Today’s lunch:

Today I will share some data first. This year, Bitcoin mining’s total annual revenue (transaction fees and mining rewards) is approximately $9.849 billion. The total revenue in November reached US$1.158 billion. It can be said that this year is really a welfare year for miners. In line with the transaction boom triggered by Inscription, the proportion of mining revenue during the year also showed two peaks. The first peak was in May, when the daily average handling fee accounted for 12.74%. The second peak was from November to December, when the daily average handling fee accounted for 11.80% and 19.26% respectively. What can be expected is that if the mining reward is halved next year and the BTC ecological craze caused by Inscription continues, then next year may be a year of acceleration for the mining industry. At the same time, from a cost perspective, the mining industry is facing a situation where difficulty and computing power continue to rise this year. Compared with last year, the mining difficulty has been increased more times this year and the magnitude of the increase is larger. The current mining difficulty of the entire network is approximately 67.31T, an increase of 90.35% from the beginning of the year. Also growing simultaneously is the daily average computing power of the entire network, which is currently about 562.1 EH/s, an increase of 106.27% from the beginning of the year. What is different from last year is that the computing power this year has increased significantly. Moreover, the increase in computing power this year is less than the increase in currency prices, which is also based on the excess returns brought by the inscription craze.

To sum up, after the mining reward is halved next year, if the price of the pie starts to go into a bull market due to the interest rate cut cycle, then the computing power will inevitably increase accordingly, and the difficulty of mining will also increase. Therefore, maintaining the development of the ecosystem and the popularity of Inscription transactions will not increase. Retreating is what miners must do next year, so the underlying logic is clearer. The road to "Inscription" is far from over.

Yesterday, I received the news that B AN wallet might launch Inscription. Inscription rose sharply across the board, led by the eldest brother ORDI and the second brother SATS. Even though B AN officially denied the news last night, it did not lead to the decline of Inscription. So according to the above Regarding the logic of mining, do you know who might be responsible for creating momentum and making the market? There should be more market making based on news like this in the future. As long as the cost is good enough and you hold the leading position, there will always be opportunities.

There is also Solana, which I have to say now. This year, it has increased more than 10 times from the bottom. It has got rid of the control and haze of afro. The ecological hype and the wealth creation effect of MEME coins and inscriptions have caused a surge in the demand for SOL, driving this trend. Tiao, who was originally the second brother of the public chain, has returned to his throne. Therefore, no matter what new things appear in the currency circle in the future, the hype that cannot be avoided is "public chain".When a market is booming, infrastructure is also one of the tracks that must be laid out.

There is not much to say about the market, because the United States is still resting. Today, the U.S. stock market opens, and funds will gradually become active, so the trend after the opening tonight will be more important. When you get up early tomorrow, you will know what Western investors have. We'll see when the time comes. However, as the expected time of ETF approaches, we will definitely eat less and less fish. The closer we get to the tail of the fish, the more thorns there will be. If we don’t want to get pricked, we need to be more careful and careful when eating meat in the near future. Don’t pull out the thorns due to stuck thorns. The medical expenses are more expensive than the meat, so the gain outweighs the loss.

Today’s panic and greed index: 71 (greed)