Bitcoin

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 New developments in the Bitcoin mining space have Hut8 vice president Sue Ennis convinced that well positioned miners will thrive after the next BTC halving. 
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 The next Bitcoin halving event is less than 9 months away and the consensus opinion among analysts and investors is that the halving will send BTC price to a new all time high or even above $100,000.&nbsp;
 Despite this belief, the absence of fresh inflow to the crypto <a rel="dofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>, the current macroeconomic headwinds and BTC’s recent price action below $30,000 do not inspire much confidence in this theory in the short-term. 
 In a recent interview with Paul Barron, Hut8 vice president Sue Ennis shared her thoughts on how Bitcoin price will rise above $100,000 in the next year and how the upcoming halving will impact BTC miners. Hut8 currently has a balance of 9,152 BTC in reserve, of which 8,305 is unencumbered. The company’s installed ASIC hashrate capacity sits at 2.6 ETH/s and Hut8 mined 44.6 BTC in July.
 In the interview, Barron inquired whether rising Bitcoin difficulty for miners could induce a fresh wave of sell pressure against BTC price. Citing data from Hashrate Index, Barron observed that spikes in Bitcoin difficulty were followed by drops in BTC price. 
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 <img src="https://cdn.thebittimes.com/images/2023/08/29/e066d4e32fd86973982410886bc67fd6.webp">
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 Bitcoin price, difficulty and difficulty adjustment. Source: Hashrate Index
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 Barron questioned if miners were selling Bitcoin as a result of the upcoming halving creating a need for more efficient ASICS, and whether BTC’s pre- and post-halving price action would not be as bullish as investors expected. 
 According to Ennis: 
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 “There’s a lot of unprecedented dynamics that are happening now in the mining space. What’s interesting is hashrate continues to come online despite Bitcoin price trading in a certain band, we’re still seeing hashrate increase.”
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 Ennis elaborated with: 
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 “What's changed now is that we’re seeing BTC price come down a little but hashrate continues to go up. What’s exciting and different is we’re seeing tremendous amount of new entrants into the global Bitcoin network.” 
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 Ennis referenced 6 gigawatts of nuclear and renewable energy being generated in the Middle East and with the governments within this region exploring Bitcoin mining as an option, this is bringing more hashrate online in a way that is somewhat price agnostic. This is drastically different from how publicly traded US-based and more forward facing miners operate. 
 In order to stay afloat after the halving, Ennis suggested that miners need to be in a position of avoiding being “single threaded,” i.e., they need more than one way of earning revenue beyond just mining Bitcoin. 
 Revenue diversification would include exploring various AI applications, dedicating some warehouse rackspace to GPUs for companies specialising in AI training and possibly offering industrial-level ASIC repair services, or even participating in demand-response initiatives with large energy producers and distributors. 
 Related: September ‘crash’ to $22K? — 5 things to know in Bitcoin this week
 <h2 id="higher-prices-are-programmed-thanks-to-the-halving-and-eventual-btc-etf">Higher prices are programmed thanks to the halving and eventual BTC ETF</h2>
 Crypto investors have waited years for the launch of a spot Bitcoin ETF and even with the recent influx of applications, an approval by the U.S. Securities and Exchange Commission remains elusive. 
 Despite the history of delays and denials, Ennis said that a “spot ETF coming to <a rel="dofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>, that’s incredibly bullish for the asset class,” but she also cautioned that an approval could create sell pressure on miner equities given that mining stocks have often been used as a proxy investment to Bitcoin. 
 Regarding the percentage chance of a spot Bitcoin ETF approval by the end of 2023, Ennis said: 
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 “Definitely better than 50. The real reason for my opinion on that is because BlackRock threw its hat in the ring. BlackRock being powerful and the largest asset manager in the world. For them to throw their hat in the ring and say this is what we want and the amount of clout they’ve had in markets in past initiatives is tremendous. So I think for them to make this call, it is a real bullish signal.” 
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 Regarding a potential target for Bitcoin price, Ennis said: 
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 “I definitely do think we could see in this next cycle $100,000 cost per Bitcoin and that's based on if BTC were to capture even 2% to 5% of gold's $13 trillion place in institutional portfolios. If BTC were able to capture even 2 to 3% of gold's market cap that would be incredibly accretive to the price and push it north of $100,000.” 
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 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. 
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Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-may-hit-100k-by-capturing-even-2-5-of-gold-s-market-cap-hut8-vp-sue-ennis-tbt60702.html">https://thebittimes.com/bitcoin-may-hit-100k-by-capturing-even-2-5-of-gold-s-market-cap-hut8-vp-sue-ennis-tbt60702.html</a>

Bitcoin may hit $100K by capturing ‘even 2%–5% of gold’s market cap’ — Hut8 VP Sue Ennis

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