Unique diversifier

The report comes as investors are finding ways around Bitcoin’s volatile and unpredictable nature. Moreover, the report, called ‘Bitcoin: A Unique Diversifier,’ shows that it behaves differently than traditional risk assets. It also finds that the digital asset is difficult to analyze with traditional economic frameworks.

The report argues that Bitcoin’s distinctive features, like the distributed nature and fixed number, set it apart from other conventional financial assets.

In the short term, Bitcoin prices correlate with other established markers like the S&P 500, but they often rally higher than others over time. Finding that the cryptocurrency shows volatility but remains mostly unaffected by other financial markets in the long term. The report analyses this pattern as an instance of “fundamentals eventually prevailing over short-term leveraged trading reactions.”

An instance of this was marked when bitcoin rose 22 percent since 5 August, while the Yen remained unmoved, and gold and the S&P 500 were up about 11 percent. This highlights that Bitcoin may be exclusive of regular market changes.

Bitcoin relatively safer

Bitcoin is decentralised, open-sourced, detached from traditional currencies, and major geopolitical risks. This makes the digital asset a relatively safer investment, similar to gold, amid political and economic instability. Robert Mitchnick, BlackRock’s head of digital assets and one of the authors of the report, said, “When we think about Bitcoin, we think about primarily as an emerging global monetary alternative.”

Bitcoin does not correlate to the value of the US dollar. This, as concerns over the US national debt rise, makes the digital asset an attractive alternative reserve asset. It can therefore help investors diversify their portfolios, the report claims.

Another key observation in the report is that a large number of Bitcoin holders are profitable. Data shows that the majority of investors who have held investments in the cryptocurrency for three years or more are currently experiencing profits.

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According to CryptoQuant data, while countries like the US are continually challenging China’s dominance by increasing their share of hashrate, the country’s significant presence in Bitcoin mining persists.

The US mining pools account for approximately 40 percent of the global Bitcoin network’s hashrate, as noted by CryptoQuant CEO Ki Young Ju. Representing a large part of this group are institutional miners, who leverage advanced technology and resources to maintain their competitive edge.

Contrary to the US, Chinese mining pools support smaller players in the region, demonstrating resilience despite the legal restrictions on crypto mining and trading.

China’s stance on Crypto

China currently has the strictest stance on crypto globally. In 2017, the country took the first official action against the industry by banning Initial Coin Offerings (ICOs) and shutting down domestic exchanges. Following this was the 2021 ban on crypto activities like mining and trading. The measure was implemented to reduce financial risks and manage the flow of money in the system.

The latest restriction aimed to crackdown on the financial and environmental risks associated with digital assets. However, the miners have found ways around the restrictions thanks to the decentralised nature of Bitcoin. Therefore, maintaining China’s continued control and influence over the global Bitcoin network.

Moreover, underground crypto trading markets are flourishing in the country through the use of VPNs and social media platforms, with estimates of the annual volume of crypto transactions in China at about $86 billion.

Apart from the country’s stance on crypto, it has explored alternatives like the digital yuan, a central bank digital currency (CBDC) controlled by the People’s Bank of China (PBoC).? The digital yuan falls under the country’s broader strategy to maintain financial control over the digital currency while limiting the influence of decentralised cryptocurrencies like Bitcoin.

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However, this concept is only in its infancy and hasn’t yet been widely adopted. For it to become popular in the UK, casinos based in the country would first have to start accepting cryptocurrency. Kane Pepi, who writes expert ratings for non-Gamstop casinos, states that crypto banking is not currently offered by any casino regulated by the UK Gambling Commission (UKGC). He also claims that this fact is unlikely to change in the future.

On the other hand, non-Gamstop casinos – i.e., casinos that can be used while a player is signed up for the Gamstop self-exclusion programme – already widely accept cryptocurrencies. These sites operate offshore, meaning they don’t need to abide by UKGC regulations, which is why they’ve been quicker in adopting crypto. Will offshore casinos bring metaverse casinos into the mainstream?

