Nigel Coxan

[Green Compute @green_compute_]

A huge thank you to the Bittensor community for all the support so far.

The encouragement, conversations, feedback and belief in what we’re building have meant a lot. We are only just getting started and can't wait for the next coming months.

[Tommy Robinson 🇬🇧 @TRobinsonNewEra]

This is the woman that Labour are backing to oversee the appointment of judges in England and Wales.

She doesn't think judges should be appointed on merit, but DIEversity.

If you thought Two-tier policing and judiciary were bad now, it's about to get a lot worse!

[Ant Middleton @antmiddleton]

2 weeks ago I was stood on the summit of Mount Everest with my 17 year old son Gabriel.
2 days ago I was finishing of a 4 day charity hiking for a veteran charity across the beaches of Normandy for the 82nd anniversary of D-Day to remember and to pay our upmost respects to our fallen heroes from WWII 🫡🎖️
Today I was in Makerfield supporting a fellow veteran, friend and all round good guy @RobKenyonReform not only to help unite the right but also to help prevent at all costs Labour and Andy Burham from winning this all important by-election.
It’s a two horse race (Rob Kenyon and Andy Burham) if Labour lose this seat then they’re done and will be gone in no time. If Burham gets in, he becomes the next PM with months, Labour stabilises and then stick around until the next general election. We need them out NOW!
This is a strategic vote, not a time to play into Labours hands. We are a lot smarter than this. Those on the right I urge you to think this by-election through.
It’s the most important one we’ve had for decades #unitetheright 🫡🇬🇧🏴󠁧󠁢󠁥󠁮󠁧󠁿

[Brad Garlinghouse @bgarlinghouse]

@BankXRP @HugoPhilion @FlareNetworks True

[TimeForReform @TimeForReform29]

🚨 Confirmed 🚨

I have been told that A LOT of potential restore voters are switching back to Reform thanks to @antmiddleton

There will be very little restore support by next week

That 4% polling is about to be drop

[Andy ττ @bittingthembits]

The network just told every operator that emissions are earned, not owed. Prove it, dont promise.

$TAO fam, for the first time, the network formally cut off a subnet's emissions. And I think this is one of the most bullish gove1rnance moments in Bittensor's history.

Mark this day June 6, the Bittensor governance track completed its review of SN84 and paused its emissions. Adecision and a supporting evidence document covering ownership history, hyperparameter changes, metagraph state, validator-access concerns, and the operator's own public communications.

The review found three things:

• Insufficient evidence of meaningful, verifiable work being performed by the subnet
• Subnet mechanics used in a way that appears extractive and misaligned with Bittensor's economic purpose
• Operator actions that interfered with validation, review, and fair participation

The on-chain data backs it up too.

The dashboards: near-zero development activity, the owner's wallet extracting value the entire time, then dumping the stake and collapsing the price. A subnet looking like a project while functioning as an emissions siphon.

I think this is genuinely good.

Emissions are the network's lifeblood. Every block of $TAO flowing to a dead, extractive subnet is $TAO not flowing to teams actually building. Pausing SN84 isn't punishment. Call it capital allocation discipline. During these times, we need more of that.

And notice how it was done. Standards published in advance in public. Evidence laid out for the community to inspect, debate, and challenge. An explicit path back if SN84 provides information that changes the assessment, emissions can resume.

That's a process to me.

Compare that to April, when the entire criticism of Bittensor governance was opacity and unilateral action. Two months later, the first emissions intervention arrives with proof attached and its reversibility before many jump to the defense of subnets like this.

Honesty, because I always give you that. Yes, this is still a centralized mechanism today. The community knows it. Even const has acknowledged this kind of intervention is a band-aid, and the discussion inside the ecosystem is already moving toward agentic, decentralized enforcement objective intelligence as judge rather than humans as arbiters of truth. That's the right destination. SN84 is the proof the network is willing to act while it builds the better mechanism for tomorrow.

