BitMEX Research

Best-in-class evidence-based reports on Bitcoin, cryptocurrency and financial markets.

Recently published articles

The Lagged Impact Of Higher Rates

Abstract: Official inflation numbers have declined towards the 2% target and remarkably, interest rates have moved to historically more “normal” levels, above 5%. However, we predicted for years that...

Bitcoin’s Culture War – Discussion With Udi Wertheimer

Abstract: We look at the recent apparent cultural schism in Bitcoin, in particular the so-called laser eyed Bitcoin maximalists and the accusation from “anti-maxis”, that this section of the...

Most popular articles

A collection of the most popular articles from BitMEX Research.

The Complete Works

Article Date PDF

The Lagged Impact Of Higher Rates

Bitcoin’s Culture War – Discussion With Udi Wertheimer

The Lagged Impact Of Higher Rates


Gensler’s Done It All Before

Miner Fee Gathering Capability (Part 2) – Out of Band Fees

Lightning Payments – When Are They Too Small To Secure?

The Bitcoin Forum

Reckless – Chapter 21: Proof Of Stake Economy

Reckless – Chapter 20: Staking Derivatives

Reckless – Chapter 19: The Proof Of Stake Interest Rate

Reckless – Chapter 18: Proof Of Stake

Reckless – Chapter 17: Celsius

Reckless – Chapter 16: The Earn Collapse

Reckless – Chapter 15: Financial Contagion

Reckless – Chapter 14: Crypto Credit Market Structure

Reckless – Chapter 13: DeFi

Ordinals Data

Reckless – Chapter 12: Stablecoins

Reckless – Chapter 11: The Earn Model

Reckless – Chapter 10: Bitcoin’s Risk Free Rate

Reckless – Chapter 9: Bitcoin As Collateral

Reckless – Chapter 8: The Emergence Of Lending Markets

Reckless – Chapter 7: The Early Years

Reckless – Chapter 6: Bitcoin Interest Rate

Reckless – Chapter 5: Everything Bubble

Reckless – Chapter 4: The Wrong Rate

Reckless – Chapter 3: The Natural Rate

Reckless – Chapter 2: Interest Rate Ethics

Reckless – Chapter 1: The History Of Interest Rates

BSV Hardfork – Security Considerations

BitMEX Provides Snapshot Update to Bitcoin Proof of Reserves & Proof of Liabilities

Reckless: The Story Of Cryptocurrency Interest Rates

The power of valves for better flow control, improved reliability & lower expected payment failure rates on the Lightning Network

Erroneous findings in Merkle Trees Optimized for Stateless Clients in Bitcoin

OFAC Sanctions & Ethereum PoS – Some Technical Nuances


The OP_Return Wars of 2014 – Dapps Vs Bitcoin Transactions

TxWithhold Smart Contracts by Gleb Naumenko

Taproot Demonstration

Price of Anarchy from selfish routing strategies on the Lightning Network by Rene Pickhardt

A complete history of Bitcoin’s consensus forks – 2022 Update

Why Open Source Matters – Guix


OP_CTV – Summer Softfork Shenanigans

Mining Bull Market

Book review: The Cryptopians (by Laura Shin)

