Would Bitcoin halving split miners apart?
Bitcoin halving, the anticipated event in the crypto space, is just around the corner. However, this year’s Bitcoin halving less than two months away is the most anticipated in the short history of crypto space because of the recent price drop of Bitcoin and the miners’ sordid state.
Bitcoin miners are undoubtedly the backbone of the crypto community, as they keep the network working. Miners are rewarded with Bitcoin, which is then sold in the open market. The event of Bitcoin halving takes place after every four years; this is to control the flow of Bitcoin in the crypto market. Therefore, after every four years, the reward of miners is halved, literally, i.e., if the reward is 25 Bitcoins for mining a block after halving it would be 12.5.
Miners can make a profit by either selling the Bitcoin or by registering a loss, depending on the BTC price. Hence, the price of Bitcoin is the major determinant of the mining industries’ health.