CEOs at leading Bitcoin mining firms remain "upbeat" ahead of this week’s halving event despite failing to outperform bitcoin year-to-date, according to research and brokerage firm Bernstein.
CleanSpark CEO Zack Bradford told Bernstein that Bitcoin mining stocks would trade better post-halving, as it would disproportionately benefit the consolidating winners compared to smaller, less efficient miners. Bitcoin halvings are programmed to occur automatically every 210,000 blocks — roughly every four years. Once a halving event occurs, miners receive 50% fewer bitcoins as a subsidy reward for every block of transactions they mine and add to the blockchain. Bitcoin’s next halving event will see the subsidy reward for miners on the network drop from 6.25 BTC to 3.125 BTC per block. However, they continue to earn additional transaction fee rewards for each block mined as normal.
Chhugani and Sapra noted Bitcoin has seen renewed interest from application developers, Layer 2 scaling infrastructure teams and NFTs this cycle — leading transaction fees to spike up to 40% of revenues at times. They currently account for 10% of revenues — providing an additional cushion post-halving.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Source: CoinDesk - 🏆 291. / 63 Read more »
Source: TheBlock__ - 🏆 464. / 53 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »