The next Bitcoin (BTC) halving will take place in April 2024 and will negatively impact miners’ profits. According to HashrateIndex cryptocurrency mining specialist Jaran Mellerud, less than half of Bitcoin miners are operating at their highest productive levels.
After the subsequent halving, these miners are therefore more likely to be apprehended. Following the halving, it is estimated that the breakeven electrical energy price for the most frequent miners will fall from $0.12/kWh to $0.06/kWh.
The working value per kWh for around 40% of BTC miners is higher than $0.06/kWh. Consequently, the halving could have a significant negative impact on miners with operating prices exceeding $0.08/kWh and individuals without mining equipment.
According to Wolfie Zhu, director of analysis at The Miner Magazine, the research division of mining advisory Blocks Bridge, when all the pieces are taken into account, certain miners’ total value is far higher than Bitcoin’s current value. Internet earnings will become harmful for many miners who are operating much less efficiently.
According to Ethan Vera, chief operating officer of Luxor Applied Sciences, the global mining industry’s debt is currently between $4.5 billion and $6 billion, down from $8 billion in 2022.
