Top Weekend News: Bitcoin Mining Costs, Shiba Inu Surge, Banking Warnings
Bitcoin Mining Costs Skyrocket
The cost of producing Bitcoin has surged significantly, with publicly traded miners now facing an average production cost of $96,100 per Bitcoin. This figure includes noncash expenses like depreciation and stock-based compensation. Cash production costs have risen to $49,500 in Q2, 2024, up from $47,200 in Q1. The increasing complexity of mining conditions demands greater capital investment. Despite these challenges, miners are expanding infrastructure, hoping for a Bitcoin price rise. However, they face operational hurdles, including tough credit conditions and high interest rates post-FTX collapse. Miners are exploring innovative solutions such as fixed-rate power contracts and artificial intelligence to enhance efficiency and diversify revenue streams ahead of the next Bitcoin halving.
Shiba Inu's Remarkable Burn Rate Increase
Shiba Inu has witnessed a remarkable 6,153% increase in its weekly burn rate, as reported by Shibburn. Over the past week, 5,761,510,009 SHIB tokens were burned, largely due to a significant event on November 1, accounting for 5,612,878,479 tokens across six transactions. Despite these substantial burns, no tokens were burned in the last 24 hours, and the token has seen a price decline since reaching $0.00001982 on October 29. Shiba Inu currently struggles to maintain support at $0.000017, trading at $0.00001711.
Robert Kiyosaki Warns of Banking Crash
Robert Kiyosaki, renowned author of "Rich Dad Poor Dad," has issued a stark warning about the U.S. banking sector. He claims that a "banking crash" has already begun, evidenced by a recent Oklahoma bank closure. Kiyosaki expresses concerns about the bond market and commercial real estate following suit, highlighting his skepticism about financial system stability. To protect wealth in these turbulent times, he advises investing in limited-supply assets like gold, silver, and Bitcoin, which he terms the "people's money" due to their decentralized nature.
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