https://www.aniccaresearch.tech/blog daily 1.0 2023-06-25 https://www.aniccaresearch.tech/blog/bitcoin-minings-three-body-problem monthly 0.5 2022-01-19 https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591043370246-8NWEBJCHJFYQ62BTR5WW/Screen+Shot+2020-06-01+at+4.29.09+PM.png Research - Bitcoin Mining’s Three Body Problem (Source: Coinmetrics’ state of the network:Issue 51) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591040007020-IL4FUZM2H6RLLTPX5B3Q/Screen+Shot+2020-06-01+at+3.33.01+PM.png Research - Bitcoin Mining’s Three Body Problem (Source: Bitcoin Mining Map, Cambridge Centre for Alternative Finance) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591028991410-XG21SJGZVNY3EWQ54FU8/Screen+Shot+2020-06-01+at+12.29.11+PM.png Research - Bitcoin Mining’s Three Body Problem Source: Understanding Bitcoin Market Participants – Vulnerabilities in the Price of Bitcoin Driven by Miners https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591064060084-T5LX8QP6ZP0XLKEG6VDP/Picture5.png Research - Bitcoin Mining’s Three Body Problem *Antminer S9i specs (13.5TH/s, 1,310W) at $21 per unit. Antminer S17+ specs (70TH/s, 2,800W) at $1,232 per unit. **Linear depreciating over 18 months for S9i, and 36 months for S17+. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591063588418-2QTCEO412Y5H8KAVRZ4I/Picture3.png Research - Bitcoin Mining’s Three Body Problem *2020 June-December implied rewards based on 6.25BTC per block and Jan-May price. (Source: blockchain.info) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591064975348-IBHP84R4IKX17PT9SCSN/Picture11.png Research - Bitcoin Mining’s Three Body Problem (Source: Bitinfochart) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591064775013-ORPBB5PNSPYC74JFCFEY/Picture10.png Research - Bitcoin Mining’s Three Body Problem https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591063552532-UOQMH0VPOTHJAQU9MUVP/Picture1.png Research - Bitcoin Mining’s Three Body Problem The emission schedule drives block reward (revenue). The climate cycle indirectly drives the industry-average electricity expense (operating expense). The hardware iteration drives the miner’s hashrate, energy efficiency, as well as hardware depreciation (capital expenditure). https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591064079832-U587IYSNYY01OCR9SP74/Picture6.png Research - Bitcoin Mining’s Three Body Problem Showing a relatively tight price range since global trading volume changes greatly as price moves. *6.25 BTC per block. Transaction fees not included. **Global trading volume of $1.14Bn on Bitwise. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591064944024-TWDWAPUK9NTIXD6HJ7H8/Picture9.png Research - Bitcoin Mining’s Three Body Problem https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591040064492-6NEZU6YJ3S5PB94G7EU0/unnamed7.png Research - Bitcoin Mining’s Three Body Problem - Example of hosting ads in Sichuan hydropower zone. Rough translation: “(...)100 MW capacity can start construction immediately (…) Bare electricity 0.15 RMB per KwH, all-in 0.22 RMB per KwH” (Source: Wechat group) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591064119396-808FE0129HNJL2TIK7NC/Picture7.png Research - Bitcoin Mining’s Three Body Problem https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591064742743-5LKFXDKKRS5N4KG5PLAM/Picture8.png Research - Bitcoin Mining’s Three Body Problem (Source: coinmetrics.io) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591064036732-BBZPRQOSU3XT75X7K8JQ/Picture4.png Research - Bitcoin Mining’s Three Body Problem (Source: proprietary data, courtesy of Jinping Gou) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591064959045-D07TCU9DUUAIFBQRIR4A/Picture12.png Research - Bitcoin Mining’s Three Body Problem https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591064926270-JKO2O6C25S6TMX83QTOO/Picture13.png Research - Bitcoin Mining’s Three Body Problem *As of May 31th, 2020 **Based on 6.25 BTC block reward, 15,138,043,247,082 difficulty, $9,500 BTC price https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1591063567918-EUKYP3E3NLTPDQN0YBER/Picture2.png Research - Bitcoin Mining’s Three Body Problem https://www.aniccaresearch.tech/blog/the-alchemy-of-hashpower-part-i monthly 0.5 2022-01-19 https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595558588488-TH4FC3QW5746YR61MU81/Screen+Shot+2020-07-23+at+10.42.44+PM.png Research - The Alchemy of