Lucas Pipes, Managing Director at investment bank B. Riley Financial, estimated a 15% to 30% decline in Bitcoin's hashrate. Colin Harper, head of content at mining services firm Luxor Mining, said a 20% drop was possible.
Roughly every four years, the bitcoin rewards the miners receive for successfully mining a block are cut in half in a way of controlling the blockchain's supply economics. This event is known as theAs the rewards get cut in half, the cost to mine a block successfully doubles. Barring major upward swings in bitcoin's price, this would lead to miners that are not profitable to shut off their machines and, in turn, lower hashrates for the network.
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