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Home Mining

Smaller BTC Miners Might Close Shop Post-Halving: Bitfinex Warns

March 18, 2024
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Smaller BTC Miners Might Close Shop Post-Halving: Bitfinex Warns
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Hong Kong-based crypto platform Bitfinex warned BTC miners on March 15 of a potential centralization of power post-halving.

READ ALSO

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Bitfinex published a comprehensive blog report forecasting financial pressure on small miners.

The fourth Bitcoin halving is a widely anticipated event in the crypto sector. The halving, expected around April 19, will slash the current reward in half, from 6.25 Bitcoins per block to 3.125.

Although the deflationary feature is expected to contribute to Bitcoinโ€™s scarcity and value, new challenges are inevitable.

According to the report, the upcoming halving event could prompt small miners to exit the market, leaving the field for publicly traded mining companies and causing a high level of centralization.

Since the halving would result in a 50% slash in revenue for miners, continuing mining operations may be unprofitable unless thereโ€™s a meteoric rise in BTCโ€™s price or a decrease in operational costs.

The trading platform noted that this high centralization of mining power goes against everything Satoshi Nakamoto outlined in the original whitepaper.

The concentration of mining power among a few entities could trigger potential censorship of transactions. The cause-effect of reduced block rewards is an increase in transaction fees.

Large mining companies will rely on transaction fees as an income source. If the demand for transaction processing scales above available block space, fees could rise further, leading to BTCโ€™s reduced attractiveness for small transactions.

On the flip side of Bitfinexโ€™s pessimism, the exchange still believes the halving event could trigger price appreciation. This will reduce the offset of reduced block rewards and mitigate the emergence of centralization.

See also  US-Designed Bitcoin Miner Delivers Promising Results

Additionally, the trading firm noted that Bitcoin-based non-fungible token (NFT) projects like Stamps and Ordinals could benefit miners. While their use cases are yet to be proven sustainable, these projects have raised revenues for miners.

Bitfinex Highlights Security & Usability Implications

While block rewards reduction is touted to have a major impact on miners, Bitfinex highlighted further security and usability implications.

The Hong Kong-based company noted that the upcoming halving may affect the security of the Bitcoin network. The hash rate could decrease if an expected number of miners shut down operations due to slashed profitability.

Bitcoinโ€™s hash rate is the computational power that secures the network. A lower hashrate will leave the Bitcoin ecosystem vulnerable to attacks such as the 51% attack. This entails a bad actor gaining control over most of the hash rate to manipulate the blockchain.

A continuous decrease in hash rates can undermine Bitcoinโ€™s trust, reducing price value and lowering adoption rates.

Bitfinex quickly pointed out that the Bitcoin network has shown resilience in the face of halving events. Historical trends show the scale of BTCโ€™s meteoric rise months after the halving event.

Will There be More Regulatory Scrutiny of the BTC Mining Industry?

Another major impact the upcoming halving event may have is stringent regulatory oversight.

The bitcoin mining industry is facing continuous scrutiny from government agencies on environmental impact.

Concerns over mining firmsโ€™ high electricity consumption have led to stricter regulations on the industry, including President Bidenโ€™s 30% Bitcoin mining tax, as outlined in the fiscal year 2025 proposal budget.

๐Ÿ‡บ๐Ÿ‡ธThe Biden administration is proposing a 30% tax on electricity used for Bitcoin mining ๐Ÿง pic.twitter.com/WZ4tF4FO4k

โ€” Crypto Crib (@Crypto_Crib_) March 13, 2024

While this regulation has yet to be enacted, its sole purpose is implementing taxes on all mining activities. If enacted, an estimated $10 billion in revenue will be generated in 2025.

See also  Bitcoin's rising liquidations - What it means for BTC

Tags: BitfinexBTCCloseMinersPostHalvingShopSmallerwarns

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CryptoGPT raises funds at a $250 million token valuation

CryptoGPT raises funds at a $250 million token valuation

April 29, 2023
NFTs on the Rise: Key Drivers Behind the Marketโ€™s Resurgence

NFTs on the Rise: Key Drivers Behind the Marketโ€™s Resurgence

December 9, 2024
Ethereum crosses a key price level – Is a new rally in the works?

As Bitcoin price stagnates, what’s next for its prediction?

December 18, 2023

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