This is the first human attempt at decentralized AI. So call it growing pains.

Combine this with conviction locks, making the owner exit a public, time-delayed event, and a pattern emerges: Bittensor is systematically closing every extraction vector, one upgrade at a time.

Networks that can't remove these Parasites die slowly.

Networks that can compound.

$TAO

[taostats τ @taostats]

NEWS: £82,000 in profitable revenue and an $8,200 buyback in their first month on Bittensor.

@green_compute_ (SN110) just did what most subnets only talk about: generating real revenue and returning value to holders.

Congratulations to the team!

[Barbie True Blue @Pop_Collapse]

“They are going to be big”

Mog on @green_compute_ subnet 110

I watched and read all I could on this subnet. Extremely impressive team.

Already came in with oodles of recurring revenue.

bittensor:native

[Cllr Rob Kenyon @RobKenyonReform]

Peter, this is complete misinformation. I've never refused a DBS check. I actually have an enhanced DBS check for work and sports coaching.

I have already provided Wigan Council with a copy of my DBS certificate. Check your facts before spreading lies.

[Tommy Robinson 🇬🇧 @TRobinsonNewEra]

The evidence of two tier policing and judiciary is clear for all to see.

[Andy ττ @bittingthembits]

🚨 Green Compute $TAO's SN110 @green_compute_ just did what most subnets only talk about.

Most are still emissions farming phase. SN110 we make money and return it phase.

Only thing they farm is the energy and it's Green 🚜

In their FIRST MONTH live on Bittensor, they generated over £82,000 in profitable revenue and completed an $8,200 buyback 37 $TAO already the biggest Month 1 BUYBACK on network.

They’re not just running inference. They’re running Verifiably Green Inference 🌱 biogas, solar, wind, hydro, geothermal, anything provably clean. And they’re transparent about it: the buyback wallet is public.

Real product-market fit.
Revenue in month one.
Buybacks in month one.
Actual value flowing back.

The infrastructure layer is starting to work, congrats.

@green_compute_ · SN110

$TAO

DYOR

[siamkidd @SiamKidd]

Think this is the fastest time for a subnet to launch and do buybacks. 1 month from launch.

Boooootiful @green_compute_

[Green Compute @green_compute_]

In just our first month......... buyback completed.

Green Compute SN110 has now completed an $8,200 USD buyback (37 TAO).

We believe this could be the biggest Month 1 buyback ever and it’s only the beginning.

Transparency matters, so the buyback wallet is public:
5D2UXtzXhP2YCgreodgrGMs2niVZWv2Xt7cxJwYWioU6hdTH

More to come.

[Nigel Coxan @CoxanNigel]

@taoswap_org SN110

[Nigel Coxan @CoxanNigel]

@NewTalus @GBPolitcs It’s not a worry it’s just my opinion Reform have a better chance of getting over the line which I prefer over Labour.

[Nigel Coxan @CoxanNigel]

@NewTalus @GBPolitcs You know that’s self explanatory whether you like it or not. Neither Restore or Reform want Labour to win. If this was my area and Restore had a better chance of beatin Labour then I would vote restore. This time it’s the other way around, it’s not difficult and makes more sense

[Richard Tice MP 🇬🇧 @TiceRichard]

British Steel's public ownership is essential in order to accelerate a new vision and investment in the blast furnaces at Scunthorpe, along with related plate mill investment and a pro-British procurement strategy.

This will protect jobs and create growth in our regions.

No more cheap Chinese steel, but brilliant British Steel please!

[siamkidd @SiamKidd]

A week on from @proofoftalk in Paris and catching up with pretty much everyone that operates in Bittensor, I've managed to digest all the vibes and info from all the conversations I had. As well as recover from an almighty 2 day hangover from the last night!

As usual, I'm going to focus on the changes/issues Bittensor has (as I care about it and want it to improve). Then will talk about the positives.

