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<p><a href="https://www.cryptopolitan.com/bitcoin-miners-halving-event-draws-near/" rel="noopener noreferrer nofollow">BTC miners</a> have revealed that they are strengthening their Bitcoin sales before the long-anticipated halving event. Data illustrate that the daily sales have escalated from an average of 100 bitcoins to peak at 1,600 bitcoins in late March, the highest rate since August last year.</p>
<p>This is due to the upcoming halving event, which will see miners adjust to the planned block rewards adjustment from 6.25 to 3.125 Bitcoin (BTC) per block. As a reaction, the chain halvings are foreseen to diminish the reward rate by 3-7%, which will cause inactive miners to remove up to 10% from the network.</p>
<h2 class="wp-block-heading" id="bitcoin-miners-struggle-amid-dropping-transaction-fees">Bitcoin miners struggle amid dropping transaction fees</h2>
<p>A<a href="https://twitter.com/cryptoquant_com/status/1776267886006288414" rel="noopener noreferrer nofollow" target="_blank"> recent</a> downward trend in transaction fees as Bitcoin mining matures is another burden element that might weigh heavily on Bitcoin miners’ profitability. Contrary to ordinary days capitals enjoying the best income, coin hash price is only 30% of its performance during the last halving. This leads to ultimately diminished profits per computing units done, which affects miners’ motivation.</p>
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   <p lang="en" dir="ltr">Some miners are selling more <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#BTC</a> before the halving. Daily sales to OTC desks hit 1.6K Bitcoin in late March, the most since August 2023. <a href="https://t.co/4LDVjwMMyY" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/4LDVjwMMyY</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1776267886006288414?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">April 5, 2024</a>
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<p>This drop in transaction fees happens from the growing battle between miners wanting to have the same rewards just as the high level of equipments needed to be leased have now reached a whopping 600 H/s. This tremendous hashrate highlights that miners are racing to catch a share of rewards,</p>
<p>The hashrate of the worldwide Bitcoin network, in relation to a foreign line at 600 H/s, the metric used for calculating the sum of all computing sheer power employed for mining and securing the network, has increased extraordinarily.&nbsp;</p>
<p>It shows the fact that miners are very competitive facing each other and this serves its purpose of creating a secure and stable system which might last even in distressful periods.</p>
<p>Hash rates keep skyrocketing in the run-up to the halving event, miners put in extra effort in attacking blocks that would bring them more rewards, thus; supporting the continuous surge of the blocks processed per second.&nbsp;</p>
<p>The higher reported hash rate again, emphasizes the high competition in the sector as well as the strategic location of miners, this comes closer to the time of the tornado of the reward block by two.</p>
<h2 class="wp-block-heading" id="unveiling-the-double-impact-on-miner-rewards">Unveiling the double impact on miner rewards</h2>
<p>What is most critical about the next halving event scheduled to happen in April 2024 is that, as opposed to the previous six halvings, this time it will mean a bigger decrease in BTC mining rewards (more than doubled) expressed in US dollars. Having there the rewards to be divided by two, miners are going to be recovering from the strike on their profitability and the difficulty of the Bitcoins framework.</p>
<p>Accordingly, it is anticipated that the miners ‘culls’ will be between 3-7%, following the halving event, due to the drop in rewards for miners that may have made mining obsolete economically. However, the progressing adoption of Bitcoin ETFs (Exchange-traded funds) is a weighty factor on the side of Bitcoin investors that could aid in stabilizing the demand for Bitcoin.</p>
<h2 class="wp-block-heading" id="balancing-miner-profitability-amidst-halving-pressure">Balancing miner profitability amidst halving pressure</h2>
<p><a href="https://www.cryptopolitan.com/bitcoin-etfs-experience-significant-outflows/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> (exchange-traded funds) are becoming not only a significant, but a leading element, in driving changes in bitcoin market performance due to the halving occasion. These investment instruments offer an opportunity to both institutional and retail investors to take off from the volatile price movement of the underlying asset without having to actually own it.</p>
<p>As the continuation of Bitcoin ETF adoption dries up the liquidity sold by miners, the supply and demand for Bitcoin is increasingly neutralized. The combination of institutional funds and investors’ participation on the trading market could lead to the formation of a stable market structure and, at the same time, help mitigate the negative impact, the halving event may have on miners’ profits.</p>
<p>Ahead of the upcoming Bitcoin halving, the miners reassure that they are at full throttle in order to win the rewards against their fellow competitors, thus, declining the transaction fees. The bump up in BTC’s hash rate reveals the sharpening of the competition between miners on the one hand, and the decreased transaction fees on the other generates pressure on miners’ profits.&nbsp;</p>
<p>Bitcoin ETFs depict an answer to countervailing the short-term selling pressure and regulating demand for Bitcoin. Thus, the ecosystem while passing through these changes is being closely observed, mainly towards the upcoming “halving” event and its possible impact on Bitcoin mining and the market structure in general.</p>

Bitcoin hashrate surges as miners brace for record-Bitcoin halving hit

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