Bitcoin

Impact

April

As the Bitcoin community counts down fewer than 5,500 blocks to the anticipated halving event on April 20, miners are facing a pivotal moment. With <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">Bitcoin's price</a> rallying, the <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/">hashprice</a>, currently at $120 per petahash per second (PH/s), is on the rise but at a slower rate than Bitcoin's price due to a record-setting network <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">hashrate</a> that just hit a new all-time high of over 625 exahashes per second (EH/s). This surge led to a mining difficulty increase of 5.79% this Thursday, according to <a href="https://theminermag.com/news/2024-03-14/miner-weekly-bitcoin-mining-hashprice-hashrate-hashcost/">TheMinerMag</a>. 
The looming halving could see the hashprice halve to $60/PH/s, posing a profitability challenge for miners like the S19Pro, which would need <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">electricity</a> below $0.08/kWh to break even. This could lead to a substantial amount of hashrate going offline. 
Despite this daunting outlook, reports from Miner Weekly suggest most public mining companies might still gross profit post-halving, with fleet hashcosts maintained below $40/PH/s. Yet, corporate overhead can push some to the brink, reaching the $60/PH/s threshold. Companies have been proactive, upgrading to the latest mining rigs from leading manufacturers to reduce Q1 hashcosts.

Bitcoin Halving Looms: Mining Sector Braces for Hashprice Impact

Ultramining_Eng

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