Bitcoin

Million

April

CryptoQuant CEO <a href="https://www.crunchbase.com/person/ki-young-ju" data-wpel-link="external" target="_blank" rel="nofollow external noreferrer">Ki Young Ju</a> has recently highlighted that the cost of mining Bitcoin using Antminer S19 XPs is projected to escalate from $40,000 to an eye-watering $80,000 following the Bitcoin halving event set for mid-April. 
This adjustment occurs in the backdrop of the Bitcoin halving, an event that unfolds approximately every four years or after 210,000 blocks are mined, effectively slashing the mining reward by half. 
This pivotal moment not only influences Bitcoin’s market value indirectly but also exerts a profound effect on miners’ operations by doubling the expenses required to mine the same quantity of Bitcoin. 
Reflecting on the aftermath of the May 2020 halving, the cost for miners to sustain profitable operations surged past $30,000. 
Concurrently, Bitcoin’s valuation soared to a record peak of $69,000 within the same cycle. As of April 6, the average expense tied to Bitcoin mining stands at $49,902, with the cryptocurrency’s market price breaching the $70,000 mark. 
Post-halving on April 20, the mining cost is anticipated to climb beyond $80,000, necessitating a corresponding increase in Bitcoin’s market price for mining ventures to remain viable. 
Historical patterns post-halving showcase significant surges in Bitcoin’s price, substantiating miners’ ability to maintain profitability despite initial apprehensions of potential insolvency. 
Following the 2012, 2016, and 2020 halvings, Bitcoin’s value experienced monumental rises of approximately 9,000% to $1,162, 4,200% to $19,800, and 683% to $69,000, respectively. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/genesis-sells-36-million-gbtc-shares-to-buy-bitcoin-aiming-to-settle-debts-amid-bankruptcy/" data-wpel-link="internal">Genesis Sells 36 Million GBTC Shares to Buy Bitcoin, Aiming to Settle Debts Amid Bankruptcy</a> 
Such increments have consistently offset the heightened costs and technological demands placed on mining operations, rendering only the most efficient machines competitive. 
In the immediate aftermath of halving events, the Bitcoin community often faces a phase of uncertainty, marked by a below-profit-price BTC value, increased sales of mining equipment, and the exit of smaller mining entities. 
Nonetheless, this period typically precedes a market correction driven by reduced supply and heightened demand, eventually elevating Bitcoin’s price well above average mining costs, thus securing miners’ profit margins in the longer term. 
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Bitcoin Mining Costs to Double Post-Halving, CryptoQuant CEO Predicts Surge to $80,000

Crypto Intelligence

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