What are metaverse casinos??

Metaverse casinos are virtual gambling facilities found in metaverse worlds such as Sandbox and Decentraland. Plots of land within these worlds have recently been bought by online casinos with the intent of constructing virtual casinos. When you put on a VR helmet and enter the Sandbox, you can visit these virtual casinos. VR and augmented reality combine to give you a realistic impression of entering a brick-and-mortar casino.

Once you enter, you can explore the casino’s interior, just as you would in real life. You can walk past the casino’s selection of slot and table games, interact with other visitors, and generally soak up the casino atmosphere.

As metaverse casinos develop, virtual entertainment events will likely be held within them – just as brick-and-mortar casinos provide live entertainment.

The benefits of metaverse casinos?

Metaverse casinos are an exciting new concept and will likely increase the popularity of online casinos. Already, physical casinos are struggling to compete with the convenience of casino apps. Metaverse casinos come with a whole host of other benefits, which include the following:

Crypto integration

In the metaverse, everything is digitised – including the currency. In these virtual casinos, players deposit and withdraw funds using crypto. They also receive bonuses – such as sign-up bonuses and deposit bonuses – in the form of crypto. Cryptocurrency is the preferred transaction of metaverse casinos due to the quick transaction processes, transparency, and convenience offered.

Security?

Each transaction completed in metaverse casinos is done through blockchain technology and smart contracts. This ensures that each transaction is transparent and encrypted. All exchanges are recorded on the blockchain, meaning that all exchanges are immutable. Plus, players don’t have to enter their bank details or personal information, meaning that hackers have nothing to steal should they infiltrate the system.

Social engagement

Within the virtual casino, gamers can walk right up to other players and interact with them. This creates a convincingly life-like casino experience. While standard online casinos come with chat rooms, they are incomparable to the socialisation opportunities found in metaverse casinos.

Will metaverse casinos become more widespread soon??

As mentioned above, metaverse casinos haven’t yet taken off. This is partially because mainstream online casinos have yet to accept crypto as a payment means. For metaverse casinos to work, cryptocurrency is needed for deposits and withdrawals. UK-based casinos would have to first start accepting Bitcoin and Ethereum before offering metaverse functionality.

However, as non-Gamstop and other offshore casinos become more popular, crypto gambling and metaverse casinos will become more widespread as a result.

Another aspect that’s holding metaverse casinos back is the limited adoption of VR. When they were first released, VR helmets were expensive and out of most iGamers’ budget. As the years have passed, helmets have gradually fallen in price. Soon, they’ll be more affordable, which won’t only boost metaverse gambling but also metaverse gaming at large.

The VR headset market is expected to grow at a CAGR of 30.6 percent between 2023 and 2030. This suggests that they’re expected to become more popular in the coming years.

Once the above conditions are met, metaverse casinos could well take over as the leading casino option for gamblers.

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US Securities and Exchange Commission (SEC) Chair Gary Gensler said, “Investing public around the globe has lost too much money” because of crypto companies not following the laws his agency aims to enforce.

This comes as the crypto industry is trying to influence the outcome of November’s US elections by spending millions of dollars on political donations, hoping for more favourable future laws for the sector.

As the elections near, the crypto industry is trying to help elect lawmakers who will be more supportive of the industry. A report finds that by last month, the sector had spent $119 million on donations.

Trump’s proactive stance

Donald Trump has taken a more proactive approach towards cryptocurrency as he launched a business called World Liberty Financial, saying, “I think crypto is one of those things we have to do.”

This marks a turnaround from three years ago, when he said Bitcoin seemed like a “scam” and a threat to the US dollar. It is also in stark contrast to the Biden administration, where the White House has been leading a crackdown on crypto firms in recent years.

Recent clampdowns include Sam Bankman-Fried, the founder and CEO of FTX, receiving 25 years in jail for fraud and Binance’s Changpeng Zhao getting four months in prison and the company paying a hefty fine.

