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Yesterday — 22 July 2026Main stream

The Need for Speed: Internet Speed Measurement (or DIY?)

22 July 2026 at 14:00

Car enthusiasts want to know how quickly they can make a quarter mile. Weightlifters are forever trying to add one more plate to the bar. Internet denizens have their own favorite number to brag about: the result from a speed test.

The ritual is familiar. Close a few browser tabs, click the big “Go” button, and watch the needle climb. Perhaps you pay for gigabit service and see 940 megabits per second, which produces a satisfied nod. Perhaps you see 299 megabits and begin obsessing over network hardware. But before you get too excited either way, try another test. There is a fair chance it will give you a different answer.

That does not necessarily mean one test is lying. “Internet speed” is not a single physical quantity waiting to be measured. A speed test measures the performance of a particular device, over a particular local connection, through a particular ISP route, to a particular server, at a particular time using a particular test method. Change any of those things and the answer can change too.

The Usual Suspects

Ookla on a WiFi connection to a 1Gbit Ethernet network. The limiting factor is the 802.11s WiFi link between the computer’s Ethernet port and the router’s.

Speedtest by Ookla is probably the best-known test. It selects a nearby server, although you can choose another. It attempts to saturate the connection with multiple simultaneous transfers. That makes it good at answering the question most consumers are asking: approximately how much aggregate bandwidth can this Internet connection deliver?

Running several connections matters. A single TCP connection must gradually increase its sending rate while reacting to round-trip time, packet loss, receive-window limits, and congestion-control behavior. On a high-bandwidth or high-latency path, one connection may not fill the available pipe. Several parallel connections can ramp up independently and make it easier to reach the link’s aggregate capacity. That number is valid, but it represents something like a busy household, a large segmented download, or several applications operating at once. It does not necessarily predict the speed of one file transfer from one distant server.

Google’s built-in search speed test (search “speed test”) uses Measurement Lab’s Network Diagnostic Tool, or NDT. M-Lab describes NDT as a single-stream measurement of bulk-transport capacity. That makes it an interesting counterpoint to Ookla. A single flow may expose latency, loss, or TCP-window limitations that a multi-stream test can partially conceal. You can also use M-Lab’s own speed test directly.

While you may get similar numbers between the two approaches, you also may not get similar numbers, especially on high-latency connections where Ookla’s multiple streams will help hide latency.

Netflix’s Fast.com is deliberately simple. Open the page, and it immediately begins transferring data from Netflix infrastructure. By default it emphasizes download performance, since its original purpose was to answer a practical question: can this connection deliver Netflix video properly? Selecting “Show more info” adds upload speed and both unloaded and loaded latency.

Fast is barebones and measures speed to Netflix.

The use of Netflix servers is significant. Fast.com measures the route between you and Netflix’s content-delivery network, while Ookla may test against a server operated by your ISP only a few network hops away. A superb Ookla result and a poor Fast.com result do not prove deliberate throttling, but they do tell you that the destinations — or the routes to them — are behaving differently.

Cloudflare offers two related tests. Its Radar Network Quality Test provides a quick summary, while speed.cloudflare.com  gives an extremely detailed breakdown. The latter reports download and upload throughput, idle and loaded latency, jitter, packet loss, server location, and application-oriented quality estimates.

Cloudflare provides a wealth of stats and graphs.

Loaded latency is especially useful. An otherwise fast connection can become miserable when a large upload or download fills an oversized queue in the modem or router. Your idle ping might be 12 milliseconds, but under load it may jump to several hundred milliseconds. That is the classic symptom usually called bufferbloat.

If you want more options, there is testmy.net, which allows you to test upload and download speeds separately, and speedof.me, which keeps a history for you, among others. It isn’t always obvious which ones are measuring a single connection vs multiple ones, so you may have to dig through whatever documentation you can find.

Your WiFi Is Part of the Test

A browser speed test cannot automatically tell you what’s hurting your speed. A laptop connected through marginal WiFi may report 180 megabits per second even though the router has a flawless gigabit Internet connection.

In fact, once incoming Internet service reaches several hundred megabits per second, WiFi is frequently the limiting factor. The link rate displayed by the operating system is not the same thing as usable throughput. Wireless protocols have framing overhead, acknowledgments, contention, retransmissions, and half-duplex operation. The advertised 866, 1200, or 2400 megabit link rate is therefore not a promise that application data will move at that rate.

The numbers printed on WiFi boxes add another layer of optimism. A router sold as “AC1800,” for example, does not provide an 1800-megabit connection to one device. The figure is normally the sum of the maximum advertised PHY rates on separate radios — perhaps 1300 Mb/s on 5 GHz plus 450 Mb/s on 2.4 GHz — with some rounding for marketing. A conventional WiFi client connects to one band at a time, so it cannot combine those rates. The total is better understood as the router’s theoretical aggregate capacity while serving multiple devices across both bands. Even then, protocol overhead, contention, signal quality, and client limitations make actual data throughput considerably lower. Newer WiFi 7 equipment can sometimes combine links using Multi-Link Operation, but that exception does not make the old ACxxxx arithmetic any less misleading.

WiFi also uses shared airtime. Devices on the same channel — including neighboring access points that can hear one another — must contend for opportunities to transmit. A slow or distant client takes longer to send a given amount of data and can consume disproportionate airtime while doing so. Modern access points may provide airtime fairness and other mitigations. One old device does not invariably drag every client down to its rate, but it can still reduce the capacity available to the rest of the network. Interference has a similar effect. A weak signal, a crowded channel, microwave noise, or an overlapping neighboring network causes frames to be delayed or retransmitted. Those retries consume airtime without delivering additional data.

Repeaters and wireless mesh backhaul add another complication. A simple same-channel repeater must receive each packet and then transmit it again over the same shared medium. In the worst case, each repeated hop can roughly halve the available throughput. Modern tri-band mesh systems can avoid much of that penalty by using a dedicated backhaul radio, and Ethernet backhaul avoids it almost entirely.

This means it is entirely reasonable to buy gigabit Internet service and obtain only 300 or 500 megabits per second from a WiFi laptop. Whether that represents a problem depends on the client, radio band, channel width, signal level, backhaul, and local RF environment.

