Iran attempts to rat out illegal Bitcoin miners.

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📅 Today

🔍️ Market Outlook

• Overall Bias - Cautious till $62,400 is broken 🙏 

• Bitcoin closed the week above $60,000 after dropping to as low as $48,800.

• The 200 Daily Moving Average at $62,400 is now a crucial level to monitor for Bitcoin.

• A rejection from $62,400 with a weekly close below $57,000 would be bearish.

• A breakout from $62,400 with a weekly close above $63,000 would be bullish.

• It is wise to not take any new leveraged positions till this moving average is flipped and prices break the 200 day moving average.

• So far, BTC has been rejecting this level consistently, showing some weakness in price action.

Iran Attempts To Rat Out Illegal Bitcoin Miners 🙏

Iran is reportedly offering rewards of up to $20 to individuals who report illegal Bitcoin mining activities to the authorities. This initiative comes as the country struggles with power shortages during an intense heatwave.

With temperatures reaching as high as 113 degrees Fahrenheit (45 degrees Celsius) in some regions, the electrical grid is under significant strain.

The CEO of Tavanir, the state-run electricity company, has stated that the situation is made worse by crypto miners.

Marathon Digital acquires $249 mil worth BTC ⚡️ 

Bitcoin mining company Marathon Digital has acquired an additional $249 million in Bitcoin following a $300 million senior note offering.

On August 14, the company announced that it used a portion of the proceeds from the note sale to purchase approximately 4,144 Bitcoin at an average price of around $59,500.

This boosts their Bitcoin reserves to over 25,000 BTC worth nearly $1.5 billion.

Marathon is aggressively expanding its Bitcoin stash by mimicking MicroStrategy's corporate playbook.

Other firms, such as Semler Scientific and Metaplanet, are also raising money in debt markets to buy more Bitcoin and ride its adoption curve.

📕 Educational

Calculating the production cost to mine 1 Bitcoin in USA.

The average cost to mine 1 Bitcoin in USA is currently ~$43,000. Marathon Digital's Q2 2024 report shows their average cost to be back-calculated at $42,969 per BTC.

This cost is calculated based on their operational metrics:

• Cost per Petahash per day: $41 (the expense to maintain 1 PH/s for 24 hours)

• Average Bitcoin mined per day: 22.9 BTC

• Operational Hash Rate: 24 EH/s (or 24,000 PH/s)

Using these figures:

24,000 × $41 / 22.9 = $42,969 per BTC

If Bitcoin's price stays below $43,000 for an extended period, #mining could become unprofitable, potentially reducing mining difficulty.

Usually, in a bull market, prices typically stay above the mining cost, making $43,000 a crucial support level for BTC to sustain the bull run

📊 Stat

📈 Chart of the day

• 0.041 is a macro support for ETH/BTC, along with other confluences like

• Weekly discount zone

• Weekly bullish RSI divergence

• Daily discount zone

• A breakdown of this level would mean more 25-40% downside for altcoins.

• However, if ETH/BTC holds 0.041 as a macro support, alts could show strength.

• This pair cannot be, but is crucial to navigate mid-term prices for BTC & alts.

• Source : Cointraction

🤣Meme of the day

Experienced HODLers when BTC crashes be like.. 😂 

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.