Cryptoverse: Bitcoin miners make money ahead of 'halving'
Bitcoin miners are making hay while the sun shines.
The business has been yanked out of the doldrums by the cryptocurrency's recent rally — and now mining companies are racing to lock in profits before bitcoin's «halving», when rewards for producing the tokens are cut in half.
The next halving is expected in April 2024, a process designed to slow the release of bitcoin, whose supply is capped at 21 million — of which 19 million have already been mined.
«You're seeing a lot of urgency to plug rigs in ahead of the halving,» said Gregory Lewis, analyst at brokerage BTIG that covers the 13 biggest U.S.-listed bitcoin miners.
Did you Know?
SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.
View Details» Bitcoin's hashrate — a measure of the computational power needed to mine a coin — has spiked to an all-time high, according to crypto platform Blockchain.com. That means miners are having to use more and more power and speed to crack the complex maths puzzles that earn them a bitcoin.
Analysts at J.P. Morgan estimate the hashrate has hit record highs for 11 consecutive months, including a historic surge in October.
PLAYING THE GAME
Bitcoin has risen about 37% in the past month to around $37,000 after months of listlessness, a rebound that's encouraged miners to hook up their powerful computers to crack the puzzles and sell newly minted coins.
The 30-day average of revenue earned by miners has improved steadily this year to hit a 18-month at $32.46 million on Nov. 11,
