This loop relies on a brilliant counter-cancellation mechanic enabled by Mikaeus, the Unhallowed, whose static ability grants undying to your non-Human creatures. When you sacrifice Putrid Goblin to Phyrexian Altar for mana, its persist ability triggers to bring it back with a -1/-1 counter. The next time you sacrifice Putrid Goblin, the -1/-1 counter and the new +1/+1 counter from Mikaeus, the Unhallowed's undying grant annihilate each other as a state-based action, resetting the goblin's clean slate. This allows Putrid Goblin to alternate endlessly between persist and undying triggers, fueling Phyrexian Altar for infinite colored mana and death triggers.