For a meaningful ISP test, begin with a computer connected directly to the router by Ethernet. Stop large transfers and temporarily disable any VPN. Record the chosen server, latency, upload speed, and download speed rather than preserving only the most flattering number. Then run the same tests over WiFi. The difference is an approximate measurement of what the wireless portion of the network is costing you.

Remove the Internet From the Experiment

OpenSpeedTest running on an OpenWRT node.

Better still, remove the ISP from the test completely. OpenSpeedTest is a self-hostable, browser-based test. Run its server on a wired computer, NAS, or container, then visit it from laptops, phones, and tablets around the house. Because the traffic remains on your LAN, a slow result points toward WiFi, switching, cabling, or the client rather than the Internet connection.

It is possible to run this on the uhttpd server used with OpenWRT, although you’ll need to coax it to measure upload speeds since the server can’t handle the default method. The trick is to create a CGI script that accepts a large amount of data successfully and then configure uhttpd to run that.

A browser-based local test is convenient, but for serious diagnosis it is hard to beat iperf3, the client/server tool we recently used while testing mesh routers. On one machine (say, 192.168.1.100), start the server:

iperf3 -s

From another machine, run:

iperf3 -c 192.168.1.100

By default, iperf3 uses one TCP connection. Add -P 4 to try four parallel streams, or -R to reverse the direction so that the server sends and the client receives. Those variations can tell you something. If four streams are much faster than one, the network may have enough aggregate capacity but a single TCP flow is being limited by latency, loss, window growth, CPU performance, or offload behavior. If the reverse test is much faster, examine the weaker machine’s transmit path, drivers, antennas, or CPU.

iperf3 can also generate UDP traffic at a specified rate and report packet loss and jitter. That is often more informative for evaluating a wireless link than merely chasing the largest TCP number.

Can Linux Make It Faster?

Linux offers an impressive array of network tuning knobs, which naturally tempts us to turn them. But first, you need to understand what needs tweaking.

Check the negotiated Ethernet rate and interface counters:

ethtool eth0
ip -s link show eth0

A gigabit adapter that has negotiated 100 megabits per second usually has a cabling, connector, or switch-port problem. Increasing TCP buffers will not repair it. Rising interface errors and drops point toward a physical, driver, or congestion problem. TCP retransmits (view with ss -ti) may indicate loss elsewhere on the path.

You can inspect the active queue discipline with:

tc qdisc show

Linux supports queue disciplines such as fq_codel, which combines per-flow queueing with active queue management. It attempts to prevent one large transfer from building an enormous queue and delaying unrelated interactive packets. The kernel documentation specifically lists fq_codel as a sensible queue discipline that works without extensive configuration.

It can be selected as the default for newly created interfaces with:

sudo sysctl -w net.core.default_qdisc=fq_codel

That may improve queueing on traffic leaving the Linux machine. It does not, however, fix a large queue in the cable modem or Internet router. Queue management must be applied at the bottleneck. If the ISP link is limited to 20 megabits upstream, controlling a queue on a gigabit Ethernet interface after it has already handed packets to the router is too late.

For a home connection, the most effective bufferbloat treatment is usually Smart Queue Management on the router. OpenWrt’s SQM system supports both fq_codel and CAKE. CAKE generally provides better performance. However, fq_codel requires less CPU overhead.

High-latency paths introduce a different problem. TCP must keep enough data in flight to fill the bandwidth-delay product. Modern Linux generally autotunes TCP buffers, so the old advice to assign enormous fixed values to tcp_rmem and tcp_wmem is less universally useful than it once was. Before changing them, use ss -ti during a transfer and look for retransmissions, round-trip time, congestion-window size, and whether the receiver window is actually limiting the connection.

Linux also supports selectable TCP congestion-control algorithms:

sysctl net.ipv4.tcp_available_congestion_control
sysctl net.ipv4.tcp_congestion_control

Algorithms such as BBR can improve throughput and queue behavior on some long-distance or lossy paths. But changing the algorithm affects connections sent by that Linux machine; it does not control the remote speed-test server, repair poor WiFi, or eliminate a queue in the router. Congestion-control tuning is therefore a useful experiment for a server, VPN endpoint, or long-haul transfer machine — not a universal solution to slow networking.

Finally, inspect hardware offload features when a Linux system cannot keep up with a fast LAN:

ethtool -k eth0

Advanced network tuning is a bit beyond the scope of this post, but there are plenty of roadmaps down this rabbit hole.

The Lesson

The lesson here is that there is no universally correct speed-test result. Ookla tests how effectively multiple transfers can fill a route to one of its servers. M-Lab examines a single bulk flow. Fast.com tests the path to Netflix. Cloudflare pays unusual attention to latency under load and overall connection quality. OpenSpeedTest and iperf3 can determine whether the Internet connection is even the problem.

Run enough tests, and you will eventually obtain a number worth bragging about. Run the right tests, though, and you may find ways to truly increase real-world performance. If you want to chase that extra 1 kbit per second speed, be our guest — we know how it is. But the truth is that if the Internet is doing what you want it to do, then it is fast enough.

OpenAI Says Its AI Models Broke Loose and Hacked Hugging Face 

22 July 2026 at 03:48

OpenAI says its AI models went rogue, as CISOS call the incident a watershed moment, warning that autonomous AI threat models have officially crossed into production reality.

The post OpenAI Says Its AI Models Broke Loose and Hacked Hugging Face  appeared first on SecurityWeek.

Before yesterdayMain stream

Bitcoin is NOT Changed by Proof Of Node

By: Juan Galt
21 July 2026 at 17:36

Bitcoin Magazine

Bitcoin is NOT Changed by Proof Of Node

You might have heard about BIP-110; here’s why this fork is not just bad for Bitcoin, but it is built on a misunderstanding of what a Bitcoin node is and what it is good for. As well as why, because of this misunderstanding, BIP-110 will fail. 

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

BIP-110 is a Bitcoin Improvement Proposal titled as a Reduced Data Temporary Softfork. The BIP proposes a consensus change to Bitcoin, which attempts to limit the types and amounts of arbitrary data that can be added to consensus-valid transactions by limiting a wide range of Bitcoin’s scripting capabilities. BIP-110 is led by a pseudonymous developer known as Dathon Ohm and is widely supported by the Knots community, an alternative implementation of Bitcoin led by one of Bitcoin Core’s earliest contributors, Luke Dashjr and its supporters.

