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Author: Admin | 2025-04-28
The Bitcoin halving will occur this week.Large Bitcoin mining companies are well prepared for the event.Mining equities may outperform Bitcoin after the halving.The halving is only a few days away, and Bitcoin miners are ready for it.The CEOs of five major Bitcoin mining companies — Marathon Digital, Riot Platforms, CleanSpark, Hut 8, and Cipher Mining — spoke with analysts from research firm Bernstein about the impact the event will have on the mining industry.Expected on April 19, the halving will automatically slash in half the amount of Bitcoin that miners receive for maintaining the Bitcoin blockchain.Although the resulting reduction in supply should be a positive catalyst for Bitcoin’s price, miners will have to keep running with the same operational costs and less revenue.Strong balance sheetBitcoin rose to new all-time highs this year off the back of the immensely successful spot exchange-traded funds, which were launched in early January.And even after the top cryptocurrency slumped to $64,000 from its all-time high of $73,798 in March, miner revenues remain near all-time highs. According to Bernstein and Glassnode data, the industry is raking in almost $80 million in revenue a day just from mining Bitcoin.Bitcoin mining revenue is at historical highs. (Bernstein)Historically high revenues will provide a “solid cushion to miners pre-halving,” Bernstein wrote.Some of that revenue is due to Bitcoin’s network fees. The development of new Bitcoin layer 2 platforms and NFT trading has pushed Bitcoin transaction fees higher over the past year.This revenue stream won’t be affected by the halving. Fees now make up 10% of Bitcoin mining rewards, and that number has spiked to 40% in the past, according to Bernstein.“Bitcoin miners point to a relatively comfortable financial position this cycle to withstand the impact of the halving,” Bernstein wrote.Marathon vs. CleanSparkThe mining CEOs also talked to Bernstein about their acquisition plans.Inefficient or poorly capitalised mining operations may struggle in the wake of the halving, and their rivals may take advantage of the situation to buy distressed assets.CleanSpark CEO Zach Bradford told Bernstein that he expected the mining industry to consolidate around four miners — CleanSpark, Marathon, Riot, and Cipher.Last
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