Bitcoin miners operating in the United States are discussing how the adoption of energy-efficient models will be crucial for sustaining profitability after the upcoming halving event. Recent findings from Hashlabs Mining indicate that 40% of Bitcoin mining activities take place within the United States, a significant proportion that might face challenges post-halving. Raphael Zagury, the Chief Investment Officer at Swan Bitcoin, has highlighted the inevitable impact of the halving on U.S. miners, predicting a reduction of revenue by half. This will serve as a litmus test, differentiating between efficient and less capable miners in the industry.
The impending halving, scheduled for April, will reduce the mining reward from 6.25 BTC to 3.125 BTC, affecting operations globally but particularly straining regions with high miner density. U.S. miners are prioritizing energy efficiency to mitigate these effects. Haris Basit, the Chief Strategy Officer at Bitdeer, emphasizes the importance of preparing well in advance for such events to maintain operational efficiency. Bitdeer, with its six mining facilities worldwide, focuses on minimizing electricity costs, which fluctuate based on location and time. Basit suggests that the impact of the halving on their U.S. operations will largely hinge on Bitcoin’s price dynamics during the event.
The hash rate of the Bitcoin network, indicative of miners’ computational power, has been steadily rising but might face challenges post-halving due to decreased rewards and high energy consumption. Jamie McAvity, CEO at Cormint Data Systems, highlights the efficiency threshold required for profitability post-halving and anticipates difficulty adjustments in mining. Despite these challenges, industry experts foresee an eventual increase in the global hash rate post-halving, contingent on favorable Bitcoin price trends.
Bitdeer anticipates significant growth in hash rate through planned expansions and enhanced mining rig efficiency, provided Bitcoin’s price supports such developments. The halving event historically initiates a bullish cycle for Bitcoin, further supporting long-term increases in the global hash rate.