 Gravitational potential producing a circular hanging chain

For uniform linear mass density $\mu$, a chain minimizing $\mu \int \Phi (z)ds$ at fixed length has Beltrami identity $(\mu \Phi -\lambda )/\sqrt{1+z^{\prime 2}}=C$. In the domain $z<h$, the displayed potential has downward gravitational acceleration $-{\Phi }^{\prime }(z)=-\kappa /(h-z{)}^2$. A circular arc $z=h-\sqrt{a^2-x^2}$ satisfies the identity because $\sqrt{1+z^{\prime 2}}=a/(h-z)$.

This arc is a global minimum among admissible competitors of the same length with the same endpoints in $z<h$. Set $w=h-z>0$. The variable part of the energy is $\mu \kappa \int ds/w$, a hyperbolic length in the Poincaré half-plane model. The calibration for semicircular hyperbolic geodesics $S=\mathrm{arsinh}(x/w)$ has $|\nabla S|=1/w$. The Cauchy-Schwarz inequality gives $\int ds/w\ge S(B)-S(A)$, with equality along the circle traversed with increasing $x$. The constant-potential part is unchanged by the fixed-length constraint.