Fidelity: To maintain the Bitcoin network, nations and companies should also engage in mining operations, even at an immediate loss.

Odaily Planet Daily reports that analysts from Fidelity Digital Assets have stated that if companies and countries want Bitcoin to continue to exist, they must start engaging in Bitcoin mining as soon as possible, even if it means operating at a loss. Fidelity wrote, "Many countries, institutions, and companies profit from Bitcoin—but not through mining, so mining to protect the network can be considered an operational cost." For Fidelity, rather than relying completely on mining companies, it is better for companies that earn management fees from Bitcoin ETFs to maintain the network. This includes Fidelity itself, which has stated it is already engaged in Bitcoin mining. Companies like MicroStrategy, which are at the forefront of corporate adoption, may also help protect the network.

However, some Bitcoin mining companies hold a different opinion, stating they do not believe companies would be willing to spend millions of dollars to maintain the network's normal operation. Nick Hansen, CEO of Bitcoin mining company Luxor, believes that companies would not be willing to pay an estimated cost of $1 million per hour to keep the Bitcoin network running, asking, "Would Fidelity be willing to pay that? Probably not." Fidelity is the second largest Bitcoin ETF provider, managing $20 billion in assets, and as of the time of publication, had not responded to requests for comments on whether it would mine at a loss.

Nonetheless, Nishant Sharma, founder of consulting firm BlocksBridge, pointed out, "As Bitcoin mining becomes increasingly challenging and less profitable, even with low energy costs, its role may shift in the coming years." Andy Fajar, CEO of Bitcoin mining pool Loka Mining, stated that governments and private companies are discussing whether it is worth mining at a loss. However, this depends on whether it is beneficial for the network or a country’s strategic positioning. Jameson Lopp, Chief Technology Officer of cryptocurrency custodian Casa, believes the theory is "unreliable." He argues that it assumes there is no demand for actual network usage, which is an unlikely scenario, "Will ETP eliminate the demand for block space? Certainly, but innovative developers will always come up with more uses for block space and potentially create more demand." (DL News)