With less than 320 days to go to the much-awaited Bitcoin halving event, it’s not clear what will happen to the miners and the price of Bitcoin. However, since the mining rewards are likely to decrease, miners may end up switching off their rigs due to projected losses.
The halving event is hard-coded into the Bitcoin protocol and is meant to reduce the amount miners earn for keeping the Bitcoin network in check. Next year’s halving event will reduce the amount earned by miners from the current 12.5 Bitcoin to 6.25 Bitcoin per block.
Tone Vays, a crypto analyst, notes that:
“Technically, everything is in play until the end of 2020, after that sub $5,000 is not likely. Worst case scenario: prices drop to $5K into the halving, then after the halving 70 percent of miners shut down due to negative revenue, Bitcoin spirals down in price but then rises from the dead!”
Bitcoin (BTC) Will Eclipse Altcoins
Additionally, the analyst predicts that the halving will help Bitcoin make considerable strides in its price, something that will eclipse Litecoin (LTC), Bitcoin Cash (BCH), among other altcoins cementing its role in the ecosystem. According to Tone, “they will never be a store of value and will depreciate against BTC.” Read More at EWN...