Hashpower, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595555794631-7IV9YGGMRUVLMWXT3O69/Screen+Shot+2020-07-23+at+9.55.59+PM.png Research - The Alchemy of Hashpower, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595554002351-TE6555X3Y158ICXXYC2Y/Picture0.png Research - The Alchemy of Hashpower, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595561349554-QVWA1QZZKUS3X79DH7EM/Screen+Shot+2020-07-23+at+11.28.25+PM.png Research - The Alchemy of Hashpower, Part I. (Data source: Hashrateindex, Coinmetrics) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595568089694-K94QPBAMPIL8AXNGJKK7/Sensitivity+-+Network+Hashrate+%28updated%29.png Research - The Alchemy of Hashpower, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595554265468-685VA38NNYIGS9YGX542/Picture7.png Research - The Alchemy of Hashpower, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595555294806-6IS92BIVSHFS0EZ9VPU3/Picture1.png Research - The Alchemy of Hashpower, Part I. (Numbers are for illustrative purpose only) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595554853318-QCOUSDGBPLLBYE4SXM44/S17+-+DBE.png Research - The Alchemy of Hashpower, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595559032982-ZV5WD3JLWM6LA01Y5GHS/Screen+Shot+2020-07-23+at+10.48.18+PM.png Research - The Alchemy of Hashpower, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595554691010-ELGL4SCJHRYD7FMO1I7O/pic+f.png Research - The Alchemy of Hashpower, Part I. (S19 and M30 are excluded due to relatively short history.) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595559139450-WY2CGM555CG33O48S45B/Screen+Shot+2020-07-23+at+10.48.43+PM.png Research - The Alchemy of Hashpower, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595559057387-XQWOMYGET98EQ1B9Z5XU/Screen+Shot+2020-07-23+at+10.48.31+PM.png Research - The Alchemy of Hashpower, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595568131194-F2SOL15XKZAG3T50GHED/Sensitivity+-+Fees.png Research - The Alchemy of Hashpower, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595558744963-DOCWRNTYKKFWJFVK4N4U/EZl7g7tWoAAq5cl.png Research - The Alchemy of Hashpower, Part I. (Source: Luxor Mining) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595555340943-8OGR82ALUQAD4TUC3GFE/Picture5.png Research - The Alchemy of Hashpower, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595555248884-XRYF0LQDXNZ675WOL1JY/Picture4.png Research - The Alchemy of Hashpower, Part I. (Depending on the magnitude of the movements, “long cloud mining contract” is most likely not neutral when Price and Difficulty move in opposite directions. ) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595555117918-B3Q1SMC0Z7DLCS1M0SDZ/Sensitivity+-+BTC.png Research - The Alchemy of Hashpower, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595558402089-RFPNJFS83PWDO09KAPQJ/Screen+Shot+2020-07-14+at+2.49.51+PM.png Research - The Alchemy of Hashpower, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595554599177-3USA377DSU1SOY3PB6U3/Picturem.png Research - The Alchemy of Hashpower, Part I. (Source:asicminervalue.com) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1595558993624-B1X36INZVUUMGQSPIYGC/Screen+Shot+2020-07-23+at+10.48.05+PM.png Research - The Alchemy of Hashpower, Part I. Where: D is the static days-to-breakeven C is the upfront capital expenditure P is the current Bitcoin price S is hashrate produced by the purchased equipments H is the network hashrate m is the coinbase reward, currently it is 6.25BTC. n is the current avg. transaction fee per block k is the efficiency (J/T) of the equipments r is the all-in electricity cost ($/KwH) https://www.aniccaresearch.tech/blog/the-alchemy-of-hashpower-part-ii monthly 0.5 2022-01-19 https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1600196366010-QBQPL69Q7S5YXXJY0L44/corr.png Research - The Alchemy of Hashpower, Part II. Process: Aggregate data into periods of 15 days: Columns in the dataset are Date (15 days ending), mean Price over 15 days, mean hash rate over 15 days For each 15 day period, calculate: % change in price after 15 days, 30 days, 45 days, …, 180 days % change in hashrate after 15 days, 30 days, 45 days, …, 180 days Compute correlation between price change and hashrate change over different time periods Read the matrix as: correlation between price change over ‘y’ days and change in hashrate after a period of ‘y’ days (following the x-days period that saw a change in price) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1600192558284-6OFN6B1DL1O2O7NG8KRI/Picture3.png