Harris’ neutrality

Harris has not been very vocal about crypto, but one of her advisors said she would “support policies that ensure that emerging technologies, and that sort of industry, can continue to grow.”

A hope of brighter future for the industry is what the recent meetings between her team and the crypto business executives are trying to establish.

Paul Grewal, chief legal officer at crypto firm Coinbase, who has been at these meetings, said, “I can’t underscore enough how important this is, not just for the US, but for the world.

“Not only is the US an important market for crypto, but so much of the important technology surrounding has been developed here. And I think it’s also critically important that we not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.”

He adds that given how tight the presidential election’s race, “every vote is going to count, and crypto votes are no exception.”

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Bhutan currently holds 13.047k BTC worth $782.10 million at the time of writing. The country holds more than double the crypto that El Salvador, a pro-Bitcoin nation. El Salvador commands about $350 million in the leading digital cryptocurrency.

Bhutan has an estimated gross domestic product (GDP) of $3.11 billion, according to data from the International Monetary Fund (IMF). This implies about under a third of Bhutan’s GDP in Bitcoin.
In addition, the Himalayan kingdom of Bhutan holds about 656.013 in Ethereum (ETH) worth $1.52 million.

Bhutan’s 2023 wave of bitcoin mining

Bhutan has not derived its Bitcoin from law enforcement asset seizures, which is commonly undertaken by most governments. The country has substantially ramped up its crypto mining operations for Bitcoin since 2023. These mining operations are overseen by the country’s investment arm Druk Holdings.

The Himalayan kingdom has constructed Bitcoin mining facilities in various locations across the country. Its largest facility is on the site of now-disused Education City Project. While the country has substantially increased its mining efforts in 2023, the ventures date back to 2019 when Bitcoin was less than $10,000.

Last year, Bhutan had teamed up with Singapore-based mining firm Bitdeer Technologies Group to develop a 600-megawatt mining farm for Bitcoin by 2025. The move into crypto mining, comes as the kingdom works to recover from the COVID-19 pandemic. Bhutan’s economy contracted by 10 percent in 2020.

In May of last year, Bitdeer had also partnered with Druk Holding & Investments to develop a 100% carbon-free digital asset mining operation in Bhutan.

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Protecting players

The Australian gambling industry has recently experienced a wave of significant reforms. One of the first major changes was the introduction of mandatory pre-verification for all customers on online gambling platforms. Additionally, the government has replaced the familiar “Gamble Responsibly” slogan in betting ads with more impactful, evidence-based warnings designed to better address the risks of gambling. In August 2023, the government launched the BetStop initiative, a nationwide self-exclusion registry aimed at protecting vulnerable individuals from gambling harm. Currently, lawmakers are also considering a potential ban on gambling advertising.

The ban on using cryptocurrency and credit cards for online gambling is part of this broader strategy aimed at preventing individuals from wagering money they do not possess, thereby mitigating the risk of financial harm.

Minister for Social Services Amanda Rishworth highlighted that this nationwide ban represents a critical measure in addressing the adverse effects of online gambling. By enforcing these regulations, Australians are restricted to gambling only with funds they already have. “As a result, minimum deposit online casinos have become more appealing, given that they accept initial deposits as low as $1,” explained GambleOnlineAustralia.com.

Inconsistent consumer protection across the industry

However, the ban on credit card and cryptocurrency payments does not apply to online lotteries and keno, creating inconsistencies in consumer protection across different forms of gambling. Kai Cantwell, CEO of Responsible Wagering Australia, expressed concerns that the exemption might drive players toward less-regulated gambling options, undermining the government’s efforts to control the industry.

The government provided a six-month transition period for operators to adapt to the new regulations, with the Communications Regulatory Authority overseeing the implementation. Companies that fail to comply with the ban face fines of up to $157.000.

Offshore casinos unaffected by the ban

The ban does not extend to offshore online casinos, which are beyond the reach of Australian regulation. With the global rise of cryptocurrencies and the decline of the US dollar, many countries have increasingly accepted cryptocurrencies as a payment method. This includes nations such as the United States, the United Kingdom, Canada, Norway, and New Zealand, all of which permit the use of cryptocurrencies in online gambling.

