Bitcoin

April

Million

Billion

BTC miners selling could last for five to six months after the halving, resulting in $5 Billion worth of losses.&nbsp;&nbsp;
Everyone is waiting for the upcoming Bitcoin (BTC) halving event, which is supposed to be held on April 20, 2024. The Bitcoin halving event causes a shortage of BTC supply in the market and thus upsurges BTC prices. Miners’s expenses will rise, mainly in terms of equipment and energy costs, and could result in a $5B Loss in BTC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<h2 class="wp-block-heading" id="strong-btc-miners-are-staring-at-losses-worth-5-billion-strong">BTC Miners are Staring at Losses Worth $5 Billion&nbsp;</h2>
The fourth Bitcoin halving event is scheduled for April 20, during which the mining rewards will be cut from 6.25 to 3.125 BTC. Additionally, the miners could potentially liquidate $5 Billion worth of BTC after the halving.&nbsp;
On April 13, research was carried out by the head of research at 10x Research, Markus Thielen, on Bitcoin halving and its implications on miners’ profits. The event could result in a multi-dollar drop in revenue.
“The overhang from this selling could last four to six months, explaining why Bitcoin might go sideways for the next few months — as it has done following past halvings,” said Thielen.
The price of Bitcoin remained between $9,000 and $11,500 in the five months after the 2020 halving, and the market will not indicate any significant spike until October if history repeats itself.&nbsp;
Furthermore, the daily rewards for the miners will decline from 900 to 450 BTC, and the reduction in the rewards could result in a loss of approximately $5 Billion annually for the whole mining industry.&nbsp;&nbsp;
Thielen also emphasized the altcoins and predicted that the halving event would also affect the altcoin’s performance. Many of the altcoins have fallen back heavily in the past few weeks, whereas many remain a long way from reaching their peak in 2021.&nbsp;
Such situations raise concerns and risks for the <a href="https://www.thecoinrepublic.com/2024/03/21/crypto-industry-shares-views-on-elections-in-us-through-surveys/" target="_blank" rel="noopener noreferrer nofollow">crypto industry</a>, encouraging companies like CleanSpark Inc. and Marathon Digital Holdings Inc. to invest in new mining equipment as well as acquire small competitors. These efforts will help the companies compensate for the expected decline in revenue.&nbsp;
Marathon, the world’s largest Bitcoin miner, generates 28-30 BTC per day and shifts to generation of 14-15 BTC per day following the Bitcoin halving event. Last week, Marathon’s CEO Peter Thiel stated that the company’s break-even rate is anticipated to be over $46,000 per BTC to remain profitable after the halving event.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<h3 class="wp-block-heading" id="strong-bitcoin-halving-details-strong">Bitcoin Halving Details&nbsp;</h3>
The halving event occurs every four years, with the mining of 210,000 blocks and mining rewards reduced by half. For 2024, the mining rewards will be cut to 3.125 BTC. The halving event will last for around 2140, when the last BCT will be mined.&nbsp;&nbsp;&nbsp;
BTC has a maximum supply of 21 Million and a circulating supply of 19,683,106. Additionally, BTC already hit its all-time high of $73,734 on March 14, 2024, and is currently trading at $66,307.84, according to CoinMarketCap data.&nbsp;
At the time of writing, Bitcoin has a market cap of $1,307,906,058,239 and $43,132,691,581 in 24-hour volume.&nbsp;

Bitcoin Halving Can Cause $5B Losses to Miners in BTC; Report

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