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Bitcoin Miners Move to Protect Their Profitability as Halving Looms


Bitcoin Miners Move to Protect Their Profitability as Halving Looms

Bitcoin’s long-awaited mining rewards halving is now only a mere six days away, and investors are on the edge of their seats as they wait to see what implications this may have on Bitcoin’s price from a short-term perspective. There is much debate as to whether or not it will actually have any short-term implications on BTC’s price. From a long-term perspective, however, it certainly works in the favor of bulls. One quantifiable short-term implication of the event is that miners are rapidly moving to protect their profitability. This is indicated by the cryptocurrency’s rocketing hash rate, which may be the result of them upgrading their equipment in an effort to bolster their efficiency.

Bitcoin’s Hash Rate Rockets as Mining Rewards Having Approaches

Bitcoin’s hash rate is widely looked upon as an indicator of the crypto’s fundamental strength, as it rises and falls based on miners’ contribution to the network. Throughout the past couple of weeks it has rocketed to fresh all-time highs alongside BTC’s difficulty level. Read More...