Additionally, a notable decline in transaction fees is adding pressure to Bitcoin miner profitability as the halving approaches. Despite daily revenues reaching new highs, miner hashprice remains 30% lower than pre-last halving levels, suggesting reduced earnings per computational effort.The recent surge in the Bitcoin network's hashrate to 600 H/s indicates increased competition among miners for the same rewards.
In April 2024, the Bitcoin network is gearing up for its most significant halving event in terms of the USD-denominated reduction of miner rewards. This halving will see rewards drop from 6.25 to 3.125 Bitcoin per block, potentially leading to a 3-7% reduction in active miners.The ongoing adoption of Bitcoin exchange-traded funds could absorb selling pressure and contribute to a more stable demand for Bitcoin.
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