March 20, 2023
In this note, we refresh several key on-chain metrics, examine Bitcoin’s performance vs. other asset classes, and describe several upcoming catalysts that suggest the bet is yet to come for the world’s largest cryptocurrency.
March 03, 2023
A new frontier in Bitcoin emerged unexpectedly over the last 2 months. Since December 14, 2022, more than 200,000 inscriptions have been minted on Bitcoin.
January 25, 2023
If 2021 was the big breakout year for mining, then 2022 can easily be thought of as the reversion to the mean as miners faced the perfect storm of headwinds.
August 28, 2022
After a bearish several weeks for risk assets culminating in a particularly aggressive sell-off following Federal Reserve Chairman Jay Powell’s remarks in Jackson Hole Friday, Bitcoin is again trading below it’s 200-week moving average.
August 25, 2022
The Bitcoin mining industry has had a tumultuous start to 2022. This report will examine the current state of the Bitcoin mining industry, reviewing the trends of the first half of 2022.
April 05, 2022
Bitcoin transaction fees are near all-time lows, despite significant user activity and price volatility. This curious Bitcoin phenomenon is a result of growing adoption of Bitcoin scaling technologies and best practices.
February 18, 2022
When Bitcoin miners work with mining pools, as the vast majority of them do, they communicate with the pools using a messaging protocol called Stratum V1, which organizes the creation of blocks and the submission of hashes by the miners.
January 12, 2022
2021 was a revolutionary year for Bitcoin mining. The third halving in May of 2020 brought broader attention to mining, and the growing interest has never subsided. Favorable economics made mining profitable for almost all participants, drawing in more…
November 23, 2021
In this report, we explain and assess methods for accounting for Bitcoin miners’ cost to mine a bitcoin. We also propose our own methodology, which we believe offers improvements over several other methods that exist in the market today.
November 16, 2021
“Taproot” is major upgrade for Bitcoin that brings scalability, privacy, and composability enhancements and activated on the Bitcoin network at block height 709,632, which was mined early Sunday morning, November 14, 2021. This is the first upgrade to …
September 08, 2021
Bitcoin became legal tender in the Central American nation of El Salvador this week, making it officially a sovereign currency.
May 25, 2021
News that a high-level Chinese government committee included a goal to “crack down on bitcoin mining and trading” in a policy outline Friday May 21 has created additional uncertainty for cryptocurrency markets following a significant correction.
May 13, 2021
Is the Bitcoin network’s electricity consumption an acceptable use of energy? This question has been debated since the early days of the network. Yet despite the numerous published articles and analyses, the debate rages on, typically re-emerging during…