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BITCOIN MINERS ARE DISCOVERING THAT THE POWER BEHIND THEIR MINING OPERATIONS MAY BE MORE VALUABLE TO AI COMPANIES. For years, Bitcoin miners competed for cheaper electricity, building facilities and installing specialised machines to compete for block rewards. The 2024 halving cut the block reward from 6.25 BTC to 3.125 BTC, putting more pressure on miners as competition and operating costs increased. By June 2026, average mining hashprice had fallen to a monthly low of $27.70 per PH/s per day. CoinShares estimated that listed miners faced an average cash cost of around $75,500 to produce one Bitcoin in Q2 2026. Meanwhile, AI companies need more computing capacity to train and run their models. That requires powerful GPUs, reliable electricity, advanced cooling and data centres. THEY ALREADY OWN SOMETHING AI COMPANIES NEED. Established miners already have access to: → Large electricity supplies and grid connections. → Land and industrial facilities. → Substations and power infrastructure. Bitcoin mining machines cannot simply be repurposed for AI. ASICs are built specifically for Bitcoin mining, while AI workloads require GPUs, specialised networking and different cooling systems. THE SCALE OF THE SHIFT IS HARD TO IGNORE. According to SAVRN Research’s October 2026 analysis, eight publicly traded mining companies had approximately 4.46 GW of critical IT capacity under signed AI infrastructure leases. → @Core_Scientific : 1,119 MW → @Hut8corp : 949 MW → @TeraWulfinc : 839 MW → @GalaxyDigital : 526 MW → @Cipherinc : 493 MW → @RiotPlatforms : 241 MW → @CleanSpark_inc : 175 MW → @Bitdeer : 121 MW Not all this capacity is operational. Much of it is expected to generate revenue as projects are delivered over 2027 and 2028. THE BIGGEST MINERS ARE ALREADY MAKING THE MOVE. @IREN_ltd has a five-year agreement with Microsoft worth approximately $9.7 billion. Its FY2026 AI cloud revenue reached $128.8 million, compared with $16.4 million the previous year. Bitcoin mining generated $578.2 million. CORE SCIENTIFIC has secured major infrastructure agreements involving @CoreWeave and @AMD. with around 1.1 GW of leased customer capacity. TERAWULF is developing data centre capacity with customers including Anthropic and Fluidstack. HUT 8 has expanded its AI commitments across Beacon Point and River Bend, bringing its reported signed lease capacity to 949 MW. DOES AI ACTUALLY PAY BETTER THAN BITCOIN MINING? But contract value is not the same as revenue already earned. Payments depend on construction, delivery, customer usage and contract terms. IREN is a useful example. Despite its growing AI business, it reported a FY2026 net loss of $702.6 million, including $638.8 million in non-cash impairment charges, primarily related to decommissioning mining hardware to support its AI expansion. The transition also requires major investment in GPUs, cooling systems, power upgrades and construction. Delays, financing costs and weaker AI demand could put pressure on returns. WHAT DOES THIS MEAN FOR BITCOIN MINING? IREN plans to exit Bitcoin mining by December 31, 2026. It had 23.2 EH/s of installed mining capacity at the end of June. CoinShares estimated that at least 35 EH/s was scheduled to leave its listed miner group through announced changes involving companies such as IREN and Cipher. Moving into AI also means giving up some exposure to Bitcoin’s upside while taking on a different set of costs and risks. IS NOT THAT BITCOIN MINERS ARE ABANDONING BITCOIN. The infrastructure built to secure the Bitcoin network is becoming valuable to the AI industry. Electricity, land and computing facilities are becoming the foundation of a new business opportunity. The companies that manage this transition successfully could find themselves competing in a much bigger market. Bitcoin mining was built around computing power. Now, AI is creating another market for it.

