Global #Bitcoin halving

In October, two major players in the Bitcoin mining industry—Marathon Digital and Riot Platforms—reported strong Bitcoin production numbers, marking their highest monthly outputs since the Bitcoin halving event in April 2024.

Bitcoin miners are increasingly adopting innovative strategies to navigate the evolving landscape of cryptocurrency mining. The recent Bitcoin halving in April 2024, which reduced mining rewards by half, has intensified the need for cost-cutting measures and diversification.

The most recent Bitcoin halving event took place on April 19, 2024, generating considerable excitement among investors who recalled the impressive returns from previous halving years.

On August 11, 2024, Bitcoin mining revenue hit a new yearly low, falling to $2.54 million. This marks the lowest daily earnings for Bitcoin miners since October 2023.

Bitfarms, a prominent Bitcoin mining company, has announced a notable 34% month-on-month (MoM) increase in earnings for July, attributing the growth to significant upgrades and expansion of its mining operations.

Marathon Digital Holdings, now rebranded as MARA, has reported a significant widening of its losses for the second quarter of 2024. The company's net loss reached $199.7 million, a sharp increase from the $9 million loss reported in the same period last year.

Riot Platforms, a major player in the Bitcoin mining industry, reported total revenue of $70 million for the recent quarter, a decrease from the $76.7 million recorded during the same period last year. This decline is largely attributed to the Bitcoin halving event that took place in April.

Bitcoin miners are feeling the heat as the market experiences a significant sell-off. In the past three days, miners have offloaded a staggering amount of Bitcoin, equivalent to five days' worth of mining revenue.

Bitcoin (BTC) has seen a decrease in its ticker value, now at $70,754. Riot Platforms, a prominent miner, produced 215 BTC in May, marking a 43% decrease compared to the previous month.

According to crypto trader Peter Brandt, Bitcoin (BTC) is currently experiencing a downturn, with its price at $68,589. Brandt suggests that based on the trajectory of previous post-halving bull markets, Bitcoin could potentially peak between $130,000 to $150,000 in late August to early September.

Unlike previous Bitcoin halving events, the fourth halving saw a distinct change. While miners now receive reduced block subsidy rewards from 6.25 BTC to 3.125 BTC, they still earn additional rewards from transaction fees per block.

A prominent figure in the cryptocurrency community suggests that the markets have yet to fully absorb the impact of Bitcoin's recent halving, which halved the rewards for BTC miners.