Bitcoin (BTC) Miners' Average Production Cost Climbs to $96,100: Report

As stated in a recent report by CoinShares analyst James Butterfill, the average cost of producing BTC climbed to $96,100 for publicly traded miners

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Bitcoin (BTC) miner average production cost hits $96,100

As stated in a recent report by CoinShares analyst James Butterfill, the average cost of producing BTC climbed to $96,100 for publicly traded miners; this figure includes noncash expenses, such as depreciation and stock-based compensation. Cash costs have also increased, reaching $49,500 per BTC in Q2, 2024, up from $47,200 in Q1, as mining conditions are becoming more complex and require greater capital investment.

Despite these complications, miners still continue to expand their infrastructure as they hope for a potential rise in Bitcoin prices. However, operational difficulties persist, especially in obtaining affordable credit and coping with high interest rates following events like the FTX collapse. To navigate these challenging times, leading mining companies are seeking innovative solutions, including fixed-rate power contracts and the use of artificial intelligence. They are also under pressure to enhance cost efficiency and diversify their revenue streams ahead of the next halving.

Shiba Inu (SHIB) soars 6,153% in weekly burns

According to data provided by Shibburn, over the past week, Shiba Inu has experienced an astonishing 6,153% increase in its burn rate. Thanks to coordinated efforts from within the Shiba Inu community and various ecosystem projects, a total of 5,761,510,09 tokens were burned during this period.

A significant contributor to this surge was a major burn event on Nov. 1, which accounted for 5,612,878,479 SHIB tokens being burned across six transactions. Despite these large-scale burns, no SHIB tokens were burned in the previous 24 hours, and the token has been declining since reaching $0.00001982 on Oct. 29. Currently, Shiba Inu is struggling to maintain critical support at $0.000017, trading at $0.00001711, per CoinMarketCap.

“Rich Dad Poor Dad” author Robert Kiyosaki warns: “Banking crash begun”

Robert Kiyosaki, world-famous financial educator and author of “Rich Dad Poor Dad,” has recently taken to X platform to issue a stark warning about the U.S. banking sector. In his X post, Kiyosaki wrote that the "banking crash" has already begun, marked by the recent closure of an Oklahoma bank.

He expressed concerns that both the bond market and commercial real estate are at high risk of following the banking industry into a downturn, reinforcing his long-standing skepticism about the stability of the financial system. To preserve wealth amid the current turmoil on the financial markets, Kiyosaki believes, people should turn to investing in limited-supply assets, such as gold, silver and Bitcoin, which he refers to as the "people's money" due to their decentralized nature.