The largest corporate Bitcoin holder MicroStrategy’s Chairman, Micheal Saylor, once again gathered widespread attention from miners. Today, on August 13, 2024, Saylor made a post on X (previously Twitter) stating that Bitcoin Miners should adopt the Bitcoin Standard.
Michael Saylor’s suggestions to miners
This post on X was like hints from Saylor about how miners can maximize their profit by not just mining the BTC but also by holding more in their treasury. Following this post on X, Saylor was praised by miners who believed that they could not make more with just mining.
MicroStrategy chairman believes in buying BTC. In a recent interview, Saylor revealed “We believe in buying Bitcoin whenever we have cash or whenever we can raise money in the capital market.”
New plan for Bitcoin miners
Based on MicroStrategy’s Bitcoin buying strategy, this was the same thing that Michael Saylor was asking of the miners. However, Bitcoin miners play a crucial role in the functioning of the BTC network, as these miners help validate the transactions by solving complex mathematical problems. Based on their mining activity they earn rewards in the form of BTC as fees.
By adopting the Bitcoin Standard, these miners can better secure the network and make it more functional. However, this statement by Michael Saylor comes after Marathon Digital’s announcement to purchase $250 million worth of Bitcoin.
Following the recent BTC halving miners’ works and their effort to validate transactions become more difficult and less profitable. However, they can increase their mining revenue by exploring other mining activities like cloud mining, mining pools, and other Bitcoin-based services.
Bitcoin price analysis
At press time, Bitcoin is trading near the $61,100 level and has experienced a price surge of over 3.5% in the last 24 hours. Despite the price rise, its trading volume decreased by 17% during the same period, indicating lower participation from traders and investors.