U.Today – MicroStrategy founder Michael Saylor is undaunted in his optimistic view of (BTC), the world's leading cryptocurrency. As for the cryptocurrency mining sector, Saylor highlighted a crucial strategy for Bitcoin miners.
Saylor's idea for mining Bitcoin
Saylor believes that Bitcoin miners can maximize their profits by holding more Bitcoin in their treasury. “Bitcoin miners should adopt the Bitcoin standard,” Saylor wrote in a post on X. Saylor’s advice has been welcomed by many Bitcoin enthusiasts, as they believe that miners cannot succeed by mining alone.
The concept of the Bitcoin standard refers to the adoption of Bitcoin as a global monetary alternative, similar to how gold was used in the past. Under this concept, Bitcoin would serve as an international reserve currency, altering the role of central banks.
It is worth noting that Bitcoin miners are critical to the functioning of the BTC network. These individuals help secure and validate transactions on the network by solving complex mathematical problems. In return, they receive incentives through Bitcoin and fees for their work. By adopting the Bitcoin standard, these miners can better secure the network and ensure the long-term sustainability of the currency.
In addition, miners can increase their income by exploring new business models and services, such as cloud mining, mining pools, and Bitcoin-based financial products. An additional source of income will help increase miners' incentives, which were halved following the April halving.
Additionally, miners who adopt the Bitcoin standard can gain additional freedom due to no government interference.
Bitcoin mining difficulty increases
Bitcoin mining difficulty, a measure of how difficult it is to mine a Bitcoin block, hit an all-time high on August 1. Specifically, Bitcoin difficulty increased by 10.5%, indicating increased competition among miners following the expansion of the network.
An increase in this indicator could lead to higher operating costs for miners, which could influence the future movement of the Bitcoin price. However, Mike Novogratz, CEO of Galaxy Digital, believes that the integration of AI into mining can transform the Bitcoin mining ecosystem.
This article was originally published on U.Today
