Bitcoin Halving In Uncertain Times 🌓
Bitcoin halving ground reality for the miners, markets world over become cautious. Brazilian MMA star loves Bitcoin. Race for million-dollar 'Epic Sat'. Solana DEX Drift to airdrop 100 million tokens.
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The Bitcoin halving is here, and it's gonna change the mining world.
It has been great few quarters for crypto, better than many assets - the ground reality.
Analysts are concerned that the recent Bitcoin rally may not be sustainable.
The Federal Reserve's rate decisions and geopolitical tensions are seen as risks.
Bitcoin is still up 105% over the last year, but inflows to ETFs have slowed.
The upcoming halving will reduce the issuance of new Bitcoin.
The halving, happening around April 20th, will cut Bitcoin rewards for miners in half.
Fewer bitcoins for miners: Block rewards are cut in half, forcing miners to adapt or get squeezed out.
Upgrade or bust: Only the most efficient miners with the latest rigs will survive.
Energy shift: Miners will hunt for cheap power sources, potentially leading to a geographic shakeup.
Bitcoin miner stocks drop
Investor panic has driven down share prices of major miners like Marathon Digital and Riot Platforms by around 50%.
But, Bitcoin's price is expected to rise, offsetting the reward reduction.
More efficient miners will be well-positioned to weather the storm.
How are miners preparing?
Strengthened their finances with low debt and high pre-halving revenue.
Network fees from application and layer 2 growth are providing additional income.
Companies are increasing hashing power through acquisitions and capacity expansion. (CleanSpark doubled its capacity).
How about Miners' finance?
The current hash price for bitcoin is around $106 per petahash per second.
After the halving, the hash price will be cut in half, resulting in earnings of just over $50 per petahash per second.
Coinbase and Grayscale gear up with TV ads
Coinbase's commercial shows how much pizza one Bitcoin could buy in different years, highlighting Bitcoin's potential for appreciation.
Grayscale's ad emphasises their role as a trusted leader in crypto investing.
Who says what?
Bernstein: Recommending investors buy stocks in Bitcoin mining companies like Riot Platforms and CleanSpark in anticipation of a rise in Bitcoin's price after the upcoming halving event.
Rich Rosenblum, co-founder at GSR: “The fundamental impact of the halving is by far and away the smallest it has ever been. Not only is the change in supply half the change it was four years ago, but also volumes are 10 times what they were four years ago.”
10x Research: Bitcoin miners could could dump $5B in BTC after the halving. "The overhang from this selling could last four to six months, explaining why Bitcoin might go sideways for the next few months..."
Block That Quote 🎙️
Brazilian professional mixed martial artist Renato Moicano.
“I love Bitcoin, I love decentralisation."
Three weeks ago, Moicano revealed his love for the cryptocurrency, calling it a "hedge fund" against the traditional fiat system.
And now he used his post-fight speech to promote Austrian economics, Ludwig von Mises, and Bitcoin again.
The Race For Million-Dollar 'Epic Sat'
Bitcoin's upcoming halving has ignited a new kind of mining frenzy - the hunt for an "epic sat."
What's an epic sat? Imagine the first grain of sand on a pristine beach. That's kind of like an epic sat.
It's the very first unit (called a satoshi or "sat") of Bitcoin mined after the halving, and thanks to Ordinals, it could be worth millions.
Why the big bucks? Rarity of course. Epic sats are super rare, and collectors are willing to pay big bucks for them, just like they would for a rare baseball card.
So miners are ramping up operations to have the best chance of mining that first block after the halving.
Big miners with lots of resources have an advantage. Smaller miners might be out of luck, especially if they're part of mining pools that discard outlier blocks.
In the Numbers 🔢
$100 million
Number of tokens that Solana-based DEX, Drift is giving away to its users.
This is part of their plan to launch their own token, DRIFT, and transition to a community-governed model.
Here's the breakdown
Total Supply: 1 billion DRIFT tokens.
Airdrop Amount: 100 million DRIFT tokens (10% of total supply).
Recipients: 180,000 active Drift users (based on platform activity).
Distribution: More details on the exact date for claiming the airdropped tokens will be announced soon.
This airdrop comes alongside the launch of the DRIFT token, which will be used for governance within the Drift protocol.
Your Wealth Is Melting Away
New research (Unchained, a Bitcoin financial services firm) says traditional savings tools are failing us. Fiat currencies, stocks, even gold - all losing value over time.
Enter Bitcoin. Unlike traditional assets, Bitcoin can't be printed endlessly, making it a hedge against inflation.
Why are traditional assets doomed?
Fiat currencies: Designed to lose value over time. The study claims the US dollar is down 92.8% in purchasing power over the last five years.
Stocks: Companies issue more shares, diluting the value of existing ones. The S&P 500 is supposedly down 87.6% over five years based on this research.
Gold: Technological advancements are making it easier to mine, potentially increasing supply and lowering value.
The Surfer 🏄
Q1 on-chain report by QuickNode and Artemis: Web3 investment increased by 55% in Q1 2024. Web3 venture capitalist deals rose by 36% in the same period. AI and gaming-related Web3 protocols received the most investment.
Upbit has suspended deposits and withdrawals exceeding 1 million Korean won ($721). The suspension is due to changes in the virtual asset service provider Ten&Ten, which facilitated the transactions.
Animoca Brands has $558 million in digital assets according to unaudited disclosure. The company also holds $291 million in cash and stablecoins. Animoca Brands has invested in blockchain companies like Kraken, MetaMask, and Ledger.
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