dynamics 00:10:36 - Bitcoin Market Cap and Revenue Analysis 00:14:55 - Analyzing Market Trends and Percentiles 00:18:27 - Bitcoin Trends and Stock to Flow Analysis 00:26:52 - Analyzing Bitcoin's Price Trends 00:30:00 - Analyzing Stock to Flow Predictions 00:36:47 - Technological Deflation and Bitcoin's Role 00:39:29 - Trump's Response to Medvedev's Claims 00:43:00 - Reflections on Life in Latvia 00:45:05 - Regulation and Trends in Europe Show Sponsor: Debifi - https://debifi.com/ Donations to Porkopolis Economics via BTCPay are appreciated: https://donations.porkopolis.io/ Porkopolis Economics covers macroeconomics, money, geopolitics and sports from the creator of the Crypto Voices podcast, Matthew Mezinskis. Data-driven. Scale matters. Smaller, decentralized states means more opportunity for liberty than larger ones. Host: Matthew Mezinskis https://porkopolis.io https://x.com/1basemoney Show content is not investment or financial advice in any way. 🎙️ New to streaming or looking to level up? Check out StreamYard and get $10 discount! 😍 https://streamyard.com/pal/d/6266922845601792