What’s in store for miners after bitcoin halving 2024?

What’s in store for miners after bitcoin halving 2024?

Bitcoin halving on the way and what’s in store for miners after reward cuts? There are only 32 days left until the next bitcoin halving, which is expected on April 20, 2024. Currently, miners mine about 900 BTC per day, which is equivalent to about $25.42 million at the current exchange rate. After the halving, daily bitcoin issuance will drop to 450 BTC, accordingly, miners’ revenue will drop to approximately $12.71 million.

💵However, the high price of Bitcoin around $67,000 and increased transaction fees may compensate for the losses of miners.

Additionally, historically following halvings, the price of BTC has seen significant growth in the medium to long term, offsetting the decrease in block rewards.

🤔However, a significant drop in the Bitcoin rate below $50,000 may negatively affect the profitability of mining enterprises. Therefore, the mining industry is looking forward to another rally after the upcoming halving.

Experts assessed the prospects for Bitcoin after the upcoming halving

One of the key events for Bitcoin and the entire crypto industry – halving – will take place soon. In anticipation of this event, analysts from Fin bold drew attention to a number of factors that should be taken into account.

💸 After halving, Bitcoin will become an even more deflationary asset, as its emission rate will halve. Miners will have to use more energy resources, and their reward will automatically be cut in half.

☝️Halving is not tied to specific dates or months, but occurs approximately every 4 years after the network processes 210,000 blocks. This algorithm is built in from the very beginning and cannot be changed, which ensures a long-term shortage of BTC in the market. According to current estimates, the next halving should take place on April 19, 2024.

👤 Experts emphasize that after previous halvings, Bitcoin entered a phase of active price growth. For example, after the first halving in 2012, the price of BTC soared from $12 to $900. However, the situation in 2024 is unique – Bitcoin has already reached an all-time high of $73,800 before the expected halving.

“Almost no one doubts that the key factor influencing this dynamics was the emergence of spot Bitcoin ETFs. This instrument immediately attracted the attention of institutional investors, who began to invest huge amounts of money in it. According to current data, issuers of crypto funds have already accumulated at least 500,000 BTC coins,”

💵As for the advisability of buying Bitcoin now, analysts warned: “Past results do not guarantee the same results in the future!” In conclusion, it is noted that the dynamics of the main cryptocurrency are influenced by many factors, and the decision to invest should be made consciously, taking into account the risks.

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