Introducing Guest Contributors: How Outside Analysis Works Here
This section carries analysis from outside the desk — always labelled clearly, always disclosed, always held to the same First-Principles Take…
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ANALYSIS · 14 Aug 2026
Is Bitcoin’s Fee Market Ready to Replace the Subsidy? A First-Principles Look
Every halving pushes the same open question further into view: can transaction fees alone eventually fund the security that keeps Bitcoin's chain honest? The claim is asked constantly. It is rarely examined this…
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Updated just now
Bitcoin price
$78,146
+7.36% · 24h
Fee estimate
5 sat/vB
next block 6 · economy 2
Hashrate
915 EH/s
difficulty 127.5T
Next halving
86,512 blocks
≈ 1y 244d at current block pace
Bitcoin dominance
59.2%
$1.56T of $2.63T
Supply issued
20,071,518 BTC
95.58% of the 21,000,000 cap
What the price does not tell you
It says nothing about what bitcoin is worth, or where the price goes next. Price is the most-watched and least-informative number on this board.
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The First-Principles Take
All analysis →
The Week in Bitcoin: Launching Our Recurring Report Format
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…
Latest Bitcoin news
All news →
A Fee Spike Hits the Mempool: What Actually Drives It
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…
A Custodian Announces an Audit: What Assurance It Actually Provides
Attestation, examination and audit are different engagements with different levels of assurance. The word used in the press release is often the…
A Mining Company Reports Results: What Is Worth Reading
Miner results are the closest thing to a public window on Bitcoin's security budget. The headline figures are usually the least useful part.
A Price Milestone Is Reached: What a Round Number Means
Round numbers generate coverage in proportion to their digits rather than their significance. A threshold is a base-ten artefact, not a property of…
An Institution Files for a Bitcoin Product: What a Filing Is
A filing is a request, not a permission. Anyone eligible can submit one, and submission implies nothing about approval, timing, or eventual demand.
A Fork Proposal Appears: How Bitcoin Actually Changes
Protocol change stories are usually written as politics. The mechanics are stricter than the coverage suggests, and most proposals never activate.
By section
News & Updates
- A Fee Spike Hits the Mempool: What Actually Drives It
- A Custodian Announces an Audit: What Assurance It Actually Provides
- A Mining Company Reports Results: What Is Worth Reading
Analysis & Opinion
- Is Bitcoin’s Fee Market Ready to Replace the Subsidy? A First-Principles Look
- Introducing Guest Contributors: How Outside Analysis Works Here
- The Week in Bitcoin: Launching Our Recurring Report Format
On-chain corner
All on-chain coverage →
On-Chain Metrics
reasoned, not hyped
Active Addresses Are Rising. Does That Mean More People Are Using Bitcoin?
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…
What Realized Cap Can and Can’t Tell You
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…
One metric, read carefully
Active addresses
402,442 30-day average 487,597- What it means
- Unique addresses that appeared in a transaction on the most recent full day.
- What it does not tell you
- Addresses are not people. One user can generate hundreds; an exchange can serve millions from a handful. Treat this as a coarse activity trend, never a user count.
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Basics
What is Bitcoin?
A fixed-supply, permissionless settlement network with no operator. Start with what it actually is before deciding what it is worth.
How it worksHow Bitcoin works
Proof of work, blocks, keys and issuance — the mechanics, explained without hand-waving or magic.
On-chainReading on-chain data
What active addresses, supply and mempool depth can support as evidence, and the claims they cannot carry.
IssuanceThe halving, explained
Why issuance halves every 210,000 blocks, what that does to miners, and why the date is always an estimate.
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From the Newsroom
Writers covering Bitcoin, on-chain data and marketsFinance 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…