I will buy more Bitcoin, politicians are racing to get it. Mining is the most demanding in history. A week in the cellar

Long awaited Donald Trump’s speech at Bitcoin 2024 In Nashville, things went as expected. The crowd went wild, and more sober observers noted that Trump would promise anything to anyone just to get his vote.

“If elected, it will be the policy of my administration to reserve 100% of all Bitcoin currently held or acquired by the U.S. government in the future. This will form the core of the National Strategic Reserve of Bitcoin,” Trump said.

Trump also compared the Bitcoin market to the steel industry in his speech, adding that he has great respect for the Bitcoin community. He supported his vision for Bitcoin, claiming that Bitcoin will surpass gold in the future.

Interestingly, the data from Arkham Intelligence They showa wallet labeled “US Government: Silk Road Justice Department” transferred 29,800 bitcoins associated with the Silk Road case to an unmarked address with no previous transaction history. The address then forwarded 19,800 bitcoins and 10,000 bitcoins to two different addresses. People immediately began to speculate that the current administration would sell the seized bitcoins to Trump as a bribe. But this theory has not been confirmed.

Will the United States buy 1 million Bitcoins as a strategic reserve?

At the same conference, Senator Cynthia Lummis offered a more concrete outline of Bitcoin as a strategic reserve for the United States. Buying Bitcoin would proposal The law was funded in part by the Federal Reserve’s revaluation of gold.

Under the bill, tentatively titled the Bitcoin Act of 2024, the Secretary of the Treasury would establish a decentralized network of secure Bitcoin storage facilities across the United States, selecting locations based on a comprehensive risk assessment that prioritizes geographic diversity, security, and accessibility.

Then, according to the proposal, the Treasury secretary would establish a “bitcoin purchase program” to buy up to 200,000 bitcoins per year for five years, representing nearly 5% of all bitcoins in existence (including those that are forever lost).

But the senators present at the meeting trump card Another presidential candidate, Robert F. Kennedy, said: “I will sign an executive order directing the United States Treasury to purchase 550 bitcoins per day until the United States has collected at least 4 million bitcoins.” This, by the way, is almost 20% of the total supply of Bitcoin.

Bitcoin mining difficulty hits new high

Mining Bitcoin is not fun today, and the complexity of the industry has been steadily increasing over the long term. Two months later, the record fell again – Bitcoin network 7-day average hash rate Reached July 26. 667 exahash per second (EH/s). This breaks the previous record of 657 EH/sz set on May 26.

Hashrate refers to the total computing power used by miners to mine new blocks. In short – how many computers are currently mining Bitcoin. Higher hashrate means more competition among miners, making the network more resistant to manipulation or attacks. Growing hashrate also reflects people’s confidence in the long-term viability of Bitcoin.

And miners aren’t selling their bitcoins much either. Selling pressure has eased as prices have risen and miners’ revenues have increased, and miners are keeping the bitcoins they mined. Miner sales were still below $10,000 (236,000 crowns) a day in July, half of what they were in March.

Ethereum ETF Week 1 Volume

New US Ethereum Spot ETF Launches last week The paradox is this: Eight funds saw net inflows of more than $1 billion (23.6 billion kroner), outstripping the Grayscale ETHE fund’s net outflows of $1.5 billion (35.4 billion kroner).

In the first four days of trading, BlackRock’s ETHA fund led the way, generating net inflows worth $442 million (10.4 billion kroner), followed by Bitwise’s ETHW fund with $265.9 million (6.3 billion kroner) and the firm’s FETH fund Fidelity with $219.4 million (5.2 billion kroner). ETFs from VanEck, Franklin Templeton, Invesco and 21Shares also generated net inflows totaling $80.4 million (2.1 billion kroner).

As a result, all ETFs saw inflows, with the exception of Grayscale’s ETHE, which saw outflows of more than $1.5 billion (35.4 billion kronor). Like the Bitcoin ETF, Grayscale also has a fee problem: it charges 2.5%, which cannot compete with competitors that charge 0.19% to 0.25%.

Tether profits hit record high

Tether, the largest issuer of stablecoin USDT capital 114.5 billion USD (2.7 trillion SEK), She announced Its quarterly results showed a record net profit of $5.2 billion (122.7 billion kroner) in the first half of the year. It also posted a net profit of $1.3 billion (30.7 billion kroner) in the second quarter, mainly due to profitable investments and reserves, the company said in a press release.

“Tether Group continues to demonstrate its financial strength by building a strong and consistent revenue base through investments in traditional asset classes, primarily U.S. Treasuries,” the company wrote in a statement.

USDT is a stablecoin that is supposed to be backed 1:1 by USD or USD equivalents. However, it has been controversial in the past because there has never been an official audit of its reserves. But in February 2021, the New York Attorney General ordered the company to publish quarterly audit results and pay a $18.5 million (436 million kroner) settlement for years of lying about the security of the stablecoin.

Fast forward to the end: Michael Saylor at MicroStrategy in July She bought it Another 169 bitcoins, worth $11.4 million. He now owns 226,500 bitcoins.

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