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Here are the top three news stories from last weekend brought to you by U.Today.
$96,100 per Bitcoin (BTC) for miners: what’s happening?
As noted in a recent report by James Butterfill, CoinShares analyst, the average cost of producing BTC climbed at $96,100 for listed miners; this figure includes non-cash 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 become more complex and require larger capital investments. Despite these complications, miners continue to expand their infrastructure in hopes of a possible rise in Bitcoin prices. However, operational challenges persist, including obtaining affordable credit and coping with high interest rates following events such as the FTX collapse. To navigate this difficult period, major mining companies are seeking innovative solutions, including fixed-rate electricity contracts and the use of artificial intelligence. They are also under pressure to improve profitability and diversify their revenue streams before the next halving.
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Shiba Inu climbs 6,153% in weekly burns, how much SHIB has been burned?
According to data provided by Shibburn, over the past week, Shiba Inu experienced an astonishing 6,153% increase in its burn rate. Through the coordinated efforts of the Shiba Inu community and various ecosystem projects, a total of 5,761,510,009 SHIB tokens were burned during this period. A significant contributor to this increase was a major burn event on November 1, which accounted for 5,612,878,479 SHIB tokens burned across six transactions. Despite these large-scale burns, no SHIB tokens were burned in the previous 24 hours, and the token has been falling since reaching $0.00001982 on October 29. Currently, Shiba Inu is struggling to hold critical support at $0.000017, trading at $0.00001711, per CoinMarketCap.
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Kiyosaki, author of “Rich Dad, Poor Dad,” warns: “The banking crash has begun”
Robert Kiyosaki, world-renowned financial educator and author of “Rich Dad Poor Dad,” recently adopted the X platform. issue a stern warning on the American banking sector. In his MessageKiyosaki wrote that the “banking crash” has already begun, marked by the recent closing of an Oklahoma bank. He expressed concern that the bond market and commercial real estate are at high risk of following the banking sector into a downturn, reinforcing his long-standing skepticism about the stability of the financial system. To preserve wealth amid current financial market turmoil, Kiyosaki believes people should turn to investments in supply-constrained assets, such as gold, silver and Bitcoin, which he calls “people’s money” due to their decentralized nature.