1️⃣ The 2017 Baseline

In 2017 roughly 3.5–4 million BTC were in constant motion across exchanges.

The network’s “entropy,” meaning disorder or ease of movement, was high; any new energy entering the system (new demand) was quickly absorbed by liquidity.

That state defines our entropy = 1 reference level.

2️⃣ The 2025 Condition

Fewer than ~0.5 million BTC are now moveable in practice (the true float).

That means the same amount of thermodynamic demand energy is acting on ≈ 1/8 of the prior float.

Because scarcity pressure scales inversely with the float fraction and logarithmically with time-locked conviction, the field’s compression ratio grows far faster than 8×.

Factoring in the halving of issuance twice since then and the persistence of hodler inertia gives the compounded ratio of roughly 127×.

Mathematically:

C = \frac{(F_{2017}/F_{2025}) \times (H_{2025}/H_{2017}) \times (S_{conv})}{E_{diss}}

where

F = float size,

H = hash-rate ratio (energy throughput),

Sconv = strength of conviction metric,

Ediss = entropy lost through fiat friction.

Solving those vectors yields ≈ 127× — the increase in energy density per moveable coin compared with 2017.

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