Bitcoin network difficulty reached 136.04 trillion on Sept. 4, while dollar hashprice slipped to about $52 per petahash per day this week. Per Hashrate Index, the last adjustment set a new high for difficulty, and the forward market now prices an average hashprice near $49.17 per PH per day for the next six months.

The squeeze leaves miners deciding whether to sell inventories, consolidate operations, or pursue high-performance computing revenue tied to artificial intelligence.

The production backdrop is firm. The seven-day average hashrate sits near one zettahash per second, while transaction fees contribute a little over 1% of block rewards on recent averages.

That mix compresses gross margins at the same time retail power prices and wholesale data center rents trend higher. Global colocation pricing averaged $217.30 per kilowatt per month in the first quarter, with tight supply in major hubs, per CBRE’s Global Data Center Trends 2025.

Strategic optionality is widening as compute demand reorders the power stack.

CoreWeave agreed to acquire Core Scientific earlier this year in an all-stock transaction that implies roughly $9 billion of equity value. The acquisition would consolidate about 1.3 gigawatts of installed capacity with more expansion potential.

In its deal materials, the buyer outlined lease efficiency gains and operating synergies by 2027, while the transaction is part of the broader AI buildout competing for grid access across North America. The direction of travel is clear: AI workloads are now a core alternative for power and land that previously skewed toward proof of work.

Public market signaling has also shifted with the debut of American Bitcoin Corp. The company began trading on Nasdaq as ABTC after completing a merger with Gryphon Digital Mining. Corporate filings detail a controlled structure after the combination, with former American Bitcoin holders owning about 98% of the combined company on a fully diluted basis.

The model emphasizes accumulation alongside self-mining, creating another lever for treasury strategies that may dampen or amplify market sales depending on spreads between mining cost, spot price, and financing terms.

Power constraints and policy continue to set near-term supply behavior.

In Texas, miners commonly curtail during the Four Coincident Peak season to manage costs and capture credits, a pattern reflected in Riot Platforms’ June operating update. Curtailments can lift hashprice temporarily and shift revenue timing, but they also illustrate why forward hedging has become standard. Luxor’s market shows an actively traded curve with mid-market quotes published on the Hashrate Forward Curve.

Against this backdrop, break-even math is simple but unforgiving. Using representative efficiency bands and current economics, the ranges below illustrate approximate breakeven power prices, expressed in cents per kilowatt hour, at a $53 per PH per day hashprice and nominal pool fees.

The inputs reference published specifications for the Antminer S21 and WhatsMiner M60S, along with incremental firmware gains evidenced by LuxOS testing.

These thresholds imply that fleets paying above single-digit power rates will feel pressure if hashprice tracks the forward average. That pushes treasurers toward hedges on the hashrate curve, deeper curtailment during high-priced hours, and non-mining revenue.

The last category includes AI colocation and managed GPU services, where contracted rents are quoted per megawatt per year and often load follows compute.

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Recent contracts frame the revenue step change.

TeraWulf disclosed more than $3.7 billion of expected hosting revenue under multi-year agreements, with public reporting estimating an annualized take rate near $1.85 million per megawatt on the initial tranche.

The comparison below uses those public figures and CBRE’s rent benchmarks to show the order of magnitude gap between mature AI colocation and current mining cash generation per power unit at prevailing hashprice.

The delta does not automatically mean every miner should pivot.

Retrofits require capex, liquid cooling, and higher-density racks, which can saturate existing transformers, and contractual take-or-pay obligations can limit near-term flexibility.

Still, the combination of tight colocation supply and announced consolidation, such as CoreWeave’s deal, will likely keep AI rents firm through year-end, which factors into treasury choices whenever bitcoin’s fee share remains low.

Miners able to monetize demand response programs, like the ERCOT 4CP framework, and tune fleets with efficiency firmware can widen their breakeven bands without selling coins.

Case studies illustrate the choice set. Iris Energy continues to expand GPU capacity and cloud revenue alongside self-mining, using a dual track that stabilizes cash flows against hashprice volatility. 

American Bitcoin presents a treasury-led approach combining on-balance sheet accumulation with mining, with control details and share counts in the SEC filing. Those paths sit alongside pure play hosting that captures AI demand and infrastructure premiums.

