Mirror Mirror… 
XBT James
npub19fxz...dtx6
#bitcoin
https://github.com/XBTJames
https://xbtjames.wordpress.com/
Elon: “We need to stop scraping, it is affecting usability for
real users!”
*Proceeds to nuke twitter for real users*
Nostr rate limits working just fine :)
Thinking about ASIC relative value trading today.
Surprised more aren’t talking about this.
F2 announces they will auction off “uncommon sats”
I suppose this is what F2 is doing with the 546 sats they split off the coinbase tx
What are the “uncommon” sats worth? Does it make sense to switch pools or solo-mine to capture “uncommon” sats? Might the value of “uncommon” sats push pool fees to zero? Intg to think abt
Interesting to think about empty blocks in this kind of fee environment.
Conventional wisdom suggests that once a block is found, while pools construct new block templates, just mine empty block templates until you have a real one.
This assumption relies on the idea that tx fees represent a relatively small part of the block reward.
What about when tx fees represent the majority of the block reward?
We almost saw this earlier. Block 778703 was mined by ViaBTC less than a minute after the previous block. The next block came two minutes following, and had 5.90btc of fees.
In the future, as subsidies get smaller and block rewards represent a larger part of miner revenue, its highly likely that, in addition to responding to bitcoin and electricity prices, miners will turn on and off depending on unconfirmed tx fees
High fee environments are such great learning experiences. Thousands of plebs learning in a live environment:
- UTXO management
- Fee rate management
- Using RBF
- Lightning channel management
- Segwit & Taproot
Wallets & services that abstract away these things may work in a low-fee empty mempool environment but either break or become very expensive in a high fee environment.
News from BitRiver that Russia has 1GW of Bitcoin mining capacity online. This is up about 50% since the end of 2022, when local rag Kommersant reported that there was 500MW online.
Congrats to whoever the solo miner was who mined a 6.35btc block just now!
Is Mining Back in China? A Look at the Data:
Is Mining Back in China? A Look at the Data – XBTJames
The rube goldberg fiat banking machine is failing before our eyes. CS AT1 holders, who are supposed to be senior to the equity, are getting wiped.
The old adage “don’t invest in what you don’t understand” becomes much more difficult when the rules are changed on the fly.
Bitcoin is not volatile.
The banks, which can blow up at any time, are volatile.
You think a 75% drawdown from the peak in Bitcoin is bad? Call investors in CS, they have a permanent loss on their holdings. -75% in a weekend.
Train ride home - time for Citadel Dispatch. Thanks #[0]
Everyone wants smoked meat for lunch, but few are up at 4 to smoke the meat for lunch
Interesting letter from Coindesk backing into Bitcoin's development costs at $100-$200MM a year... which is insane to me. They get there by taking the number of total developers on bitcoin-related protects (circa 1,000) and multiplying by $100k-$200k... feels very high to me.
Bitcoin’s Future Hinges on Donations, and That’s Got People Worried
It costs up to $200 million a year to keep Bitcoin’s code maintained and functioning. Can developers find the resources they need in a plunging m...
GM. Crush it Today
Tonight’s Podcast: Bitcoin Park’s Nashville Energy Summit - Public vs Private miners.
Apple Podcasts
Bitcoin Park
Technology Podcast · Conversations from Bitcoin Park
Bitcoin Park is a community supported campus in Nashville, TN and Austin, TX focused on gras...
GM to everyone getting some work done before Church