Summary
TLDR: Bitcoin halving in 10 days will reduce mining rewards, putting pressure on profitability. Miner hashprice has dropped 30% since last halving, transaction fees have decreased, and competition among miners has increased. Some miners are selling more Bitcoin. Despite challenges, industry may find a new equilibrium post-halving. Market forces expected to stabilize situation according to some experts.
Key Points
1. The Bitcoin halving event will reduce the reward for mining a Bitcoin block from 6.25 to 3.125 Bitcoins, impacting miners’ profitability.
2. Miner hash prices have decreased by 30% since the last halving in May 2020, and transaction fees have seen a significant drop, affecting miners’ earnings.
3. Despite challenges, the total daily revenue of the Bitcoin mining industry has reached new highs in 2024, suggesting a potential equilibrium after the halving.