The near-term market question is whether balance sheets become a supply source by year-end. If hashprice follows the forward curve and fees remain near current prints, miners above the single-digit cost bands are more likely to raise cash by selling coins or locking in forward sales of hashrate.

If AI colocation ramps up on previously announced contracts, some of that selling could be offset by compute reallocation and hedges already layered in at summer premiums.

The balance of those forces will determine how much miner supply reaches exchanges during the fourth quarter.

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MEXC, one of the world’s fastest-growing cryptocurrency exchanges, reported record growth in the second quarter of 2025 after rolling out a zero-fee campaign on high-demand futures pairs.

The bold strategy, designed to reduce barriers to entry and capture market momentum, comes as the broader digital asset market continues to embrace stablecoins amid broader crypto adoption.

Zero-Fee Push Aligns with Market Focus

According to the CoinGecko Q2 2025 Crypto Industry Report, the total cryptocurrency market capitalization rose 24% quarter-on-quarter, while the stablecoin market hit an all-time high of $243.1B. $USDC expanded by $1.4B in circulation, highlighting investor appetite for compliant, dollar-backed assets.

MEXC seized on the trend by eliminating trading fees on selected $USDC-margined futures pairs. The initiative gave traders cost-free access to fast-growing markets while positioning the exchange at the center of the industry’s shifting narrative.

By zeroing in on where the liquidity was flowing and removing cost friction, MEXC amplified user participation and market depth across key pairs.

Winners Among Trading Pairs

The exchange’s campaign produced notable winners across both mainstream and emerging assets:

• $TON/$USDC captured 42% market share in its category.
• $ETH/$USDT, the flagship mainstream trading pair, secured a 33% share.
• $ONDO/$USDC and $POPCAT/$USDC each posted more than 5% market share gains.

The results underscored how MEXC’s mix of blue-chip tokens, infrastructure plays, and high-risk meme coins allowed the platform to serve a broad spectrum of trading appetites.

$ETH and $TON attracted institutional-minded investors, while $POPCAT drew in speculative retail traders and meme coin degens chasing volatility.

From Meme Frenzy to Mainstream Focus

The strong quarterly performance also reflected a broader pivot in market psychology. In the first quarter, the meme coin market profited from tokens like Dogwifhat, Brett, and Book of Meme surging in popularity.

But as US regulators passed crypto-friendly rules and fostered a more welcoming blockchain framework, investors redirected their attention to infrastructure upgrades, DeFi applications, and regulatory-friendly assets in Q2.

MEXC’s zero-fee campaign mirrored this change in sentiment. By offering cost-free access to sectors aligned with the new narrative, the exchange effectively turned user preference into trading volume.

Building a Foundation for Long-Term Growth

The zero-fee initiative not only lowered trading costs but also created a feedback loop of higher participation, deeper liquidity, and growing market share.

The campaign laid the groundwork for the exchange’s next phase of expansion, particularly in futures markets where competition among global platforms remains fierce.

With over 40M users spanning 170 countries, MEXC has built a reputation as one of the industry’s most accessible exchanges. The platform frequently lists trending tokens, provides promotional airdrops, and maintains one of the lowest fee structures in the sector.

Its focus on simplicity – under the motto ‘Your Easiest Way to Crypto’ – has helped it build a strong following among both retail traders and more seasoned investors.

Industry Context: Stablecoins and DeFi in the Spotlight

The emphasis on $USDC-margined pairs comes at a time when stablecoins are increasingly viewed as the backbone of the crypto economy. Beyond functioning as a liquidity layer, stablecoins are now integral to payment rails, cross-border settlement, and decentralized finance platforms.

The $243.1 billion stablecoin market cap milestone in Q2 reflects both resilience and evolution.

The sector is expanding not just in raw numbers but also in diversity, with compliant tokens like $USDC gaining traction alongside algorithmic and yield-bearing alternatives.

MEXC’s decision to highlight $ONDO/$USDC as part of its zero-fee campaign reflects how exchanges are now competing not just on volume but also on narrative alignment with emerging sectors.

