Bitcoin Halving Set to Shake Cryptocurrency World, Miners Brace for Massive Revenue Drop – West Island Blog
In an imminent event poised to upturn the world of cryptocurrency, this week will see the next Bitcoin Halving. This event will see Bitcoin miners rewards cut in half, from an existing 6.25 BTC to 3.125 BTC. As the pulse of the crypto-world quickens in anticipation, miners around the globe are bracing for a substantial loss of revenue following this halving event.
A report from Bloomberg paints a vivid picture of the potential losses. Bitcoin miners, who currently earn approximately 900 BTC daily from validating transactions, could stand to lose up to $10 billion annually. Once the Halving occurs, their daily income would dramatically plunge to 450 BTC. It is important to contextualize these staggering figures by acknowledging their projection is based on the current market rate of Bitcoin.
Although this loss of revenue could be softened if Bitcoins price experiences a sharp upturn following the Halving, miners understand that this is not a strategy on which to build long-term sustainability since they are likely to face subsequent bear markets. Such market downturns would inevitably lead to a decline in the price of Bitcoin.
This understanding has influenced larger mining operatives, such as Marathon Digital and CleanSpark, to take proactive steps to weather the upcoming upheaval. These miners reportedly have been investing in new equipment while simultaneously trying to edge out competition by purchasing smaller mining operations. This strategy could theoretically decrease the number of miners fighting for block rewards, and in doing so, soften the blow of losses in daily revenue.
Previous reports have also highlighted efforts amongst Bitcoin miners to diversify their range of operations, thereby enhancing revenue streams and creating additional income to buffer the impacts of the Halving. One promising avenue is the artificial intelligence sectoran industry well-suited to utilize the existing Bitcoin mining infrastructureand Bitcoin miners are eagerly seizing these opportunities.
The twists and turns of the crypto-sphere do not end there, however. The Bloomberg report also unveiled that US Bitcoin miners are grappling with unexpected competition in the fight for energy. Some of the worlds largest tech companies are vying for the same source of electricity to power their data centers, pitting these tech giants against Bitcoin miners.
Against the backdrop of these competitive pressures, there is a surge in electricity rates, further fueled by energy constraints within the US. Consequently, its becoming increasingly arduous for Bitcoin miners to maintain smooth operations within the country. Major tech companies often have the upper hand over Bitcoin miners in securing power due to their more consistent revenue streams compared to the volatile price-dependent success of Bitcoin miners.
In conclusion, casting our eyes to the Bitcoin price chart, it appears that many cryptocurrency enthusiasts are bullish about reclaiming control. Of course, like any form of investing, the crypto-world is not without its risks, and its essential that individuals do their homework and invest wisely. As with everything, the outcomes reside in the hands of the market and time itselfits a fascinating ride, indeed.
