Bitcoin

Daily

<ul class="wp-block-list">
  
 <li>Michael Saylor highlights the intense competition for $45M worth of Bitcoin mined daily, driving institutional demand for the cryptocurrency.&nbsp;&nbsp;</li>   
 <li>MicroStrategy owns 2% of Bitcoin's total supply, valuing its 423,650 BTC holdings at $41.5 billion, fueled by strategic acquisitions.&nbsp;&nbsp;</li>   
 <li>Bitcoin scarcity grows as over 19M of 21M coins are mined, sparking predictions of miners halting sales and increasing market competition.&nbsp;</li> 
</ul>   
<p>Michael Saylor, the founder and executive chairman of MicroStrategy, addressed the Bitcoin community. On the social media platform X with a notable message regarding Bitcoin’s daily production. Highlighting the competition among institutions accumulating Bitcoin, Saylor stated that companies acquiring Bitcoin reserves and those involved with spot Bitcoin exchange-traded funds (ETFs) are vying for the daily production generated by miners.&nbsp;</p>   
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   https://twitter.com/saylor/status/1867556152587718722 
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<p>In his tweet, Saylor emphasized the significant monetary value of daily Bitcoin mining operations. His comments are made against the backdrop of the burgeoning institutional demand for Bitcoin. At the same time, Samson Mow, the CEO of JAN3 posted earlier this week that miners could stop selling newly mined Bitcoin soon. However, he also advised investors to buckle up for potential changes.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-increasing-rarity-and-increasing-demand-for-bitcoin"><strong>Increasing rarity and increasing demand for Bitcoin</strong></h2>   
<p>Binance's CEO also added more light on the fact that Bitcoin is scarce more information on the scarcity of Bitcoin. He adds that the present production of Bitcoin mining ranges from 21 to 19 million. In their conversation, CZ warned Saylor that the number of Bitcoins in circulation is fast reducing. The information that the latter explains why more institutions and people are keen on acquiring digital currency.&nbsp;</p>   
<p>The finite supply of Bitcoin has become a critical factor as the network approaches its maximum mining cap, favoring cryptocurrency. Mow’s assertion that miners may stop selling further signals the increasing scarcity of Bitcoin on the open market. This scenario could potentially lead to intensified competition among investors, including corporate entities and financial institutions.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-microstrategy-s-growth-through-bitcoin-investments-nbsp"><strong>MicroStrategy's Growth Through Bitcoin Investments&nbsp;</strong></h2>   
<p>Saylor posted an image of X providing a comparison of MicroStrategy’s performance stock MSTR for the past four years. Based on the data, <a href="https://cryptonewsland.com/microstrategy-buys-2-1b-in-bitcoin-boosting-holdings-to-42-billion/" target="_blank" rel="noreferrer noopener sponsored nofollow">MicroStrategy</a> outperformed Bitcoin and other key indexes, such as the magnificent 7 and S&amp;P500. However, MSTR has posted a 124% growth rate while Bitcoin increased by 64%, with other assets not far behind.&nbsp;</p>   
<p>The most significant source of MicroStrategy’s growth was its investment in Bitcoin. Since August 2020 the company has acquired Bitcoin by issuing senior convertible notes to purchase the asset. Thus, MicroStrategy to date owns about 423,650 Bitcoin, or 2% of BTC in circulation, at an estimate of $41.5B.&nbsp;</p>   
<p>However, Bitcoin has in the recent past been subject to market volatility. The value of the cryptocurrency nosedived to $99,315 from $102,530 or -3.14% before it regained an upward swing to $100,700. This shows the price fluctuations of Bitcoin due to institutional buying, miners selling, and general market forces.</p> 
<p>The post <a href="https://cryptonewsland.com/michael-saylor-highlights-fierce-competition-for-daily-bitcoin-mining/">Michael Saylor Highlights Fierce Competition for Daily Bitcoin Mining</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Michael Saylor Highlights Fierce Competition for Daily Bitcoin Mining

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