2024

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/insights-on-bitcoin-mining-and-market-trends/" data-wpel-link="internal">Insights on Bitcoin Mining and Market Trends</a> 
<a href="https://coin-turk.com/cok-sert-uyari-yapay-zeka-bir-yil-icinde-bu-altcoin-milyonlarca-dolar-calacak" data-wpel-link="internal">The cryptocurrency</a> market continues its eager anticipation of the halving event, with ongoing commentary on the subject. Accordingly, after the halving of <a href="https://coin-turk.com/bitcoin-onemli-isimlerden-yeni-destekler-buluyor" data-wpel-link="internal">Bitcoin</a> mining rewards, investors’ confidence in the profitability of the <a href="https://en.coin-turk.com/bitcoin-transaction-fees-drop-after-a-surge/" data-wpel-link="internal">Bitcoin</a> mining sector led to a decline in Bitcoin mining stocks in the USA and abroad. However, an industry analyst states that these fears are not based on solid foundations. 
<h2 class="p1" style="text-align: justify" id="what-to-expect-in-mining">What to Expect in Mining?</h2> 
Mitchell Askew, the chief analyst at Bitcoin mining firm Blockware Solutions, explained that investors will realize their fears are baseless. He attributed the post-halving profitability concerns and Bitcoin’s 7.5% price drop last week as the main factors behind the fall in miners’ stock prices, sharing the following statement: 
<blockquote> 
 “The halving will be a news buying event for public Bitcoin miners and the private ASIC market.” 
</blockquote> 
According to Google Finance data, two of the largest Bitcoin miners, Marathon Digital (MARA) and Riot Platforms (RIOT), saw their stock prices drop by about 53% and 54% respectively since their year-to-date highs in February. 
CleanSpark (CLSK) reached a three-year high of $23.40 on March 25 but has since fallen by 38.1% to $14.48, though it still shows an approximate 250% increase this year. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-341071 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/cleanspark.webp" alt="" width="842" height="544"> 
Outside the US, Bitcoin miners listed on Nasdaq such as Singapore’s Bitdeer Technologies (BTDR) and Australia’s Iris Energy (IRIS) have also seen their stock prices drop by approximately 40.8% and 47.6% respectively from their mid-February YTD highs. 
The price drops emerged as the market anticipates Bitcoin’s fourth halving event on April 20, where Bitcoin mining rewards will halve to 3.125 Bitcoins. 
<h2 class="p1" style="text-align: justify" id="prominent-figures-discuss-halving">Prominent Figures Discuss Halving</h2> 
Askew expressed concerns that post-halving profitability in 2024 will be proven by the performance of the Valkyrie Bitcoin Miners ETF (WGMI), a fund that actively follows the Bitcoin mining market with a near-zero correlation coefficient with Bitcoin. WGMI’s price is approaching the previous local low, but Askew expects a recovery in mining stocks shortly after the halving event. 
In late January, Cantor Fitzgerald reported that if Bitcoin’s price remains around $40,000, 11 public Bitcoin miners would not be profitable post-halving, reigniting profitability concerns. 
Hashlabs Mining‘s founder and chief mining strategist Jaran Mellerud suggests that if Bitcoin’s price does not continue to rise post-halving, some US Bitcoin miners might be forced to migrate in search of cheaper electricity costs or expand overseas. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/insights-on-bitcoin-mining-and-market-trends/" data-wpel-link="internal">Insights on Bitcoin Mining and Market Trends</a></h5>

Insights on Bitcoin Mining and Market Trends

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