MicroStrategy chairman pitches Bitcoin standard to miners
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Notably, 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 coin.
Additionally, miners can increase their income by exploring new business models and services, such as cloud mining, mining pools and financial products based on Bitcoin. An additional source of income will help boost miners’ incentives, which were reduced by half following the a historic peak on Aug. 1. Specifically, the difficulty of Bitcoin increased by 10.5%, indicating increased competition among miners following the expansion of the network.
An increase in this indicator could lead to higher operational costs for miners, which might influence the future movement of Bitcoin's price. However, Mike Novogratz, Galaxy Digital’s CEO, believes Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments.
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