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Crypto Intelligence
Crypto Intelligence
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Up to 20% of Bitcoin’s present hash rate may cease operation following the Bitcoin halving, as block rewards diminish and only the most efficient mining rigs persist. Towards the conclusion of 2023, approximately 70% of the Bitcoin hash rate stemmed from eight ASIC miner models, as indicated by Galaxy’s mining analysts in a report dated February 14, citing Coin Metrics data. “Given how sensitive the breakevens are for the various ASIC models to Bitcoin price and transaction fees as a percent of rewards, we estimate that between 15 – 20% of network hash rate coming from the ASIC models […] could come offline,” the analysts articulated. Galaxy’s forecast considered potential future power costs. It computed the breakeven threshold for mining rig models based on “post-halving economics,” with each mined Bitcoin block slated to halve rewards from 6.25 BTC to 3.125 BTC, “transaction fees constituting 15% of rewards and a Bitcoin price of $45,000.” According to Galaxy’s more conservative projections, nearly all outdated mining rigs — particularly Bitmain’s S9, Canaan’s A1066, and MicroBT’s M32 models — would be decommissioned, while about half of MicroBT M20S and Bitmain S17 models would persist online. These five models collectively accounted for roughly 15% of Bitcoin’s hash rate by the end of 2023. READ MORE: BONK Memecoin Surges 7% Amidst Revolut Partnership Rumors Enduring predominantly would be the Antminer S19 and S19J Pro, newer and more prevalent models that comprised over half of Bitcoin’s hash rate in 2023, alongside Canaan’s A1246, albeit a minor fraction of each might still deactivate in locales with elevated operational expenses. Nevertheless, a bleaker scenario would witness almost all older models nearing complete deactivation, although Galaxy once more anticipates that Canaan’s A1246 and both S19 models might endure. Galaxy’s analysts acknowledged that their estimates could be influenced by certain business choices. Miners utilising “older and more inefficient machines” are likely to implement bespoke firmware to enhance their rig’s efficiency and yield, whilst certain miner models may transition to miners with more economical power costs instead of shutting down. The analysts also speculated that miners employing the newer S19 models might struggle to maintain profitability, and those employing older mining rigs might purchase them as an upgrade. The Bitcoin halving will be enacted at block number 840,000, anticipated to be mined around April 20, according to data from Blockchair. Submit a Cointelegraph PR

3 days ago
CryptoPotato
CryptoPotato
CleanSpark Anticipates Doubling Operating Hash Rate Ahead of Bitcoin Halving
10 days ago
Michael Di Fulvio
Michael Di Fulvio
区块链研究者老林
区块链研究者老林
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In the coming April, Bitcoin mining rewards will be halved again, which is called the Bitcoin halving plan. Bitcoin’s designers adjust mining rewards approximately every four years to combat inflation. The last halving was in May 2020. As the halving approaches, Bitcoin’s mining rewards will decrease from 6.25 BTC per block to 3.125 BTC. This change could lead to a drop in hash rate, as less efficient miners may choose to stop mining because they are unable to cover their costs. A drop in hash rate could lead to a reduction in Bitcoin mining difficulty, as the network aims to maintain a steady rate of one block every 10 minutes. Some analysts predict that the hash rate, currently as high as 20%, could drop after Bitcoin's halving, leaving the most efficient miners to continue mining. This halving event could have an impact on Bitcoin's price, as reduced mining rewards could lead to a reduction in supply, driving prices higher. On the other hand, if the hash rate drops, it could lead to longer transaction confirmation times, which could create a level of uncertainty in the market. However, the Bitcoin community is generally optimistic about the halving event, believing that it is the normal operation of the network and will be beneficial to improving the stability and value of Bitcoin in the long term. #BTC‬ #减半 #PIXEL #WLD $BTC $WLD $ETH

1 day ago
Coinscreed
Coinscreed
Si_Angel
Si_Angel
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The Crypto Market Is About To Explode! The cryptocurrency sector is teetering on the edge of a monumental surge, driven by technological advancements and burgeoning investor interest, particularly in leading assets like Bitcoin and Ethereum. This isn't just a fleeting trend; it's a full-scale financial upheaval. Bitcoin's climbing hash rate is a testament to its growing security and appeal, suggesting a ripe environment for unprecedented highs. Adding fuel to the fire is the upcoming Bitcoin halving in April 2024, a catalyst for market optimism. Analysts are giving Bitcoin an 85% chance of hitting new all-time highs within the next six months, buoyed by anticipated Federal Reserve rate cuts and robust institutional interest. This level of confidence underscores a market on the verge of an explosive growth phase, with predictions of Bitcoin reaching stratospheric levels. Ethereum mirrors this bullish sentiment, with a supply reduction and staking dynamics indicating a strong upward trajectory. The involvement of big players, highlighted by Bitcoin whales' $5 billion investment over ten days, signals a widespread acknowledgment of cryptocurrency's potential. The broader crypto ecosystem, including projects like Solana's integration with Filecoin, points to an industry innovating at breakneck speed. These technological strides, combined with a focus on consumer-led growth, further bolster the case for a surging market. As for price predictions, amidst this optimism, realistic expectations are vital. While Ethereum's early gains were astronomical, its fundamentals now suggest a more measured, yet significant, growth potential. Michael Sailors suggests Ethereum could realistically reach upwards of $113,000, considering its past performance and the impact of Bitcoin's halving cycles. Investing in crypto is a long-term play, demanding an understanding of its volatility and potential. #CryptoPredictions2024 #crypto2024 #CryptoNews🔒📰🚫 #Write2Earn