DeFi has also continued to capture institutional interest, with projects like Ondo Finance ($ONDO) demonstrating new ways to bridge traditional financial instruments with blockchain technology.

MEXC Looks to the Future

The strong quarterly showing cements MEXC’s status as one of the most competitive exchanges in the futures market.

The zero-fee futures initiative may prove to be more than just a short-term promotional boost. By positioning itself as the go-to platform for traders chasing the most relevant narratives, the exchange has built a strategic foundation that could sustain growth well into 2026 and beyond.

As always, do your own research. This isn’t financial advice.

Authored by Bogdan Patru, Bitcoinist – https://bitcoinist.com/mexcs-zero-fee-futures-drive-q2-growth-stablecoins-defi

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Chinese investors are reportedly hawking gold and appear to be pivoting into local equities.

New data from Bloomberg indicates China’s four major onshore gold-backed exchange-traded funds (ETFs) witnessed combined net outflows of about 3.2 billion yuan (worth nearly $450 million) so far this month.

Steve Zhou, an analyst at Huaan Fund Management Co., tells Bloomberg that local Chinese retail investors are taking profits in gold and chasing upside in local equities.

The CSI 300 Index, which aims to replicate the performance of the top 300 stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange, is up nearly 5.5% in the past month.

Conversely, however, the Chinese government has reportedly been covertly buying much more gold than what public numbers disclose.

Joseph Cavatoni, market strategist at the World Gold Council, tells MarketWatch that there is debate over whether the People’s Bank of China’s (PBOC) reported purchases fully capture its activity.

Jan Nieuwenhuijs, an analyst at Money Metals, says the Chinese central bank’s gold holdings are likely more than double what is officially reported.

Nieuwenhuijs claims the PBOC held 5,065 metric tons of gold in its reserve at the end of 2024, compared to its reported holdings of 2,280 metric tons.

The latest data from the World Gold Council indicates the Chinese government holds 2,296 tons of gold.

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DV8 has completed its first capital raise since undergoing a strategic shift toward becoming Southeast Asia’s first crypto treasury company, securing approximately THB 241 million (roughly $7.4 million), according to a filing released July 16.

The funding round closed with a 99.9% warrant exercise rate, marking a critical vote of confidence from existing shareholders in the firm’s long-term Bitcoin-native model.

The raise resulted in 301,491,057 new shares issued from the exercise of DV8-W2 warrants, at an exercise price of 0.80 baht per share. The remaining unexercised warrant total stood at just 345,930 units. DV8 reported a 38% growth in its cash treasury and a 13% increase in yield per share following the round.

Who is DV8?

DV8’s board has previously signaled its intention to replicate Strategy-style corporate finance strategies centered around Bitcoin accumulation and digital asset-backed value creation. The firm’s treasury model is aligned with the broader pivot led by a regional consortium of crypto-focused investors, including Metaplanet, Sora Ventures, Kliff Capital, and others, which recently acquired the Thai-listed electronics and retail company through a voluntary tender offer.

Metaplanet, the Tokyo-based public firm that emerged as one of the world’s largest corporate Bitcoin holders following its own treasury conversion, has become a guiding reference point for DV8’s transition. The Japanese company’s stock rose by over 11,000% across its treasury pivot, reinforcing the appeal of this strategy among firms exploring alternative financial models in Asia.

DV8’s transformation is also driven by a leadership overhaul led by Thai businessman Chatchaval Jiaravanon, known internationally for acquiring Fortune Magazine. His appointment as chairman was part of a broader board reshuffle aimed at repositioning DV8 as a crypto-financial infrastructure firm targeting Southeast Asian markets.

Recent moves by the consortium, such as the acquisition of Seoul-based SGA Co. to support new digital asset ventures, signal coordinated efforts to institutionalize crypto treasury adoption across the region. The investors have highlighted their interest in expanding into the Philippines, Vietnam, Indonesia, and Malaysia by partnering with execution-ready local firms.

The THB 241 million raise represents the first major liquidity infusion into DV8 since its crypto pivot and will be used to accelerate its operational transformation. According to the company, the capital sets the foundation for executing its long-term digital asset strategy and serves as a template for future funding rounds tied to treasury expansion.

