Incredibly excited to introduce @alkimiya_io, a permissionless protocol for hashpower contracts and hashpower-backed structured products.

aniccaresearch.tech/blog/introduci… Over the years, attempts at creating hedging instruments for miners all failed to build meaningful volume (cloud mining, OTC hashrate swaps, hashrate index, machine / hashrate tokens by a centralized entity etc.).

There are problems on both the supply side and the demand side.

Fashion trends come and go. PoW is a timeless foundation of our new digital civilization.

In this article, we explore some deep questions about the hashpower market dynamics. Sure you've heard of "hashrate follows price", but how does it REALLY work?

aniccaresearch.tech/blog/the-alche… In Part I, we presented a simple heuristic for understanding hashpower as an asset class. The hashpower market dynamics is driven by a convoluted interplay of exogenous and endogenous factors. We need to untangle them and scrutinize how they interact in greater depth.

Excited to share Part I. of "The Alchemy of Hashpower"

Information in the mining industry is opaque and highly fragmented. Despite its massive growth, investors still find entry into the space challenging.

aniccaresearch.tech/blog/the-alche… We define all assets that produce hashpower in exchange for coins, and synthetic contracts that mimic mining returns as the hashpower asset class. The hashpower assets have distinct risk & return profile, but there is no proper theory for understanding it as a collection.

I just published "Bitcoin MIning's Three Body Problem".

Mining is a complex inter-disciplinary phenomenon. While it has grown into a billion-dollar industry over the years, the invisible rules governing every aspect of it remain secretive to outsiders.

aniccaresearch.tech/blog/bitcoin-m… From a macro perspective, we can identify three principal forces that drive the mining industry as a whole: the emission schedule, the climate cycle, and hardware iteration. Each influences a different component in the miner’s profit calculation.