Too Long; Didn't Read
Bitcoin went through its third halving in its albeit short lifetime. Miners are incentivized to secure the network based on the bitcoin block reward on offer - which has now halved. Revenues for miners are now down by almost 50% in a single day. The question is whether this repeated halving will make the industry unprofitable for all miners. transaction revenue now makes up almost 17% of miner’s revenue. The biggest risk with mining centralization is the famed 51% which is when a party who controls the majority of the network's computing power can control transaction processing and history.