BlackRock flagged Bitcoin miners as a risk factor in IBIT's 10-K. The filing says lower block rewards "could result in less of an incentive for miners," which puts network security in question. Every halving cuts the subsidy that pays for Bitcoin's security. The operators still running afterward are the ones whose power costs work at the smaller reward, so hashrate ends up wherever energy is cheap and reliable. An IBIT share tracks the price of Bitcoin and adds nothing to the hashrate protecting it. A hosted miner adds hashrate and sends the Bitcoin it produces to a wallet its owner controls. We run 4+ EH/s across 9 owned Iowa sites at 95%+ uptime, on power rates we locked in before the last halving. BlackRock's lawyers are asking who keeps hashing when the reward shrinks again. We've planned the business around that question since 2021.