Pro
Subnet 14: TAO Hash
Key Insights
- Foundry USA and AntPool now supply over half of Bitcoin’s hashrate, concentrating power and raising risks around network attack vectors.
- TAO Hash, subnet 14, converts hashrate into a tradeable alpha token, amassing ~6 EH/s (≈0.7 % of global hash) in weeks with zero capex.
- Miners swap immediate BTC payouts for alpha, betting its price and fast, low‑fee payouts will outpace today’s BTC discount.
- Next steps for the subnet involve owning a solo‑pool, multi‑coin hash routing, and block‑space “priority fees”— it aims to cut costs and generate unique revenue streams for miners that feed back into alpha buy‑pressure.
State of Bitcoin Mining
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Prior to joining Messari, Andrew was an equity trader at a proprietary trading firm. His primary interests are understanding market dynamics, riding trends, and finding the occasional onchain winner.
Mentioned Assets