$96,000 per Bitcoin for Miners, Shiba Inu Soars 6,153% in Weekly Burns, ‘Rich Dad Poor Dad’ Author Kiyosaki Warns Banking Crash Has Started: Crypto News Digest by U.Today

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As a seasoned researcher with over two decades of experience in the dynamic world of finance and technology, I find myself both intrigued and concerned by these recent developments.

Here are the top three news stories over the past weekend brought to you by U.Today.

$96,100 per Bitcoin (BTC) for miners: What’s happening?

According to a recent analysis by CoinShares’ James Butterfill, the average production cost for Bitcoin mined by publicly traded companies has risen to approximately $96,100, encompassing non-cash expenses like depreciation and stock-based compensation. Cash costs have also gone up, reaching $49,500 per BTC in Q2, 2024, from $47,200 in Q1, due to the growing complexity of mining conditions and the need for increased capital investment. Despite these challenges, miners are still broadening their operations in anticipation of potential Bitcoin price increases. However, they face operational hurdles, particularly in obtaining affordable credit and managing high interest rates after incidents like the FTX collapse. In order to navigate these trying times, major mining companies are exploring creative solutions such as fixed-rate power contracts and artificial intelligence. They’re also under mounting pressure to improve cost efficiency and diversify their income sources before the next halving.

Shiba Inu soars 6,153% in weekly burns, how much SHIB was burned?

Based on information from Shibburn, the burn rate of Shiba Inu has skyrocketed by an astounding 6,153% over the last week. This impressive increase was facilitated by collaborative efforts within the Shiba Inu community and various ecosystem projects, resulting in a staggering 5,761,510,009 SHIB tokens being torched during this period. A significant portion of this surge was due to a massive burn event on Nov. 1, where approximately 5,612,878,479 SHIB tokens were incinerated across six transactions. However, no SHIB tokens were burned in the most recent 24-hour span, and the token has been sliding since it peaked at $0.00001982 on Oct. 29. At present, Shiba Inu is finding it challenging to hold onto its critical support level at $0.000017, currently trading at $0.00001711 according to CoinMarketCap.

“Rich Dad Poor Dad” author 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.

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2024-11-04 19:55