Crypto News – After the Bitcoin halving in mid-April, the current cost of mining with Antminer S19 XPs would go from $40,000 to $80,000, according to statistics from Ki Young Ju, CEO of CryptoQuant.
Profit of BTC Miners: Bitcoin Price Must Be At Least $80K After Halving For Miners To Profit
A significant event that takes place every 210,000 blocks, or around every four years, is half of the Bitcoin value. The block reward that miners receive is halved during the halving event. In addition to having an indirect effect on the price of Bitcoin, the halving event has a big influence on miner behavior because it doubles the cost of mining in order to produce a similar amount of Bitcoin.
Previous Halving Processes Increased Bitcoin Price
As of April 6, the average cost of mining Bitcoin was $49,902, and the price was $71,899 at the time of writing. The average cost of mining will increase after the April 20 halving to above $80,000, and the price of Bitcoin needs to rise above that level in order for miners to make a profit.
In the past, the halving has caused the price of Bitcoin to increase several times over. After the halving in 2012, the price of Bitcoin shot up to $1,162, a gain of around 9,000%. Following the halving in 2016, the value of Bitcoin surged by almost 4,200% to $19,800, and following the halving in 2020, it soared by nearly 683% to $69,000. Thus, despite concerns that they would go out of business with each halving, miners have continued to turn a profit.
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