Research - The Alchemy of Hashpower, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1600193583180-N3LM64K2SMN52SA99UEG/Picture6.png Research - The Alchemy of Hashpower, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1600195659783-1YZLGJ37JRC9YUJ2XS05/LTC.png Research - The Alchemy of Hashpower, Part II. (Source: Litecoin, CoinMetrics) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1600193779338-0IYQSBYR5OSJJ29S84V4/Value.png Research - The Alchemy of Hashpower, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1600193445432-EOEE0ASZXIQQZM9JKCG9/Picture4.png Research - The Alchemy of Hashpower, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1600194827581-PJCIB8PJZ85GND0XP8TZ/XMR.png Research - The Alchemy of Hashpower, Part II. (Source: Monero, CoinMetrics) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1600193516570-PP9VQLEHTHHYU4JPAUF3/Picture5.png Research - The Alchemy of Hashpower, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1600194117884-JNESDC8N1LBYFVWCABOL/Ref.png Research - The Alchemy of Hashpower, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1600197532205-QZ77PU3U44KNXSH0HITF/BTC.png Research - The Alchemy of Hashpower, Part II. (Source: Bitcoin, CoinMetrics) https://www.aniccaresearch.tech/blog/the-intelligent-bitcoin-miner-part-i monthly 0.5 2022-01-19 https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606094533179-39HKH77O2ZIVKD1DX8AV/Screen+Shot+2020-11-22+at+8.21.31+PM.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606098562556-30CQH2ZFX3VXACHMEPPQ/Picture3.png Research - The Intelligent Bitcoin Miner, Part I. *Based on $0.0507 per KwH all-in cost https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606094988547-YOBBX34TF7CA331KNVZ9/Screen+Shot+2020-11-22+at+8.29.05+PM.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606098705299-TAZ4LLG2LV2RZTFB0TXR/Picture4.png Research - The Intelligent Bitcoin Miner, Part I. *Based on $0.0507 per KwH all-in cost https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606094003555-DM4RRQF3NBTFP38D4JY9/Screen+Shot+2020-11-22+at+8.13.02+PM.png Research - The Intelligent Bitcoin Miner, Part I. *Life Cycle adjusted to 12 months at the beginning of 2019. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606097099378-2282QXKPUWYJ9IDZ6W2S/Screen+Shot+2020-11-22+at+9.04.33+PM.png Research - The Intelligent Bitcoin Miner, Part I. (Source: Proprietary data provided by GMR) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606097682362-SAA9TE43C0YI7EJ7CMRD/Screen+Shot+2020-11-22+at+9.12.47+PM.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606107626864-VNE0JXH2VAM1616O2KWC/Screen+Shot+2020-11-22+at+11.58.37+PM.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606094186705-8ML37K32HNYXTIXQ10EQ/Screen+Shot+2020-11-22+at+8.15.37+PM.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606094589506-MH0DR24OH07QFZYVSTCO/Screen+Shot+2020-11-22+at+8.22.46+PM.png Research - The Intelligent Bitcoin Miner, Part I. *Premium/ Discount is Machine Price over Fair Value (Data source: hashrateindex.com) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606098542749-TQL3KBN7CDSJMVR12RZT/Picture2.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606094427673-B92WI712V9C7LLDCY9EE/Screen+Shot+2020-11-22+at+8.19.36+PM.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606098322225-PPLKGF21W3DNW35AMT4I/Picture1.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606093353974-0NWOELK7GJGB9EBJX3R2/Screen+Shot+2020-11-22+at+8.02.01+PM.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606093782771-S77VF5UAVS1AX2QSVIR5/Screen+Shot+2020-11-22+at+8.07.57+PM.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606094099265-U5M8H86LB5DYL33BKAHZ/Screen+Shot+2020-11-22+at+8.14.32+PM.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606107564830-0QCGU3UROM2BVA9761LT/Screen+Shot+2020-11-22+at+11.57.38+PM.png Research - The Intelligent Bitcoin Miner, Part I. Where: V is the fair value of the machine. Ci is the call option value with mining revenue as underlying, with expiration on day i. T is the daily operating expense. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606098019590-OW2L42N0F7KHGKIHY7OF/Screen+Shot+2020-11-22+at+9.19.52+PM.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606094401164-D6GZ5B2K6AGCECP1YTBS/Screen+Shot+2020-11-22+at+8.19.16+PM.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606107652224-GPP4I2D0UUF22E0UCAIN/Screen+Shot+2020-11-22+at+11.58.02+PM.