BDFL of Quilibrium, Eng @ Farcaster, ex-Coinbase, always opinionated, never hydrated

/quilibrium

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consider that historically it's been a leading indicator. this fact likely has not changed.

if market price is more than 2x of bitcoin miners revenue when it's typically tied together (or lower than bitcoin miner revenue), what made it change though? what is affecting this

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https://www.blockchain.com/explorer/charts/miners-revenue

Got a link to the source of these charts?

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Wait has btc security budget entered the chat?

Isn't it interesting that mining revenue is 50%? Isn't it interesting that hash rate typically corrects to reach mining revenue homeostasis? What will the other 50% mining power do? What _can_ they do?

bitcoin has never had a drop in mining security significant enough that a 51% attack was possible before. current delta on hashrate to close the gap to earnings is a drop to ~46% of current hashrate. 54% free to do as they like. consider the implications to the assumed cryptoeconomic security. what happens next?

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hash rate drop was similar to post FTX collapse, someone was saying that those declines often signal potential market bottoms 

Miners rn:

hash rate is plateauing, hasn't firmly dropped yet, the miner rev is an earlier signal

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Oh wow halving really killed miners rev recently?

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typically in terms of days. halving has had a sustained irrationality, bad news when irrationality runs out

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miners had a nice run post halving with runes and ordinals

there is some private mempool / custom block services being offered

but yeah.... why is this halving being felt so much more?

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what happens whenthe black line is higher, doesn't seem to been the case before 😭

https://media.tenor.com/WrT1CQ9Ul4QAAAAC/shaq-hot-wings.gif

So does the major depegging mean we're heading towards more consolidation?

BTC will eventually all be WBTC secured by Ethereum’s POS and all will be right again with the world

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