In the United States, cryptocurrencies are legal and widely accepted by businesses for various transactions. However, their use in online gambling is subject to state-specific regulations. Additionally, many offshore cryptocurrency casinos operating in the US lack Know Your Customer (KYC) protocols, resulting in anonymous transactions.

In contrast, the United Kingdom has a well-regulated gambling market that permits the use of cryptocurrencies. The UK Gambling Commission (UKGC) mandates that all cryptocurrency casinos adhere to KYC requirements for their customers. Furthermore, the UKGC ensures that all licensed operators incorporate anti-money laundering provisions into their terms and conditions.

While Australia imposes strict rules on domestic online gambling, Australian players can still use cryptocurrencies to gamble at offshore casinos, as the ban only applies to platforms registered within Australia.

The industry reaction

The ban on cryptocurrency and credit card payments has ignited debate among stakeholders in the gambling industry. Critics argue that the ban could lead to several significant consequences for the sector:

– Reduced access and convenience: The ban may force players to switch to traditional banking methods, potentially reducing their access to and convenience of gambling.

– Shift to unregulated platforms: Australian players who find the ban restrictive may turn to unregulated or offshore casinos, which could expose them to higher security and financial risks.

– Decreased competitiveness and innovation: The ban could hinder the development of the gambling industry in Australia, putting local operators at a disadvantage and limiting their investment in new payment and gaming technologies.

Despite this ban, Australia remains a crypto-friendly country. According to Statista, 25.6% of Australians own cryptocurrency, placing the country ninth globally in crypto adoption.

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“We hereby announce that we have purchased additional ￥500 million (€3 million) worth of Bitcoins. With this purchase, we have completed the purchase of ￥1 billion worth (€6.1 million) of Bitcoins,” Metaplanet said in a statement.?

Strategic move in response to Japan’s economic pressures

This latest purchase follows a strategic shift announced by Metaplanet in May, when the company adopted Bitcoin as its primary treasury reserve asset. The decision to focus on Bitcoin was driven by sustained economic challenges in Japan, including high government debt, prolonged periods of negative real interest rates, and a weakening yen. The firm initially secured a ￥1 billion loan from MMXX Ventures to fund its Bitcoin acquisitions.?

Impact on Stock Performance

The news of the completed acquisition has positively impacted Metaplanet’s stock performance. Shares of the company surged by 14 percent, reaching a high of ￥1,293 (€7.93) during Tuesday’s morning session. ?

Broader business strategy

Originally focused on hotel development and operations, Metaplanet has diversified its portfolio to include consulting services in Bitcoin adoption, real estate development, and various investments. The company’s pivot to Bitcoin has been described as a transformative move. CEO Simon Gerovich noted that the firm, previously exhibiting traits of a “zombie company,” has seen a revitalised outlook thanks to its strategic embrace of Bitcoin as a key monetary asset.?

Comparison with other corporate bitcoin holders

While Metaplanet’s Bitcoin holdings have grown significantly, the company still trails behind major corporate Bitcoin holders like MicroStrategy, which owns 226,500 BTC, and Marathon Digital, which holds 25,000 BTC. However, Metaplanet’s focused approach reflects a broader trend of corporate adoption of Bitcoin as a hedge against economic instability.?

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What is Bitcoin Mining in 2024 and How Has it Changed?

Bitcoin mining in 2024 has become a more competitive and technically demanding process than ever before. The core principle of mining remains the same—miners validate transactions on the Bitcoin network by solving complex mathematical puzzles. However, the recent Bitcoin halving in April 2024 has slashed the mining reward from 6.25 BTC to 3.125 BTC, significantly altering the economic incentives for miners.

