The Impending Doom for Bitcoin Miners: Surviving the Next Halving
Bitcoin miners are facing challenges ahead of the next "halving" event, which will cut their rewards in half. The event, scheduled for April 2024, is expected to make mining less profitable for many miners due to higher electricity costs and debt burdens. Nearly half of the miners are predicted to suffer as they have less efficient operations with higher costs. Miners with operating costs above 8 cents per kilowatt-hour will struggle to stay afloat. Rising competition and increasing mining difficulty have compressed profit margins. Miners are taking measures to protect themselves, such as locking in power prices and cutting back on investments. However, many miners may be driven out of the market as a result of the halving.