“When events have thinking participants, the subject matter is no longer confined to facts but also includes the participants’ perceptions. The chain of causation does not lead directly from fact to fact but from fact to perception and from perception to fact.”— George Soros, The Alchemy of FinanceIn Part I of this series, we presented a simple heuristic for understanding hashpower as an asset class. In mining, everything is connected. To establish a comprehensive understanding of the market ...

“When events have thinking participants, the subject matter is no longer confined to facts but also includes the participants’ perceptions. The chain of causation does not lead directly from fact to fact but from fact to perception and from perception to fact.”— George Soros, The Alchemy of FinanceIn Part I of this series, we presented a simple heuristic for understanding hashpower as an asset class. In mining, everything is connected. To establish a comprehensive understanding of the market ...

“Scientific method seeks to understand things as they are, while alchemy seeks to bring about a desired state of affairs. To put it another way, the primary objective of science is truth, that of alchemy, operational success.”― George Soros, The Alchemy of FinanceOutlinePart 1. I. The Economic Value of Hashpower II. The Hashpower Asset ClassThe Machine MarketsThe Dimensions of HashpowerSynthetic HashpowerHashpower Investment VehiclesPart 2. I. Reflexivity in Hashpower II. The Four Phases of R...

“Scientific method seeks to understand things as they are, while alchemy seeks to bring about a desired state of affairs. To put it another way, the primary objective of science is truth, that of alchemy, operational success.”― George Soros, The Alchemy of FinanceOutlinePart 1. I. The Economic Value of Hashpower II. The Hashpower Asset ClassThe Machine MarketsThe Dimensions of HashpowerSynthetic HashpowerHashpower Investment VehiclesPart 2. I. Reflexivity in Hashpower II. The Four Phases of R...

“越透明的东西越神秘，宇宙本身是透明的，只要目力能及，你想看多远就看多远，但越看越神秘。” — — 刘慈欣 《三体》Bitcoin mining is a complex phenomenon that connects hardware and software, energy, and financial markets. Invisible rules govern every aspect of it. The performance of an individual operation is determined by various external factors that are often hard to quantify and almost impossible to forecast. From a macro perspective, we can identify three principal forces that drive the mining industry as a whole: the emission schedule, the cl...

“越透明的东西越神秘，宇宙本身是透明的，只要目力能及，你想看多远就看多远，但越看越神秘。” — — 刘慈欣 《三体》Bitcoin mining is a complex phenomenon that connects hardware and software, energy, and financial markets. Invisible rules govern every aspect of it. The performance of an individual operation is determined by various external factors that are often hard to quantify and almost impossible to forecast. From a macro perspective, we can identify three principal forces that drive the mining industry as a whole: the emission schedule, the cl...