{"id":52363,"date":"2025-01-17T01:10:00","date_gmt":"2025-01-17T01:10:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/aave-community-mull-bitcoin-mining"},"modified":"2025-01-17T04:12:48","modified_gmt":"2025-01-17T04:12:48","slug":"aave-tokenholders-mull-foray-into-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52363","title":{"rendered":"Aave tokenholders mull foray into Bitcoin mining"},"content":{"rendered":"

Aave\u2019s tokenholder community is mulling a foray into Bitcoin (BTC) mining in a bid to boost revenues and accelerate adoption of Aave\u2019s stablecoin, according to a proposal in the decentralized finance (DeFi) protocol\u2019s governance forum.<\/p>\n

The Jan. 15 proposal, which is still awaiting a tokenholder vote, was authored by Blockware Solutions, a Bitcoin mining-as-a-service provider.<\/p>\n

Per the proposal, Aave would enlist Blockware to operate Bitcoin mining rigs on its behalf, seeking to earn \u201ca solid 33.03% net annualized return\u201d for Aave\u2019s treasury.<\/p>\n

Bitcoin mining \u201cnot only strengthens the protocol\u2019s balance sheet but also opens the door to significant capital gains tax depreciation strategies,\u201d Blockware said.<\/p>\n

The DeFi protocol would also integrate its GHO stablecoin \u201cdirectly into the Bitcoin network.\u201d This would \u201cintroduce Bitcoin miners and retail customers to the ability to pay for mining equipment with AAVE (GHO),\u201d the proposal said.<\/p>\n

Comments in Aave\u2019s governance forum show skepticism among tokenholders, including concerns about the profitability and costs of Bitcoin mining.<\/p>\n

Aave is a DeFi lending protocol that lets users borrow cryptocurrency by depositing other crypto assets as collateral.<\/p>\n

\"\"
Proposal for Aave to foray into Bitcoin mining. Source: <\/em>Aave<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Related: <\/strong><\/em>Aave, Sky float partnership to bridge DeFi, TradFi<\/strong><\/em><\/p>\n

Slow stablecoin adoption<\/h3>\n

In July, Aave launched its GHO stablecoin on the Arbitrum network, an Ethereum layer-2 scaling blockchain.<\/p>\n

It joined numerous other DeFi protocols \u2014 including Sky (formerly Maker) and Curve Finance \u2014 in minting a proprietary US dollar-pegged token.<\/p>\n

So far, GHO\u2019s adoption has been muted. As of Jan. 16, its market capitalization was approximately $166 million.<\/p>\n

That\u2019s nearly 1,000 times less than market leader Tether, whose USDT (USDT) stablecoin touts a market cap of nearly $140 billion.<\/p>\n

Growth in Bitcoin mining<\/h3>\n

Bitcoin miners are expanding production as BTC\u2019s strong performance partially offsets headwinds from April\u2019s halving, which reduced mining rewards from 6.25 BTC to 3.125 BTC per block.<\/p>\n

Miners have prioritized accumulating BTC on balance sheets. In December, JPMorgan raised price targets for four Bitcoin mining stocks to reflect value from miners\u2019 BTC holdings, the bank said.<\/p>\n

Integrating GHO into the Bitcoin network would establish it as a \u201cBitcoin-powered stablecoin with real-world value,\u201d Blockware said.<\/p>\n

Magazine: <\/strong><\/em>Ether may \u2018struggle\u2019 in 2025, SOL ETF odds rise, and more: Hodler\u2019s Digest, Dec. 29 \u2013 Jan. 4<\/strong><\/em><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Aave\u2019s tokenholder community is mulling a foray into Bitcoin (BTC) mining in a bid to boost revenues and accelerate adoption of Aave\u2019s stablecoin, according to a proposal in the decentralized finance (DeFi) protocol\u2019s governance forum. … Aave tokenholders mull foray into Bitcoin mining<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":52365,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-52363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nAave tokenholders mull foray into Bitcoin mining - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=52363\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aave tokenholders mull foray into Bitcoin mining - 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