Bitcoin

Impact

April

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-miners-accelerate-sell-off-before-reward-halving-hits">Bitcoin Miners Accelerate Sell-Off Before Reward Halving Hits</a><br></p>
<p style="text-align: justify"> As the anticipated <a href="https://en.bitcoinhaber.net/crypto-market-awaits-etf-decision-amidst-challenging-economic-data">Bitcoin</a> block reward halving draws near, CryptoQuant’s recent data reveals a marked uptick in Bitcoin sales by miners. The end of March saw a surge to 1,600 BTC in daily over-the-counter (OTC) market sales, the highest since August of the previous year. Miners seem to be liquidating holdings strategically to capitalize on current market prices ahead of the halving event. </p> 
<h2 id="profitability-pressures-and-falling-hashrate-price">Profitability Pressures and Falling Hashrate Price</h2> 
<p style="text-align: justify"> Bitcoin’s <a href="https://en.bitcoinhaber.net/hive-digital-technologies-expands-european-presence-with-new-acquisition">mining</a> industry is grappling with reduced profitability, underscored by a drastic decline in transaction fee income as the block reward halving looms. The cost of hashrate, a measure of mining power, has plummeted by 30 percent since the last halving, leading to a drop in earnings per hashrate. This trend is reshaping miners’ pre-halving strategies, as they navigate the new economic landscape. </p> 
<p style="text-align: justify"> Simultaneously, the Bitcoin network’s hashrate has soared to 600 H/s, signaling intensified competition among miners. The hashrate’s rise points to an increased computational effort to maintain network <a href="https://en.bitcoinhaber.net/shido-network-suffers-significant-hack-staking-tokens-stolen">security</a> and suggests growing miner determination to claim their share of Bitcoin rewards. </p> 
<h2 id="miners-strategize-for-impending-halving-impact">Miners Strategize for Impending Halving Impact</h2> 
<p style="text-align: justify"> The Bitcoin network is on the cusp of its fourth historic block reward halving, expected on April 19, 2024. This event will halve mining rewards from 6.25 to 3.125 BTC per block, potentially leading to a 3-7 percent decline in miner income. The crypto community is keenly observing the potential repercussions on network dynamics and security. </p> 
<h3 id="points-to-take-into-account">Points to Take into Account</h3> 
<ul> 
 <li>Miners are selling more Bitcoin in anticipation of the block reward halving.</li> 
 <li>The hashrate price decrease challenges profitability but increased competition indicates a strong mining sector.</li> 
 <li>Bitcoin ETFs in the US could help offset market volatility following the halving.</li> 
</ul> 
<p style="text-align: justify"> In the face of these challenges, U.S. Bitcoin ETFs continue to draw attention, potentially cushioning the market from the sell-off’s impact. By enabling investment in Bitcoin without direct ownership, ETFs provide a stable demand that could help mitigate the reduction’s negative market effects. Consequently, despite the halving, ETFs are shaping a more robust market for the leading cryptocurrency.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-miners-accelerate-sell-off-before-reward-halving-hits">Bitcoin Miners Accelerate Sell-Off Before Reward Halving Hits</a></h5>

Bitcoin Miners Accelerate Sell-Off Before Reward Halving Hits

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