According to @adam3us, spam-driven activity pushes hashrate and miners' input costs higher, leaving only about 0.5% incremental net revenue once the network adjusts. Source: @adam3us on X, 2025-09-05, https://twitter.com/adam3us/status/1963844245770342586 Based on a 20% baseline profit margin, @adam3us estimates the spam industry would translate to roughly 0.1% of a miner's profit after hashrate settles, and thus is not worth miners' focus. Source: @adam3us on X, 2025-09-05, https://twitter.com/adam3us/status/1963844245770342586 Trading takeaway: per @adam3us' estimate, spam-driven fee spikes have negligible impact on BTC miner profitability after hashrate adjusts. Source: @adam3us on X, 2025-09-05, https://twitter.com/adam3us/status/1963844245770342586