Read more:
- Compensation in cryptocurrency tokens and other digital assets: what employers should know - Reuters.com - May 28th, 2024 [May 28th, 2024]
- Cryptocurrency XRP and Ethereum exhibit promising growth - DM News - May 28th, 2024 [May 28th, 2024]
- Here are the key steps to take to recover stolen cryptocurrency - TheStreet - May 28th, 2024 [May 28th, 2024]
- Cryptocurrency executive, who owns Canaan Airfield, sentenced to 90 months behind bars - Waterbury Republican American - May 28th, 2024 [May 28th, 2024]
- Top 10 Cryptocurrencies in 2024 - USA TODAY - May 28th, 2024 [May 28th, 2024]
- Nubank introduces cryptocurrency transfer feature - ThePaypers - The Paypers - May 28th, 2024 [May 28th, 2024]
- 1 Top Cryptocurrency Will Soar 116%, According to Standard Chartered. Is It a Buy? - The Motley Fool - May 28th, 2024 [May 28th, 2024]
- Tracking Cryptocurrency Adoption and Consumer Sentiment - Morning Consult Pro - May 28th, 2024 [May 28th, 2024]
- Mysterious $289 Million USDT Transfer Exits Binance Amid Mt. Gox Drama By U.Today - Investing.com - May 28th, 2024 [May 28th, 2024]
- Trump backs cryptocurrency, vows to make America its leader - ReadWrite - May 28th, 2024 [May 28th, 2024]
- 3 Cryptocurrency Investment Strategies for the Long Term - Yahoo Finance - May 28th, 2024 [May 28th, 2024]
- Top FTX executive jailed over connections to failed cryptocurrency empire - Yahoo News UK - May 28th, 2024 [May 28th, 2024]
- Hotcoin Invites You to Explore the Future of Cryptocurrency at Consensus 2024 - Coinspeaker - May 28th, 2024 [May 28th, 2024]
- Cryptocurrency: 3 Altcoins That Could Skyrocket 2000% Between Now and December 2024 - NewsBTC - May 28th, 2024 [May 28th, 2024]
- Ether Cryptocurrency ETFs Are Approved by the SEC - The New York Times - May 28th, 2024 [May 28th, 2024]
- Cryptocurrency Price on May 28: Bitcoin below $68,000; Ethereum, Toncoin decline up to 2% - The Economic Times - May 28th, 2024 [May 28th, 2024]
- MultiBank.io Wins "Best Crypto Exchange 2024" Award at Crypto Expo Dubai By Chainwire - Investing.com - May 28th, 2024 [May 28th, 2024]
- Hong Kong sees third major crypto exchange withdraw licence application - South China Morning Post - May 28th, 2024 [May 28th, 2024]
- 1 Top Cryptocurrency to Buy Before It Soars 635% to 5,480%, According to Certain Wall Street Analysts - The Motley Fool - May 28th, 2024 [May 28th, 2024]
- Why more mainstream banks are adopting cryptocurrency - TheStreet - May 28th, 2024 [May 28th, 2024]
- 'Cold Wallet' tells the story of a cryptocurrency scammer in Lenox. Any resemblance to real-life is a coincidence - Berkshire Eagle - May 28th, 2024 [May 28th, 2024]
- Nexo integrates The Tie's analytics for retail investors By Investing.com - Investing.com - May 28th, 2024 [May 28th, 2024]
- MIT Brothers Charged With Exploiting Ethereum to Steal $25 Million - Dark Reading - May 28th, 2024 [May 28th, 2024]
- Malaysian Authorities Bust Syndicate Accused of Laundering Fraud Proceeds via Cryptocurrency Regulation Bitcoin ... - Bitcoin.com News - May 28th, 2024 [May 28th, 2024]
- Jim Cramer runs through 4 stock movers and why he owns and believes in cryptocurrency ether - CNBC - May 28th, 2024 [May 28th, 2024]
- Abu Dhabi Regulator Prohibits Cryptocurrency Mining on Farms, Threatens Fines Up to $2700 News Bytes Bitcoin ... - Bitcoin.com News - May 28th, 2024 [May 28th, 2024]
- Ethereum Surges as Cryptocurrency Forecasting Predicts Early Altcoin Season - West Island Blog - May 28th, 2024 [May 28th, 2024]
