As the Bitcoin network braces for its fourth halving event, anticipated around April 2024, the crypto mining sector faces a seismic shift that could lead to significant consolidation.
Analysts claim that only two mining firms, Marathon Digital Holdings (MARA) and Iris Energy (IREN), will survive the challenges of Bitcoin halving.
Bitcoin Mining Firms Struggle With Operational Costs
The halving, integral to Bitcoin’s protocol to keep it deflationary, will cut the block reward from 6.25 to 3.125 BTC. Historically, this event has kickstarted Bitcoin’s bull rallies.
Ali Martinez, BeInCrypto’s Global Head of News, noted that following the 2012, 2016, and 2020 halvings, the price of BTC surged by 11,000%, 2,850%, and 700%, respectively. More importantly, the last two bull markets after the halving were similar in length, lasting 518 days and 549 days each. For this reason, Martinez expects a similar scenario to play out this year.
“If the upcoming bull market follows historical trends, we might anticipate the next Bitcoin market top around April or October 2025,” Martinez said.
Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run
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Author: Harsh Notariya
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