Bitcoin Block Space Weekly #11 is out.

BIP-110 is coming. The only question is: who signals first?

This week I break down the mining landscape: Who spams, who doesn't, who's most likely to make the first move, and my take on how activation plays out.

https://blockspaceweekly.substack.com/p/issue-11-who-will-signal-first

0.08%... That's the fee premium SpiderPool earns over Ocean by filling blocks with non-financial data.

Issue #2 is out. The data on who's filling Bitcoin's blocks.

https://renaudcuny.substack.com/p/issue-2-f2pool-and-spiderpool-the

“v30 won't change much - miners already bypass policy with direct submission anyway."

I tracked 3months OP_RETURN data to test that claim:

- Before Oct 10: Minimal large OP_RETURNs
- Oct 10: v30 is released
- Same day: F2Pool mines a 97KB OP_RETURN.
- After Oct 10: Clear increase.

Who's doing this?

F2Pool , Marathon, SpiderPool -> Combined 22-23% of the hashrate

23% of miners can turn 100% of nodes into large file (spam) storage devices.

v30 relay policy enabled this. Consensus rules will fix it.

Bitcoin hashrate trending higher -> Now at 972EH/s.

Wen 1000EH/s?

I’d say quite soon…

Crypto sentiment back to Fear zone 😨

Bitcoin price is highly correlated with sentiment.

We could test $110k today…

Fear zones are usually good times to accumulate though.

Bitcoin hashrate again back to 1000EH/s 👀

🧵 "Bitcoin is a ghost town" they say, pointing to quiet mempools
But in the last 3 months, $60B+ moved on-chain daily on average
That's 588,824 BTC flowing through the network every single day
The "ghost town" crowd is measuring the wrong thing entirely... 👇

2/ Here's what's actually happening:
While transaction COUNT dropped slightly, transaction VALUE remains massive:

$60B+ daily on-chain transfers
4.3M BTC weekly (21.6% of total supply)
Same volume levels as 5 months ago

This isn't a ghost town - it's serious money moving seriously

3/ Plot twist: Bitcoin on-chain value often EXCEEDS daily spot trading volume
June 11th example:
🟠 624,437 BTC moved on-chain
⚪ 467,791 BTC spot volume
Real Bitcoin → Real wallets vs. Paper trading → Same coins recycling
Which one matters more? 🤔

4/ What this actually signals:
✅ Less speculation, more actual utility
✅ Institutions moving capital quietly
✅ Bitcoin working as designed: final settlement layer
✅ Empty mempool = efficiency, not abandonment
The network is maturing, not dying

5/ The "ghost town" narrative completely misses the point
Bitcoin isn't about constant mempool chaos - it's about moving real value efficiently
What other "obvious" metrics do you think tell incomplete Bitcoin stories?

🔍 Building tools to dig deeper into these questions

I can no longer copy and paste to my primal client. Anybody having same problem?

Let’s remember the last moments of #Bitcoin below $100K.
We’ll remember that with a bit of nostalgia..