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While a new ATH was expected in Bitcoin, $ 68,000 was exceeded last night. However, BTC subsequently made a sharp correction and fell to $65,000.
In addition to the new ATH, a halving event is also expected for BTC, which recovered afterwards and was at $66,000 at the time of writing.
Although halving is seen as an important upward catalyst for Bitcoin price, it also has a different aspect for miners.
Because with the halving, the reward miners will receive is halved, and miners need to be planned to survive.
At this point, according to Coindesk, Fidelity Digital Assets said in a recent report that Bitcoin investors have historically welcomed the halving event with the expectation that prices will rise even further, but miners do not feel the same.
Pointing out that miners’ rewards will be halved with the halving, Fidelity analysts said that TC miners should constantly plan the halving event, which reduces the Bitcoins they earn by 50% in order to avoid the risk of bankruptcy.
Fidelity analyst Daniel Gray stated the following in the report:
“Miners not only have to maintain their current hash rate, energy, and real estate, but they also have to be in constant competition with the entire network trying to do the same.
Miners must constantly strive to obtain more hashrate, improve the efficiency of their hashrate, obtain lower-cost energy from cheaper sources, and expand their infrastructure to accommodate new machines.
Because the months after the halving are the most difficult months.
While past halvings have seen weaker miners disappear, Bitcoin and the cryptocurrency industry have subsequently rebounded with more miners and hashrate stronger than ever before, demonstrating the resilience of the network and industry.”
*This is not investment advice.
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