Crypto institutions are chasing a 3% return on Bitcoin, but the entire payout machine collapses if miners stop burning cash

A 3% return on Bitcoin can look like a single number on an allocation sheet, even when the economic bargain underneath it is completely different.Stacks said its first institutional Bitcoin Staking bond went live on Sept. 10 with roughly 250 BTC committed by 21Shares, digital-asset manager HashKey Cloud, Bitcoin-focused investor UTXO Management and Sypher Capital.The six-month Genesis Bond targets about 3% annualized yield paid in BTC, with the first weekly rewards expected on Sept. 17.The launch packages a miner-funded BTC reward stream for institutions whose first screens are custody, lockup, and sustainability. The advertised APY shows what an investor hopes to receive, while the funding source reveals what the investor is being paid to risk.How the Stacks bond turns miner payments into yieldStacks says new bonding periods should open roughly monthly as the initial system gathers data, with a later protocol phase intended to replace the whitelist with permissionless allocation.The Bitcoin committed by 21Shares, HashKey Cloud and UTXO Management sit under each participant's keys in a standard timelock script on Bitcoin's base layer. Sypher Capital used StackingDAO, a Stacks yield...