The following issues are felt by the majority of subnet owners:

1.) Sneak changes. There are patches and changes to the chain every week at the moment. And often every month. All done without a roadmap or forewarning. This is really jarring for investors, institutions and subnet owners to forward plan. This is the main reason big money is tentatively waiting to plough in. It WANTS to, but not until the eco is more stable and predictable! As an eco, let's just have all the changes every 6 months. That way people can plan, there's some expected stability, for at least 6 months and then we all know of the changes and can prepare in advance. Or even have a proper debate about it.

2.) Knee jerk changes. Again, the general consensus is that the powers that be are over-indexing on trying to stamp out the few malicious subnets out there, but the changes do affect and will hurt many other legitimate subnets. For example, there's been a lot of telegraphing that protocol based shorting will be coming. Pretty much no one wants this! It's just going to give big negative whales to create even more profit and volatility within dTAO. One of the biggest selling points of dTAO is that you can only go long! But with the subnet-takeover-function of Conviction AND shorting, we are literally about to lay down on our backs to open ourselves for a right rogering. Seriously OTF, don't bring on shorting. All sorts of negative attack vectors will be opened up.

3.) Driving value to alpha to negate sell-side. So I've been harking on about this for at least a year now. With root prop and the miner/vali/dTAO sellside vectors, a subnet has a tremendous amount of sell side. Especially if a subnet is trying to do good and NOT have a miner burn. This is why MOST subnets have lengthy down only charts, despite doing good stuff. So in order to avoid the price spiral to dereg, subnet owners absolutely cannot rely on the zero-sum-game/pool of dTAO funds as it's hyper rotational and chases the dopamine of announcements. So the only predictable and controllable way to protect price is to either generate a heap of PROFIT in order to do buybacks OR raise capital in the real world to have a protectionary war chest. Suffice to say, it's pushing subnet owners to do the traditional stuff AI start ups have to do in the real world. Let's change root prop to alleviate some sellside! Instead of having alpha be insta-sold into TAO by the chain, just have a PROTOCOL OWNED Alpha Treasury. Sellside is then reduced quite a lot and the protocol itself will benefit from having a wildly appreciating NAV due to the treasury and APY of all alpha. This gives Bittensor way more value and optionality in the future.

4.) Connecting real world acquisition value to alpha holders. A flawed concern that newbies have of Bittensor is that any subnet that does really well is just going to be acquired or gobbled up by a big fish in the real world. And that is true, to an extent. But if a subnet is going to be gobbled up, alpha holders will have had a glorious ride up until that point as the subnet will have had to be doing great things for a while in order to be on an acquisition radars. Like SN44 is right now. So we dTAO investors effectively get to front run big VC firms. And the Bittensor Miner network is a moat in itself. But the real disconnect here is connecting that liquidity event to the alpha. Conviction doesn't really do that. I still think it's a virtue-signalling sugar cube of pundit-appeasement. But what would be good to see from subnets is some sort of public commitment that in the event of an acquisition, a percentage of the cash-payout is directly ploughed into their alpha as a buyback as a way of thanking alpha holders and creating a liquidity event for their loyalty and support. Here's a clunky example, (and with a bit more brain glucose there's sure to be a finessed version), but let's say there's a $50m acquisition of a subnet. Typical $15m upfront and $35m in earnout/performance based ratchets. Of that $15m cash element, the subnet owner could do a 20% single buyback of alpha of $3m . This would create a mega candle and an opportunity for people to choose to sell and have a nice liquidity event or even stay for the longer ride. But at the very least, it's some sort of acquisition linkage to alpha.

