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Bitcoin miners face survival test in 'halving'

Economic TimesEconomic Times · 7m
Bitcoin miners face survival test in 'halving'

The upcoming halving event in bitcoin mining is expected to expose weaker mining companies and individuals as their income gets slashed. Bitcoin mining is a resource-intensive process where computers solve complex puzzles to validate blocks and receive rewards. The current reward of 6.25 bitcoins per block is set to decrease to 3.125 bitcoins, making it less profitable for some miners. This could lead to a downward spiral for miners who are unable to compete and may result in the closure or acquisition of their operations. Major players in the sector are investing in efficient machines and cheaper, greener energy sources to cut costs and remain competitive. Consolidation within the industry is also occurring, with mining firms buying stakes in rivals to diversify income streams and cover costs.

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