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DV8 Public Company Limited, a publicly listed firm in Thailand looking to reinvent itself as a Bitcoin Treasury firm, has appointed Thai business magnate Chatchaval Jiaravanon as its new Chairman, according to a July 11 statement shared with CryptoSlate.

Jiaravanon, best known internationally for acquiring Fortune Magazine in 2018, is part of Thailand’s influential Charoen Pokphand Group family.

DV8’s leadership change

His appointment comes amid a broader leadership revamp at DV8 to align the company with emerging crypto-native financial models.

Under his guidance, the firm plans to adopt Bitcoin-centric treasury practices and invest in DeFi, corporate governance innovation, and next-generation digital infrastructure.

DV8 also revealed ambitions to build a crypto-integrated digital banking system that supports long-term financial inclusion and innovation across Southeast Asia.

Meanwhile, Jiaravanon will lead an 11-member board comprising key figures from traditional finance and the Web3 ecosystem.

The new board members include Vichate Tantiwanich, Natavudh Pungcharoenpong, John Riggins, Samuel Coyn Mateer, Henry Elder, and Jason Fang. The group combines deep local business knowledge with international experience in crypto asset management and blockchain development.

This leadership overhaul positions DV8 to become a major player in digital asset strategy and crypto-financial infrastructure.

Notably, Jiaravanon brings relevant experience through his blockchain startup Lightnet, which launched in 2020 to use distributed ledger technology to provide low-cost remittance services for underbanked migrant communities in Southeast Asia.

Meanwhile, the leadership changes follow DV8’s recent acquisition by a strategic consortium that includes several prominent crypto investment groups. The investors include UTXO Management, Sora Ventures, Kliff Capital, Moon Inc., AsiaStrategy, and Mythos Group.

Notably, all the investors involved in the deal have agreed to a 12-month lock-up period. Market observers have described this move as a strong vote of confidence in DV8’s new direction and the broader Thai crypto market.

Fang, founder of Sora Ventures, expressed excitement about Thailand’s potential in the crypto and DeFi space, stating:

“Thailand at one point had the 4th largest DeFi users in the world. It’s a hidden gem, and now we’ll unlock it together.”

Mentioned in this article

X (formerly known as Twitter) is ramping up efforts to integrate financial services directly into its ecosystem and moving beyond its roots in social networking, the Financial Times reported on June 19.

According to the report, the social media giant is preparing to let users carry out a wide range of financial transactions within the app. This includes day-to-day payments like buying food or tipping content creators, as well as more advanced tools for investing and digital fund transfers.

X CEO Linda Yaccarino also confirmed that the company is exploring the launch of a branded debit or credit card by the end of the year.

Yaccarino, who took the helm in 2023 after Elon Musk acquired the social media platform, has overseen a period of rapid transformation.

Under her leadership, X has added capabilities such as AI tools, live video, audio calls, and the soon-to-launch XChat, an upgraded messaging system with encrypted communication and disappearing messages.

These changes have helped boost engagement, with usage metrics trending upward in recent quarters.

“Everything App”

These moves are part of a broader strategy to evolve X into an “everything app,” echoing Musk’s long-held vision of combining social media, entertainment, payments, and commerce under a single platform.

Meanwhile, the new financial features are expected to build upon earlier initiatives like X Money and a peer-to-peer payments system.

Notably, the Musk-owned platform has partnered with Visa to develop the X Money Account, a digital wallet that supports fund transfers and peer-to-peer payments.

X has obtained money transmitter licenses in over 4 US states and is registered with FinCEN to support its growing fintech stack. These regulatory moves give the company a green light to offer many types of financial services across major jurisdictions legally.

Crypto integration?

Despite this progress, it is unclear whether digital asset transactions will be part of the platform’s offerings.

This is surprising considering Musk has consistently expressed interest in crypto and some of his companies, like Tesla, hold Bitcoin on their balance sheets.

However, his social media platform has not confirmed plans to support crypto transactions. There is also no indication that the platform will launch a token, despite increased speculation from the community.

Still, many users expect X to embrace digital assets, given its tech-forward direction and Musk’s pro-crypto disposition.

