U.Today - As the fourth Bitcoin (BTC) halving is getting closer, cryptocurrency analysts publish various forecasts about its potential impact on the digital asset market. While most of the forecasts are bullish, some theories might sound alarming for miners.
"Many will suffer": Charles Edwards on Bitcoin (BTC) halving
In particular, the fourth Bitcoin (BTC) halving looks dangerous for miners with old-gen hardware. Some of them will "go bust" as soon as this year, Edwards admits.
The fourth Bitcoin (BTC) halving is expected to happen April 19, 2024, at about 1:53 p.m. UTC once the largest cryptocurrency reaches 840,000 block height.
The mining rewards will drop from 6.25 BTC per block to 3.125 BTC per block. As such, some miners with less energy-efficient hardware might go underwater in the next cycle.
For instance, Bitmain Antminer S19, one of the most popular generations of ASIC miners for SHA-256 coins — BTC, LTC and others — will only be profitable post-halving when the BTC price is over $80,000, some estimations reveal.
Tether's Paolo Ardoino calls BTC halving "poetic," here's why
Thus, Bitcoin (BTC) becomes a scarcer asset, which, combined with the limited net supply, makes it more valuable economically.
Tether and Bitfinex CTO Paolo Ardoino is excited by the role of the BTC halving in the tokenomics of the orange coin:
After the previous halving that took place May 10, 2020, Bitcoin's (BTC) price rallied by almost 600% in just 18 months.