Bitcoin’s price will significantly influence the impact of the highly-anticipated halving on miners in 2024.
Leading Bitcoin mining players have highlighted the need for efficiency to remain profitable and operational after the halving in 2024.
Cointelegraph contacted several mining firms to unpack the expected effects of the Bitcoin halving on the industry and the implications for small and large-scale miners.
Bitcoin’s protocol is hardwired to reduce the amount of BTC awarded to a miner for adding a block to the ongoing chain. Mining reward halvings occur every 210,000 blocks, and with a block added to the blockchain every ten minutes, halvings come around every four years.
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Source: https://cointelegraph.com/news/bitcoin-halving-2024-miners-predict-potential-outcomes-of-reduced-btc-rewards