5.) Chain bloat. The chain is very bloated in such a short time of operation. It's one of the reasons we can't just open it up to like 256 or 1000+ slots. For example, Bitcoin has been running for 15+ years and an archival node is only 750-850GB. Ethereum is 10+ years old and it's about 900GB. But Bittensor hit 2TB in under 3 years. It's probably close to 3TB now. Substrate has many benefits and has facilitated in the creation of Bittensor as we know it, but it is terrible for storing stuff. Instead, we could do all the "bloaty/storing stuff" on another chain and keep substrate for the clever stuff. Bit like how Hippius uses another chain. I haven't owned any Kaspa in 3+ years now, but Kaspa would be PERFECT for this. It's the fastest and most efficient settlement layer on the planet and you can literally write and store stuff into the chain. Bittensor literally couldn't bloat up that chain. It's the perfect match... @const_reborn please please have a zoom with the founder of Kaspa @hashdag You two are God level brains...

So...there are some candid personal gripes which many out there feel the same way, based on convos. But now let's focus on the good stuff! The stuff which reaffirms why my whole life is in Bittensor now.

✅ Despite the odd grifter (which you can never stamp out in any eco), the quality of subnets now compared to 12 months ago is remarkably improved! New subnet quality is also improving a lot! Hopefully some of our revenue generating subnets can now start expanding the scale and cadence of buybacks.

✅The level of institutional interest in Bittensor is magnitudes larger than it was last year. Many entities seriously love it...but are just scared to put their first pinky into us due to the rampant unannounced chain changes! Predictable and reliable roadmap please lol @opentensor

✅Some of the blue-chip subnets are becoming truly world class. Not just the tech but also getting their running shoes on from a Product Market Fit and Go To Market perspective.

✅Real world institutional adoption. This is a blood-brain barrier which is crucial to punch through, and thankfully @webuildscore and @TargonCompute have and are doing that. In fact, this is a seminal moment in Bittensor which is going largely unnoticed! The fact that BIG institutions are now accessing, using and promoting AI infrastructure from Bittensor is exactly what we need. @intel working with Targon. @PwC working with Score! @oblong_inc (a NASDAQ listed entity) investing in and teaming up to SELL Manako services to the US! All of these are nuts! And it's just a matter of time before @metanova_labs makes a real drug breakthrough and @jon_durbin or @IOTA_SN9 makes a full completed distributed pre-training run that makes the previous 72b run look small! I keep hearing that 1T is inbound. This will be a watershed moment for Bittensor.

So these are my thoughts in a nutshell. I have a lot more nuanced thoughts about changes etc, but that's for another time. But it's great to see so many serious people STILL in and working ON Bittensor, despite prices looking grim. That's the sign of a real network.

I managed to spend a nice amount of time chatting with @const_reborn and Etienne (CEO of OTF) and they've been getting a bit of flak recently for the changes (this post included), but I have to stress that Jake and Etienne really do have this amazing vision of what Bittensor can and needs to be. And that they'd rather prod the pie now rather than messing with it big time down the line when things are much bigger. Like it's better to build a functional plane on the ground, rather than mid-flight. And I guess everyone is just caught up with the short term volatility of everything. So we as investors need to chill out a bit.

It's a bit like Henry Ford asking the public about the creation and introduction of the automobile when 99% of transport was done by horse. Everyone would have moaned and whined. But look at things now...

I genuinely do believe Jake will pull the proverbial rabbit out of the hat and we will look back at this turbulent time and chuckle.

Remember:
✨The 1st great network was the internet. A globally scaled network of information transfer.

✨The 2nd great network was the Bitcoin protocol. A globally scaled network of VALUE transfer.

✨The 3rd great network is the Bittensor protocol. A globally scaled network of information, value transfer and intelligence creation.

✨Being able to send money peer to peer has more value than being able to send an email. But being able to create, own and distribute intelligence trumps all.

Hope this helps folks...

[Green Compute @green_compute_]

Who qualifies for Green Compute SN110?

If your power is clean and you can prove it, you can qualify.

Biogas leads the first wave but solar, wind, hydro, geothermal, and any other verifiable low-carbon source are all welcome.

We don’t care whether your electrons come from a cow, the sun, a river, or the weather. We care that they’re clean, reliable, and provable.