WALL STREET IS PREPARING FOR A NEW FINANCIAL ERA, AND BLOCKCHAIN IS BECOMING PART OF THE PLAN. For years, crypto has challenged traditional finance. Now, major institutions are exploring how to bring stocks, bonds and other assets onto blockchain networks. DTCC, NYSE and Coinbase are among the players leading this shift. At the centre of it is TOKENIZATION. ➢ WHAT ARE TOKENIZED STOCKS, AND WHY SHOULD YOU CARE Tokenization represents traditional financial assets as digital tokens on a blockchain. Depending on the structure, a token may represent actual shares held in custody, a claim on underlying securities or synthetic exposure to a stock’s price. Not every token provides direct ownership or voting rights. The potential benefits include: → Trading beyond traditional market hours. → Faster transfers and settlement. → Using stocks as collateral in DeFi. Imagine borrowing stablecoins against tokenized NVIDIA shares without selling your position. ➢ WALL STREET IS ALREADY MAKING ITS MOVE. @The_DTCC IS BRINGING $30 TRILLION IN SECURITIES CLOSER TO BLOCKCHAIN. On October 28, the Depository Trust & Clearing Corporation (DTCC) launched its tokenization service. It supports 34 eligible securities representing approximately $30 trillion in market value. Twenty financial institutions have signed agreements to access it, including JPMorgan, Citi, Bank of America, Morgan Stanley, Fidelity, UBS and Barclays. The service connects securities held within DTCC’s existing infrastructure to blockchain networks while maintaining associated ownership rights and protections. ➢ @NYSE IS DEVELOPING A TOKENIZED STOCK MARKET. On November 2, the New York Stock Exchange announced four additional partners: → Broadridge Financial Solutions → Computershare → Equiniti → Superstate Its planned platform aims to support 24/7 trading, instant settlement, fractional shares and stablecoin funding. It is still subject to regulatory approval. ➢ @coinbase IS TAKING TOKENIZED STOCKS INTO DEFI. Seven tokenized technology stocks, including Apple, Amazon, Alphabet, Meta, Microsoft, NVIDIA and Tesla, are available as collateral on Aave V4. Eligible users can borrow USDC against these assets, with Chainlink providing pricing data. ➢ THE INFRASTRUCTURE BEHIND THIS MARKET Ondo Finance is expanding access to tokenized stocks, ETFs and other traditional financial products. Chainlink provides oracle infrastructure that helps blockchain applications access reliable asset prices. ➢ HOW BIG IS THE OPPORTUNITY According to The Block Research, the broader on-chain RWA market reached approximately $39.3 billion in September 2026. CoinDesk Research estimated tokenized equities at approximately $2.1 billion. Traditional equity markets remain much larger. BUT THERE ARE STILL RISKS. → OWNERSHIP: Does the token represent an actual share or just price exposure? → REGULATION: Who can access these products, and what protections apply? → LIQUIDITY: Can these markets attract enough buyers and sellers? → SECURITY: Smart contract, wallet and custody failures remain possible. → FRAGMENTATION: Different versions of the same stock across blockchains could divide liquidity. Some publicly listed companies have also raised concerns about how their shares are represented and traded through tokenization platforms. WHAT I WILL BE WATCHING → Whether institutional interest translates into real trading activity. → Whether tokenized stocks gain wider acceptance as DeFi collateral. → Whether regulators establish clear rules for investors and platforms. FINAL TAKE The opportunity is bigger than buying Apple or NVIDIA shares through a crypto wallet. It is about making traditional assets programmable, easier to transfer and usable across financial applications. Wall Street is not abandoning traditional finance. It is exploring how to bring it on-chain. Could tokenized assets become one of the biggest drivers of mainstream blockchain adoption?

