New issue: The 45% Problem 30% (3-year avg) → 37% (6 months ago) → 45% today. Bitcoin’s blockspace is getting flooded with non-financial data. The fee market won’t fix it. Miners won’t fix it. Here’s what will. https://blockspaceweekly.substack.com/p/issue-23-the-45-problem

Bitcoin Portal Alerts have a new home! Dedicated account, open protocol, real-time signals. The right place for Bitcoin-native data. Follow: http://primal.net/p/nprofile1qqsrypzeh4r8xvlryehtqx27q0g0y293c3tnv5nzy979u3a57x0rncsqfu9u5

Bitcoin ASIC supply chain: Bitmain + MicroBT = 82% of global output. Both Chinese. Less known: most ASIC chips are fabricated at TSMC. The chokepoint is Taiwan. BMHI #22: https://blockspaceweekly.substack.com/p/issue-22-mining-health-part-2