Bitcoin halving starts taking its toll on miners

📆 5/14/2024 6:11 AM
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Bitcoin Cryptocurrency,Bitcoin Mining,Cipher Mining

The halving event that took place in April will result in a R183 billion annual loss of revenue — something mining companies are seeing reflected in their share price.

More selling pressure in the cryptocurrency market is likely on the horizon as Bitcoin miners with large holdings of the digital asset face a sharp drop in revenue, according to researcher Kaiko.

Called the halving, such updates are preprogrammed in the blockchain to slash mining subsidy, a fixed amount of Bitcoin rewarded to miners for validating transaction data, by half every four years. Bitcoin miners were able to mitigate the loss by earning more transaction fees, which is the other revenue stream besides the mining subsidy.

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