Senior R&D Analyst

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.

Measuring Ethereum Miner Activity

By |2021-03-09T13:40:31+00:00March 9, 2021|Karim Helmy, Nate Maddrey, State of the Network|

The Ethereum community has always had a somewhat strained relationship with miners. The network’s proof of work algorithm, Ethash, was explicitly designed to be resistant to ASIC mining and hence miner professionalization. Since then, the network’s migration to Proof of [...]

Following Flows III: Measuring Ethereum Miner Activity

By |2021-03-09T01:53:10+00:00March 8, 2021|Karim Helmy, Original Research|

Ethereum and Mining The Ethereum community has always had a somewhat strained relationship with miners. The network’s proof of work algorithm, Ethash, was explicitly designed to be resistant to ASIC mining and hence miner professionalization. Since then, the network’s migration [...]

Following Flows II: Where do Miners Sell?

By |2021-02-23T16:22:58+00:00February 22, 2021|Karim Helmy, Original Research|

Miners are frequently blamed for causing dips in the price of Bitcoin. These accusations are often unsubstantiated—worse still, they’re sometimes based on faulty metrics that conflate mining pool payouts with miner spending, ultimately misleading their users. Accurately assessing the degree [...]

Following Flows: A Look at Miners’ On-Chain Payments

By |2021-02-05T13:55:54+00:00November 3, 2020|Karim Helmy, State of the Network|

Using a new methodology that looks at addresses one hop out from the coinbase transaction, this report quantifies miner holdings and activity. This approach improves on previous attempts at tracking miner spending, which inadvertently measured pool operator activity rather than [...]

Following Flows: A Look at Miners’ On-Chain Payments (Full Length)

By |2021-03-03T01:53:06+00:00November 3, 2020|Karim Helmy, Original Research|

Key Takeaways Using a new methodology that looks at addresses one hop out from the coinbase transaction, this report quantifies miner holdings and activity. This approach improves on previous attempts at tracking miner spending, which inadvertently measured pool operator activity [...]

Measuring Bitcoin’s Decentralization (Full Length)

By |2021-02-05T21:44:29+00:00September 15, 2020|Karim Helmy, Original Research|

Key Takeaways Bitcoin’s decentralization can be quantified in terms of supply dispersion, hashpower distribution, and exchange consolidation, among other metrics. Key metrics like the number of active addresses and the network’s hashrate continue to rise. Bitcoin’s supply is becoming more [...]

Derivatives’ Disparities: Surveying the Bitcoin Perpetual Swap Market (Full Length)

By |2021-02-05T22:31:33+00:00August 4, 2020|Karim Helmy, Original Research|

Key Takeaways The derivatives market is fragmented and contract terms differ dramatically across exchanges. The quality of documentation in the space varies. We analyzed how each exchange structures their perpetual swaps, which are a type of derivative that approximates the [...]

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