The BIP-110 consensus change is headed towards a mandatory signaling period in the coming weeks and thus a potential fork with the main consensus rules as implemented in Bitcoin Core. The proposal needs to gain a great deal of support from miners within the coming weeks to change Bitcoin consensus. As of the time of writing, miner signaling for BIP-110 stands at less than one percent


The Knots community, widely made up of Bitcoiners running nodes on machines like Start9 and Umbrel, has rallied around Knots in protest of a series of development decisions made by Bitcoin Core, the primary open source development community and reference implementation of Bitcoin. While a majority of senior Bitcoin developers are either opposed or apathetic to the changes proposed by BIP-110, the movement has gained enough steam to become an ongoing topic of discussion on social media. 

Supporters of BIP-110 believe that by running Bitcoin full nodes that signal for the consensus change, they alone can change Bitcoin. Here are the main concepts being debated, the biggest misconceptions about Bitcoin consensus, what a Bitcoin node is, and why BIP-110 is almost certain to fail. 

The Power and Limits of a Bitcoin Node

Many of the disagreements and misconceptions in this recent cultural conflict within Bitcoin revolve around the idea of a Bitcoin full node. Influencers like Knut Svanholm, author and podcaster, have elevated the role of the full node to heights perhaps too close to the sun. 

Knut recently tweeted: “Every person on Earth is a node in the Bitcoin network. Most to a minuscule extent, of course, but every node is first and foremost a person, not a machine. Which tools we use to interact with the network (and, by extension, to which extent they influence the network) is entirely dependent on the choices we make.”

Statements of this sort are poetically beautiful, philosophically grand, romantic even, but nevertheless technically incoherent and fundamentally meaningless. Knut’s tweet attempts to redefine what a ‘Bitcoin node’ means and fails at it, instead diluting the value of the term entirely. He might as well have said that every atom in the universe is a Bitcoin node, since apparently to him the term is all-encompassing. 

Knut,  though well-intentioned, is wrong. A Bitcoin node is something very specific. It is a full copy of all of Bitcoin’s transaction history, block headers and transaction-related data. Its purpose is very specific: to let users verify the integrity of Bitcoin’s supply and transaction history in relation to Bitcoin’s consensus rules. 

Bitcoin nodes grant users a variety of benefits, such as privacy. Third-party wallet providers query their copy of the Bitcoin blockchain for the user’s balance and serve it back to the user via the wallet app. Most mobile wallets function this way, with users asking a third-party server for their balances. Some, very few, can connect to a user-run Bitcoin node, in which case the user’s public addresses and balances are not shared with any third-party wallet company. 

Another benefit Bitcoin nodes grant users is the ability to check whether they are in consensus with the rest of the network, staying in sync. If the user mines Bitcoin or contributes any significant amount of hashing power to Bitcoin’s proof-of-work network, the node also provides the opportunity to assemble a block, choosing which transactions go into it. This is only possible if the user manages to mine a Bitcoin block, which is quite an achievement today, given the difficulty and steep competition. 

Even new kinds of mining pools like Ocean, which attempt to decentralize block template production, letting retail miners have more influence over which transactions enter the chain, still need enough hashing power to win the proof-of-work race, resulting in sporadic blocks being mined and thus limited influence over the blockchain. 

Bitcoin nodes also relay transactions across the network, with tens of thousands of them communicating via a flood network; this results in a censorship-resistant system where a small number of nodes can get controversial transactions to miners, bypassing any kind of filters, as demonstrated by Peter Todd’s relay libre. Thus, Bitcoin nodes can not easily filter which transactions enter the blockchain.

Even a large majority of Bitcoin nodes alone cannot alone change Bitcoin consensus. Not without having a large amount of economic activity entering the Bitcoin network through them, as exchanges do on behalf of millions of users. Not without having the protocol and application developer community behind them. Not without having the investor community behind them. Bitcoin is not a node democracy, contrary to popular memes today. 

Bitcoin nodes do not grant you ‘citizenship’ in the ‘Bitcoin nation’. Satoshi Nakamoto was quite clear about this in the Bitcoin white paper. Bitcoin’s ultimate security and governance structure is: one CPU cycle, one vote, not one node, one vote. And miners, who run the CPU cycles over Bitcoin’s proof-of-work, are very sensitive to investor sentiment and the broader developer community, resulting in a distributed global protocol for money that is very difficult to change. 

Bitcoin nodes ultimately let you know if you are connected to the network with the most accumulated proof-of-work and that its consensus rules are being followed, but a node alone does not let you change the consensus rules. Users who change the consensus rules of their Bitcoin node are, by definition, no longer running Bitcoin. As a result, changing Bitcoin consensus as a node runner is very difficult, and that’s a feature, not a bug. Bitcoin is money for enemies. 

History and Bitcoin Consensus Games

Deep work has been done, trying to understand Bitcoin consensus, its various pillars and interest groups. Ren Crypto Fish, Steve Lee and Lyn Alden identified six of them in BCAP, an open-source effort to analyze Bitcoin consensus and risks in protocol upgrades. BCAP identified stakeholders such as Economic Nodes, Investors, Media Influencers, Miners and Protocol Developers, and Users and Application Developers

Historically, in the case of a consensus crisis, it is true that Bitcoin nodes have been used to signal support for one version of Bitcoin over another. Fork events like 2017’s Bitcoin Cash fork are often cited as examples of economic nodes winning against opposition by miners. 2017’s legendary User Activated Soft Fork (UASF) faced major opposition in theory; a large majority of mining pools and their corresponding collective hashrate supported the Segwit2x version of Bitcoin, with many exchanges and corporations having signed the infamous New York Agreement in support of it. 

The Bitcoin node-supported soft fork against it won nonetheless, bluffing the Segwit2x version from a contested blockchain altogether. But that’s the thing: while the Bitcoin nodes technically won, they did so by having massive support from protocol developers, investors and media influencers: these nodes really had economic weight and rough consensus. BIP-110, on the other hand, does not have the protocol developers, nor does it have enough investors behind it. Michael Saylor has come out against it, with many industry leaders also openly opposing it or staying out of the matter entirely. 

