In this article, we discuss the fundamental cause of the implicit cost of transactions in crypto, which is inherently rooted in the characteristics of the blockspace microstructure. We use observations from several case studies of discrete on-chain events, including notable NFT mints, stablecoin meltdowns, and…
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Bitcoin mining is a complex phenomenon that connects hardware and software, the 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 forec