Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Crypto analyst PlanB says that Bitcoin miner revenue recovers 2 to 5 months post-halving, according to history.</li> 
 <li>He also says that Bitcoin’s price goes vertical after that.</li> 
</ul> 
<p>Popular crypto analyst PlanB revealed on his X account that historically, Bitcoin miner revenue recovers from two to five months after the Bitcoin halving takes place.</p> 
<p>He <a href="https://twitter.com/100trillionUSD/status/1790354750992519500" rel="nofollow noopener" target="_blank">notes</a> that after we see the Bitcoin miner revenue recover, we will also witness BTC’s price going vertical.</p> 
<p><a href="https://twitter.com/100trillionUSD/status/1790354750992519500/photo/1" rel="nofollow noopener" target="_blank"><img fetchpriority="high" decoding="async" class="alignnone" src="https://pbs.twimg.com/media/GNidnYAWEAIHRJT?format=png&amp;name=large" alt="GNidnYAWEAIHRJT?format=png&amp;name=large" width="1716" height="918" title="PlanB: Historically, Bitcoin Miner Revenue Recovers 2-5 Months Post Halving 2"></a></p> 
<p>Adam Back <a href="https://twitter.com/adam3us/status/1790356007878623674" rel="nofollow noopener" target="_blank">commented</a> and said that PlanB’s prediction makes sense, whether it’s cause or effect, because with higher miner profitability, there is even less selling, so the market can feel the full force of the halving supply shock.</p> 
<p>Back is a British cryptographer and cypherpunk. He is the CEO of Blockstream, which he co-founded in 2014. He invented Hashcash, which is used in the Bitcoin mining process.</p> 
<p>At the moment of writing this article, BTC is trading close to $62k, down by about 2% in the past 24 hours on <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow noopener" target="_blank">CoinMarketCap.</a></p> 
<div class="cryptoboxes " data-realtime="on">
 <div class="coinmc-chart coinmc-trigger">
  <div class="cmc-row middle-md between-md">
   <div class="cmc-md-7 cmc-sm-12 cmc-xs-12">
    <ul class="coinmc-filter coinmc-chart-period">
     <li>
      <div class="coinmc-filter-label">
       Zoom
      </div></li>
     <li>
      <div class="coinmc-filter-button" data-period="hour">
       Hour
      </div></li>
     <li>
      <div class="coinmc-filter-button" data-period="day">
       Day
      </div></li>
     <li>
      <div class="coinmc-filter-button" data-period="week">
       Week
      </div></li>
     <li>
      <div class="coinmc-filter-button active" data-period="month">
       Month
      </div></li>
     <li>
      <div class="coinmc-filter-button" data-period="year">
       Year
      </div></li>
     <li>
      <div class="coinmc-filter-button" data-period="all">
       All Time
      </div></li>
    </ul>
   </div>
   <div class="cmc-md-5 cmc-sm-12 cmc-xs-12 end-md start-sm start-xs">
    <ul class="coinmc-filter coinmc-chart-type">
     <li>
      <div class="coinmc-filter-label">
       Type
      </div></li>
     <li>
      <div class="coinmc-filter-button active" data-type="chart">
       <i class="fas fa-chart-line"></i> Line Chart
      </div></li>
     <li>
      <div class="coinmc-filter-button" data-type="candlestick">
       <i class="fas fa-sliders-h"></i> Candlestick
      </div></li>
    </ul>
   </div>
  </div>
  <div class="cmc-row">
   <div class="cmc-md-12">
    <div class="chart-wrapper" data-config="{&quot;type&quot;:&quot;chart&quot;,&quot;coin&quot;:&quot;bitcoin&quot;,&quot;symbol&quot;:&quot;BTC&quot;,&quot;currency&quot;:&quot;USD&quot;,&quot;period&quot;:&quot;month&quot;,&quot;theme&quot;:&quot;light&quot;,&quot;smooth&quot;:true,&quot;areaColor&quot;:&quot;rgb(37,179,98, 0.8)&quot;,&quot;font&quot;:&quot;Saira&quot;,&quot;rate&quot;:1}"></div>
   </div>
  </div>
 </div>
</div> 
<p>Bitcoin continues to maintain the important level of $60k.</p> 
