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TAO Daily

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25 juin à 12h05

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https://taodaily.io/the-economics-behind-bittensors-break-even-without-building-problem/

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<div id="bsf_rt_marker"></div><div class='booster-block booster-read-block'> <div class="twp-read-time"> <i class="booster-icon twp-clock"></i> <span>Read Time:</span>4 Minute, 34 Second </div> </div> <p class="wp-block-paragraph">A subnet owner did not have to do anything to make money on Bittensor. Register the slot, set miner burn to 100%, handle a couple of technical configurations, and the emissions flow regardless of whether a product exists, a GitHub is public, or any work gets shipped.</p> <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="428" src="https://taodaily.io/wp-content/uploads/2026/06/image-183-1024x428.png" alt="" class="wp-image-20838" srcset="https://taodaily.io/wp-content/uploads/2026/06/image-183-1024x428.png 1024w, https://taodaily.io/wp-content/uploads/2026/06/image-183-300x125.png 300w, https://taodaily.io/wp-content/uploads/2026/06/image-183-768x321.png 768w, https://taodaily.io/wp-content/uploads/2026/06/image-183.png 1823w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"><a href="https://taostats.io/subnets">Subnet Registration Cost Chart on Taostats</a></figcaption></figure> <p class="wp-block-paragraph">A new video from <a href="https://taodaily.io/tao-templar-breaks-down-the-burn-types-on-bittensor-miner-burn-vs-manual-burn/">TAO Templar</a> walks through the wallets of multiple recently registered subnets to make the point concretely, showing how close several of them are to breaking even on their registration cost without producing anything visible.</p> <p class="wp-block-paragraph">The argument is that this is an exploit vector still open in the Bittensor incentive system, and that buying subnet ‘$ALPHA’ tokens on these new subnets is effectively underwriting the break-even of operators who have shipped nothing.</p> <div id="ez-toc-container" class="ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction"> <div class="ez-toc-title-container"> <p class="ez-toc-title" style="cursor:inherit">Table of Contents</p> <span class="ez-toc-title-toggle"><a href="#" class="ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle" aria-label="Toggle Table of Content"><span class="ez-toc-js-icon-con"><span class=""><span class="eztoc-hide" style="display:none;">Toggle</span><span class="ez-toc-icon-toggle-span"><svg style="fill: #999;color:#999" xmlns="http://www.w3.org/2000/svg" class="list-377408" width="20px" height="20px" viewBox="0 0 24 24" fill="none"><path d="M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z" fill="currentColor"></path></svg><svg style="fill: #999;color:#999" class="arrow-unsorted-368013" xmlns="http://www.w3.org/2000/svg" width="10px" height="10px" viewBox="0 0 24 24" version="1.2" baseProfile="tiny"><path d="M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z"/></svg></span></span></span></a></span></div> <nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-1" href="https://taodaily.io/the-economics-behind-bittensors-break-even-without-building-problem/#The_Pattern_Across_New_Subnets" >The Pattern Across New Subnets</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-2" href="https://taodaily.io/the-economics-behind-bittensors-break-even-without-building-problem/#Why_The_Exploit_Stays_Open" >Why The Exploit Stays Open</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-3" href="https://taodaily.io/the-economics-behind-bittensors-break-even-without-building-problem/#Actionable_Steps_for_dTAO_Traders" >Actionable Steps for dTAO Traders</a></li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class="ez-toc-link ez-toc-heading-4" href="https://taodaily.io/the-economics-behind-bittensors-break-even-without-building-problem/#Past_the_Immunity_Period" >Past the Immunity Period</a></li></ul></nav></div> <h2 class="wp-block-heading"><span class="ez-toc-section" id="The_Pattern_Across_New_Subnets"></span>The Pattern Across New Subnets<span class="ez-toc-section-end"></span></h2> <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper"> <iframe title="Are Unproductive Subnets Profitable? - Bittensor (TAO) 2026" width="500" height="281" src="https://www.youtube.com/embed/Zt7a0wBK8D0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe> </div></figure> <p class="wp-block-paragraph">The video did a survey into subnet owner wallets one by one, comparing the registration cost paid for the slot against the current value sitting in the owner&#8217;s wallet (plus $ALPHA already transferred out to associated wallets).</p> <p class="wp-block-paragraph">The general pattern is that the older a subnet is in this list, the higher the chance it has already broken even, and several have done so without a product, without a public GitHub, and without any evidence of work being shipped.</p> <h2 class="wp-block-heading"><span class="ez-toc-section" id="Why_The_Exploit_Stays_Open"></span>Why The Exploit Stays Open<span class="ez-toc-section-end"></span></h2> <p class="wp-block-paragraph">The mechanism behind the break-even pattern is not complicated: Once a subnet is registered, it receives emissions regardless of what it produces, and the owner can capture those emissions through the $ALPHA that the chain mints on every block.</p> <p class="wp-block-paragraph">Several structural factors make the exploit attractive:</p> <p class="wp-block-paragraph">1. <strong>Registration is the only required action:</strong> Beyond paying for the slot, a basic identity update, and configuring miner burn, the owner does not need to engage with the product side of Bittensor at all.</p> <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper"> <iframe title="4 Months To Live - Bittensor Subnet Immnuity Explained" width="500" height="281" src="https://www.youtube.com/embed/YTM3mHsNwhc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe> </div></figure> <p class="wp-block-paragraph">2. <strong>The four-month immunity period protects the slot:</strong> During immunity, the subnet cannot be deregistered for poor performance, which guarantees runway for the emissions to accumulate.</p> <p class="wp-block-paragraph">3. <strong>Some owners likely inject $TAO back into the pool:</strong> A subnet owner with $TAO can purchase $ALPHA in their own pool to manipulate the price and emissions vector, and operators who understand TAOFlow deeply may have calculated this to be profitable.</p> <p class="wp-block-paragraph">4. <strong>The arc covers the exit:</strong> Most subnets follow the same pump-and-decline shape, and owners can exit alpha during the early hype phase before the slow decline catches up.</p> <figure class="wp-block-embed is-type-wp-embed is-provider-the-tao-daily wp-block-embed-the-tao-daily"><div class="wp-block-embed__wrapper"> <blockquote class="wp-embedded-content" data-secret="y77GzGkeg4"><a href="https://taodaily.io/subnet-arc-theory-shows-why-most-early-subnet-pumps-end-the-same-way/">Su