Bitcoin Miners Cut Costs and Adopt AI Strategies Post-Halving

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Table of Content

In today edition we talk about

• Glif Announces 100 Million Token Airdrop to Filecoin Users

• President Biden Thanks Nigeria’s Tinubu for Release of Binance Executive Tigran Gambaryan

• Circle Increases USDC Cash-Out Fees for Large-Scale Transactions

• Bitcoin Miners Cut Costs and Adopt AI Strategies Post-Halving: CoinShares Report

Glif Announces 100 Million Token Airdrop to Filecoin Users

Glif, the leading DeFi protocol on the Filecoin network, is launching its native GLIF token and will airdrop 100 million tokens to eligible users. As a liquid leasing platform, Glif allows FIL holders to lend their tokens to Filecoin storage providers, enabling rewards from storage mining. This new GLIF token will support governance within the platform.

Airdrop and Token Vesting Details
Of the total 1 billion GLIF tokens, 10% (100 million tokens) will be airdropped to GLIF points holders who meet the minimum point requirement. The initial 25% of these tokens will be available immediately, with the remaining 75% vesting over 180 days. The distribution model allows unvested tokens to still count toward governance voting.

GLIF Token Allocation Breakdown

• Community Growth: 35% (350 million tokens), including the 10% airdrop.

• Core Contributors: 29.35%, with a 48-month vesting schedule.

• Ecosystem Development: 20%, aimed at supporting partners in growing the Filecoin and GLIF ecosystem.

• Investors: 15.65%, with a 24-month vesting period.

GLIF Foundation and Future Governance
Glif has also established the GLIF Foundation, an ownerless entity governed by GLIF token holders, ensuring community-driven development.

President Biden Thanks Nigeria’s Tinubu for Release of Binance Executive Tigran Gambaryan

U.S. President Joe Biden expressed gratitude to Nigerian President Bola Tinubu in a recent call for the release of Tigran Gambaryan, Binance's head of financial crime compliance. Gambaryan, a former U.S. IRS agent, was detained in Nigeria earlier this year over alleged illegal profits linked to Binance. Following health issues in detention, charges were dropped on October 23, leading to his release.

Recognition of Joint Efforts on Cybercrime and Illicit Finance
In addition to thanking Tinubu, Biden acknowledged Nigeria's cooperation in the newly launched Bilateral Liaison Group on Illicit Finance and Cryptocurrencies. This initiative, launched October 23, brings together U.S. and Nigerian officials to tackle cybercrime, strengthening collaboration between the two nations.

Circle Increases USDC Cash-Out Fees for Large-Scale Transactions

Circle has raised redemption fees for its USD Coin (USDC), impacting institutional investors and high-volume traders. Starting at 0.03% for transactions over $2 million and rising to 0.1% for those above $15 million, the new fees respond to increased liquidity demands from major institutions.

New Fee Structure and Market Expansion Plans
Circle’s revised fee structure, in place since September, allows fee-free redemptions for traders willing to wait up to two days for cash transfers. As competition in the stablecoin market grows, Circle also aims to expand USDC’s reach by integrating it with Brazilian and Mexican banking systems.

IPO Plans Amid Shifting Market Share
Circle, which filed for an IPO in January, plans to relocate to Wall Street by 2025. Despite these moves, Circle’s market share has dropped to under 20% following increased regulatory pressure on crypto, while rival Tether holds a 70% share with a $120 billion market cap.

Bitcoin Miners Cut Costs and Adopt AI Strategies Post-Halving: CoinShares Report

Bitcoin miners are reducing operational costs and incorporating AI to adapt to reduced mining rewards following the April halving, according to a CoinShares report. Companies like Cormint and TeraWulf benefit as low-cost producers, with electricity costs of around $15,000 and $19,000 per Bitcoin, respectively, compared to over $20,000 for other miners.

Rising Mining Costs Drive Strategic Shifts
The halving cut BTC block rewards from 6.25 to 3.125 BTC, raising average production costs to approximately $49,500 per Bitcoin. Miners, including Hive, have invested in AI-compatible GPUs to diversify revenue, while cash-rich companies like Riot Platforms are pursuing acquisitions to boost hashrate and reduce costs.

Future Expansion Amid Lower Profit Margins
Despite declining revenue and hash prices, miners are scaling operations in anticipation of potential price gains.

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