Hashrate: an emerging commodity market
Why hashrate is fungible, standardized, and priced above FPPS — and who’s on each side of the trade.
Read on Substack →Research
We write about the market we make.
Notes from the desk on hashrate market structure, pool economics, and mining finance — published as PoW Francisco.
FPPS is not a free lunch for miners
Pools are insurance providers. What that insurance really costs, and when selling hashrate directly wins.
Read on Substack →Hashrate: the edge for bitcoiners
Blockspace as a strategic resource — and why holders may want hashrate exposure before everyone else does.
Read on Substack →New research, every issue.
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