Alongside BTC’s Rally To New Record Highs, The Computing Power Devoted To Mining Has Continued To Grow - We Review Select Metrics Related To BTC Mining Economics. BTC’s rally has offered reprieve to mining revenue: The BTC hashprice, a term coined by mining firm Luxor, represents ‘the expected value of 1 TH/s of hashing power per day.’ The metric, which essentially measures mining revenue per unit of computing input, reached record lows in September. The combination of increasing mining difficulty, the reduction of the block subsidy miners receive, i.e. the halving, along with range-bound BTC trading have strained the economics of miners in 2024. Since November 5, hashprice has increased by ~45%. Block subsidy dominates miner revenue: BTC miners earn revenue from a combination of transaction fees and the block subsidy, which was reduced from 6.25 to 3.125 BTC in April. Despite the 50% reduction in the reward miners receive for each new block, this subsidy continues to represent the majority of miners’ revenue. In 2024, the average daily proportion of miner revenue derived from fees is 7%.

• MicroStrategy (NASDAQ: MSTR) acquired 15.4k BTC for USD 1.45, at an average cost of USD ~95,976 per coin. The firm now holds 402,100 BTC which it acquired at an average cost of USD 58,263 per coin. - [link](https://www.microstrategy.com/press/microstrategy-acquires-15400-btc-achieves-btc-yield-38-qtd-and-63-ytd-now-holds-402100-btc_12-02-2024) • Hong Kong-based gaming firm Boyaa Interactive International converted its ETH holdings worth USD ~49M to BTC. - [link](https://cointelegraph.com/news/hong-kong-gaming-firm-swaps-out-eth-treasury-for-btc) • US spot ETH ETFs achieved record inflows of USD ~333M on Friday. - [link](https://www.coindesk.com/markets/2024/12/01/ethereum-etfs-see-record-333-m-inflows-outpacing-bitcoin-funds-as-catch-up-trade-gains-momentum) • Michael Saylor pitched to Microsoft’s (NASDAQ: MSFT) board that the company could add up to USD 5T to its market cap by adding a BTC treasury strategy. - [link](https://cointelegraph.com/news/michael-saylor-tells-microsoft-it-could-grow-5-trillion-with-bitcoin) • South Korea is expected to delay its crypto gains tax for another two years. - [link](https://www.theblock.co/post/328875/south-korea-to-postpone-20-crypto-tax)

• WSJ: [Trump’s Return Heralds Litigation Peace for Crypto](https://www.wsj.com/finance/regulation/trump-crypto-us-war-0b91cc21) • Bloomberg: [Establishment’s Takeover Of Bitcoin Creates A New List Of Risks](https://www.bloomberg.com/news/articles/2024-12-01/the-establishment-takeover-of-bitcoin-creates-new-list-of-risks) • FT: [The Epic Spectacle That Is The Bitcoin Juggernaut MicroStrategy](https://www.ft.com/content/45d7c547-f686-4162-bfc3-56d609003bbb)

• [Bitcoin Was Once Dominated By China, But The Trump Bump Is Shifting Momentum To US](https://www.scmp.com/tech/blockchain/article/3288731/bitcoin-was-once-dominated-china-trump-bump-shifting-momentum-us), South China Morning Post, December 1, 2024 • The South China Morning Post discusses China's crypto policy in light of the US' embrace of the space.

• [Revolutionising Self-Custody: Salomon Fadel On Wink](https://www.youtube.com/watch?v=MPAPvWIdfgU), Bitfinex Talks, November 20, 2024 • Salomon Fadel, founder of @getwink_app, discusses self-custody solutions for crypto.