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606094210504-G5N3RY8VAGU8XSQ8WR40/Screen+Shot+2020-11-22+at+8.16.07+PM.png Research - The Intelligent Bitcoin Miner, Part I. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606096351161-M59HVQ5ZYROICS8DSL4K/Screen+Shot+2020-11-22+at+8.52.11+PM.png Research - The Intelligent Bitcoin Miner, Part I. (Source: Proprietary data provided by GMR) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1606094756737-232832EFFWZX0AYLXPNR/Screen+Shot+2020-11-22+at+8.25.36+PM.png Research - The Intelligent Bitcoin Miner, Part I. (Source: Glassnode) https://www.aniccaresearch.tech/blog/ethereum-blockspace-who-gets-what-and-why monthly 0.5 2022-01-19 https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1616465069730-294TV2ARGWO8J7JYQQDT/Screen+Shot+2021-03-22+at+10.03.59+PM.png Research - Ethereum Blockspace: Who Gets What and Why Cumulative Extracted MEV since January 1st 2020 (Source: Flashbots) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1616463526268-IPJMAPII65IXQHL0BF6T/Picture5.png Research - Ethereum Blockspace: Who Gets What and Why (Data source: Coin Metrics) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1616465365379-2QZRZT3LEYGBPA1S42D6/Picture6.png Research - Ethereum Blockspace: Who Gets What and Why https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1616461048640-FGH3YYH5BVN036BA9Q2D/Picture1.png Research - Ethereum Blockspace: Who Gets What and Why https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1616463398269-ARGB105D8HQH4QFFXA4V/Picture4.png Research - Ethereum Blockspace: Who Gets What and Why (Data source: Coin Metrics) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1616461839375-WGKXJ8SURI5V5UJLA92U/Picture2.png Research - Ethereum Blockspace: Who Gets What and Why https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1616462288303-EAT2F979OF3I98QQZIWE/ErniWhEXYAEfbEn.jpg Research - Ethereum Blockspace: Who Gets What and Why (Source: The Alchemy of Hashpower, Pt II.) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1616464195220-PC437S3PBND2MD5E38O6/Screen+Shot+2021-03-22+at+9.49.38+PM.png Research - Ethereum Blockspace: Who Gets What and Why The pending transaction queue. (Source: GasNow) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1616462898259-GWTR6M8SGFVACK8NE56X/Picture3.png Research - Ethereum Blockspace: Who Gets What and Why (Data source: Coin Metrics) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1616464420822-OQ22BSTDXSCS4JTRVRL6/Screen+Shot+2021-03-22+at+9.53.25+PM.png Research - Ethereum Blockspace: Who Gets What and Why Median gas prices fluctuate from 100 to 400 Gwei in the span of a week. (source: corelab) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1616463965224-7ODR5MJVG76WWKRDCZH0/Screen+Shot+2021-03-22+at+9.45.44+PM.png Research - Ethereum Blockspace: Who Gets What and Why (Source: Ethereum Gas Price Statistics) https://www.aniccaresearch.tech/blog/the-intelligent-bitcoin-miner-pt-ii monthly 0.5 2022-01-19 https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618432349910-8KVVASHDOFE4E2I4E26Q/P5.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618432968872-D9X73F9H6B9RJ4S5DAE9/P4.png Research - The Intelligent Bitcoin Miner, Part II. (Price data: Hashrate Index, General Mining Research. Hashrate percentage: best-effort estimate based on various sources) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618433526280-7OH83044HW2GDJHX906M/P3.png Research - The Intelligent Bitcoin Miner, Part II. (Based on best-effort estimates) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618520946126-PVYW49E5SKWXPKECT89R/5ndex5.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618519687203-30ABJUKCOBGRFVHCP7PD/5ndex1.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618519696322-FQSS63E8N72TZ33BNLSB/5ndex2.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618520875605-OOM3VSJ3OBBF0V4C6OFD/5ndex4.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618518873404-253EB0TRAPZKELNM015G/index3.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618518879895-795HMC2QIL5X5DURGVPW/4ndex1.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618517270396-E4O0JJLEE4CG7ZQD1XAB/3ndex1.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618521810359-SE29F5S0SCXUDZY3SZ0O/Screen+Shot+2021-04-15+at+5.22.37+PM.png Research - The Intelligent Bitcoin Miner, Part II. (Source: Teb’s Lab) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618432763969-GPJXMFQYA2GGQW28HA0U/Screen+Shot+2021-04-14+at+4.38.28+PM.png Research - The Intelligent Bitcoin Miner, Part II. (Based on best-effort estimate) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618516784486-MTTJQMBCLJHS6R7J2M3S/2ndex1.