THE $6.3 BILLION BINANCE HACK IS A WAKE UP CALL FOR THE ENTIRE CRYPTO INDUSTRY. The world’s largest cryptocurrency exchange has suffered one of the biggest financial thefts in history. On October 29, 2026, attackers compromised Binance’s hot-wallet infrastructure and stole approximately $6.3 billion across multiple blockchains. What makes this incident particularly concerning is that the attackers did not need to steal users’ private keys to pull it off. Let me explain what happened, how they did it, and why it matters for the entire crypto industry. ➢ WHAT ACTUALLY HAPPENED The attackers targeted Binance’s hot wallets, which exchanges use to process customer withdrawals. The stolen assets included: → Ethereum: $3.8 billion → Bitcoin: $1.47 billion (18,270 BTC) → Tron: $628 million → XRP: $296 million → Solana: $96 million This is roughly four times larger than the $1.5 billion Bybit hack in 2025. ➢ WHO WAS BEHIND IT On October 31, the FBI attributed the attack to TraderTraitor, a North Korean state-sponsored hacking group linked to the wider Lazarus Group network. The incident adds to North Korea’s growing record of cryptocurrency thefts. ➢ HOW DID THEY DO IT Binance’s investigation pointed to a compromised DevOps engineer’s laptop, which allegedly gave attackers access to an internal withdrawal service. No private key leak was identified. On Ethereum, attackers exploited EIP-7702 to turn a Binance hot wallet into an automated system that transferred funds to addresses they controlled. Essentially, they found a way to abuse Binance’s own transaction infrastructure to authorize unauthorized withdrawals. This shows that securing private keys alone is not enough. Internal systems and withdrawal controls matter just as much. ➢ WHAT HAPPENED TO THE STOLEN MONEY Approximately $2.7–3 billion in assets was frozen through coordinated action involving Tether, Circle and other ecosystem participants. But Bitcoin and Ethereum cannot be frozen by a central issuer in the same way. As a result, a substantial portion of the stolen BTC and ETH remains under the attackers’ control. ➢ HOW DID BINANCE RESPOND Binance committed to covering customer losses using its treasury, SAFU fund and insurance resources. By November 1, it reported covering approximately 95% of the losses and began restoring withdrawals in phases. However, customers withdrew approximately $3.64 billion more than they deposited during the first 9.5 hours after withdrawals resumed. ➢ HOW DID THE MARKET REACT Bitcoin fell from around $81,500 to approximately $76,400. The market also recorded: → $1.5–1.57 billion in liquidations within 24 hours, mostly long positions. → $643.3 million in Bitcoin ETF outflows on October 30. → Approximately $156 million in Ethereum ETF outflows on the same day. Despite the scale of the theft, the market avoided a deeper collapse. ➢ WHAT DOES THIS MEAN FOR CRYPTO Three things stand out: → Centralized exchanges remain vulnerable, regardless of their size. → Self-custody deserves serious consideration, especially for long-term holdings. → Exchanges need stronger internal controls, withdrawal protection and hot-wallet security. MY FINAL TAKE This was a failure of exchange custody and operational security, not a failure of Bitcoin or the underlying blockchains. Binance covering customer losses is significant, but it does not erase the security failure behind the attack. As crypto attracts more institutional capital, security cannot remain an afterthought. Trust is not built on the size of an exchange. It is built on how well that exchange protects its customers. The biggest question now is whether the industry will learn from this. Would you still keep a significant amount of your crypto on a centralized exchange after an incident like this? NFA. Always do your own research.

STARKNET IS WORKING TOWARD QUANTUM RESISTANT SECURITY, WITH A 2027 TARGET. Quantum computers could eventually threaten the cryptography protecting blockchain accounts. @Starknet is upgrading its security systems and exploring an independent Layer 1 to accelerate its progress. Its Bunker Checklist helps assess what this transition requires. WHY QUANTUM SECURITY MATTERS Blockchains use cryptographic signatures to authorize transactions. A sufficiently powerful quantum computer could break some of the cryptographic methods used today. Starknet has an advantage: its STARK proofs rely on hash-based cryptography, which is more resistant to known quantum attacks than conventional elliptic-curve systems. However, account signatures, bridges and data availability must also be secured. WHAT THE BUNKER CHECKLIST EXAMINES Three capabilities are essential: ⤐ Account upgrades: Can users adopt post-quantum signatures without changing addresses? ⤐ Safe migration: Can old and new signature methods coexist during the transition? ⤐ Retiring vulnerable methods: Can outdated authorization methods eventually be switched off? Introducing stronger cryptography is not enough if vulnerable methods remain available. The checklist helps assess this work, but it does not prove the entire network is quantum-resistant. WHY CONSIDER BECOMING AN L1? Starknet’s native account abstraction allows accounts to support different signature schemes. However, as an Ethereum Layer 2, it still depends on Ethereum for functions including