Mainstream financial audiences are now paying attention to miner extractable value (MEV), and bitcoin investors should too. Bitcoin mining revenue streams are historically very boring. Miners earn money from two sources: subsidies built into the protocol and fees for processing transactions. Sometimes a company will pay miners to put a special message in a block header. Sometimes cryptocurrency exchanges will negotiate fees with pools to reserve block space during times of high network congestion. But these payments are exceptional and infrequent occurrences. Mining expenses are paid with fee and subsidy revenues. ... (full story)