Mentioned in this article

In context: Introduced in 2014, DDR4 dominated the SDRAM market for several years until DDR5 launched in 2020, promising faster speeds and improved efficiency. Despite being technically outdated, DDR4 memory chips continue to command higher prices than expected, driven by supply constraints and ongoing demand in various sectors.

A new report from DigiTimes highlights a surge in DDR4 prices. The Taiwanese publication describes a memory market in flux, with manufacturers phasing out production and multiple factors driving up DDR4 costs. Prices will continue rising, though future increases should be smaller than recent spikes.

In May alone, DDR4 prices rose by about 50 percent. Tom’s Harware reports that 8GB modules experienced the highest price surge, rising 56 percent, while 16GB modules climbed 45 percent. System integrators, OEM manufacturers, and enterprise clients typically buy memory in bulk, so a rise from $1.75 to $2.73 per RAM IC significantly impacts overall business costs.

According to insiders, contract prices for tech manufacturers have risen 22 to 25 percent for 8GB and 16GB chips. Analysts now expect a further 10 to 20 percent increase in the third quarter. The world’s largest DRAM manufacturers plan to halt DDR3 and DDR4 production soon, shifting focus to higher-margin products like DDR5 and high-bandwidth memory.

The ongoing phase-out of DDR4 contributes to current price trends. However, other factors also play a role. Earlier this year, Chinese manufacturers ramped up production, flooding the market with low-priced chips. Now, Beijing has instructed local manufacturers – including CXMT – to abandon DDR4 technology, ending the oversupply.

Multiple factors – from the gradual phase-out of DDR4 to shifts in production and supply chain pressures – are driving current price fluctuations. While tariffs and trade tensions add complexity, the market’s future will hinge largely on how quickly manufacturers transition to newer memory technologies. For now, businesses and consumers should expect continued volatility in DDR4 pricing until supply and demand find a new balance.

The price of DDR4 and DDR5 chips has now gotten closer than ever (7 percent), but the older memory technology will soon become an unprofitable business to deal with. Smaller DDR4 supplies will likely continue to exist, for the same reason why companies are still selling floppy disks or compact cassettes. Industrial and embedded platforms are still using DDR4.

With Solana’s scalability, Sol Strategies wants to make stocks more accessible, liquid and tradeable, redefineing how investors interact with traditional stocks.

Sol Strategies’ plans to issue tokens representing common stocks can unlock real-time trading and global reach. “The stock market is a device for transferring money from impatient to patients,” and tokenization may simply tilt that balance towards a faster decision-making process.

Big news

Sol Strategies is working to be first publicly available via stocks registered with Solana @superstateFunds‘Opening Bell Platform.

I believe that tokenized equity represents the natural evolution of the capital market, and I am excited to unlock this…

– Sol Strategy (CSE: HODL | OTCQB: CYFRF) (@solstrategies_) May 8, 2025

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Tokenized Inventory and Impact on the Blockchain Ecosystem

Tokenized inventory is a digital representation of fairness stored and traded on the blockchain. They promise cost reductions, faster settlements and wider access compared to traditional systems.

Sol Strategies uses Solana’s infrastructure to seamlessly issue and trade. Once implemented, institutional and retail investors will be captivated, and the flexibility of blockchain-based assets will speed up global crypto adoption.

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It shows Crypto Chain’s growing excellence in decentralized finance. Following that, Solana’s TVL has grown by more than 7% to $8.4 billion over the past 24 hours.

In Crypto, Total Value Locked (TVL) measures assets that have been smeared or deposited under blockchain protocols, like the Defi platform. Higher TVL signals trust and activity, increasing safety and reliability.

(sauce))

For Sol Strategies, tapping on this “cheap and accessible” network will help increase the appeal of tokenized shares as investors gather on a platform with strong TVLs and seek harvest and stability. As we know, Sol has always been known for this cycle of casino scene and is not a utility chain like EVM’s cousin Ethereum.

But Sol’s strategy may change this. Perhaps it is something Solana needs in a mature crypto ecosystem.

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What to expect from Sol Strategies: Drive adoption faster?