- Cryptocurrency Ethereum Classic Decreases More Than 3% Within 24 hours By Benzinga - Investing.com UK - May 28th, 2024 [May 28th, 2024]
- Cryptocurrency Hedera Down More Than 3% Within 24 hours By Benzinga - Investing.com UK - May 28th, 2024 [May 28th, 2024]
- Cryptocurrency in Online Gambling: Revolutionizing the Way We Bet - Blockchain News - May 28th, 2024 [May 28th, 2024]
- Donald Trump's campaign says it will begin accepting contributions through cryptocurrency - Yahoo Finance - May 23rd, 2024 [May 23rd, 2024]
- Bipartisan support of cryptocurrency is resurging in Congress. Here's why - Fortune - May 23rd, 2024 [May 23rd, 2024]
- He Trained Cops to Fight Crypto Crimeand Allegedly Ran a $100M Dark-Web Drug Market - WIRED - May 23rd, 2024 [May 23rd, 2024]
- Cryptocurrency: Top 3 Memecoins Predicted to Explode in June - Watcher Guru - May 23rd, 2024 [May 23rd, 2024]
- Debunking Cryptocurrency Misconceptions: Insights from Franklin Templeton - Blockchain News - May 23rd, 2024 [May 23rd, 2024]
- ESET and Dutch police expose Ebury botnet's cryptocurrency theft operations - crypto.news - May 23rd, 2024 [May 23rd, 2024]
- Why Hongkongers should protect biometric information: the Post talks to experts - South China Morning Post - May 23rd, 2024 [May 23rd, 2024]
- House Passes Over SEC Objections Long-Awaited Bill Carving Out a Cryptocurrency Regulatory Framework - The New York Sun - May 23rd, 2024 [May 23rd, 2024]
- Meeting Users Where They Are Drives Cryptocurrency Adoption - hackernoon.com - May 23rd, 2024 [May 23rd, 2024]
- '$1 Million Bitcoin' Advocate Samson Mow Reveals Last Chance to Sell ETH - Investing.com - May 23rd, 2024 [May 23rd, 2024]
- MUC Listed on Top Global Cryptocurrency Exchange, MEXC - Crypto Reporter - May 23rd, 2024 [May 23rd, 2024]
- $22 million in crypto swiped from Gala Games blockchain platform - The Record from Recorded Future News - May 23rd, 2024 [May 23rd, 2024]
- Overall Cryptocurrency 24-hour Trade Volume Is Down 88% in the Last 3 Months - Bankless Times - May 23rd, 2024 [May 23rd, 2024]
- U.S. Court Orders Forfeiture of 279 Cryptocurrency Accounts Linked to Hacks of Exchanges by North Korean Operatives - BlockTribune - May 23rd, 2024 [May 23rd, 2024]
- Cryptocurrency Price on May 20: Bitcoin trades near $67k; Avalanche, Shiba Inu fall over 4% - The Economic Times - May 23rd, 2024 [May 23rd, 2024]
- Donald Trump's campaign says it will begin accepting contributions through cryptocurrency - Nashua Telegraph - May 23rd, 2024 [May 23rd, 2024]
- UK election on July 4: What would Labour Party win mean for crypto? - Cointelegraph - May 23rd, 2024 [May 23rd, 2024]
- Spot Solana ($SOL) ETFs: The Next Frontier in Cryptocurrency Investments? - CryptoGlobe - May 23rd, 2024 [May 23rd, 2024]
- Cryptocurrency: Crucial decision this week for the Ethereum ETF - Cointribune EN - May 23rd, 2024 [May 23rd, 2024]
- Cryptocurrency prices today: Check rates of Bitcoin, Dogecoin, Tether, Ethereum - NewsBytes - May 23rd, 2024 [May 23rd, 2024]
- Trump campaign starts taking cryptocurrency donations, vows to build a 'crypto army' - CNBC - May 22nd, 2024 [May 22nd, 2024]
- Trump campaign starts taking cryptocurrency donations, vows to build a 'crypto army' - MSN - May 22nd, 2024 [May 22nd, 2024]
- Donald Trump's campaign says it will begin accepting contributions through cryptocurrency - The Associated Press - May 22nd, 2024 [May 22nd, 2024]