Key Changes in Bitcoin Mining After 2024:

• Increased Mining Difficulty: The halving has led to an increase in mining difficulty, requiring more computational power to successfully mine bitcoin.
• Reduced Mining Rewards: The halving has cut the rewards for miners in half, making it more challenging to cover the costs associated with mining.
• Rising Operational Costs: As mining difficulty increases, so do the costs related to electricity and mining hardware, putting additional pressure on miners.

Is Bitcoin Mining Still Profitable in 2024?

The profitability of Bitcoin mining in 2024 is a hot topic, especially in the wake of the halving event. The answer largely depends on factors such as the current price of bitcoin, energy costs, and the efficiency of mining operations.

Considerations for Mining Profitability:

• Mining Hardware Efficiency: As the rewards decrease, the need for highly efficient mining hardware becomes critical. ASIC miners remain the gold standard, offering the best balance of power consumption and hashing power.
• Electricity Costs: High electricity costs can erode profits, making it essential for miners to optimize energy usage or locate their operations in regions with lower energy rates.
• Mining Pool Participation: With solo mining becoming increasingly difficult, joining a mining pool is often necessary to earn consistent rewards, though this comes with associated fees.

In conclusion, while Bitcoin mining can still be profitable in 2024, the margins are thinner, and miners must be more strategic in their approach.

Effective Strategies for Profitable Bitcoin Mining in 2024

For those looking to succeed in Bitcoin mining post-2024, adopting the right strategies is crucial. With increased competition and reduced rewards, miners need to focus on maximizing efficiency and minimizing costs.

Key Strategies for 2024:

• Joining a Mining Pool: Pooling resources with other miners increases the chances of earning rewards, making it a practical choice in the current mining environment.
• Investing in Advanced ASIC Miners: Upgrading to the latest ASIC miners ensures that mining operations are as efficient as possible, reducing the cost per mined bitcoin.
• Energy Optimization: Utilizing renewable energy sources or mining in areas with low electricity costs can significantly boost profitability.

The Impact of the 2024 Bitcoin Halving on Mining Profitability

The Bitcoin halving in 2024 has had a profound impact on the profitability of mining. By reducing the block reward by 50%, the halving has intensified competition among miners, making it more difficult to achieve the same level of profitability as in previous years.

Analyzing the Halving’s Impact:

• Lower Block Rewards: The reduction in block rewards means that miners receive fewer bitcoins for their efforts, requiring them to mine more efficiently to stay profitable.
• Increased Hashrate Competition: As miners invest in more powerful hardware, the network’s hashrate increases, raising the overall difficulty of mining.
• Long-Term Outlook: While the halving has made mining less profitable in the short term, the potential for Bitcoin’s value to increase in the future could offset these challenges.

The Role of Mining Hardware in 2024’s Mining Landscape

In 2024, the choice of mining hardware plays a critical role in determining the profitability of mining operations. With the rising difficulty and reduced rewards, miners must invest in the most advanced and efficient equipment to stay competitive.

Key Hardware Considerations:

• ASIC Miners: These specialized devices offer the highest efficiency for Bitcoin mining, making them indispensable for profitable operations.
• Cloud Mining: For those who cannot afford to purchase hardware, cloud mining offers an alternative, though it comes with its own risks and lower margins.
• Energy-Efficient Mining Rigs: As electricity costs rise, investing in energy-efficient rigs is essential for minimizing operational expenses.

Exploring Alternative Cryptocurrency Mining in 2024

As we navigate through 2024, Bitcoin continues to hold its position as the most dominant cryptocurrency in the world. However, the increasing challenges associated with mining Bitcoin have driven many miners to seek out alternative cryptocurrencies. These alternatives, often referred to as altcoins, present a range of opportunities and risks that may be more appealing and potentially more profitable in certain situations. The exploration of these alternatives has become a significant focus for miners looking to maximize their returns in an ever-evolving market.

Alternatives to Bitcoin Mining

Altcoin Mining: One of the primary alternatives to Bitcoin mining is the mining of altcoins. These cryptocurrencies, while not as widely recognized as Bitcoin, often come with lower mining difficulty and reduced operational costs. For miners who are struggling with the high energy consumption and competitive nature of Bitcoin mining, altcoins may present more favorable conditions. This can include a better return on investment (ROI) and a more manageable entry point into the world of cryptocurrency mining.

