European Mining Industry Relying on Post Bitcoin Halving Prices

[Paglamon]

The bitcoin miners are leaving no stone unturned in preparing for the upcoming bitcoin halving and being well aware of that fact that production cost might double, they're taking the necessary steps to increase profitability. The bitcoin price going up has surely helped their cause. While there's immense optimism, no-one can actually predict the post bitcoin halving prices.  It is even more difficult now given the massive unemployment rate and the coronavirus battle the world is fighting. In general, though, there is a growing belief amongst everyone in the community that the event would pay dividends.

The bitcoin halving network mining powerhouses are countries like Venezuela and China, where electricity is subsidized or available for cheap.  In these places even if the price isn't favourable they can still manage to make some profit. However, in places where the cost isn't friendly, line Europe, bitcoin miners are relying heavily on the post halving price of bitcoin.

However, this is not to say that the European miners have been sluggish and not completely prepared for whatever is thrown in their way. A survey by Jake Scott of dGen which involves key European halving players provided an interesting insight. It concluded that given bitcoin halving is not out of the blue, the miners get an ample amount of time to prepare for the event, also adding that they've done so by upgrading to the latest equipment and cheap sources of electricity.

[Noverteno]

Miners will be forced to rebuild their activities and make them more efficient, and those who are not able to do this will leave. Due to the fact that the reward to miners is halved for each new bitcoin block mined regularly every four years, and this event should happen today, the miners had enough time to prepare for it.
However, an increase in the price of bitcoin should not be expected in the near future. Most likely, in the first few months, bitcoin will even drop in price, since the market will be deregulated and only after it has adjusted itself, the price of bitcoin and the entire cryptocurrency market should increase somewhere within one year.

[kluivert]

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