- Genesis to pay $2 billion to victims of alleged cryptocurrency fraud - CBS News - May 22nd, 2024 [May 22nd, 2024]
- DOJ Charges American Brothers with Cryptocurrency Fraud The Presidential Prayer Team - The Presidential Prayer Team - May 22nd, 2024 [May 22nd, 2024]
- Donald Trump's campaign says it will begin accepting contributions through cryptocurrency - News-Press Now - May 22nd, 2024 [May 22nd, 2024]
- Donald Trump's campaign says it will begin accepting contributions through cryptocurrency - Bozeman Daily Chronicle - May 22nd, 2024 [May 22nd, 2024]
- Election 2024 Trump Cryptocurrency | News | goskagit.com - goskagit.com - May 22nd, 2024 [May 22nd, 2024]
- Cryptocurrency: Top 3 Coins To Buy Now In Anticipation of Ethereum ETF Approval - Watcher Guru - May 22nd, 2024 [May 22nd, 2024]
- 1 Top Cryptocurrency That Could Soar 5,700%, According to Cathie Wood. Is It a Buy? - Yahoo Finance - May 22nd, 2024 [May 22nd, 2024]
- This Top Cryptocurrency Could Reach $1 Million by 2030, According to Jack Dorsey - Yahoo Finance - May 22nd, 2024 [May 22nd, 2024]
- The Rise Of Institutional Cryptocurrency Platforms - OK! - May 22nd, 2024 [May 22nd, 2024]
- Donald Trump accepts cryptocurrency donations to build 'crypto army' ahead of 2024 election - Irish Star - May 22nd, 2024 [May 22nd, 2024]
- Why crypto matters: Foundations of a free and prosperous society - Blockworks - May 22nd, 2024 [May 22nd, 2024]
- Bitcoin in Focus As CME Reportedly Plans to Offer Spot Trading in the Cryptocurrency - Investopedia - May 22nd, 2024 [May 22nd, 2024]
- The Ultimate Cryptocurrency to Buy With $1,000 - The Motley Fool - May 22nd, 2024 [May 22nd, 2024]
- MIT-educated brothers accused of stealing $25 million in cryptocurrency in 12 seconds in Ethereum blockchain scheme - CBS News - May 22nd, 2024 [May 22nd, 2024]
- Brothers charged after $25M in cryptocurrency stolen in 12 seconds - USA TODAY - May 22nd, 2024 [May 22nd, 2024]
- Brothers allegedly steal $25 million in cryptocurrency in 12 seconds - Scripps News - May 22nd, 2024 [May 22nd, 2024]
- Charity Commission concludes its inquiry into charity with links to failed cryptocurrency firm FTX - GOV.UK - May 22nd, 2024 [May 22nd, 2024]
- ChainBitVortex Unveils Robust Security Features in New Cryptocurrency Exchange - InvestorsObserver - May 22nd, 2024 [May 22nd, 2024]
- Trump campaign says it will begin accepting cryptocurrency contributions - BreakingNews.ie - May 22nd, 2024 [May 22nd, 2024]
- Report: Crypto Spot Trading Slows in April - PYMNTS.com - May 22nd, 2024 [May 22nd, 2024]
- Elizabeth Warren and others have declared war on cryptocurrency: Chris Giancarlo - Fox Business - May 22nd, 2024 [May 22nd, 2024]
- Bitcoin jumps back to over $70K, buoying crypto-tied stocks (Cryptocurrency:BTC-USD) - Seeking Alpha - May 22nd, 2024 [May 22nd, 2024]
- Cryptocurrency Gateway CryptoCloud Released a Major Update: Accelerating Transactions, Automatic USDT ... - InvestorsObserver - May 22nd, 2024 [May 22nd, 2024]
- Police warn of cryptocurrency scam | CTV News - CTV News Windsor - May 22nd, 2024 [May 22nd, 2024]
- Investment Opportunity Alert: New Cryptocurrency Mallconomy Could Tower Over ApeCoin and Floki Inu - CoinGape - May 22nd, 2024 [May 22nd, 2024]
- Top 3 Cryptocurrency to Invest Now According to Reddit: Bitcoin, Ethereum, Furrever Token - Yahoo Finance - May 11th, 2024 [May 11th, 2024]
- Only a fool would vote on crypto alone - Blockworks - May 11th, 2024 [May 11th, 2024]
Tags: