Michael Saylor, the CEO of MicroStrategy, has urged Bitcoin miners to change their approach to boost their revenues. He urges miners to keep more BTC in their treasury, consistent with the Bitcoin Standard. This approach could assist miners in establishing long-term sustainability and diversifying into new revenue models in a highly competitive market.
Michael Saylor Urges Bitcoin Miners to Hold BTC
Michael Saylor is certain that adhering to the Bitcoin Standard will benefit BTC miners. This strategy involves holding more Bitcoin, which may lead to higher profitability and better network protection. Saylor’s approach focuses on miners’ role in preserving Bitcoin’s integrity and future prospects.
Bitcoin Miners should adopt the #Bitcoin Standard.
— Michael Saylor⚡️ (@saylor) August 13, 2024
Many Bitcoin supporters agree with Saylor’s recommendations, considering them crucial for miners. They contend that mining may not be enough to sustain earnings in the future. Thus, expanding the business and including Bitcoin in the investment portfolio will ensure excellent financial stability and resistance to market changes.
AI and Bitcoin Standard Key to Mining Success
Advertisement
As mining difficulty continues to rise, mining a single Bitcoin becomes expensive. With competition increasing, miners must look for other revenues to stay profitable. Saylor recommends adopting the Bitcoin Standard, which allows miners to search for new business models.
Such models include cloud mining, mining pools, and Bitcoin-related financial products that can increase miners’ motivation. This diversification is essential, particularly after the halving event that affected miners’ earnings. These paths can assist miners in managing the effects of less motivation.
Integrating artificial intelligence into mining operations can also improve efficiency and profitability. According to Mike Novogratz, the CEO of Galaxy Digital, AI could disrupt the Bitcoin mining process. Given the high difficulty of mining, technological advancements will be crucial in ensuring that mining remains profitable.
Advertisement
Also Read: Marathon & Riot Boost Bitcoin Reserves as Small Miners Sell