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618518527795-QMP5DMMQN5SHSXR5TRNH/3ndex4.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618516119734-V9JFCA9TQAML67RSMQIF/index8.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618519354011-7RAFVH5I6D4LV9NE58DD/4ndex2.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618516867754-PEYY2K71DOSEM3WSL975/2ndex2.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618433756219-YU575B0ZS7SYGPGPI7U1/Screen+Shot+2021-04-14+at+4.55.35+PM.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618519428302-MBVC2X2AMYQL3DYC85IJ/4ndex3.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618517491738-X82QIQ03RK7ZHTC7I0I9/3ndex2.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618576174824-HLUHWTH89Y2FGVLM3YLA/Picture1.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618515810669-1CZ2USPLJCZ71LEWL7DX/index1.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618516603348-4Z6CIPC80WNRH145YV08/index5.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618576196505-YXXZVU5FHWHLPZAJ0CT5/Picture2.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618518152644-LPJ3ZFXB3IQP1UX3H1XJ/3ndex3.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618516917640-3U59300KH7T684N54TSH/2ndex3.png Research - The Intelligent Bitcoin Miner, Part II. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1618516033890-IVFINY07THFTPXF035EN/index2.png Research - The Intelligent Bitcoin Miner, Part II. https://www.aniccaresearch.tech/blog/introducing-alkimiya-protocol monthly 0.5 2022-01-19 https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1622483812401-ATE3OZUF7TL2TLP11U9G/Screen+Shot+2021-05-31+at+1.56.34+PM.png Research - Introducing Alkimiya Protocol - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1622483662827-SARE34ZFOX7U9CLXJ7X3/Screen+Shot+2021-05-31+at+1.53.52+PM.png Research - Introducing Alkimiya Protocol - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1622483866142-KRFBLE8MSL7KM1Z3X087/Screen+Shot+2021-05-31+at+1.57.29+PM.png Research - Introducing Alkimiya Protocol - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.aniccaresearch.tech/blog/consensus-capital-markets monthly 0.5 2022-01-29 https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/093a583c-db04-400e-b9b5-59f3b9ffc288/Screen+Shot+2022-01-29+at+3.54.51+PM.png Research - Consensus Capital Markets - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/7ff83ad5-c50e-4dc7-9482-7cbaa7dae82d/Screen+Shot+2022-01-29+at+4.25.41+PM.png Research - Consensus Capital Markets - Make it stand out ETH sent to the ETH 2.0 Staking Contract https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/939df2ca-cf78-4aa0-b64f-4363acfbac33/Screen+Shot+2022-01-29+at+3.52.55+PM.png Research - Consensus Capital Markets - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/2d87ca4b-349e-4054-a9ab-3b4b3ee350f9/Screen+Shot+2022-01-29+at+3.56.16+PM.png Research - Consensus Capital Markets - Make it stand out A rough breakdown of yearly costs of running a Solana node at minimum requirements. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/0f467053-7f71-41a7-854b-9c46369b00ec/Screen+Shot+2022-01-29+at+4.27.09+PM.png Research - Consensus Capital Markets - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/34782e94-3ffe-4cb0-a916-4a286483b2de/Screen+Shot+2022-01-29+at+3.50.09+PM.png Research - Consensus Capital Markets - Make it stand out Dojima Rice Exchange https://www.aniccaresearch.tech/blog/things-hidden-since-foundation-of-blockspace monthly 0.5 2022-10-21 https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/8eb5115b-5cf8-4f23-b701-502d980338a7/Screen+Shot+2022-10-19+at+2.16.38+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/b59ba4a6-defb-48af-a57b-eab32a4a3a94/Screen+Shot+2022-10-19+at+1.41.48+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out The top users of blockspace on Ethereum over the past month; most are exchanges. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/3d95e241-536d-42e7-a644-4069b49f2dcd/Screen+Shot+2022-10-19+at+1.51.52+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/d476b3f1-69d4-4a65-9ace-91d75ce0f38b/Screen+Shot+2022-10-19+at+2.16.02+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/a62f52e9-a88f-4e4e-ae22-b5d30d77b168/Screen+Shot+2022-10-19+at+2.16.22+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/3a86eb64-1ff7-4201-a0b8-f091537b8533/Screen+Shot+2022-10-19+at+2.09.47+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out Gas prices on Ethereum and Avalanche during May 2022. