Shares of public cryptocurrency miners got a lift premarket Monday, after rallying into the close Friday before the halving, which took place later that day. The biggest miners,and takes place about once every four years, as mandated in the Bitcoin code. It's meant to slow the issuance of bitcoins, thereby creating a scarcity effect and allowing the cryptocurrency to maintain its digital, gold-like quality.
Many investors have been expecting little price action in bitcoin around the halving itself, as historically it has taken several months to see its impact reflected in the price of bitcoin. JPMorgan, however, said it sees some near ter, downside risk in bitcoin.and have been preparing for months by making big purchase orders for new and more efficient mining equipment, increasing their electricity capacity and growing their hash rates.
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