Diversification Strategies: Another strategy that has gained popularity among miners is diversification. By mining a variety of cryptocurrencies rather than focusing solely on Bitcoin, miners can spread their risk across multiple assets. This approach not only reduces the impact of price volatility in any single cryptocurrency but also increases the potential for overall profitability. Diversification allows miners to adapt to market trends and capitalize on the varying profitability of different cryptocurrencies at different times.

Staking and Other Non-Mining Opportunities: For those who find the costs and complexities of mining to be prohibitive, staking has emerged as a viable alternative. Staking involves holding a certain amount of a cryptocurrency in a wallet to support the operations of a blockchain network. In return, participants earn rewards, similar to the way miners earn rewards through their computational efforts. Staking offers a less resource-intensive way to participate in the cryptocurrency ecosystem, making it an attractive option for those looking to earn rewards without the high costs associated with mining. Additionally, other non-mining opportunities, such as yield farming and liquidity provision, have also gained traction as alternative ways to earn in the crypto space. These methods provide various avenues for participation in the growing and diverse world of cryptocurrency beyond traditional mining.

Starting a Mining Operation in 2024: What You Need to Know

For new miners, entering the market in 2024 requires careful planning and investment. The post-halving environment is more competitive than ever, and success depends on making informed decisions from the outset.

Steps to Get Started:

• Selecting the Right Cryptocurrency: While Bitcoin may be the most well-known, it may not be the most profitable option for new miners. Researching other cryptocurrencies with lower difficulty and higher rewards is crucial.
• Investing in High-Quality Hardware: To stay competitive, new miners must invest in the latest mining equipment, which offers the best balance of cost and efficiency.
• Joining a Mining Pool: For beginners, joining a mining pool is a practical way to increase the chances of earning rewards, though it’s important to understand the associated fees and risks.

Conclusion: Navigating the Future of Bitcoin Mining in 2024

Bitcoin mining in 2024 presents a challenging yet potentially rewarding landscape. The aftermath of the April 2024 halving has increased competition and reduced profitability, making it essential for miners to adapt to the new environment. While the path to profitability is narrower, those with the right strategies, efficient hardware, and low operational costs can still find success in Bitcoin mining.

The evolving dynamics of the cryptocurrency market, coupled with the potential for future increases in Bitcoin’s value, mean that mining remains a viable option for those willing to invest the time and resources. Whether you’re an experienced miner or just starting, understanding the post-2024 mining landscape is crucial to making informed decisions and maximizing your chances of success in this highly competitive industry.

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According to Glassnode’s findings, there has been a significant rise in investor transactions, leading to the largest net transfer of Bitcoins out of exchanges in nearly a decade. Over the past month, this group of whales has moved an impressive 64,000 Bitcoins from exchange platforms to more secure personal storage locations.

The rise in withdrawal numbers can be seen as an indicator of increased investor optimism about BTC’s long-term value.

A surge in investor optimism and accumulation trends

Despite recent price drops, large Bitcoin holders have been moving their assets, suggesting a strategy to capitalize on potential future increases. According to CryptoQuant’s CEO, Ki Young Ju, these major investors accumulate significant amounts of cryptocurrency each week.

JUST IN: Long-term #Bitcoin hodlers have bought $23B $BTC in the past 30 days (+404K BTC)

…and you're worried about Germany, Mt Gox, Celsius ?? pic.twitter.com/EyuLTeBItQ

— Bitcoin Archive (@BTC_Archive) August 7, 2024

Recent data shows a substantial increase in the amount of Bitcoin held by large wallets, including those used for spot ETFs and custody services, with this year’s total reaching approximately 1.45 million BTC. This surge is further highlighted by whales moving significant quantities of the digital currency away from exchanges, suggesting a strategy to shield their assets from market fluctuations by storing them in secure, personal vaults.