In fact, during the Bitcoin Cash fork, the limits of retail Bitcoin nodes were clearly understood. A Bitcoin node run by an exchange is orders of magnitude more influential than that of a retail user, as it introduces large amounts of new transactions into the Bitcoin network. The Bitcoin node of a major mining pool is far more influential than that of a hobbyist solo miner, as it more often assembles blocks and chooses which transactions settle to the blockchain. 

Most Bitcoiners outside of exchanges use mobile wallets to access their Bitcoin. Such users and investors can ‘vote’ with their money, so to speak, by moving their bitcoins and economic activity elsewhere, be it to a wallet that supports their vision of Bitcoin, or their own full node. But while users remain on mobile wallets that talk to third-party nodes, those users have little individual influence over Bitcoin consensus. And the vast majority of mobile wallets are using a Bitcoin core-compatible back end. 

The same goes for exchanges; their users effectively delegate consensus decisions to the exchange operators. In some cases, exchanges have put consensus issues to a user vote, weighed by their total holdings, returning that decision to end users weighed by capital; we may see this happen again with BIP-110. 

Votes of the sort have started happening with Foundry today. One of the biggest Bitcoin mining pools in the world, Foundry, recently emailed its miners informing them that they can vote on the proposal with their hashrate. A high enough support could result in Foundry signaling for BIP-110, though that remains unlikely. Users who do not vote will effectively signal against BIP-110, defending the status quo. Thus apathy about the topic of BIP-110 would be a win for Bitcoin Core by default. BIP-110 supporters need to culturally win over a majority of the Foundry hash rate, who then must act to vote against the Bitcoin Core developer consensus, the most popular Bitcoin implementation and best supported codebase.

Today, miners are not signaling support for BIP-110 in any significant way. In fact, according to some data, this is one of the least supported soft fork attempts by miner signaling in Bitcoin’s history. Less than one percent of the blocks mined in the current difficulty adjustment period are signaling for BIP110. 

Concluding Thoughts

BIP-110 has so far failed to gain consensus across major interest groups within Bitcoin; neither developers, investors, miners, nor large economic nodes support the consensus change. The result is likely to be a chain split in the coming weeks, which could have significant consequences for lightning wallets running on BIP-110-compliant nodes, ultimately resulting in a new, yet small blockchain that would probably have to change the proof-of-work used to stay alive. 

This post Bitcoin is NOT Changed by Proof Of Node first appeared on Bitcoin Magazine and is written by Juan Galt.

Postal IRCs are Almost a Thing of the Past

21 July 2026 at 13:00

Have you ever found out that something you remember from your youth is now gone, and you didn’t even notice? If you are a certain age, you might feel that way when I deliver the news: You haven’t been able to buy International Reply Coupons (IRCs) at a US Post Office since early 2013. By the end of 2026, you won’t be able to buy them anywhere. The age of the IRC is over.

What’s an IRC?

An IRC from 1978 (public domain).

If that didn’t mean anything to you, you might be too young to remember, or maybe you just weren’t into shortwave listening or ham radio. Although there were other reasons to get IRCs, a radio hobby is the most likely reason a Hackday reader would have bought an IRC.

For radio purposes, here’s the problem. You’ve worked on your station for months, and one winter night, you finally pull in that rare station from Luxembourg. They’ll send you a QSL card to verify that you heard them. You only have to send them a letter telling them what time you heard them, what frequency, and some details about the program you heard. But they probably don’t want to pay the postage required to send hundreds or thousands of cards overseas.

While this is a radio-specific problem, you might find the same issue with pen pals or when trying to buy things from an overseas company.

SASE

If everyone were in the same country, the solution would be easy. Take a stamp, put it on an envelope that has your address on it, and stuff it in with the letter. Or, you could just drop a stamp or two in the letter you sent.

The problem is, US postage won’t help Radio Luxembourg. On the other hand, the effort required for you to buy postage that works in Luxembourg would have been a nightmare.

Enter the UPU

The Universal Postal Union is a UN agency that is effectively an association of post offices in 192 countries. Their charter is to facilitate mailing things worldwide.

The IRCs date back to 1906. The idea is you buy an IRC at your post office. You send it to Radio Luxembourg, or wherever. There, the mail person at the radio station could go to their post office and trade the coupon for enough local postage to send a surface letter worldwide.

Slow Death

A more recent IRC (UPU).

As demand has dwindled, post offices worldwide have quit selling IRCs. As of last year, Australia still did. But Germany, Britain, the United States, and many other countries gave up on them long ago. In fact, Britain’s Royal Mail claimed that the average post office sold less than one IRC per year at the time it threw in the towel.

UPU decided to end IRCs altogether by December 31, 2026. The end of an era and, apparently, not just for radio hobbyists. It is telling that the UPU’s recent editions of IRCs had print runs of 1,000 or even 500. So they obviously weren’t selling very many.

IRCs Other Claim to Fame

If you’ve heard of these before and you aren’t interested in radio, then it might have been in economic history. Have you heard of the Ponzi scheme? It has become a generic term for any business scheme that relies on raising money from new investors to service debt owed to old investors.

However, the original Ponzi scheme dates back to 1920, when Charles Ponzi realized he could buy IRCs in a country where they were cheap and sell them for more in another country. He was happy to accept investors, of course.

The problem is that profits are thin, and the costs of acquiring and transporting large numbers of IRCs quickly swamp most potential profits. Fluctuations in currency exchange rates take the rest.

Goodbye!

So the end of the IRC marks a closed chapter for ham radio and swindling. There were probably other uses, too, that are now consumed by electronic mail, payment systems, and the like.

You have to wonder what adventures IRCs went on during their global travels. The video below shows one’s story.

Cisco Launches Low-Cost AI Models for Source Code Security

21 July 2026 at 13:44

The open-weight Antares models are designed to pinpoint known vulnerabilities in codebases faster and at a fraction of the cost of larger AI models.

The post Cisco Launches Low-Cost AI Models for Source Code Security appeared first on SecurityWeek.

