2024

Bitcoin ETF

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/countdown-to-bitcoin-halving-mining-companies-prepare-for-2024-event/" data-wpel-link="internal">Countdown to Bitcoin Halving: Mining Companies Prepare for 2024 Event</a><br></p>
<p class="p1" style="text-align: justify">While the crypto market’s eyes are on spot <a href="https://en.coin-turk.com/is-the-crypto-currency-decline-over-bitcoin-and-altcoins-analysis/" data-wpel-link="internal">Bitcoin</a> ETF applications, Bitcoin mining companies continue to take steps to strengthen their operations after the halving event scheduled for 2024. Let’s examine the expected effects of the halving event in April, which will cut Bitcoin network block rewards in half, on the mining sector.</p> 
<h2 class="p1" style="text-align: justify" id="countdown-to-halving-continues">Countdown to Halving Continues</h2> 
<p class="p1" style="text-align: justify">The Bitcoin ecosystem is designed to reduce the amount of <a href="https://en.coin-turk.com/crypto-analyst-predicts-lengthy-consolidation-period-for-bitcoin/" data-wpel-link="internal">BTC</a> given to a miner who adds a new block to the ongoing activities. Mining reward halvings occur every 210,000 blocks, and with a block added to the ecosystem every ten minutes, halving events happen approximately every four years.</p> 
<p class="p1" style="text-align: justify">The next halving, which will be the fourth event, will reduce the Bitcoin mining reward from 6.25 BTC to 3.125 BTC. Previous halvings took place in 2012, 2016, and 2020. The reduction of mining rewards is a significant factor for miners, considering the effects on hardware and general operating costs, profitability, and investment returns.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-296511 size-full" src="https://coin-turk.com/wp-content/uploads/2024/01/btc-halving-grafik.png" alt="" width="3076" height="1889"></p> 
<h2 class="p1" style="text-align: justify" id="mining-companies-take-action">Mining Companies Take Action</h2> 
<p class="p1" style="text-align: justify">The efficiency of Bitcoin mining operations will play a crucial role during the halving. Hut8 CEO Jaime Leverton stated that this event would force miners to improve efficiency in their operations to continue their activities.</p> 
<p class="p1" style="text-align: justify">Hut8 has actively deployed purpose-built software to increase the efficiency of its mining facilities in Canada. Leverton also added that the company hopes to complete a previously announced deal to purchase four power plants in Ontario to strengthen its operations.</p> 
<p class="p1" style="text-align: justify">This capacity includes a total of 310 MW, including the old 40 MW North Bay mining site that Hut8 had to vacate due to a prolonged legal dispute with Validus Power. Hut8 plans to purchase the aforementioned power plants from the company after they are transferred to state officials in September 2023. Leverton made the following statement:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“We have long been bullish on mining and the Bitcoin price moving up and to the right over time, and we believe that the best-prepared miners will take an upward position after the halving event. That’s why we strategically acted this year to expand our mining operations inorganically and succeeded in increasing our capacity through mergers.”</p> 
</blockquote> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/countdown-to-bitcoin-halving-mining-companies-prepare-for-2024-event/" data-wpel-link="internal">Countdown to Bitcoin Halving: Mining Companies Prepare for 2024 Event</a></h5>

Countdown to Bitcoin Halving: Mining Companies Prepare for 2024 Event

Table of Contents

COINTURK NEWS

Další články publikované 1. 1. 2024

Pullix (PLX) Presale Gains Popularity, Outshining Bitcoin Cash (BCH) and Internet Computer (ICP)

The Worst Thing that Happens in Ethereum Is People Lose Money, Says Vitalik Buterin

Bitcoin Shines as the Star of 2023 Amidst Crypto Market Developments

Tellor tops social trend data amid 50% drop

Deutsche Telekom Launches APPVISORY Secure App Check Service to Bolster Mobile Device Security

Bitcoin NFT Sales Hit Record in December 2023: What to Expect in January 2024?

Join our free newsletter for daily crypto updates!