CoinPool FAQ

Don’t Wait For The Inflationary Endgame

Bitcoin’s Lowest Block Hash Values

Bitcoin Address Re-use Statistics

Checking Ethereum’s Total Supply

Ethereum’s New 1MB Blocksize Limit

Bitcoin vs Ethereum – Blockchain Size

Scamwicks and Stop Cascades

Preventing Channel Jamming

Bitcoin’s Carbon Footprint

Outsourced Stake

Ethereum’s Proof of Stake System – Calculating Penalties &

Mapping Out The Macro Endgame

BitMEX Research Is Now An Ethereum Staker

Proof of Reserves & Liabilities – BitMEX Demonstration

Fixing The Privacy Gap In Proof Of Liability Protocols

The Blocksize War – Chapter 21 – Victory

The Blocksize War – Chapter 20 – SegWit2x

The Blocksize War – Chapter 19 – Bitcoin Cash

The Blocksize War – Chapter 18 – New York Agreement

The Blocksize War – Chapter 17 – User-Activated Softfork

The Blocksize War – Chapter 16 – Litecoin

The Blocksize War – Chapter 15 – Dragons’ Den

The Blocksize War – Chapter 14 – ASICBoost

The Blocksize War – Chapter 13 – Exchanges


The Blocksize War – Chapter 12 – Bitcoin Unlimited

The Blocksize War – Chapter 11 – Scaling III – Milan

The Blocksize War – Chapter 10 – The DAO

Out of Order Block Validation with Utreexo Accumulators

Faster Blockchain Validation with Utreexo Accumulators

The Blocksize War – Chapter 9 – Faketoshi

Breaking Down The Fee Market (EIP-1559)

The Blocksize War – Chapter 8 – Hong Kong Roundtable

The Blocksize War – Chapter 7 – Bitcoin Classic

The Blocksize War – Chapter 6 – Lightning Network

The Blocksize War – Chapter 5 – Scaling II – SegWit

The Blocksize War – Chapter 4 – Scaling II – Hong Kong

The Blocksize War – Chapter 3 – Scaling I – Montreal

The Blocksize War – Chapter 2 – March To War

The Blocksize War – Chapter 1 – First Strike

Book Published: The Blocksize War

Taproot: You Betcha

January 2021 Cryptocurrency Exchange Review (From CryptoCompare)

Progress towards Utreexo Goals

Bitcoin Miner Transaction Fee Gathering Capability

London 2012 – The Second Bitcoin Conference

Exchange traded Bitcoin products

Mitigating Channel Jamming with Stake Certificates

The Growth of Bitcoin Merge Mining

Current Status of the Utreexo Project

Call me Ishmael

Battle of the Dexes

Bitcoin Satellite

August 2020 Report Into Cryptocurrency Exchanges (From CryptoCompare)

Antminer S19 Pro vs Whatsminer M30S+ (Part 2) – Thermal Image Analysis

Antminer S19 Pro vs Whatsminer M30S+

July 2020 Report Into Cryptocurrency Exchanges (From CryptoCompare)

Bitcoin Softfork Activation Methodology

Call to action: testing and improving asmap

June 2020 Report Into Cryptocurrency Exchanges (From CryptoCompare)

Battle For ASIC Supremacy

May 2020 Report Into Cryptocurrency Exchanges (From CryptoCompare)

Subtleties and Security

The Crisis Happened: What’s Next?

April 2020 Report Into Cryptocurrency Exchanges (From CryptoCompare)

Ethereum 2.0

Life with SARS-CoV-2 (By Leo Weese)

March 2020 Report Into The Cryptocurrency Exchanges (From CryptoCompare)

Mining Incentives (Part 4): The Impact Of The Halvening

Who funds Bitcoin development?

Central Bank Digital Currency

Inflation Is Coming

January 2020 Report Into The Cryptocurrency Exchange Industry (From CryptoCompare)

Lightning Network (Part 7) – Proportion Of Public vs Private Channels

Growth In The Level Of Precision Of Bitcoin Spending

Lightning Network (Part 6) – Over 60,000 Non-Cooperative Channel Closures

Build Systems & Security – Bitcoin Is Improving

Initial Exchange Offerings (Part 2) – Investment Performance Update


Lightning Network (Part 5) – BitMEX Research Launches Penalty Transaction Alert System

Bitcoin’s Initial Block Download

Benford’s Law & Cryptocurrency Trading Data


Bitcoin Cash’s October 2019 Hashrate Volatility Increase

Bitcoin’s Block Timestamp Protection Rules

ForkMonitor: Unexpected Inflation Detection and Warning System

The Bitcoin Foundation

Lightning Network (Part 4) – All Adopt The Watchtower

Lightning Network (Part 3) – Where Is The Justice?