Jack Mallers Steps Down as CEO of Bitcoin Treasury Twenty One Capital 

Bitcoin Magazine

Jack Mallers Steps Down as CEO of Bitcoin Treasury Twenty One Capital 

Bitcoin treasury Twenty One Capital has named Raphael Zagury as its chief executive officer, a leadership change that arrives seven months after the firm listed on the New York Stock Exchange. 

Zagury succeeds founder Jack Mallers, who is stepping down to focus on his Bitcoin payments company, Strike

Speaking on the transition, Mallers said, “I’m grateful to everyone at XXI and everyone who believed in what we built,” said Jack Mallers. “Serving Bitcoiners has always been the mission, and that doesn’t change. Strike is where I carry it forward.”

Austin, Texas-based Twenty One, which trades under the ticker “XXI” on the NYSE, said it would focus on becoming an institutional-grade operating company that’s judged on cash flow generation and capital allocation discipline, not just its Bitcoin holdings.

It added that it would build and acquire high-quality operating businesses that “leverage Twenty One’s balance sheet while maintaining disciplined capital allocation at the parent company and create a long-term ownership model inspired by Berkshire Hathaway.”

“My job is to build the operating company around [Twenty One], with the discipline, governance, and executional rigor of an institution,” Zagury said in a statement.  “I believe our business will perform best when we also focus on the cash flow we generate and the rigor with which we allocate capital, not only by the Bitcoin we hold.”

Mallers leaves XXI

The firm, the product of a joint effort by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, is the second biggest public Bitcoin treasury, according to Bitcointreasuries.net, with a total of 43,514 coins — or $2.8 billion in Bitcoin at today’s prices. 

It debuted last year through a SPAC merger with Cantor Equity Partners, a blank check company affiliated with financial services firm Cantor Fitzgerald.

“XXI was built by Bitcoiners, for Bitcoiners. During my role as CEO, we defined a vision for a Bitcoin-native financial enterprise. As I focus my efforts fully at Strike, I look forward to watching the next phase of growth at XXI,” Mallers said.

The companies behind it are a mix of traditional finance giants and crypto companies: Tether is the biggest issuer of stablecoins and Bitfinex is a crypto exchange. SoftBank is a Japanese multinational investment holding company and Cantor Fitzgerald is a Wall Street firm previously headed up by U.S. President Donald Trump ally and Secretary of Commerce, Howard Lutnick. 

Zagury founded and leads the team behind Elektron Energy, a large-scale Bitcoin mining and infrastructure business. 

Before that, he held roles as a managing director at Deutsche Bank and Merrill Lynch, and as a vice president at Goldman Sachs. He also co-founded OpenCo, at one point among Brazil’s largest fintech lenders. 

The change at the top comes with a shift in deal strategy. In April, Twenty One had floated a plan to consolidate the firm, Strike, and Elektron Energy into a single Bitcoin-native platform spanning financial services, mining infrastructure, capital markets, and treasury. According to Bloomberg reporting, that deal has been scrapped. Twenty One confirmed that Strike will now remain a standalone business and is out of the running for a merger.

This post Jack Mallers Steps Down as CEO of Bitcoin Treasury Twenty One Capital  first appeared on Bitcoin Magazine and is written by Mathew Di Salvo and Micah Zimmerman.

Launching Rockets is Hard, Bring them Back is Harder

By: Tom Nardi
20 July 2026 at 10:00

Since the first V2 rocket sailed above the Kármán line back in 1944 and right up until the modern era, the trajectory of most space-bound rockets was more or less the same: after expending their propellants they would either crash into some desolate steppe or plunge into the ocean. In either event, the rocket was disposable. The important bit up top might go on to explore the stars or send a human crew off on their mission, but the booster rocket that lifted the spacecraft out of the atmosphere was always going to be sacrificed for the cause.

But in the 1970s NASA had a wild idea: what if we didn’t smash a brand-new rocket valued at millions of dollars into the ocean every time we wanted to put something in orbit? Instead, they would build a hybrid space vehicle that blended the vertical takeoff and raw power of a rocket with the capabilities of an airplane, allowing it and whatever it was carrying to make a gentle runway landing at the end of its mission. As such, the Space Shuttle was born.

With the benefit of hindsight, we now know the Shuttle wasn’t quite the spaceflight revolution that NASA had hoped for. The age of reusable rockets didn’t truly begin until 2015, when SpaceX landed the first stage of their Falcon 9. To date they’ve repeated the feat nearly 600 times, all the while increasing the reliability and speed of their operations. Today the Falcon 9 is the most prolific launch vehicle in history, and nearly every other rocket in active development is being designed to include some element of reusability.

Most recently, China demonstrated that they could recover their Long March 10B rocket by gently bringing it down into what amounts to a giant butterfly net. While it might seem a bit quaint compared to rockets that land on their tails like something out of a 1950s sci-fi movie, the idea offers considerable promise.

There and Back Again

But why did it take 70+ years before we were able to regularly refly orbital-class rockets? It’s not that there’s anything inherently complex about reusing a spent rocket. Sure, there’s a case to be made that material science improvements have made the engines robust enough for repeated use. But even if you had to rebuild the engines after each flight it would still be better than slamming the whole vehicle into the ocean. Similarly, there’s nothing particularly unique about the structure of the Falcon 9 that enables it to fly multiple times — it’s a big metal tube with tanks inside of it, just like essentially every rocket that has flown before it.

The revolutionary technology demonstrated by SpaceX in 2015 didn’t have anything to do with making their rocket go up, it was that they were able to safely bring it back without damaging or physically altering it. The Falcon 9 first stage that came back to Earth was in the same condition it was when it left the launch pad eight minutes or so earlier, albeit with empty propellant tanks and a layer of soot on the outside.

As such, most of the variability we see when comparing the reuse of past, present, and future rockets comes not from how the vehicle ascends, but how it ultimately comes to rest back down on Earth.

Splashdown is Easy, But Rough

Without question, the easiest way to recover a rocket intact is to simply slow it down before it hits the surface of the ocean using parachutes This is how all American crewed capsules, and more applicably the Space Shuttle’s Solid Rocket Boosters (SRBs), have been recovered after their flights.

Once pumped out, the hollow SRBs could be towed to shore.

But even when descending under multiple huge parachutes, splashdown isn’t exactly a gentle event. It could probably best be described as “survivable”, in that the vehicle and crew will come through the experience in one piece, but neither is likely to be terribly happy about it.

The situation of course ends up being even worse for the rocket, as its structure is going to be subjected to the brunt of the impact force. Additionally, a complex aerospace vehicle getting partially submerged in salt water is a recipe for corrosion and electrical issues, to say nothing of the thermal shock the hot engines will experience when getting dunked.

One could argue that the only reason this method of recovery worked for the Shuttle SRBs is because of their relative simplicity when compared to a liquid-fueled rocket capable of independent flight. At the risk of oversimplifying the structure of the SRB, at splashdown it was effectively a hollow tube with minimal avionics and thrust vector control (TVC) hardware that could simply be replaced before the next flight.

Still, the NASA document Solid Rocket Booster (SRB) Refurbishment Practices goes over the considerable work required to bring each booster back to flight status after coming down in the ocean. Given the challenges of refurbishing the boosters, it’s perhaps unsurprising that NASA elected to forgo their reuse on the Space Launch System despite its SRBs being largely identical to their Shuttle predecessors.

Teaching Rockets New Tricks

In the very early days, while they were still trying to reach orbit with the Falcon 1, SpaceX had actually considered a Shuttle SRB-style recovery procedure. But in the end they decided to outfit the Falcon 9 with deployable landing legs and the rest, as they say, is history.

The DC-X demonstrated propulsive landing in 1993, but couldn’t reach orbit.

Landing legs allow a rocket to come down on effectively any flat surface, be it a concrete pad next to the launch facility or a floating platform. But there are some fairly serious drawbacks to this approach. For one thing, the requirement for precise terminal guidance means parachutes are out of the question. The rocket needs fins, attitude thrusters, or other control surfaces to come down on the center of the pad.

It also means the rocket needs to perform a propulsive landing. That is, use its own primary engines to bring its velocity on touchdown to as close to zero as possible. This in turn requires engines that can not only restart in flight — a capability that has not traditionally been required by first stage boosters — but are able to throttle down low enough to control the rocket’s descent without simply pushing it back upwards. It’s difficult to overstate how unnatural a state of operation this is for a rocket. Indeed, it’s the antithesis of how nearly every rocket has operated since the Song Dynasty started experimenting with gunpowder in the 10th century.

Even if you can accomplish all that, the true cost of landing a rocket is in the extra mass. Although the legs will be stowed away and unused for 99.8% of the rocket’s flight time, it still has to lug all that weight uphill. If that wasn’t bad enough, there’s also the extra weight of whatever control mechanism is in place to guide the rocket’s descent trajectory as well as the propellant that needs to be kept in reserve for the landing burn.

All told, landing a rocket on legs comes with a massive payload penalty. In the case of the Falcon 9, the rocket’s maximum capacity to Low Earth Orbit (LEO) in its expendable configuration is approximately 22,800 kg (50,300 lb). But when outfitted with the hardware necessary to land, that number is reduced by nearly 25% to 17,500 kg (38,600 lb).

Dropping the Dead Weight

There was a time, not so very long ago, when critics doubted the financial viability of recovering and reusing rockets like the Falcon 9. But today, reuse has gone from theoretical to standard operating procedure. Outside of a few Old Space holdouts, it’s top of mind for every launch provider and critical for remaining competitive in a fast-moving commercial market. In November, Blue Origin even managed to land their New Glenn heavy-lift rocket on only its second flight.

So at this point the question isn’t whether or not future rockets will be reusable, but rather, what is the most efficient way to achieve that reusability?

The first stage of Starship after being caught in mid-air.

With that in mind, it’s easy to see the appeal of China’s net recovery. While the rocket must still perform a propulsive descent — although in theory the necessary positional accuracy, and therefore the technical challenge, is somewhat reduced — it doesn’t need to have landing legs installed. This mass savings increases the vehicle’s useful payload capacity, which in turn makes it more profitable to operate. Achieving the same end goal while being easier and cheaper is an improvement in anyone’s book.

Admittedly, having the rocket come down in a huge net adds a certain amount of whimsy to the whole endeavor, but the overall logic is sound enough. It should also be said that SpaceX, for all the success they’ve had with landing their Falcon 9 on a set of deployable legs, are themselves planning on catching both the first and second stages of their next-generation Starship vehicle. Instead of a net, their goal is to pluck the rocket out of the air with a huge robotic pincer mechanism.

One is reminded of the old joke about how the Americans and Russians approached the problem of writing in space: NASA spent millions of dollars developing a pen that would work in microgravity, while their Russian counterparts simply used pencils. If China can demonstrate the ability to reuse a rocket they snagged in their net, the more elaborate methods of recovery employed by American rockets may one day look like a similarly overengineered solution.

What Does the Cyber Industry Want to See From the New UK Government?

20 July 2026 at 09:40

Today (20 July 2026), Andy Burnham became Prime Minister of the UK, succeeding Sir Keir Starmer. While there is not yet a detailed ‘Burnham tech strategy’, pre-transition briefings and reports over recent weeks suggest a strong focus on AI, including plans for a dedicated AI Minister, the scrapping of the hotly debated digital ID programme, and the potential reorganisation of the Department for Science, Innovation and Technology (DSIT), with its responsibilities redistributed across other government departments.

So, what does the cyber community hope Burnham will do in the realm of cybersecurity, AI and tech as Prime Minister? We asked the industry…    

Charlotte Wilson, Head of Enterprise at Check Point said: “Britain’s AI department is at the forefront of the country’s productivity strategy, playing a crucial role in how the technology will be developed and rolled out to drive wider economic growth and defence.”

“Incoming policymakers should take heed; artificial intelligence is the gorilla in the room and will remain so for the foreseeable future. Any suggestion of redeployment or downsizing could send the wrong signal to businesses and cyber criminals about how seriously we take the most transformational technology in living memory,” Wilson continued. 