settlement, bridge messaging and data availability. An independent Layer 1 could give Starknet greater control over its security upgrades, but would require its own consensus, validators, data availability and economic security. On October 22, 93.52% of voting power supported researching this transition. The vote was non-binding and did not approve a migration. A draft whitepaper is expected in November 2026. THE OTHER CHALLENGE: DEFI GROWTH On October 22, the Extended perpetual futures exchange shifted its settlement activity from Starknet to Arc. Starknet’s DeFi TVL fell from around $158 million to roughly $40 million. This decline was largely driven by one protocol relocating, exposing how heavily the ecosystem depended on a single application. Quantum security could strengthen Starknet’s technical position, but sustainable growth also requires more applications, users and liquidity. WHAT COMES NEXT? ⤐ November whitepaper: Details of the proposed L1 architecture and security model. ⤐ Security progress: Evidence of account upgrades and resolution of remaining cryptographic dependencies. ⤐ DeFi recovery: Whether liquidity returns and the ecosystem becomes less dependent on a few major protocols. THE BOTTOM LINE Starknet has a technical foundation for post-quantum security, but significant work remains. Its challenge is to close security gaps while building a stronger DeFi ecosystem. Can Starknet turn its quantum-security ambitions into a lasting advantage without losing the benefits of building on Ethereum? NFA. Always do your own research.

NEAR IS BUILDING A SIMPLER WAY TO USE CRYPTO ACROSS DIFFERENT BLOCKCHAINS. AND IT’S WORTH WATCHING With over $35B in reported all time transaction volume and support for 37 chains, @NEARProtocol is gaining attention for more than its underlying blockchain technology. And can the growth translate into lasting value for its token? Let’s take a look. ↠ NEAR INTENTS IS MAKING CROSS-CHAIN TRANSACTIONS EASIER. Moving assets between blockchains can be complicated. Users often have to navigate bridges, pay network fees, and complete several steps to get things done. NEAR Intents simplifies this process. Instead of handling every step yourself, you state what you want to achieve, and competing providers work to fulfil your request. Here are the reported numbers: . Over $35B in cumulative transaction volume. . Approximately $4.26B in volume over the past 30 days. . Support for 37 blockchains. The key question is whether this activity can continue and generate sustainable revenue. ↠ NEAR IS ALSO WORKING ON TRANSACTION PRIVACY. Public blockchains allow anyone to track wallet activity and trading patterns. While transparency has benefits, some users need greater privacy. NEAR Confidential Intents aims to protect sensitive transaction details and help reduce certain forms of front-running. Reported value held in Confidential Intents reached approximately $148.4M as of October 22, 2026. NEAR is also exploring private computing through its AI initiatives, creating additional potential uses for its infrastructure. The challenge is turning interest in these products into consistent demand. ↠ WHAT DOES THIS MEAN FOR THE NEAR TOKEN? As of October 25, 2026, NEAR was trading around $4.58, with a market capitalisation of approximately $6.03B. Three developments are worth watching: → Lower token issuance: NEAR’s annual issuance rate is capped at 2.5%. Proposal HSP-029 aims to reduce this to 1.6% over 24 months. The change is not guaranteed and remains subject to governance and validator adoption. → Revenue and buybacks: DeFiLlama reports approximately $56.3M in cumulative Intents fees, $8.71M in cumulative revenue, and $6.94M in holder revenue associated with buybacks. These are different measures, and buybacks do not automatically mean tokens are burned. → Institutional access: Bitwise launched its NEAR ETF, ticker NRR, in September 2026, giving investors another way to gain exposure to the token. These developments could support NEAR’s growth, but they do not guarantee a higher token price. Sustainable demand and the impact of new token issuance still matter. ↠ THE OPPORTUNITY COMES WITH RISKS. NEAR faces strong competition, and its newer products still need to prove they can sustain demand. DeFiLlama reports approximately $333M in NEAR Protocol TVL, while NEAR Intents has around $203.5M in TVL. These figures cover different areas and should not be combined. Security is another concern. An incident involving NEAR Intents in early October reportedly resulted in approximately $3.8M in losses, highlighting the importance of stronger security as usage grows. MY FINAL TAKE NEAR is working to make crypto easier to use through cross-chain transactions, greater privacy, and new AI applications. Its reported activity is promising, but the real test is whether that usage can generate lasting economic value. I would be watching three things closely: whether Intents usage keeps growing, whether revenue can offset token issuance, and whether NEAR can turn its new products into lasting adoption. The opportunity is clear. Now, NEAR needs to prove that its growing usage can translate into sustainable value. What is your take on NEAR? Can it stand out in an increasingly competitive Layer 1 market? NFA. Always do your own research.

