#BTC
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American investment bank Jefferies reports a downturn in mining profitability as BTC continues to trade below $60,000, while the hash rate keeps rising. Analysts indicate that in August 2024, daily mining revenues decreased by 11.8% compared to the previous month. 
Market Overview: Are We Heading for a Recession?
The beginning of August has been a true stress test for investors. Financial markets have seen significant declines, sparking waves of panic. BTC briefly dipped below the $50,000 support level before making a slight recovery. ETH also experienced a significant correction, losing over 20% in just one day. 
Xapo Bank, a crypto-focused financial institution, received a license in the UK and officially launched interest-bearing accounts in USD and BTC. The Bitcoin account offers an annual interest rate of 1% paid directly in BTC, without the need to lock funds or lend to other users. 
Bitcoin 2024: Key Takeaways from the Conference
From July 25–27 in Nashville, the Bitcoin Conference 2024 took center stage as one of the year's most significant events. The conference featured U.S. presidential candidate Donald Trump, Senator Cynthia Lummis, investor Michael Saylor, and other prominent industry figures. Topics of discussion included crypto regulations, the potential for BTC ecosystem development, and other crucial issues. 
Jay Jacobs, BlackRock's Head of Thematic and Active ETFs, explained the primary allure of ETH compared to BTC while presenting the company's spot Ethereum ETF to investors. He emphasized that Bitcoin's main attraction is its scarcity, whereas Ethereum's appeal lies in its versatility. 
Miners Face a Choice Between Cryptocurrency and AI
Despite significant market fluctuations, BTC mining remains profitable. However, the rapid growth of AI is creating a competing demand for computational resources. Bitcoin miners now find themselves at the intersection of two technological revolutions. 
