Rebar Labs Research has been covering the Bitcoin mining & energy relationship since the summer: Energy costs have emerged as the dominant operational expense, with mining profitability highly sensitive to electricity price fluctuations. This economic reality compels miners to relocate operations based on energy availability, creating a global arbitrage market for the cheapest, most reliable power sources. Simultaneously, Bitcoin's protocol mechanisms systematically reduce nominal BTC block rewards over time, forcing the mining industry to evolve beyond traditional revenue models if the growth of Bitcoin's value does not outpace the dwindling block rewards through 2140. Today, only ~5% of Bitcoin is left to be mined, with 19.5M/21M $BTC in circulation Rebar Labs recognized this market opportunity and developed Rebar Shield to create direct channels between users requiring MEV protection and mining pools seeking additional revenue. This infrastructure unlocks a new mining business model 🛡️⛏️