<p>The Bitcoin miner revenue was at $197.76 million on halving day, April 20. The other day, May 13, the Bitcoin miner revenue was $30.36 million, according to data coming from <a href="https://ycharts.com/indicators/bitcoin_miners_revenue_per_day#:~:text=Bitcoin%20Miners%20Revenue%20Per%20Day%20is%20at%20a%20current%20level,0.59%25%20from%20one%20year%20ago." rel="nofollow noopener" target="_blank">YCharts</a>.</p> 
<h2 id="bitcoin-hash-rate-drops-following-the-halving">Bitcoin hash rate drops following the halving</h2> 
<p>Bitcoin’s<a href="https://crypto.ro/en/news/bitcoins-hash-rate-drops-following-halving-miners-shut-down-unprofitable-asics/"> hashrate dropped</a> following the halving event which took place on April 20.</p> 
<p>Bitcoin’s hash rate is a measure of the network’s processing power, and it has experienced a drop as mining firms began to shut down unprofitable mining rigs following the fourth halving.</p> 
<p>The hash rate fell to a low of 575 exahash per second (EH/s) on May 10 before recovering slightly to 586 EH/s.</p> 
<p>This decrease can be attributed to miners turning off their unprofitable rigs. This was a trend that has been highlighted in a May 13 report by James Butterfill, the head of research at CoinShares.</p> 
<p>He also shared the results via his X account.</p> 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <p lang="en" dir="ltr">Miners are beginning to turn off unprofitable rigs </p> 
 <p>We write about it here in detail<a href="https://t.co/8tSQKDY5lk" rel="nofollow" target="_blank">https://t.co/8tSQKDY5lk</a> <a href="https://t.co/498SvO01Bz" rel="nofollow" target="_blank">pic.twitter.com/498SvO01Bz</a></p> 
 <p>— James Butterfill (@jbutterfill) <a href="https://twitter.com/jbutterfill/status/1789945648382345327?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 13, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 id="a-shift-towards-ai-for-higher-revenues">A shift towards AI for higher revenues</h2> 
<p>In his official <a href="https://blog.coinshares.com/coinshares-mining-report-update-our-insights-at-the-2024-halving-382089820a07" rel="nofollow noopener" target="_blank">blog post</a> on CoinShares, he noted that he is expecting a <a href="https://crypto.ro/en/news/bitcoin-miners-interest-shifts-to-ai-computing-to-boost-revenue/">shift towards AI</a> in energy-secure locations due to the potential for higher revenues.</p> 
<p>He says that companies such as BitDigital, Hive, and Hut 8 are already generating income from AI. This is a trend that suggests that Bitcoin mining could increasingly move to stranded energy sites where investment in AI grows at more stable locations.</p> 
<p>It’s been also reported that TeraWulf, BitDigital, and CoreScientific all have current AI operations or AI growth plans.</p> 
<p>Butterfill also notes that substantial cost increases are expected due to the halving, with electricity and overall production costs nearly doubling.</p> 
<p>Key mitigation strategies, according to him, include the following:</p> 
<ul> 
 <li>optimizing energy costs</li> 
 <li>increasing mining efficiency</li> 
 <li>securing favorable hardware procurement terms</li> 
</ul> 
<p>Miners are actively managing financial liabilities, and some are using excess cash to reduce debt significantly, according to the post.</p>

PlanB: Historically, Bitcoin Miner Revenue Recovers 2-5 Months Post Halving

Table of Contents

crypto.ro global

Other articles published on May 14, 2024

Fetch.ai (FET) Price Could Witness a Death Cross if This Support Is Lost

Galaxy Digital Holdings' Revenue, Profit Grow, Buoyed by Record Mining Revenue

Ethereum Faces Rejection at $2,996, Heading Towards Key Support Level

Crypto Analyst Sees 'Massive Bullish Sentiment' For Shiba Inu If Memecoin Crosses This Hurdle

6 Best Altcoins to Invest in Now May 14 – Jito, Akash Network, Unus Sed Leo, Jupiter

Bracebridge Capital Reigns Supreme in ARKB and IBIT Bitcoin ETF Ownership

Join our free newsletter for daily crypto updates!