ARBITRUM IS GROWING USDG THROUGH INCENTIVES. SUSTAINING THAT GROWTH IS THE REAL CHALLENGE. Arbitrum is expanding support for USDG, the Global Dollar stablecoin issued by Paxos. $USDG gives users another dollar-denominated asset to use across supported DeFi applications, including trading, lending, and liquidity provision. The goal is to attract more capital and make USDG useful across the ecosystem. But there is an important distinction between attracting deposits and building lasting demand. When incentives decline, some users may move their funds elsewhere. Others may stay because the stablecoin offers practical value beyond the rewards. That is why the real measure of progress goes beyond how much money comes in. For investors, DeFi users, liquidity providers, and protocols considering USDG, here are five metrics worth watching: ⤖ Circulating supply: Is the amount of USDG on Arbitrum growing consistently? ⤖ Liquidity depth: Can users trade USDG without significantly affecting its price? ⤖ Lending activity: Are users actively borrowing and lending USDG, or simply depositing it to earn rewards? ⤖ Trading volume: Is USDG being used for actual trades across DeFi applications? ⤖ Capital retention: Does activity hold up when incentives change? Together, these metrics offer a clearer picture of whether USDG is supporting genuine DeFi activity or whether its growth depends heavily on incentives. There is also the risk side to consider. USDG is issued by @Paxos , so users should understand the issuer, redemption arrangements, and the risks involved. They should also assess the smart-contract and counterparty risks associated with the platforms where they use the stablecoin. A stablecoin’s intended price stability does not make every use of it risk free. Incentives can help USDG gain a foothold on Arbitrum, but rewards alone cannot sustain demand. The real opportunity is to build an ecosystem where users have solid reasons to trade, lend, and provide liquidity with USDG, even when the incentives become less attractive. Because the strongest sign of growth is not just capital entering the ecosystem. It is people continuing to use that capital productively after the rewards change.

DePIN IS BRINGING CRYPTO INTO THE REAL WORLD. From AI computing to wireless networks, people can contribute physical infrastructure and earn rewards. Here’s how it works and 5 projects worth watching. HOW DePIN WORKS Imagine an AI developer who needs powerful computers to run applications. Instead of relying only on a major cloud provider, they can access computing resources from independent providers who may earn rewards for supplying them. The same model applies to other services: ➢ Computing: Contributors supply GPUs and processing power. ➢ Storage: Providers offer space for files and data. ➢ Connectivity: Participants help expand wireless coverage. ➢ Mapping: Contributors supply real-world location data. Earnings depend on operating costs, network rules and demand. Simply owning a device doesn’t guarantee profit. WHY IS DePIN GETTING ATTENTION Growing demand for AI and digital services is increasing the need for computing power, storage and connectivity. DePIN offers an alternative way to provide these resources, giving more people an opportunity to participate in building digital infrastructure. Here are five projects worth watching ⤐ @rendernetwork | $RENDER GPU rendering and AI computing Render connects GPU providers with creators who need computing power for 3D rendering, visual effects and other demanding workloads. ⤐ @Filecoin | $FIL Decentralized data storage Filecoin creates a marketplace for storing and retrieving data. Cryptographic proofs help verify that storage providers meet their commitments. ⤐ @helium | $HNT Community-powered wireless connectivity Helium lets individuals and businesses expand wireless coverage through compatible hotspots, supporting mobile users and Internet of Things (IoT) devices. ⤐ @akashnet | $AKT An open cloud computing marketplace Akash connects developers who need computing resources with independent providers competing to supply them. This gives developers another option for running applications without relying solely on traditional cloud providers. ⤐ @Aethir | $ATH GPU infrastructure for AI and gaming Aethir focuses on distributed, enterprise-grade GPU infrastructure for demanding workloads, including AI computing and cloud gaming. HOW DePIN TOKENS FIT IN Each project has its