The Bitcoin Mining Block Post

What looked for eight months like Bitcoin’s most contested governance fight resolved in under 48 hours and resulted in two blocks. That’s the entire output of BIP-110’s enforcing chain, from mandatory signaling at block 961,632 on August 8 to the moment it stopped producing blocks at all. Roughly 97% of Bitcoin’s mining power never signaled. The enforcing nodes split off anyway, exactly as designed, and followed a chain with almost no hashrate left to build it. The Spam War That Built BIP-110...

What looked for eight months like Bitcoin’s most contested governance fight resolved in under 48 hours and resulted in two blocks. That’s the entire output of BIP-110’s enforcing chain, from mandatory signaling at block 961,632 on August 8 to the moment it stopped producing blocks at all. Roughly 97% of Bitcoin’s mining power never signaled. The enforcing nodes split off anyway, exactly as designed, and followed a chain with almost no hashrate left to build it. The Spam War That Built BIP-110...

SBI Crypto stopped accepting shares on 30 July and closed its pool the following day, ending a five-year run at roughly 2.5% of global hashrate. Two weeks earlier, Poolin filed for Chapter 11 in New Jersey owing about $173 million. However, these are not two versions of the same story. One is a solvent parent moving capital into a business it likes better. The other is a court finally closing a file that has been open since September 2022. What they share is the part mid-tier pool operators...

SBI Crypto stopped accepting shares on 30 July and closed its pool the following day, ending a five-year run at roughly 2.5% of global hashrate. Two weeks earlier, Poolin filed for Chapter 11 in New Jersey owing about $173 million. However, these are not two versions of the same story. One is a solvent parent moving capital into a business it likes better. The other is a court finally closing a file that has been open since September 2022. What they share is the part mid-tier pool operators...

Every operator with land and a power contract is now being told to "do AI." Almost all of them are asking the wrong question. The choice was never whether to run GPUs, it's where you sit on the infrastructure value chain, and what the next step up actually buys you. Bitcoin mining is a ladder of four business models, and the one you're standing on already decides how much AI revenue you can credibly underwrite. Why Most Miners Are Asking the Wrong AI Question Four Models, Four Positions on...

Every operator with land and a power contract is now being told to "do AI." Almost all of them are asking the wrong question. The choice was never whether to run GPUs, it's where you sit on the infrastructure value chain, and what the next step up actually buys you. Bitcoin mining is a ladder of four business models, and the one you're standing on already decides how much AI revenue you can credibly underwrite. Why Most Miners Are Asking the Wrong AI Question Four Models, Four Positions on...

Most investors believe the hard part is finding a good project. In reality, the biggest gains (or losses) are determined long before a site is energized, and long after the capital has been deployed. Every successful digital infrastructure investment passes through five distinct stages, each with its own risks, decisions, and opportunities to create or destroy value. Understanding this lifecycle is what separates investors who simply fund projects from those who build compounding...

Most investors believe the hard part is finding a good project. In reality, the biggest gains (or losses) are determined long before a site is energized, and long after the capital has been deployed. Every successful digital infrastructure investment passes through five distinct stages, each with its own risks, decisions, and opportunities to create or destroy value. Understanding this lifecycle is what separates investors who simply fund projects from those who build compounding...

Every advance in AI compute creates a corresponding challenge: heat. Frontier training racks now exceed 100 kW, inference racks are already running at 370 kW, and NVIDIA’s next generation is specified at 600. These densities call for a different cooling standard than air was built around, and the operators who treat cooling as a qualification filter, not a spec sheet line item, are the ones who scale. It is not only about how much power a site has, it’s about what it does with the heat the...