4/5
During selloffs, people start inventing intent. Someone must be dumping. Someone must be manipulating the market.
Sometimes that is true. Most of the time, human nature is enough.
5/5
Price is a signal, maybe the cleanest there is. It does not tell you who is right. It tells you where the market actually cleared.
Full letter from our CEO Rapha Zagury:
There is a name for those swirling, cloud-like flocks that fold and turn across an evening sky: a murmuration. Thousands of starlings, moving in synchronized, liquid waves.
Markets do this all the time.
As a large-scale miner, Elektron really shouldn't be rooting for what we're about to describe.
As Bitcoiners, we are.
The next decade quietly decentralizes Bitcoin mining. Not through ideology, through economics.
4/5
None of it is competitive with utility-scale operations today. None of it needs to be.
The economic floor for owning hashrate keeps falling. The marginal value of putting waste heat to work keeps rising.
5/5
Eventually, the hashrate distribution looks less like a handful of cathedrals and more like a long tail of small, distributed, semi-residential uses.
The timing may be off. The direction feels right.