Bitcoin

April

The bitcoin mining industry is bracing for significant changes as the next bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a> approaches, estimated to occur on April 22, 2024. This event is expected to have a notable impact on miners' profitability, especially for those operating with certain types of equipment, according to <a href="https://theminermag.com/news/2024-01-25/miner-weekly-bitcoin-miner-s19xp/" rel="noopener noreferrer nofollow">TheMinerMag</a>.
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Currently, bitcoin's <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/" rel="noopener noreferrer nofollow">hashprice</a>, the daily revenue generated per petahash of computing power, is at $76/PH/s. However, it's anticipated to drop by about 50% immediately post-halving. If the hashprice falls below $40/PH/s, miners, particularly those using the Antminer S19XP at an average electricity cost of $0.075/kWh, could struggle to maintain profitability.
The Antminer S19XP, although a high-performance model, may not be entirely safe in this scenario. With a hashprice drop to sub-$40/PH/s, miners would need access to the latest generation of mining equipment with efficiency below 20 J/TH or extremely low power rates (below $55/mWh) to stay in the green.
The bitcoin mining ecosystem is self-regulatory, so a drastic reduction in hashprice could lead some less efficient operators to disconnect from the network. This action would decrease the overall network <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> and difficulty, potentially raising the hashprice again.
However, if <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">bitcoin's price</a> doesn't increase post-halving, the industry might face a challenging period similar to the summer of 2020, marked by overcapacity and strained profitability.

Bitcoin Miners Face Challenges as Halving Looms and Hashprice Drops

Ultramining_Eng

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