The first edition of a recurring, dated report: price and volatility context, the network's on-chain state, and one story from the news cycle read against the evidence rather than the headline.
Read story →Every halving pushes the same open question further into view: can transaction fees alone eventually fund the security that keeps Bitcoin's chain…
This section carries analysis from outside the desk — always labelled clearly, always disclosed, always held to the same First-Principles Take…
Fee spikes are reported as congestion or as distress. They are an auction for a fixed quantity of block space, and the bidders are not always who the…
Attestation, examination and audit are different engagements with different levels of assurance. The word used in the press release is often the…
Miner results are the closest thing to a public window on Bitcoin's security budget. The headline figures are usually the least useful part.
Round numbers generate coverage in proportion to their digits rather than their significance. A threshold is a base-ten artefact, not a property of…
A filing is a request, not a permission. Anyone eligible can submit one, and submission implies nothing about approval, timing, or eventual demand.
Most merchant-acceptance announcements describe a settlement arrangement in which no merchant ever holds Bitcoin and no customer needs to.
Active addresses is one of the most-cited on-chain metrics, and one of the most routinely over-interpreted. Here is what it can support as evidence…
Realized cap is a genuinely clever idea — valuing each coin at the price it last moved, not at current spot. It is also built on assumptions that…
A fixed-supply, permissionless settlement network with no operator. Start with what it actually is before deciding what it is worth.
How it worksProof of work, blocks, keys and issuance — the mechanics, explained without hand-waving or magic.
On-chainWhat active addresses, supply and mempool depth can support as evidence, and the claims they cannot carry.
IssuanceWhy issuance halves every 210,000 blocks, what that does to miners, and why the date is always an estimate.
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Finance Editor at Bitcoin Logical, based in New York. She edits and reports across the site's regulatory and…
Crypto Writer at Bitcoin Logical, based in Canada. She covers industry news — exchanges, custodians, mining operators…
Finance Reporter and Crypto Writer at Bitcoin Logical, based in Australia. She covers breaking industry news alongside…
