Income! That's the problem! I mined at 45 cents/th back in 2021, I could take a 66% drop because I would still be profitable even at 15 cents/th. If I would still have mined at 10 cents/th (before halving) and got even a 33% I would be losing money! Income at 45 cents and expenses at 8 cents/ths means a cut of 50% I still make 18cents/s profit! Income at 10 cents and expenses at 8 cents means that a 50% I'm in red by 3 cents! A lot of different things, profitability was still higher by 40%. The s19 was shipping in May after a shitton of preorders because it was outperforming the s17 from 0.045j/Gh to 0.034j/Gh. The summer had cheap energy from China, which is not here anymore see the power curtailing in the US now . ROI at 0 costs for the s19 was still just over a year, not two and a half years for the s21 as now. Well Riot has never made money, Stronghold is for sale, Core is taking a $75m loan not to enter bankruptcy again, Mara is sitting on 600 million of debt and "investors" money..... Exactly, each halving when the price doesn't double means less security overall, and even if does double it still means 1/2 security to market cap. As for the fees, they are 4% of the reward, if you expect people to pay 30 million for 400k tx day, well, how can I say it... don't! 
Income! That's the problem! I mined at 45 cents/th back in 2021, I could take a 66% drop because I would still be profitable even at 15 cents/th. If I would still have mined at 10 cents/th (before halving) and got even a 33% I would be losing money! Income at 45 cents and expenses at 8 cents/ths means a cut of 50% I still make 18cents/s profit! Income at 10 cents and expenses at 8 cents means that a 50% I'm in red by 3 cents! A lot of different things, profitability was still higher by 40%. The s19 was shipping in May after a shitton of preorders because it was outperforming the s17 from 0.045j/Gh to 0.034j/Gh. The summer had cheap energy from China, which is not here anymore see the power curtailing in the US now . ROI at 0 costs for the s19 was still just over a year, not two and a half years for the s21 as now. Well Riot has never made money, Stronghold is for sale, Core is taking a $75m loan not to enter bankruptcy again, Mara is sitting on 600 million of debt and "investors" money..... Exactly, each halving when the price doesn't double means less security overall, and even if does double it still means 1/2 security to market cap. As for the fees, they are 4% of the reward, if you expect people to pay 30 million for 400k tx day, well, how can I say it... don't! 

Income! That's the problem! I mined at 45 cents/th back in 2021, I could take a 66% drop because I would still be profitable even at 15 cents/th. If I would still have mined at 10 cents/th (before halving) and got even a 33% I would be losing money! Income at 45 cents and expenses at 8 cents/ths means a cut of 50% I still make 18cents/s profit! Income at 10 cents and expenses at 8 cents means that a 50% I'm in red by 3 cents! A lot of different things, profitability was still higher by 40%. The s19 was shipping in May after a shitton of preorders because it was outperforming the s17 from 0.045j/Gh to 0.034j/Gh. The summer had cheap energy from China, which is not here anymore see the power curtailing in the US now . ROI at 0 costs for the s19 was still just over a year, not two and a half years for the s21 as now. Well Riot has never made money, Stronghold is for sale, Core is taking a $75m loan not to enter bankruptcy again, Mara is sitting on 600 million of debt and "investors" money..... Exactly, each halving when the price doesn't double means less security overall, and even if does double it still means 1/2 security to market cap. As for the fees, they are 4% of the reward, if you expect people to pay 30 million for 400k tx day, well, how can I say it... don't! 

Income! That's the problem! I mined at 45 cents/th back in 2021, I could take a 66% drop because I would still be profitable even at 15 cents/th. If I would still have mined at 10 cents/th (before halving) and got even a 33% I would be losing money! Income at 45 cents and expenses at 8 cents/ths means a cut of 50% I still make 18cents/s profit! Income at 10 cents and expenses at 8 cents means that a 50% I'm in red by 3 cents! A lot of different things, profitability was still higher by 40%. The s19 was shipping in May after a shitton of preorders because it was outperforming the s17 from 0.045j/Gh to 0.034j/Gh. The summer had cheap energy from China, which is not here anymore see the power curtailing in the US now . ROI at 0 costs for the s19 was still just over a year, not two and a half years for the s21 as now. Well Riot has never made money, Stronghold is for sale, Core is taking a $75m loan not to enter bankruptcy again, Mara is sitting on 600 million of debt and "investors" money..... Exactly, each halving when the price doesn't double means less security overall, and even if does double it still means 1/2 security to market cap. As for the fees, they are 4% of the reward, if you expect people to pay 30 million for 400k tx day, well, how can I say it... don't!