own token model: ➢ Render: Links token burns and rewards to network activity. ➢ Filecoin: Uses $FIL within its storage economy. ➢ Helium: Uses HNT and Data Credits to support network services. ➢ Akash: Uses $AKT within its network economy. ➢ Aethir: Uses $ATH within its ecosystem. Some platforms may also offer stablecoin rewards through specific programmes. A useful project doesn’t automatically make its token a good investment. Token supply, demand and incentives affect its economics. Rewards aren’t guaranteed. WHAT ARE THE RISKS? ➢ High hardware, electricity and maintenance costs. ➢ Token inflation and selling pressure. ➢ Competition from established providers. ➢ Contributors leaving when rewards decrease. ➢ Insufficient revenue to sustain the network. Before investing, ask yourself • Who pays for the service • Is the network generating real usage • How does its token supply work • Can it survive without heavy incentives TAKEAWAY DePIN connects crypto with real-world infrastructure, from computing and storage to wireless connectivity. But building a network is only part of the challenge. Projects also need people willing to pay for their services and a business model that can sustain them. Real demand,reliable infrastructure and sustainable economics will matter more than rewards alone. Which DePIN sector interests you most: AI computing, storage or wireless connectivity? NFA. Always do your own research.

10 CRYPTO PROJECTS THAT STAND OUT IN MY RESEARCH RIGHT NOW I have been researching different projects in crypto lately, and these 10 caught my attention for different reasons. From AI and robotics to gaming and blockchain infrastructure, I found some interesting ideas worth keeping an eye on. I want to see how these projects develop, what they deliver, and whether they can attract real users. Here is why they made my list. ➢ @vangrid_io | Physical AI + DePIN Combining AI, decentralized infrastructure, and spatial data is what caught my attention. I want to see how Vangrid turns this idea into something useful. ➢ @PlayOnMint | Web3 Gaming PlayOnMint brings gaming and Web3 together. I am watching to see whether its gaming experiences can keep players interested beyond rewards. ➢ @axisrobotics | Physical AI Its work on training robots in simulation and transferring those skills to real hardware caught my eye. The real test is how well those skills work in the real world. ➢ @hyperbolic_labs | AI Compute Hyperbolic provides GPU access and AI inference services. With demand for AI computing growing, I want to see how its services perform and attract developers. ➢ @NousResearch | Open-Source AI Its open-source AI models and tools, including Hermes Agent, caught my attention. I am interested in how developers use and build on its technology. ➢ @orbiodotso | AI Credits + Staking Orbio connects AI inference with its $ORBIO and $CREDIT ecosystem. I want to understand how the system works and whether real demand can support it. ➢ @AskVenice | Private AI Venice focuses on AI tools with an emphasis on privacy and user control. I am interested in how its approach works in practice and whether adoption continues. ➢ @YieldFields_RH | Gaming + DeFi Yield Fields combines farming-style gameplay with token mechanics on Robinhood Chain. I want to see how the game develops and whether it can build a lasting user base. ➢ @joinfrontier | Solana Trading Rewards Its Solana trading campaigns and reward system caught my eye. I will be watching to see whether participation lasts beyond the incentives. ➢ @NEARProtocol | AI + Blockchain NEAR’s cross-chain infrastructure through NEAR Intents and its wider work across emerging technologies make it worth following. I want to see how these developments translate into real usage. WHY I AM WATCHING THEM These projects caught my attention while I was researching different areas of crypto. Each has something I want to learn more about, but that does not mean I believe they are guaranteed to succeed. For now, I am watching their progress, checking their products, and looking for real adoption. If they meet my expectations after further research, I may consider getting involved. This is my personal research, not financial advice or a recommendation to invest. Being on my radar does not mean I have bought or decided to buy any token. I would rather do my research and make an informed decision than rush in because of hype. For now, they have my attention. Let us see how they deliver.