JAKARTA Bitcoin mining industry (mining) is predicted to have the potential to face losses of up to $10 billion (Rp 153 trillion) after Bitcoin busking 2024. This is due to a decrease in mining prizes and an increase in mining costs which are predicted to occur after the halving event.
Bitcoin breaking, which is scheduled for April 20, 2024, is an important event in Bitcoin history where mining prizes will be cut by half. It aims to control Bitcoin supply and prevent excessive inflation.
However, this halving also has consequences for Bitcoin miners. The decline in mining prizes means miners will receive fewer Bitcoins for each block they validate. This could result in a significant decrease in revenue, especially if the price of Bitcoin remains stable or even drops.
According to Markus Thielen, head of research at 10x Research, Bitcoin miners have the potential to sell $5 billion worth of Bitcoin (IDR 76.5 trillion) after the 2024 halving event. Thielen estimates that the sales pressure will last for four to six months, causing the price of Bitcoin to move sideways during that period.
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Thielen added that this situation could exacerbate "significant challenges" in the crypto market over the next six months. Thus, although the price of Bitcoin has seen a 74% increase this year reaching a record high of $73,734 (Rp 1.13 trillion), the potential upward trend in BTC prices may not be visible until October 2024.
On the other hand, the world's largest Bitcoin miners, such as Digital Marathon, have built enough Bitcoin supplies to sell after the halving event. This allows them to cover down revenues and avoid "income rates".
However, for smaller Bitcoin miners, this halving could be a crushing blow. Lower mining prizes, combined with increased mining costs, can make them unfavorable and force them to get out of the industry.
Overall, Bitcoin Haling 2024 presents a complex situation for Bitcoin miners. While the event aims to preserve Bitcoin,punting can also cause significant financial losses for miners, especially for those who are not prepared for this change.
The future of the Bitcoin mining industry will depend on several factors, including Bitcoin prices, mining costs, and strategies implemented by miners.
Miners who are able to adapt to this change and increase their operating efficiency are likely to survive and even develop. However, for miners who are unable to adapt after Bitcoin's payback reduction, the 2024 halving could be the end of their journey in the crypto world.
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