Everyone is eagerly awaiting the upcoming Bitcoin halving event next week, which will create a supply shock in the market and thus Bitcoin price higher. However, for crypto miners, it could pose an uphill challenge triggering a multi-billion dollar decline in revenue.
Bitcoin Miners Stare At $10 Billion In Losses
Around April 20, the Bitcoin halving event will halve the daily rewards for miners from 900 to 450 Bitcoins. This reduction in rewards could result in revenue losses of approximately $10 billion annually for the entire mining industry, considering Bitcoin’s current price.
To mitigate this potential loss, companies like Marathon Digital Holdings Inc. and CleanSpark Inc., along with other miners, are investing in new mining equipment and acquiring smaller competitors. These efforts aim to offset the expected decline in revenue caused by the halving event. Speaking on the development, Matthew Kimmell, a digital asset analyst at CoinShares, said:
“This is the final push for mi
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