Dray Agha, Senior Manager of Security Operations at Huntress, added: “Smart infrastructure beats a spending war, and fortunately the UK can’t outspend the US or China on AI models anyway, so the new Prime Minister must focus on where we can win: secure public datasets and targeted sovereign compute.”

“Safely unlocking NHS data while fortifying our energy grid will build real domestic leverage without compromising national security. With guaranteed access to US tech currently on ice, relying solely on Washington is no longer a viable security strategy. The UK must leverage our AI Security Institute to build a ‘middle-power’ tech coalition with NATO and Commonwealth allies, pooling resources to ensure collective cyber resilience.”

Additionally, Muhammad Yahya Patel, vCISO and Cybersecurity Advisor for EMEA at Huntress, noted: “The UK doesn’t need to win the frontier model race; it needs to be a serious, trustworthy place to deploy AI at scale. That’s a more achievable and arguably more valuable position. The ally-pooling argument on sovereign compute and cloud interoperability is sensible from both an economic and security standpoint.”

“The UK’s convening credibility on this particularly through the AI Security Institute is a genuine asset that Burnham should be using. Unlocking health data for AI R&D is genuinely valuable but it’s only responsible if the security and governance infrastructure around that data is built first, not retrofitted after the damage is done. Right now the ambition is ahead of the security maturity.”

Jake Taylor, Head of Government NEMEA at Filigran, said:  “If the new government wants to bring more critical national infrastructure under public ownership, cybersecurity has to become part of that conversation from day one. National resilience isn’t just about protecting individual organisations anymore. It’s about ensuring energy providers, government, suppliers and operators can share intelligence, understand emerging threats and coordinate their response before disruption spreads.”

“The biggest challenge isn’t a lack of security tools. Most critical infrastructure organisations already have those. The challenge is breaking down the silos that still exist between organisations and turning threat intelligence into something that informs operational decisions, rather than simply generating more alerts. As the geopolitical environment becomes increasingly volatile and nation-state activity continues to rise, collaboration will be every bit as important as technology.”

Taylor continued, “the Cyber Security and Resilience Bill is an important step because it moves the conversation towards common standards and greater coordination. If public ownership expands, cybersecurity needs to evolve from a collection of individual security programmes into a genuinely national capability, where intelligence sharing and continuous threat exposure management become fundamental to protecting essential services.” 

Andy Burnham’s long-term plans for the UK’s cyber, AI and technology sectors are still taking shape. The Guru team will be keeping a close eye on developments as his new government begins to set out its agenda.

The post What Does the Cyber Industry Want to See From the New UK Government? appeared first on IT Security Guru.

Ocean Mining VP Jason Hughes: BIP-110 on Track to Fail as Miner Signaling Stays Below 1%

17 July 2026 at 13:45

Bitcoin Magazine

Ocean Mining VP Jason Hughes: BIP-110 on Track to Fail as Miner Signaling Stays Below 1%

BIP-110 – My Notes to Miners

This is a guest post by Jason Hughes, VP of Development and Engineering at Ocean Mining. Opinions expressed are entirely his own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine. The article originally appeared on X.com and has been published with the permission of the author. 

Let me start off by saying I’m not pro BIP110, and I’m not anti-BIP110. If it actually succeeds as something that gains true consensus within the network and ends up being enforced by a majority of the network… cool. If so, then we’ll go with it because the network has spoken and accepted it, and all nodes, including non-BIP110 nodes, will be pulled along for the ride. Unfortunately for proponents of the proposal, that simply isn’t currently the case by any measurable metric, nor does it appear to have a trajectory suggesting that will change, either. 

There’s been a lot of misleading information about this whole thing, especially in the context of mining. A few quick key bullet points to briefly counter some hyperbole from proponents: BIP110 is NOT inevitable. It CAN fail. BIP110 can and will cause a chain split/fork in a minority hashrate situation. BIP110 is NOT without risk to miners choosing to adopt it. Miners not supporting BIP110 are not suddenly mining “invalid” blocks just because a proposal that isn’t yet adopted simply exists. You’re not a bad person or evil simply because you don’t like or support BIP110. (The fact that I feel the need to point out that last part is actually kind of sad…)

I was going to write a long post to help keep miners informed about things they need to remain aware of as this all plays out… before realizing I already did so months ago, as a document I authored that I had hoped could be put out as a miner education piece at OCEAN. Sadly, it never got published. So I went ahead and updated it, and well, here it is.

Again, keep in mind this was written months ago, intended to be as agnostic as possible in an effort to make it acceptable as a corporate post. That effort failed, so I’m posting it as a personal document today instead. As a miner making important decisions about your operations, you need to be aware of all of this without the sugarcoating and, frankly, outright misleading information coming from some of the BIP110 proponents.  You must be vigilant and decide what’s right for you. 

While there is certainly some misleading information from the opposition as well, nothing I’ve seen is nearly as egregious as the extremely premature claims of victory and accompanying hyperbole pushed by the BIP110 side. Summarizing my doc a bit, my personal suggestion to miners is this: Signal if you support BIP110. Do not signal if you don’t support BIP110 or don’t care. Either way, monitor the network on/around/before block 961632. 

If you continue to see non-signaling blocks from major pools, you can be reasonably certain they’re not going to suddenly decide later to throw away millions of dollars’ worth of revenue to backtrack and signal for BIP110. If they do, by some chance, start to signal for BIP110, you should monitor that and consider switching as required to stay on the heaviest chain. The key point is that, realistically, only one side can win. It’s either BIP110 succeeds, and miners not on the BIP110 side fail, or BIP110 fails, and miners on the non-BIP110 side succeed. 

Moving on, let’s dive into a small fraction of my rationale. 

QUICK FACT: Between 7 and 15% of Bitcoin Nodes are signaling support for BIP110.

Depending on which centralized crawler you look at… no way to know for sure [how many BIP110 nodes are signaling support]. My personal private crawler puts this number much lower, but that’s a discussion for another day. Suffice it to say, I think it’s logical and correct to say that even 15% is not a majority. 

“But Jason! UASF got Segwit activated with fewer nodes!” 

