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Gold-backed cryptocurrency is a cost-effective way to invest in gold.
A robust strategy to help investors weather the storm is to diversify their portfolio and invest in assets that tend to do well in times of economic turbulence, such as gold. Offering a measure of stability, gold has been a reliable store of value for centuries, whose price is not dependent on the economy's health. It also has the advantage of high liquidity, so investors can easily trade it for cash at any time.
Buying and storing gold, however, is a challenge for most investors, especially those with limited resources, to safely keep it in their position. A practical and more straightforward way to get invested in gold is through gold-backed cryptocurrency.
Gold-backed cryptocurrency is a cost-effective way to invest in gold as investors do not have to worry about the costly fees associated with buying and storing the physical asset.
The strategic importance of gold-backed cryptocurrency as a potential game changer in global finance gained strength when some of the world's superpowers hinted at a move to create a new digital reserve currency. As the BRICS countries – Brazil, Russia, India, China, and South Africa – recently revealed plans of collectively developing a new basket-based reserve currency, Russia and China are also reportedly moving ahead with separate plans to create a new gold-backed currency that could undermine the US dollar.
These moves may have raised eyebrows, but from an investor's perspective, they reflect gold-backed currency's massive economic and investment potential.
The Zambesi Gold (ZGD), is a gold-backed cryptocurrency that aims to lead the transition of mining assets into fully backed digital assets. ZGD token has continued to increase in value since its launch date despite the market conditions, a significant milestone that underlines investors' strong confidence in a cryptocurrency backed by gold.
ZGD is developed by Zambesi Gold (Pty) Ltd, a mining company run by professionals with over 40 years of experience in the mining industry. The company's expertise in gold mining and its ability to continuously grow its gold reserves through its mining operations are key advantages that set ZGD apart from other gold-backed cryptocurrencies.
Zambesi Gold reinvests 75 per cent of its profits into the business and in acquiring new gold mines, with the remaining gold profits sent to a vault, increasing the amount of gold each token represents. The company's first gold mine is the 50,000-ton-per-month Middelvlei Mine, which has already started operations last month.
ZGD has a high-earning staking system that delivers steady profits to users, offering up to 30 per cent returns on the staked amount in 24 months. In addition, all tokens received from users withdrawing investments are also removed from circulation through a coin-burning mechanism, which effectively ensures the value of ZGD goes higher as more people use it.
I recently saw an article that cited the level of leverage and debt of the world's leading Bitcoin mining companies. Since they are listed companies, it is easy to find their financial statements and prove the obvious: this is a counter-cyclical business that requires a lot of efficiency and professional management.
For those who are still wondering what mining is, let me quickly explain: the term mining makes an analogy to the process of extracting gold and metals, since bitcoin miners are the "producers" of this digital commodity. In practice, mining consists of allocating computing power and electricity to ensure the bitcoin network functions, validating transactions and serving as the backbone of this decentralized system.
Investing in bitcoin mining is different from buying the asset directly. On the one hand, when investing in mining you have constant and predictable cash flow and physical assets that can be liquidated in the event of market stress, making the investment more attractive to more cautious investors accustomed to investing in cash flow generating businesses. On the other hand, besides the risk related to the asset, there are also risks of the operation itself.
Currently, bitcoin is down more than 65% from its November 2021 peak. Moments like this generate apprehension and make the investors ask themselves: is it an opportunity to increase my investments or a risk?
For bitcoin mining operations with structured cash, the moment represents a great opportunity! To quote Warren Buffet: “It’s only when the tide goes out do you learn who was swimming naked.”
In general, bitcoin miners have their cash flow reduced as the price of bitcoin falls, so at first glance it is counterintuitive that lower prices are beneficial to a mining company.
However, since we are talking about an industry, more important than the market price is the cost of production.
Within the production costs, the biggest cost is the cost of electricity, which is the main input for this data processing activity. Therefore, those who can get a good price for energy and efficiency can remain profitable even in unfavorable market conditions.
Since not all miners can achieve this same level of efficiency, in scenarios like this one many end up having their production cost very close to the market price of the asset, leading them to liquidate their assets and exit the market.
Because of this, as in most commodity markets, this market is also counter-cyclical, and these down times are the best times to expand operations. There is a positive correlation of the price of mining computers with the price of Bitcoin, where the price ends up being adjusted in a greater variation than the asset itself.
While the price of bitcoin fell about 47% from April to August of this year, the price of computers used in mining fell about 60% in the same period.
Particularly, I understand the mining industry in much the same way as the network infrastructure (cable) industry of the 1990s, where there were basically three major cycles of expansion and consolidation.
The first cycle was marked by geeks and technology enthusiasts, who started internet businesses and literally cabled and set up the first network infrastructures. This has also happened with bitcoin miners since 2009.
In the second cycle, we had the entry of players interested in maximizing capital quickly, ignoring the importance of efficiency by focusing only on the accelerated expansion of their structures and on short-term results.
In the third cycle, we had the consolidation of the industry, with the entry of players focused on efficiency and long-term vision, encouraging the entry of venture capital and the professionalization of the market. In the United States, the 50 largest cable companies of the late 1990s were consolidated into four by the end of 2010.
Most of today's large mining companies entered the second cycle, with too much focus on the short term and not enough efficiency. This results in businesses that are not very robust and are very vulnerable to times of stress.
During bitcoin's big up cycle between 2020 and 2021, many mining companies took advantage of rising margins to leverage themselves and expand their operations. This is very common in many industries, but in this case in addition to leveraging in dollars, a good portion of the listed miners ended up keeping their cash in bitcoin in an attempt to maximize their results.
According to estimates from Luxor Technologies, estimates indicate that listed mining companies have between $3 and $4 billion in loan agreements used to finance infrastructure expansion and computer purchases.
Mistakenly, these players did not consider that, as in any commodity producer, if you are able to increase your production capacity, it makes sense to sell the stock you produce and reinvest it, rather than keeping the asset you produce on your balance sheet.
In order to be able to honor these commitments, mining companies began to liquidate their liquid assets first, in this case the bitcoins held on the balance sheet. This move further increased the selling pressure during June and July, pushing prices to new lows.
Basically, the result of the cash management strategy adopted by these mining companies was to mine high and sell low, resulting in further financial losses in addition to the operational losses caused by the bitcoin price declines.
After selling the bitcoin from the balance sheet, the less efficient mining companies will need to sell computers to honor payments and maintain the operation, opening up space for more efficient mining companies to incorporate these assets and operations.
As with other commodities, bitcoin mining is an anti-cyclical business. As a result, the best time to grow is during periods of low prices, when inefficient miners face problems and exit the market.
At the current moment the equipment is at a great discount and the investments made now will bring returns faster. So, despite the negative news and the last few months of falling prices, this is a moment of great asymmetry, with reduced risk and high potential returns to make investments in bitcoin mining.
We are in a moment of great opportunities and those who invest now will be winners in the long run. In short, for businesses that are well structured and have strategic advantages that ensure efficiency, all the turbulence of this harsh winter points in the direction of a very favorable spring for growth.
This is a guest post by Ruda Pellini. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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