0.08%... That's the fee premium SpiderPool earns over Ocean by filling blocks with non-financial data.
Issue #2 is out. The data on who's filling Bitcoin's blocks.
https://renaudcuny.substack.com/p/issue-2-f2pool-and-spiderpool-the
“v30 won't change much - miners already bypass policy with direct submission anyway."
I tracked 3months OP_RETURN data to test that claim:
- Before Oct 10: Minimal large OP_RETURNs
- Oct 10: v30 is released
- Same day: F2Pool mines a 97KB OP_RETURN.
- After Oct 10: Clear increase.
Who's doing this?
F2Pool , Marathon, SpiderPool -> Combined 22-23% of the hashrate
23% of miners can turn 100% of nodes into large file (spam) storage devices.
v30 relay policy enabled this. Consensus rules will fix it.
Bitcoin hashrate trending higher -> Now at 972EH/s.
Wen 1000EH/s?
I’d say quite soon…
Crypto sentiment back to Fear zone 😨
Bitcoin price is highly correlated with sentiment.
We could test $110k today…
Fear zones are usually good times to accumulate though.
Bitcoin hashrate again back to 1000EH/s 👀
🧵 "Bitcoin is a ghost town" they say, pointing to quiet mempools
But in the last 3 months, $60B+ moved on-chain daily on average
That's 588,824 BTC flowing through the network every single day
The "ghost town" crowd is measuring the wrong thing entirely... 👇
2/ Here's what's actually happening:
While transaction COUNT dropped slightly, transaction VALUE remains massive:
$60B+ daily on-chain transfers
4.3M BTC weekly (21.6% of total supply)
Same volume levels as 5 months ago
This isn't a ghost town - it's serious money moving seriously
3/ Plot twist: Bitcoin on-chain value often EXCEEDS daily spot trading volume
June 11th example:
🟠 624,437 BTC moved on-chain
⚪ 467,791 BTC spot volume
Real Bitcoin → Real wallets vs. Paper trading → Same coins recycling
Which one matters more? 🤔
4/ What this actually signals:
✅ Less speculation, more actual utility
✅ Institutions moving capital quietly
✅ Bitcoin working as designed: final settlement layer
✅ Empty mempool = efficiency, not abandonment
The network is maturing, not dying
5/ The "ghost town" narrative completely misses the point
Bitcoin isn't about constant mempool chaos - it's about moving real value efficiently
What other "obvious" metrics do you think tell incomplete Bitcoin stories?
🔍 Building tools to dig deeper into these questions
I can no longer copy and paste to my primal client. Anybody having same problem?
Sounds like a dream job!
Let’s remember the last moments of #Bitcoin below $100K.
We’ll remember that with a bit of nostalgia..
Also interesting to consider how the game theory may play out at government level. Government is made of people who, some of them at least, will want their share of Bitcoin. They may not have strong incentives to push for confiscatory laws.
Why is the Catholic Church like this..?
“The Archdiocese of Los Angeles, the nation’s largest, has agreed to pay $880 million to 1,353 people who say they were sexually abused as children by Catholic clergy. The settlement, which experts said was the highest single payout by a diocese, brings Los Angeles’s cumulative total in sex abuse lawsuits to more than $1.5 billion.”
https://www.nytimes.com/2024/10/16/us/archidiocese-los-angeles-abuse-settlement
Unfortunately the church has been infiltrated by some people who hate God and its creation.
The Global Race for Bitcoin
https://m.primal.net/LRDT.webp
One of the most interesting aspects Bitcoin is the game theory.
Thanks to its unique characteristics (scarcity, decentralization, security, divisibility, portability, fungibility, transparency and more) Bitcoin is without a doubt a superior form of money. Yet, because it is still new, only a small portion of global population has adopted it.
That's where game theory comes in: Every entity in the society (individual, family, communities, institutions, private companies, corporate, public sector, nation state) must make a choice: Shall I bet on that new form of money or rather stick with the current one?
Individuals and entities choosing not to move run the risk of being left behind. Those who decide to move will enjoy the benefits of being early but also need to consider the risk (even if small) of Bitcoin being abandoned at some point for whatever reason.
What's more, financial institutions that we'd expect to reject Bitcoin the most because of their privileged position, now have to carefully evaluate the risk of Bitcoin winning and them losing by joining too late. Could that explain the confusing messages we seem to be getting: On some TV channels we hear Blackrock's CEO selling the unique merits of Bitcoin and Bitcoin ETF, on the other hand we hear Jamie Dimon dismissing Bitcoin as a 'pet rock' that does nothing. Are these two really in disagreement or are they playing their own version of the game to confuse the populace while planning on getting as many Bitcoin as possible?
Hold #Bitcoin, sit back, relax...
🚀 Why Every Bitcoiner Should Run Their Own Node!
Running a Bitcoin node is easier than you think and crucial for the decentralization of the network! It empowers you to verify transactions independently and contribute to the Bitcoin ecosystem. 💪
Curious about how to set one up and why it matters? Check out my latest post for all the insights!
https://renaudcuny.substack.com/p/on-the-importance-of-running-a-bitcoin
#Bitcoin #Blockchain #BitcoinNode
Coolest aspect of being Bitcoiner is when you realize the most talented people in Bitcoin work for you and you also work for them.
It's quite an amazing feeling.
Bitcoin: Overpriced or undervalued? Check my latest analysis using regression trend lines to decode market signals. Find out where BTC stands today and what it means.
See my latest article on Bitcoin price modeling:
Bitcoin Price Modelling— An Alternative to Power Law https://medium.com/@renaudcuny/bitcoin-price-modelling-an-alternative-to-power-law-4f280a390974