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The Big Business of Spare Capacity
The newsletter explores the historical example of New England ice exports as early capacity arbitrage and links it to modern sharing‑economy models like DePIN. It discusses crypto‑related DePIN projects, noting Helium, Hivemapper, and especially Grass, which turned unused internet bandwidth into AI infrastructure, generating $17 million in revenue in 2025 and another $17 million in H1 2026. Grass now offers Live Context Retrieval, letting LLMs search the web via a paid API, a market potentially worth billions as LLM providers pay $5 per 1,000 searches. Multicoin Capital expects significant revenue if Grass captures a fraction of this demand.