Yep, because many miners, merchants, users, etc., all actually wanted Segwit. There was tremendous economic and community weight behind it. Without rehashing that whole thing, as plenty of resources on the topic from before BIP110 are worth a read, suffice it to say that BIP110 and Segwit activations are not quite comparable, as many have already pointed out. Segwit, for example, went into its UASF territory with around 1/3rd of the network’s hashrate already signaling support. With that kind of backing, the UASF to help push the MASF over the tipping point made a lot of sense. It doesn’t make sense here for BIP110.

QUICK FACT: 0.6% of blocks over the past 60 days have signaled support for BIP110.

[0.6% is a] pretty stark contrast to even Segwit’s low baseline support. Yes, I know it’s increased slightly in the past couple of weeks, but no new entrants. Just more clearly rented hashrate from one of the same small proponents.

Something to keep in mind is that mining BIP110 signaling blocks via DATUM on OCEAN carries virtually no risk to the miner up until the fork point at block 961632. The cost is negligible, as you’re effectively guaranteed to recoup rental costs, etc.

It’s awesome that the ability to do so exists, and I wouldn’t have it any other way… but just something to keep in mind when weighing signaling from such blocks in the grand scheme of things from a risk-reward, money-on-the-table perspective.

“But Jason! Miners have no incentive to signal until the last minute!”

I also see no evidence to suggest that this could be the case. Subjectively, I disagree with the premise, as it’s not in a mining pool’s best interest to destabilize the network in such a way.  Part of the reason for early signaling and lock-in periods is to help coordinate upgrades in a smooth fashion. Waiting until the last minute negates that benefit entirely. I see no compelling rationale or upside to doing so.

Continuing on this, as part of my personal node monitoring setup, I specifically monitor nodes known to belong to various entities, such as other mining pools, exchanges, large lightning nodes, merchants, etc. A supermajority of which are monitored with explicit permission and confirmation/coordination.

QUICK FACT: All major mining pools I monitor are currently running some variant of Bitcoin Core v30 or v31 (except OCEAN). 

Expanding on that, most [mining pools] have updated their nodes since the proliferation of BIP110’s release, even since the release of Knots 29.3. Additionally, it is known that many mining pools run modified versions of their node software to facilitate various requirements of their specific infrastructure. Such changes would need to be ported to a BIP110-compatible client, tested, evaluated, and deployed ahead of time. I currently see no evidence that this is the case currently.

As far as I can tell, the pools are aware but ignoring. 

“But Jason! Miners don’t determine consensus! Nodes do! Otherwise, they’ll just cancel halvings!”

This is one of the funniest and most ridiculous arguments I’ve heard from the pro-BIP110 crowd.  Comparing a consensus change that can be unilaterally enforced upon the network by miners and accepted by 100% of existing nodes (a soft fork), with a hard fork which no existing node will accept… is disingenuous at best. T

ightening rules (like BIP110): Soft fork, can be enforced by miners if they choose to do so. Loosening rules (like canceling a halving): Hard fork, can not be enforced by miners without effectively 100% buy-in from the entire network… which isn’t likely to happen. Comparing the two is, bluntly, just stupid.

“But Jason! If you don’t upgrade to the latest consensus rules, you’re insecure! You’ll lose funds! You’ll mine invalid blocks! You’ll [insert additional hyperbole here]!”

This would be true of a consensus change that has, well, consensus. While BIP110 has made a valiant effort to gain that consensus, it has yet to have any measurable majority at what is now arguably the 11th hour. Not in nodes, not in hashrate, not in the social layers (consensus.health has a cool visual there where you’ll find me in the middle).

If somehow BIP110 gains 51%+ of the network hashrate on/before block 961632… then, alright. It’s enforced, since as a soft fork a majority of miners can unilaterally enforce it in the absence of a fully adopted URSF (effectively a misnomer, as this would kind of be a hard fork).

“But Jason! It can’t gain consensus by already having consensus! You have to give it a chance!”

Firstly… no I don’t, even though I have.  Second, it’s a rushed proposal that never had the time to even try and gain real consensus. It’s been 7 months since the release of the first BIP110 client. There’s ~3 weeks to go before “mandatory” signaling starts as of now (less by the time you read this). 90% of the time available has passed with no change in overall sentiment from any relevant players. If it hasn’t gained sufficient adoption in the past 7 months, it’s not likely to do so in the next 3 weeks.

“But Jason! CSAM! CSAM! Pedophiles! CSAM!”

I’ll be the first to say, even I personally overstated the risk here early on when Core proposed its OP_RETURN change. I personally expected something particularly egregious to hit the chain almost immediately, and to the best of my knowledge, that’s not yet happened. Could it still happen? Yeah, I suppose.

But considering from a technical perspective, byte-for-byte the same contiguous arbitrary data can provably end up stored in the current chain or the BIP-110 chain without much issue… this particular argument for BIP-110 falls pretty flat to me at this point.

Do I want CSAM in the chain? Of course not. Am I a pedophile if I don’t support BIP110? Also not.

Concluding Thoughts

I could continue to go on and on and on, but I’ll stop here. I’ve wasted enough time on this. I’m sure I’ve done plenty to annoy both sides of the BIP110 debate at this point, as I don’t adopt either stance. I’m sure I’ll catch flak from all angles simply for daring to speak my mind on it.

Overall, I mostly think it was silly to approach addressing a real problem (the OP_RETURN default change in Bitcoin Core) with the maximum anti-spam manifesto based soft fork proposal… which provably cannot stop spam, arbitrary data, etc. 🤦‍♂️ (Yes, I know, proponents will claim it’s not about spam… and will also make semantic arguments that it does stop data as well… neither of which appears to be correct.)

I’ll close with the concession that I could be wrong. I’m not Nostradamus, and I can’t accurately predict the outcome with 100% certainty.  I can only go by what the data tells me, and so I give BIP110’s success less than a 5% chance of actually succeeding… and I consider that generous. You can take my opinions on this however you wish, but I highly recommend you don’t discount the actual data points, remain vigilant, and do what’s best for you and your mining revenue. Don’t be gaslit by either side of the debate, and make your own decisions.

Here’s a link to the same document linked above for ease of access.

This post Ocean Mining VP Jason Hughes: BIP-110 on Track to Fail as Miner Signaling Stays Below 1% first appeared on Bitcoin Magazine and is written by Jason Hughes.

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