tl;dr
Bitcoin miners are expected to see increased profits due to the extreme heat in North America leading to shutdowns and cooling operations. This is significant as miners were already facing profit squeezes from the halving event. The heat is also expected to significantly impact Bitcoin's hash rate, ...
Bitcoin miners are expected to see increased profits due to the extreme heat in North America leading to shutdowns and cooling operations. This is significant as miners were already facing profit squeezes from the halving event. The heat is also expected to significantly impact Bitcoin's hash rate, with analysts predicting a decline during the summer months, leading to reduced mining operations.
Bitcoin miners are expected to see an increase in profit because many may have to shut down or cool off their operations due to the extreme heat that usually occurs in North America during the summer. The United States (US) is known to be home to most Bitcoin miners, with data from the University of Cambridge showing that about 37% of Bitcoin mining takes place in the US.
This development is significant considering that Bitcoin miners were already facing a profit squeeze, mainly thanks to the halving event, which cut their mining rewards in half. Bloomberg reported that these miners could lose up to $10 billion in revenue following the halving event.
Bitcoin’s hash rate is also expected to decline significantly due to the extreme heatwave in the US. Blockware noted that during the North American summer months, the hash rate stagnated or decreased in the past two years as miners curtailed their mining operations.
At the time of writing, Bitcoin is trading at around $65,400, down in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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