1 day ago
Crypto Alerts
Crypto Alerts
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🚀 Unmasking Bitcoin's Realities: Breaking Down the Hype! 🌐 Bitcoin's Recent Achievements: - 📈 Soaring from $25,000 to $52,000 in four months. - 💰 Market cap surpassing $1 trillion, joining the top 10 tradable assets. 🌐 Realities to Consider: - 🚫 All-time high before halving? Unlikely, and here's why. ### Bitcoin's Uphill Battle: 🔍 Market Cap Challenge: - 📉 Additional 34.5% surge needed to hit $70,000. - 💼 Requires a $350 billion increase, surpassing silver and the UK’s sterling. 📈 Current Trends and Market Value: - 📉 Current economic climate questions the feasibility. - 📊 Inflation rate at 3.1% for January 2024, less economic turmoil than in late 2021. ### A Dose of Realism for Bitcoin: 💹 Market Indicators: - 🔄 Spot Bitcoin ETFs with $4 billion net inflows indicate growth. - 📉 Still lagging 25% behind all-time high; institutional inflow not translating into expected bullish surge. 🪙 Halving Impact: - 🛑 Halving looming, potential hash rate dampening. - 🔄 Post-halving, significant hash rate offline, leaving efficient rigs in operation. ### Conclusion: 🌐 Bitcoin's Comeback Reality: - 📉 Challenges of market dynamics, regulatory environments, and investor sentiment. - 🚀 Overcoming economic gravity remains a captivating narrative, but realism prevails. Embrace a nuanced understanding of Bitcoin's journey, acknowledging both its achievements and the hurdles it faces on the path to new heights. 🌌💡 #BTC #TrendingTopic #Write2Earn #SATS #BitcoinPrediction

1 day ago
CryptoSlate
CryptoSlate
Mende Matthias is building Bonuz on BSC in Dubai
Mende Matthias is building Bonuz on BSC in Dubai
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Dare to dream that Bitcoin (BTC) could soar to its all-time high before the halving event? Brace yourselves for a thrilling reality check! Here I am, ready to unravel the electrifying saga of the titan of cryptocurrencies, as it dances on the edge of unprecedented milestones. Imagine the exhilaration as Bitcoin rocketed from a cool $25,000 to a staggering $52,000 in a mere four months, catapulting its market cap to a breathtaking $1 trillion. This monumental achievement thrust BTC into the elite circle of the world's top 10 tradable assets, even outshining the legendary Berkshire Hathaway and its $875 billion market cap. But hold your horses—achieving an all-time high? That's a fantasy I'm about to debunk. Bitcoin’s Herculean Challenge Let's get real—if your heart is set on Bitcoin surging an astronomical 34.5% to reach the $70,000 mark by April's end, it's time to wake up from that dream. Imagine the colossal wave of $350 billion needed to boost its market cap, propelling it past silver and the UK’s sterling. The crucial question is whether the currents of today's market can support such a titanic market cap for Bitcoin. Remember the heady days of November 2021, when Bitcoin flirted with the $69,000 zenith, riding high on the waves of rampant inflation and enticingly low-interest rates in the US? The investment landscape was ablaze with desire for risk-on assets. Fast forward to the present, facing a 3.1% CPI inflation rate for January 2024—a situation that, while tense, doesn't echo the economic fervor that previously fueled Bitcoin's meteoric rise. Moreover, with the spotlight on a projected 10.9% profit surge for S&P 500 companies, the allure of the US stock market is overshadowing the feverish quest for alternative investments like Bitcoin. A Dose of Bitcoin Reality Yes, the fanfare around spot Bitcoin ETFs and their $4 billion net inflows is impressive, signaling growth but not the explosive surge many fantasized about. Despite the crypto behemoth trailing 25% behind its historic peak, the anticipated institutional wave has yet to spark the bullish frenzy envisioned. Bitcoin, the rebel anthem against fiat currency dilution, embodies the relentless fight against inflation. Yet, as we edge closer to the halving, slashing mining rewards, and potentially dimming the network's hash rate, the dream of a pre-halving price surge seems more elusive than ever. Expect a significant slice of the hash rate to vanish post-halving, leaving only the mightiest rigs standing. (Well positioned in smart & low-cost areas) This saga of Bitcoin's quest to reclaim its all-time high is a tale of defiance, ambition, and the harsh gravity of economic realities. While the journey is fraught with market turmoil, regulatory shadows, and the whims of investor sentiment, the spirit of Bitcoin's battle remains undiminished. #Bitcoin‬ #BTC‬ #Write2Earn‬ #BTCATH #alltimehigh

2 days ago

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