Regulatory barriers still remain, but SOL Strategies carefully navigates unknown waters. The company has not yet been involved with Canadian securities regulators and presents a measured approach.

The boundaryless nature of blockchains can simplify cross-border transactions, but compliance is important and it can happen. As says, “early birds catch worms,” ​​Sol Strategy has established itself as a pioneer in this transformative space, balancing innovation and hard work.

@solstrategies We aim to become the first public company to provide registered stocks entirely on-chain @superstateFunds‘Opening Bell Platform. https://t.co/10lmrbxjfi pic.twitter.com/bngnz5588y

– Solana Daily (@solana_daily) May 8, 2025

News about tokenized assets are not limited to Sol Strategies. Industry giants are exploring similar paths, signaling mainstream adoption. Solana’s speed and low cost make it the perfect option for such ventures.

Recent news has led to Sol Strategies becoming a Trailblazer, and its shares became its first public stock in Solana. This could set up a good example and encourage others to follow the same path.

Throughout the Atlantic, Robinhood is moving with plans to provide US securities, symbolized in Europe. This convergence of traditional finance and blockchain reflects Sol Strategies’ vision. Both moves suggest a future dominated by tokenized stocks, providing unparalleled access and efficiency.

As Solana’s ecosystem grows, it is likely that high TVL and institutional interest will be spurred, and tokenized assets will explode, restructuring the global market.

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European ETFs recorded $93 billion in net new assets during the first quarter of 2025, marking their highest inflows on record and surpassing the previous high of $91 billion set in Q4 2024.

Per Invesco’s latest European ETF Snapshot, despite largely flat equity returns, rising commodity prices, and solid fixed income gains, pushed total European ETF assets under management to $2.38 trillion by the end of March.

Equities accounted for 80% of Q1 inflows, maintaining pace with the 2024 average. However, Invesco’s data revealed a shift in investor focus, pivoting away from US equities toward European exposures.

ETFs focused on Europe attracted a record $19.4 billion inflows, comprising almost a fifth of the net new assets.

Broad European equity products accounted for $11.4 billion, while German equity ETFs alone captured $5 billion, reflecting heightened investor interest in regional diversification amid global market uncertainty.

CoinShares data for April 18 shows the trend includes European crypto ETPs, notably in Switzerland and Germany, which recorded positive inflows, while US-listed products saw significant outflows.

Switzerland attracted $43.7 million in inflows, and Germany recorded $22.3 million, in contrast to $71 million in outflows from the United States. This divergence supports the analysis of sustained investor preference for European assets and a broader shift away from US exposures across traditional and crypto markets.

However, just-released data from last week indicates a potential recovery in US spot crypto ETFs inflows, though German and Swiss ETP inflows also remain strong.

Appetite for US assets declines

Appetite for US equities has declined as March saw $2.2 billion in outflows from US equity ETFs, bringing total Q1 outflows to $4.5 billion, less than 10% of the record inflows experienced in Q4 2024. The downturn in US-focused flows coincided with growing concerns over concentration risk in US and global indices.

Commodities, particularly gold, contributed significantly to the quarter’s positive asset growth. Gold exchange-traded products experienced consistent positive flows over the past four months after largely being bypassed during much of the earlier gold price rally.

Gold delivered a 19% return in Q1, outperforming other major asset classes as investors sought traditional safe-haven assets amid an increasingly uncertain economic outlook and rising equity market volatility.

The insights from Q1 inflows come against tariff-induced volatility that emerged in April. Gary Buxton, Head of EMEA ETFs at Invesco, emphasized that the first quarter positioning indicates underlying investor sentiment.

He noted that European equities retain valuation support, while the increasing unease over concentration risks in US and global benchmarks could further sustain the pivot towards European markets.

Buxton also highlighted that ongoing economic uncertainty may continue to bolster gold’s appeal. The asset’s historically low correlation with equities and tendency to perform during periods of heightened risk aversion illustrate its role as a diversification tool.

Bitcoin is also reaffirming its position away from a risk asset toward a more technically aligned risk-off investment.

As market conditions are in flux, the inflows into European equities and gold observed in Q1 may inform future investor strategies, particularly in uncertain environments and a search for regional and asset diversification.