Facebook Takes on ETF Giant Blackrock, with a Fixed Income ETF called Libra

HDR Global Trading Limited Donates to the Massachusetts Institute of Technology’s Digital Currency Initiative…

The Bitcoin Cash Hardfork – Three Interrelated Incidents

Initial Exchange Offerings

The Schnorr Signature & Taproot Softfork Proposal

Bitcoin Cash SV – 6 block chainsplit

The Lightning Network (Part 2) – Routing Fee Economics

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BitMEX Research Launches Ethereum Node Metrics Website –

Anatomy Of The Next Global Financial Crisis

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The BitMEX Insurance Fund

The Mystery Of The Bitcoin Nonce Pattern

Tracking US$24 billion Of Tokens ICO Makers Allocated To Themselves

Atomic Swaps and Distributed Exchanges: The Inadvertent Call Option

Would Bitcoin’s mass adoption fundamentally transform the financial system?

The Price Crash & The Impact On Miners

Bitcoin Cash ABC’s rolling 10 block checkpoints updated to estimate the value of mining losses since the Bitcoin Cash split

Detailed Report Into The Cryptocurrency Exchange Industry (From CryptoCompare)

BitMEX Research Sponsors Fork Monitoring Website

Competing with Bitcoin Core

SegWit vs Bitcoin Cash transaction volume update & Bitcoin Cash investor flow update

Tether – Q2 Puerto Rico data & Noble Bank looking for a buyer

Ethereum holdings in the ICO treasury accounts

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Unboxing Bitmain’s IPO (Part 2)

Unboxing Bitmain’s IPO

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Does Satoshi have a million bitcoin?

The bitcoin flash crash to $0.01 in June 2011

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Tether: Puerto Rico financial data quarterly update

A brief history of Stablecoins (Part 1)

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Bitcoin Economics – Deflationary Debt Spiral (Part 3)

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List of 44 Bitcoin fork tokens since Bitcoin Cash

New Ethereum Miner Could be a Game Changer

Complete guide to Proof of Stake – Ethereum’s latest proposal & Vitalik Buterin interview

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Bitcoin price correlation: Record high against the S&P 500

Update: SegWit transaction capacity increase compared to Bitcoin Cash

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Tether: New financial data released by Puerto Rico

Diagram of a Bitcoin block: Covert versus overt AsicBoost

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A blockchain-specific defensive patent licence

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The Ripple story

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The art of making softforks: Protection by policy rule

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The Lightning Network

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Mining incentives, part 3: Short term vs. long term

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A complete history of Bitcoin’s consensus forks

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Bitcoin Gold: Investment flow data

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Public companies with exposure to the crypto space

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Update: Bitcoin Cash investment flow data

Bitcoin’s unique value proposition

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Revisiting “The DAO”

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The implications for Bitcoin of the new Bitcoin Cash difficulty adjustment mechanism

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The Litecoin vs. Dogecoin hash-rate wars of 2014 and implications for Bitcoin vs. Bitcoin…

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Trading Tip: Attempt to obtain free Bitcoin Cash on Bitfinex

Non Empty Smaller Block Data By Mining Pool

Empty Block Data by Mining Pool

The Bitfinex chain split tokens

Bitcoin Economics – Credit expansion and the characteristics of money which make it possible…

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Bitcoin Economics – Credit expansion and the characteristics of money (Part 2)

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The SegWit2x (B2X) Hardfork – Protecting Yourself and Your Coins, Part 1: Coin Splitting

The SegWit2x (B2X) Hardfork – Protecting Yourself and Your Coins, Part 2: Investment Strategies

ICOs – Part 1 – An Interactive Visualization of the ICO Space

ICOs – Part 2 – Investment Returns

The SegWit Transaction Capacity Increase – Part 2 – The First Month After Activation

The SegWit Transaction Capacity Increase – Part 1

Mining incentives, part 2: Why is China dominant in Bitcoin mining?

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Mining Incentives – Part 1 – The Economics of the Difficulty Adjustment

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The SegWit2x Hardfork – The Supporters and Opponents

Overview of the covert AsicBoost allegation

Bitcoin Cash: Potential Price Implications of Investment Flow Data

Other Material

Lightning Node Public Key:
Fork Monitor Website