To find the minimum value of \( f(x) \), first compute the first derivative:
\[
f'(x) = 4x^3 - 4
\]
Set the derivative equal to zero to find critical points:
\[
4x^3 - 4 = 0
\]
\[
x^3 = 1
\]
\[
x = 1
\]
Next, compute the second derivative to determine the nature of the critical point:
\[
f''(x) = 12x^2
\]
\[
f''(1) = 12(1)^2 = 12>0
\]
Since \( f''(1)>0 \), the function has a local minimum at \( x = 1 \).
Now, evaluate \( f(x) \) at \( x = 1 \):
\[
f(1) = 1^4 - 4 \cdot 1 - 5 = 1 - 4 - 5 = -8
\]
Given the fourth power of \( x \) in \( f(x) \), \( f(x) \to \infty \) as \( x \to \pm\infty \). Thus, the minimum value of \( f(x) \) on \( \mathbb{R} \) occurs at \( x = 1 \) and is:
\[
-8
\]