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/324f39fc-5332-4057-a62d-b8a873e7dd85/Screen+Shot+2022-10-19+at+1.58.48+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out The volatility of gas fees for Tubby Cats NFT mint https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/a126110f-35dd-44c7-bd0e-9b87daad65bc/Screen+Shot+2022-10-19+at+1.59.05+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out Priority fee tiers during Azuki Dutch Auction mint https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/b6d8148e-eace-4e9c-99bf-461ad0eb148f/Screen+Shot+2022-10-19+at+2.10.55+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/617caedd-7c78-4a64-82a9-4b6b960b2d2d/Screen+Shot+2022-10-19+at+1.52.10+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out Gas price by fee tier for Tubby Cats NFT mint https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/57ae8fb9-a7be-4284-920a-129aa92d0fe8/Screen+Shot+2022-10-19+at+2.12.21+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/8c827719-9e6f-4eb2-8f45-588a80e635b1/Screen+Shot+2022-10-19+at+1.51.07+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out A graph depicting Solana slots per second; shortly after the GRAPE IDO the network crashed due to spam. (Credits to Jump Crypto) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/a1eb8068-343f-48b6-bdc6-c823cead541a/Screen+Shot+2022-10-19+at+1.59.22+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out The volatility of fee tiers during Azuki Dutch Auction mint https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/cdb875b3-a98e-43a8-a768-4bfebad60e36/Screen+Shot+2022-10-19+at+1.42.04+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out An astonishing sandwich attack took place across 8 DEX transactions (Credits to Bert Miller) https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/1998dbd5-fb79-4522-96d7-7d91ce7a1aa6/Screen+Shot+2022-10-19+at+1.51.29+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out Gas price by fee tiers https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/71729e84-d46d-44fa-baca-9790c72038da/Screen+Shot+2022-10-19+at+2.16.53+PM.png Research - Things Hidden Since the Foundation of Blockspace - Make it stand out Yuga Labs apologized for failed transactions, for which they paid gas fees, and promised to refund the costs of those transactions. https://www.aniccaresearch.tech/blog/alkimiya-beta-user-guide monthly 0.5 2023-06-25 https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/00212145-0fb6-41d0-8430-6842330273d6/Screen+Shot+2023-06-25+at+3.39.06+PM.png Research - Alkimiya Beta User Guide - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/2e10d817-3c8d-4676-8214-f78ec8c5ff5d/Screen+Shot+2023-06-25+at+3.51.51+PM.png Research - Alkimiya Beta User Guide - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/a85cd3c4-7e5c-4748-a44c-502f2ea82990/Screen+Shot+2023-06-25+at+3.52.53+PM.png Research - Alkimiya Beta User Guide - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/ea1f3c7b-649c-4ea4-9024-ec19921163c1/Screen+Shot+2023-06-25+at+3.52.26+PM.png Research - Alkimiya Beta User Guide - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/168b9c15-0f20-457f-87fd-42bcc518fb91/Screen+Shot+2023-06-25+at+3.52.39+PM.png Research - Alkimiya Beta User Guide - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/092650d0-6ca1-41e8-8604-91282d186f7f/Screen+Shot+2023-06-25+at+3.34.36+PM.png Research - Alkimiya Beta User Guide - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/a662ef85-0369-427d-b12e-bd4aa4d60e1a/Screen+Shot+2023-06-25+at+3.53.09+PM.png Research - Alkimiya Beta User Guide - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/4b8e3662-c5f7-44dc-9e50-fc47aaaacabe/Screen+Shot+2023-06-25+at+3.33.25+PM.png Research - Alkimiya Beta User Guide - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/664d6d88-afc8-4668-87ef-0547f8cd08cb/Screen+Shot+2023-06-25+at+3.33.57+PM.png Research - Alkimiya Beta User Guide - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5e9ce5592d0b614f7fdd0b76/b58b5e0c-d2c2-416b-b3f2-2357eca5d326/Screen+Shot+2023-06-25+at+3.33.08+PM.png Research - Alkimiya Beta User Guide - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.aniccaresearch.tech/home daily 0.75 2020-09-17