‘Halvening’ could spark huge bitcoin rally
hopeful that a once-in-four-years event which rewrites the underlying code of the world’s biggest cryptocurrency will extend the current market rally. But the milestone also risks sounding the death knell for certain bitcoin miners.
“If you count in everything, the total cost for certain miners is well above bitcoin’s current price,” added Wolfie Zhao, head of research at TheMinerMag, a research arm of mining consultancy BlocksBridge. “Net profits will turn negative for many miners with less efficient operations.” The borrowing spate was partly driven by miners migrating to North America from China after the Communist nation’s domestic mining ban in late 2021. “One thing the miners didn’t have is access to the capital market,” said Zhao. “Debt financing is much more available in the US.”
Bitcoin miners are taking a number of measures to protect themselves ahead of the halving, such as locking in power prices, bolstering war chests and cutting back on investments.
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