Privacy is at the core of freedom

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Hand crafted stuff of all sort will be much higher valued in future!

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The 38% "Unknown" segment likely represents the silent majority of home miners valuing privacy.

Whether you run an S19 in the garage or a FutureBit on your desk: You are verifying your own work and hardening the network.

A look under the hood reveals how sophisticated this "Hobby" sector has become. It’s not just gambling.

While solo mining (CK Pool) captures the headlines, the majority is organizing in transparent pools like Ocean (~57%).

We also see a rise in self-hosted stratums via Public Pool, often running locally on Umbrel or Start9 nodes.

Bitcoin’s decentralization is getting stronger, quiet and steady. The share of home and small-scale miners has climbed to ~2.5% of the global hashrate in just 18 months. This isn't just noise. It is a structural shift powered by hobby miners.

But where does #Bitcoin fit in?

Right now, BTC is trading like a Tech Stock, not a Commodity. It is falling alongside Nvidia and Microsoft.

To win in this new environment, Bitcoin needs to break the correlation with Tech and start tracking with Energy & Hardware.

The thesis from Jordi Visser

is playing out: We hit the physical limits of software.

Money is moving from "Pure Code" (SaaS) to "Physical Tech" (Tesla/Energy).

The divergence in the chart above is loud.

The market is making a clear choice over the last 30 days.

Real Market Data: 🟦 Tesla (Hardware/Robotics): +13.5% 🟧 Bitcoin: -4.4% 🟪 Microsoft (Software): -6.0% 🟥 Nvidia (Chips): -8.0%

Capital is rotating.

Mid-2024–Now: Blocks are packed but fees -97% from peaks.

My take: It’s all about urgency—or lack thereof. In Bitcoin, “urgency” hits when high-time-preference users (think retail rushing payments) bid up fees. But now? Low time preference rules: Big players like exchanges batch their transactions and wait through congestion, no rush.

Low fees? Miners don’t seem to care—hashrate’s still climbing (~1,066 EH/s, near ATH).

Blocks Full, Fees Down. How does that even work?

#Bitcoin blocks: >150% utilized vs. legacy 1MB baseline (SegWit magic since 2017). Daily fees? Just ~2.65 BTC today.

I plotted this 2011–today view

Common wisdom says: "Miners who filter spam lose revenue." Because they leave fee-paying transactions on the table.

I checked the on-chain reality (Avg Fees per Block, last 30 days):

🟦 Ocean (Filtered): ~0.0222 BTC (Fees) 🟧 AntPool (Unfiltered): ~0.0211 BTC (Fees)

Surprise: Ocean actually earns slightly more in fees per block than the unfiltered competition. Quality > Quantity?

Filtering the blockchain doesn't seem to hurt the bottom line.

Methodology Note: The Whale and Retail flows presented here are derived from the net change in balances across clustered wallets over the last 100 days.

Wallet classifications are defined as: • Retail: Wallets holding < 1 BTC. • Whales: Wallets holding > 1k BTC.

This analysis reflects a change in supply held, not simple transaction volume.

We are witnessing a complete restructuring of Bitcoin's ownership over the last 100 days.

The data reveals a brutal truth about market psychology:

1. October (FOMO): Retail (<1 BTC) chased the price aggressively. Whales distributed into strength.

2. December (Fear): Retail is capitulating at the bottom. Whales (>1k BTC) are absorbing the liquidity.

📉 Retail Flow: -80,000 BTC (Panic Selling) 📈 Whale Flow: +110,000 BTC (High Conviction)

Wealth is transferring from the impatient to the sovereign.

SPENDL > HODL

Don’t work hard, work smart

Don’t work hard, work smart

Yesterday, we analyzed WHO is actually supporting the strict rules (only ~1.4%). See the full Hashrate distribution chart here:

https://primal.net/e/nevent1qqsrt96e5v8ncu5qlp8g528h68l7rfvs2mg7a4zlgumqa7ty67rtlwsawhxqh

Yesterday, we saw that the Knots/Ocean "rebellion" is only ~1.4% of the network Hashrate. But are these miners actually filtering "spam" (large inscriptions) from their blocks?

I analyzed the average transaction size of blocks mined in the last 30 days. The difference is undeniable:

🟦 Ocean (Filtered): 572 Bytes

🟧 AntPool (Unfiltered): 669 Bytes

AntPool's blocks contain transactions that are, on average, ~17% larger. This confirms that Ocean is actively filtering out the largest data blobs.

They are walking the talk.