Report: Bitcoin Mining Landscape Poised to Shift as Halving Could Slash 100 EH/Hash power
Report: Bitcoin Mining Landscape Poised to Shift as Halving Could Slash 100 EH/Hash power
Based on recent analysis, many outdated bitcoin mining devices are likely to fire up in response to the latest rise in bitcoin value.
Bitcoin Miners Enjoy Increased Revenue, But Face Potential Setback With Impending Halving
However, with the anticipated halving of block rewards, it is projected that approximately 100 exahashes per second (EH/s) of computing power may be lost following the event, Bitcoin's overall computing power, as measured by the seven-day simple moving average (SMA) on hashrateindex Luxor's .com, maintained a steady pace at 596 EH/s, after peaking at a historic high of 628 EH/s on March 12, 2024. An analysis was recently featured on theminermag.com
explore the possibility of a revival of private mining operators. “With the recent rebound in hash prices, even old mining machines like the M21S could generate marginal gross profits again at $0.07/kWh energy levels,” the report notes.
"Therefore, more private mining companies may have retrofitted their machines over the past few months leading up to the halving to squeeze more power out of the old idle machines while they still can." However, further analysis shows that as the halving approaches, outdated application-specific integrated circuit (ASIC) bitcoin mining devices are expected to be retired.
"Bitcoin's average hash rate in October was around 450 EH/s and 600 EH/s in March so far," the report's authors estimate, the theminermag.com report concluded:
If we assume most of the hashrate increase since October came from older equipment, then we could see hashrate correction to the low 500 EH/s after the halving.
This scenario depends on whether hash prices increase dramatically to 200 petahashes per second (PH/s), according to the analysis. If this happens, the older generation of miners could continue to experience a lifetime, on March 23, 2024, the hash price reached $99.98 per petahash per second (PH/s) per day, which marked an increase from the level of a few months ago.
This scenario depends on whether hash prices increase dramatically to 200 petahashes per second (PH/s), according to the analysis. If this happens, the older generation of miners could continue to experience a lifetime, on March 23, 2024, the hash price reached $99.98 per petahash per second (PH/s) per day, which marked an increase from the level of a few months ago.
