Diving deep on everything from the foundational to the bleeding edge
- Original Research
- State of the Network
- State of the Market
Bitcoin Miners are Escaping China
And it might be one of the most positive developments of 2021. Over the past few weeks, Bitcoin markets have had to deal with a swarm of bad news coming out of China. It started with rumors that miners in [...]
Analyzing the On-Chain Impact of the OpenEthereum Stoppage
At block number 12,244,000 the Berlin hard fork was activated on Ethereum. Among many changes, it paves the ground for the upcoming London hard fork which will revamp how fees work on Ethereum with the activation of EIP-1559. Hard forks [...]
COIN METRICS SUPPLY TRANSPARENCY REPORT – Q1 2021
The Supply Transparency Report brings visibility to the actions of the key categories of a cryptoasset’s holders that are deemed to restrict supply from the market, as defined in the CMBI Float Adjustment Methodology. The current universe of cryptoassets that [...]
The Ethereum Gas Report
Ethereum adoption is growing like never before. Decentralized finance (DeFi) continues its rapid rise, stablecoins are being adopted around the world, and NFTs are becoming an everyday topic of conversation. Ethereum’s usage is a great sign for the long-term prospects [...]
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 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?
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 [...]
Dissecting a Bitcoin Bull Market (Full Length)
A pandemic, followed by global societal shutdowns, followed by rampant social unrest, followed by increased political polarization, followed by unprecedented levels of monetary interventionism. This has been 2020. And in the midst of all of this uncertainty and chaos, a [...]
The State of DeFi Tokens (Full Length)
Decentralized finance (DeFi) took over the crypto world during the summer. But it cooled off after September, and has taken a back seat to BTC and ETH since. In this week’s Feature, we explore the rapid rise of DeFi tokens [...]
Bitcoin: An Unprecedented Experiment in Fair Distribution (Full Length)
Much has been written about the fundamental differences between Bitcoin and other asset classes. In fact, juxtapositions of Bitcoin and established commodities such as gold continue to lure swarms of newcomers into this industry, institutional and retail-alike. But are there [...]
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 miner holdings and activity. This approach improves on previous attempts at tracking miner spending, which inadvertently measured pool operator activity [...]