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$BTC Donald Trump's crypto portpolio briefly peaks above $10M
Former United States President Donald Trump’s on-chain crypto asset holdings briefly surpassed $10 million on Monday, primarily driven by his largest token holding, TRUMP.
On May 27, blockchain intelligence firm Arkham reported that presidential candidate Donald Trump’s crypto asset portfolio topped $10 million.
The surge to a seven-figure portfolio was catalyzed by the MAGA memecoin, TRUMP, which surged to an all-time high of $13.24 on May 27.
According to Arkham, Donald Trump holds 579,290 TRUMP tokens, currency worth around $6.79 million.
The memecoin has surged 53% over the past week following Donald Trump’s crypto endorsements.
“I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry,” he said on May 25.
On May 21, the Trump 2024 campaign launched a fundraising page for people to donate in crypto.
However, TRUMP prices have declined 8.8% since that peak in a fall to $12.04 at the time of writing, according to CoinGecko.
This has caused the entire portfolio to retreat to $9.5 million as crypto markets declined during early trading on May 28.
MAGA was launched in August to donate to U.S. veterans and protect children. While it bears the former president’s name, it is not officially affiliated with or endorsed by Donald Trump.
According to the official website 234.75 ETH has been donated to United States veterans and 204.5 ETH to child trafficking prevention since MAGA launched.
Donald Trump also has a big Ether bag with 464.2 ETH worth around $1.79 million at the time of writing.
He also holds a million MVP tokens worth around $473,000. MVP is another memecoin offering rewards and supporting donations to the Trump election campaign. It hit an all-time high of $0.709 on May 17 but has fallen back 33% since then to trade at $0.477 at the time of writing.
Bitcoin News: Bitcoin Miners May Shift Focus to AI After Halving
Miners will be faced with substantial cost increases as a result of the halving, with electricity and bitcoin production costs almost doubling, the report said. Bitcoin miners may shift towards AI due to the potential for higher revenue, CoinShares said.
The average bitcoin production cost post-halving is about $53,000.
Some miners are actively managing financial liabilities and are using excess cash to pay down debt, the report said. Crypto miners may shift towards artificial intelligence (AI) in energy-secure locations following the bitcoin (BTC) halving due to the potential for higher revenue, CoinShares (CS) said in a report on Friday.
The quadrennial halving, which slows the rate of growth in bitcoin supply by 50%, occurred on Friday evening.
Coinshares notes that mining companies like BitDigital (BTBT), Hive (HIVE) and Hut 8 (HUT) are already generating income from AI. At the same time, TeraWulf (WULF) and Core Scientific (CORZ) have existing AI operations or plans to grow in the space.
“This trend suggests that bitcoin mining may increasingly move to stranded energy sites while investment in AI grows at more stable locations, authors led by James Butterfill wrote. The miners will be faced with substantial cost increases as a result of the halving, with electricity and overall production costs almost doubling, the report said. Mining companies can try to mitigate these higher costs by optimizing energy costs, increasing mining efficiency and buying better-priced hardware. “The weighted average cash cost of production in Q4 was approximately $29,500; post-halving, it is projected to be about $53,000,” the authors wrote. The average electricity cost of production in the fourth quarter was about $16,300 per bitcoin, which is expected to increase to around $34,900 post the halving. The hashrate could rise to 700 exahash by 2025, according to the asset manager’s forecasts, but may drop by 10% after the halving as miners turn off unprofitable machines. #BTC☀ #MinerMoves