Karim is a Senior R&D Analyst at Coin Metrics. He’s focused on network data and is particularly interested in mining, privacy, and derivatives. Karim was formerly an independent researcher and graduated from Carnegie Mellon University with a degree in Statistics and Machine Learning.
The Signal & The Nonce
This paper introduces a methodology for determining the market share of every major Bitcoin mining machine, or ASIC, by analyzing nonce patterns and incorporating data sourced from real-world ASICs. Using novel data produced by our analysis, we can generate estimates to Bitcoin’s electricity consumption and network efficiency with far greater [...]
Recent
Measuring Ethereum Miner Activity
The Ethereum community has always had a somewhat strained relationship with miners. The network’s proof of work algorithm, Ethash, was [...]
Following Flows III: Measuring Ethereum Miner Activity
Ethereum and Mining The Ethereum community has always had a somewhat strained relationship with miners. The network’s proof of work [...]
Analyzing Miner to Exchange Flows
Miners are often considered natural sellers of bitcoin (BTC). Their revenue is earned from block rewards and transaction fees which [...]
Following Flows II: Where do Miners Sell?
Miners are frequently blamed for causing dips in the price of Bitcoin. These accusations are often unsubstantiated—worse still, they’re sometimes [...]
Following Flows: A Look at Miners’ On-Chain Payments
Using a new methodology that looks at addresses one hop out from the coinbase transaction, this report quantifies miner holdings [...]
Following Flows: A Look at Miners’ On-Chain Payments (Full Length)
Key Takeaways Using a new methodology that looks at addresses one hop out from the coinbase transaction, this report quantifies [...]
Measuring Bitcoin’s Decentralization
Over the last eleven years, Bitcoin has managed to function relatively seamlessly in the face of a large number of [...]
Measuring Bitcoin’s Decentralization (Full Length)
Key Takeaways Bitcoin’s decentralization can be quantified in terms of supply dispersion, hashpower distribution, and exchange consolidation, among other metrics. [...]
Surveying the Bitcoin Perpetual Swap Market
The crypto market is still young and the contract structure of derivatives varies across exchanges. Derivatives lack a standard methodology [...]