The post BTC’s value slides as tokens flood the market, pushing miners into AI’s open arms appeared on BitcoinEthereumNews.com.

The BTC token is taking a pounding due to a sudden lack of scarcity, while BTC miners are rapidly pivoting to artificial intelligence (AI) as the rewards of mining diminish. The summer season has only just officially begun, but the BTC token is already feeling the heat, with its fiat value having fallen by around $11,000 since June 7. A perfect storm of negative events is putting a serious dent in BTC’s ‘store of value’ narrative, led by the long-awaited refunds for customers victimized by the 2011 hack of the Mt. Gox exchange. The Japan-based Mt. Gox officially shut in February 2014 following its hack by a pair of Russian nationals, who were indicted a year ago by U.S. authorities for allegedly stealing 647,000 BTC from the poorly protected exchange. Mt. Gox customers have been awaiting the return of at least some of their stolen assets, enduring one false dawn after another. But on June 24, the defunct exchange’s rehabilitation trustee issued a notice informing the long-suffering customers that it will “commence the repayments” in BTC and BCH via digital asset exchanges previously selected to participate in this process. Roughly 142,000 BTC and 143,000 BCH tokens—worth around $9 billion (and falling)—that the exchange managed to claw back will be divvied up between Mt. Gox customers who submitted the required information to the trustee. Repayments “will be made from the beginning of July 2024” and will proceed “in the order of the cryptocurrency exchanges with which the Rehabilitation Trustee will complete the exchange and confirmation of the required information.” Given the lengthy period they’ve been forced to wait, many Mt. Gox customers are expected to immediately sell whatever BTC/BCH they receive. BCH has suffered a similar downward trajectory during this period, the irony of which won’t be lost on those who remember…

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Filed under: News - @ June 25, 2024 11:16 am