The leading cryptocurrency is set to face a critical year as the highly anticipated halving event approaches in the spring. According to experts at Reuters, the mining industry is currently in a competitive environment. The impending halving event is incentivizing miners to earn more money, as mining profitability is expected to decrease by half after the event.
The #halving is scheduled to take place in April 2024. Over the past month, the price of the leading cryptocurrency has increased by 13.5%, prompting miners to increase their #mining power in order to maximize their profits. The average earnings of miners have been steadily rising in recent days.
On November 11th, it reached the highest level in the past 18 months, amounting to $32.46 million. It is interesting to note that the hash rate in the Bitcoin ecosystem has recently reached new record levels.
The upcoming halving event and the competitive nature of the mining industry are expected to have a significant impact on the leading cryptocurrency. Miners are actively preparing for the event by increasing their mining power, aiming to capitalize on the potential rise in the cryptocurrency's value. The report by Reuters provides valuable insights into the mining landscape and highlights the importance of the halving event in shaping the future of #Bitcoin - the leading cryptocurrency.
