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Minto Monthly Report Feb'24

March 7, 2024

In February, Minto earned $66.7k of net profit, $29.3k of which was paid out to $BTCMT holders, and $37.4k was sent to the Treasury. Increasing network difficulty, a decline in interest in Ordinals and the short month did not allow us to reach the January record, but in March, with the same market sentiment, we still have a chance of surpassing it.

Key highlights of February'24, 65% mining hardware uptime mode

In early February, Vote#8 took place, where the Minto community decided by a majority vote (602k against 115k) to maintain the 65% uptime mining hardware mode. In the article about the prospects for 2024, we indicated that the transition to 100% uptime would be financially justified at a bitcoin exchange rate of $74k. So far, the hypothetical result of 100% uptime obviously yields to 65% with a score of $29.4k vs. $66.7k; it has almost doubled compared to January though:

Key highlights of February'24, 100% mining hardware uptime mode

The overall February market situation is full of optimism: bitcoin growth reached almost 150% ($43k → $64k), but the increase in difficulty was only 114%. This is an additional factor in the growth of mining profitability by another 30% (in addition to the exchange rate). 

The rapid growth of Bitcoin and the general market revival is associated with the acceleration of institutional investments in ETF funds - an increase of 240% in February ($29.2bn → $70.5bn), which in turn is fueled by expectations of halving (approximately April 20) - a 2-fold reduction in mining income (6.25 BTC → 3.125 BTC).

Btcoin miner's rewards for successully completing 1 block halve every 210,000 blocks

Despite the short-term decline in miner profitability, historically halving is a deeply positive event for the entire crypto industry, as it provokes significant medium-term market growth in the following 1.5 - 2 years. 

Read our article for more information on why, despite the drop in profitability, you do not need to be afraid of halving.

Also in February, we published the Joint Treasury Management Mechanics project on the principles of managing funds accumulated in the Treasury. By the end of the month, the fund has already accumulated about 2 BTC, and soon the question of their distribution will be put to the vote.

Join the discussion of the Treasury in the community

Below are Minto’s project parameters as of the last day of February:

Key highlights of February'24, statistics

So, 2024 is gaining momentum, the Minto team is in the midst of a thorough dashboard update that will simplify the purchase and management of $BTCMT, our main carrier of value. New votes, important news, updates and, of course, new profitability records are straight ahead!

Stay with Minto so we can reach new heights together!

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