Summary
TLDR: The Bitcoin halving event in 2024 will reduce miner rewards, leading to potential hashrate decreases and ASIC repricing. Miners are turning to custom firmware to improve efficiency, and strategic planning is crucial for navigating the post-halving landscape.
Key Points
1. The Bitcoin halving event is scheduled for April 19, 2024, and will reduce the block subsidy for miners from 6.25 BTC to 3.125 BTC, potentially leading to shifts in the mining landscape.
2. The immediate impact of the halving could result in a decrease in miner revenue and a decline in hashrate, with up to 16% of the hashrate becoming economically unviable depending on Bitcoin prices post-halving.
3. Miners are turning to custom ASIC firmware to improve efficiency and profitability post-halving, with firms like CleanSpark and Marathon adopting custom solutions to enhance operational efficiencies.