Jonas

Business Development at Chainstack 🛠️💙

[Jonas @Jonas_web3]

@mikedemarais Not sure about tesla. But if you are looking a real steal, I can give you the best deal of your life on RPC infra with the best speed & reliability in the industry 🛠️💙

DMs open 😉

[Jonas @Jonas_web3]

See you all at 100K

#BTC #crypto #web3

[stepan @cyntro_py]

Missed ETHDenver 2024?

I watched 20 hrs of talks and prepared a 5-minute overview of the key trends and topics.

👇

[Alex Svanevik 🐧 @ASvanevik]

gm we're winning

[Jonas @Jonas_web3]

I love both of my top 2 cryptocurrencies. It's important to listen to both camps' arguments about security.. ETH has a solid point wrt the economic aspect as compared to the "secured by energy" narrative..

[Justin Drake @drakefjustin]

economic security flippening
⬛⬛⬛⬛⬛⬛⬛⬛⬛⬛ 10x

Ethereum
• 31M ETH staked
• $3,400 per ETH
→ $105B of economic security

Bitcoin
• 600M TH of hashrate*
• $17.5 per TH**
→ $10.5B of economic security

*Expressing hashrate in TH is a common abuse of notation. From now on the correct unit of TH/s will be used. Bitcoin's 7-day simple moving average is 584M TH/s, rounded up to 600M TH/s.

**Bitmain sold the S21 in bulk at $14 per TH/s. The energy efficiency of the air-cooled S21 is 17.5J per TH. With a setup cost of $200K per MW of air-cooled datacenter there's an additional datacenter setup cost of $3.5 per TH/s, for a total cost of $17.5 per TH/s.

FAQ 1—What is economic security?

Economic security is the aggregate value of assets deployed by consensus participants to secure a blockchain. For proof-of-stake that's simply the value of all staked tokens. For proof-of-work that's the datacenter value of deployed hashrate, including ASIC rigs, electrical infrastructure, and cooling infrastructure.

FAQ 2—Why are electricity costs not included?

While electrical infrastructure (e.g. transformers, switchgear, breakers, PSUs) is part of PoW economic security, electricity costs are not. This is for two key reasons:

1) Energy consumption is opex (not an asset) which is compensated for in real-time by issuance and fees. A 51% attacker can starve all other miners from mining income, keeping 100% of issuance and fees for themselves. As a side note, notice that a 51% attacker can additionally manipulate markets and charge arbitrarily high transaction fees (e.g. Apple-style 30% fees) to compensate for opex.
2) The electricity consumption is temporary and short-lived. A 51% attacker can maintain a 51% attack all while arbitrarily scaling down hashrate using a swap camp attack, eventually nullifying electricity costs for the 51% attacker. Moreover, a 51% attacker may only need to conduct an attack for a few days before destroying confidence in the blockchain and not needing to further conduct the attack.

FAQ 3—Is $17.5 per TH/s a conservative estimate?

$17.5 per TH/s should be a conservative upper bound. The S21 can be overclocked to reduce the dominant nominal rig cost of $14 per TH/s. Should Bitmain itself deploy the hashrate the sticker price can be discounted by Bitmain's profit margin. Manufacturing billions of dollars of S21s will lead to economies of scale and better pricing from suppliers like TSMC as well as assemblers. Manufacturing and installing state-of-the-art S21s is one of many strategies to deploy hashrate. For example, old hardware acquired at a significant discount can cover some of the hashrate, especially post-halving. Datacenter costs can be partially recouped by reselling capacity at discount pricing, e.g. at $100K per MW to AI farms. Rig costs can also be partially recouped by reselling PSUs and scrap metal.

[Hayden Adams 🦄 @haydenzadams]

Uniswap is YouTube for markets

And memecoins are all the cat videos

[jesse.base.eth @jessepollak]

I couldn't pay for something at an airport store because their system was down

onchain is never down

[O @Somethingabthat]

Time for another Avalanche Gaming news round up.

And if it doesn’t work for you, just blow on it and throw it back in. 🎮🧵👇

[Thomas Fahrer @thomas_fahrer]

The new 9 ETFs bought 341K #BTC    in 7 weeks of trading.

They'll have more #BTC  than GBTC by the halving.

This is the flippening I'm here for.

Follow it with our ETF tracker

[shaaa @shaaa256]

TOP 5 NARRATIVES

from every conversation i had at ETH Denver ↓

[Bankless @Bankless]

“I understand the importance of crypto” — @RobertKennedyJr

Our full interview from @EthereumDenver, touching on his pro-crypto policy, what’s at stake if an anti-crypto candidate makes it into office, and how he wants to make “…crypto part of the American experience”👇

[Sandeep | CEO, Polygon Foundation (※,※) @sandeepnailwal]

Monolithic -> Modular -> Aggregated