Bitcoin miners are having a difficult time, with revenue per terahash plummeting to a 12-month low of just 4 cents. This represents a dramatic drop from the highs of over 10 cents seen earlier this year. This situation underlines the growing challenge for miners as the industry continues to face tighter margins and fierce competition.
While miners struggle, the cryptocurrency world is seeing a growing adoption of products such as stablecoins and Bitcoin itself. Bitcoin, often referred to as digital gold, has achieved almost universal recognition as a store of value. While from a technical analysis point of view, we point to this recent post by an experienced analyst from 2016 who is well known on X and in the crypto industry: he provides price levels to follow and gives a clear understanding of a possible scenario on Bitcoin:
#Bitcoin – just a matter of time 👀 pic.twitter.com/isL2SXTNpK
– Mags (@thescalpingpro) August 30, 2024
Stablecoins, on the other hand, are finding a prominent place, especially in emerging economies where they offer an alternative to traditional banking systems, allowing for smoother and faster transactions.
Despite these dynamics, even the world of stablecoins is not immune to challenges: USDC, for example, has been approved by the EU’s MiCA (Markets in Crypto-Assets Regulation) because it meets the very standards of transparency and regulation, offering greater security and stability as a stablecoin. In contrast, USDT has not been approved due to concerns about a lack of transparency about its reserves and management, which raises questions about its stability and compliance with EU regulations.