Hence, despite recent downward adjustments in value, the leading cryptocurrency has remained above crucial macroeconomic thresholds.

Analyst Titan of Crypto pointed out that BTC’s ability to maintain a price point above the vital level of $61,600 indicates a degree of stability and a reduced risk of a sharp decline despite the turmoil currently affecting the market.?The digital asset’s resilience can be viewed as a sign of strength, indicating that its underlying principles are still solid even in periods of temporary fluctuations.

Whales remain actively engaged in purchasing the blockchain token, signaling a strong confidence in the asset’s long-term prospects. This ongoing activity suggests a positive outlook for the market, implying that large investors are betting on future value appreciation. Data analysis supports this view, showing that substantial purchases by these market players frequently occur just before notable price increases.

Implications for BTC’s future and market dynamics

As institutional investors increasingly enter the Bitcoin market, its dynamics are expected to shift significantly.?Their involvement is likely to lead to increased market stability and liquidity, as well as potentially higher trading volumes.?This shift could also affect how the virtual currency is perceived as an asset class, potentially altering investment strategies and market trends.

The consistent acquisition of Bitcoin by whales reflects a strong belief in its long-term value and potential.?This ongoing buying activity signals confidence in BTC’s future, which can instill a more positive outlook within the broader market.

As whales continue to invest, their actions may encourage other investors to follow suit, potentially driving further price increases. This ripple effect can enhance market sentiment and lead to a more optimistic view of the blockchain token’s prospects.?Market observers watch these trends keenly to understand how they might impact future price movements and overall market behavior.

Indicators of future value

In a significant development, major Bitcoin investors accumulated 84,000 units in July and initiated their most significant withdrawal transactions from exchange platforms in nearly a decade.?This development, alongside the cryptocurrency’s performance above critical levels, indicates it has a good chance of experiencing future increases in value.

The moves made by significant investors may send crucial indicators about BTC’s potential price trajectory.?As the market continues to navigate through volatility, whales’ accumulation strategies may play a pivotal role in shaping the cryptocurrency’s trajectory.

#Bitcoin On-chain Data Summary:

Bullish

? Hashrate Recovery: Miner capitulation is nearly over, with hashrate nearing ATH. U.S. mining costs are ~$43K per BTC, so hashrate likely stable unless prices dip below this.

? Whale Accumulation: Significant BTC inflows into custody…

— Ki Young Ju (@ki_young_ju) August 6, 2024

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The power of the Filipino gaming community

Immutable’s Executive Producer, Jill Keshyap, highlighted the Philippines as a pivotal market for Web3 gaming. “The Philippines is one of the strongest communities in Web3 gaming, with YGG Pilipinas leading the charge. Their players are some of the most active and dedicated globally, consistently ranking at the top of new web3 games,” Keshyap stated. She further emphasised that YGG Pilipinas’ expertise in user acquisition has been instrumental in expanding Guild of Guardians’ reach, helping the game establish itself as a top team-based RPG on mobile.?

The Philippines has been recognised as the global leader in Web3 gaming interest for three consecutive years, according to CoinGecko. With over 95,000 active community members, YGG Pilipinas plays a critical role in introducing Filipino players to Immutable’s growing roster of games. The community’s impact is evident, with YGG Pilipinas members dominating leaderboards and creating content to engage new players. ?

Guild advancement program and community engagement

As part of the partnership, Guild of Guardians is prominently featured in Season 6 of YGG’s Guild Advancement Program (GAP). This questing platform rewards players with YGG tokens and achievement badges in the form of soulbound tokens, which are verifiable on the blockchain. ??

Supporting growth through strategic initiatives

Mench Dizon, Country Head of YGG Pilipinas, expressed her enthusiasm for the partnership, noting, “Immutable has consistently supported YGG across multiple initiatives.” Dizon also affirmed YGG Pilipinas’ commitment to supporting Immutable’s games and making them accessible to the Philippines.?

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