How long can miners hold out as revenue hits record lows while Bitcoin’s security is at record highs?

Bitcoin’s hashrate is near record levels, yet miner revenue per unit of compute has fallen to record lows, pushing the network into a ‘high-security, low-profitability’ phase. While the network’s hashrate has pinned itself above the one-zettahash watermark, which is a record for aggregate computing power, the revenue underpinning that security has disintegrated to historic lows. […]