Miner preparing for Bitcoin Halving as other cryptocurrencies rise

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The mining company Riot Platforms recently 33,280 mining rigs worth $162.9 million. MicroBT’s new ASIC miners are destined for the Texas facility. According to Riot, this adds a good 7.6 exahashes per second (EH/s) to its total hash power.

Buy Riot 7.6 EH/s Next Generation Miners from MicroBT, Manufactured in the USA.
Read more in today’s press release: https://t.co/esLToy798H
— Riot Platforms, Inc. (@RiotPlatforms) June 26, 2023

In a press release, Riot CEO Jason Les says that these ASICs some of the best performing models on the market act. In addition, they are specially designed for immersion cooling. This is a method of cooling electronic devices by immersing them directly in a thermally conductive dielectric liquid.

However, the mining rigs will not arrive on the client until December of this year and are not scheduled to go online until the first quarter of 2024. Despite the good news, Riot’s share price has failed to benefit get rid of The stock fell from $11 per unit to $10.3 per unit on June 26.

Other mining companies are not standing idle. On June 21 was Akron Energy announced the discovery of a 200 megawatt mining facility in Hannibal, Ohio. Meanwhile, preparations are underway to merge Hut 8 and US Bitcoin Corp. Once the merger is complete, the resulting company is expected to be one of the largest mining companies in the US.

Looking forward to the half

According to their own statement, Riot wants to buy the mining equipment the upcoming spread of bitcoin prepare. The block reward is halved, the reward for the miners, and with it the emission of Bitcoin. This is always an important event not only for Bitcoin but also for the entire crypto market.

The halving happens every four years, more precisely after reaching 840,000 blocks. The next half will be for the April 2024 looking forward to. The block reward will then be halved from 6.25 BTC per mined block to 3.125 BTC per block. This is how it is written in the Bitcoin blockchain.

Source: BashCo.github.io

In the early years of Bitcoin, the block reward was 50 BTC per mined block. In these stages, the amount of BTC increased significantly, most of the existing bitcoins were created here. At that time, the price was also low compared to today. Satoshi Nakamoto assumed that Bitcoin would need time to grow the network. If only after a few years increasing demand would satisfy the decreasing supplythen the price of Bitcoin would also inevitably rise.

Investors, bitcoiners, and crypto enthusiasts are eagerly anticipating the halving every time. Because so far things have always been rising and then the others All time high from bitcoin. This is what happened at the halving in 2020. In 2021, Bitcoin reached its current high of $68,789.63 (according to CoinMarketCap) on November 10, 2021. In 2016, the block reward halved from 12.5 BTC to 6.25 BTC, a year in which after that it raised Bitcoin and hit $17,802 on December 0 , 2017, marking the all-time high at the time.

Advantages of the Crypto market

However, it is not certain whether the price increase will necessarily be the immediate consequence after the expansion. After all, this could also be a self-fulfilling prophecy, and it’s simple investors’ expectations, which drives the price. The months after the expansion are often difficult for miners, as they receive less BTC for their work and the price increase is still far away. Riot buying of the mining devices can still be seen as a positive sign.

However, it will be a long time before April 2024 and a lot can happen. Current Bitcoin has $30,000. Even if the mood is currently positive, the overall situation remains tense. If the price of BTC falls below this level, it could take the rest of the market with it.

Until then, the other cryptos can also see positive trends. Recently, the price of DeFi coins like Compound (COMP) has already increased. pre-sale such as Wall Street Memes Coin (WSM) may also offer opportunities to get started cheaply and possibly benefit from rising prices in the coming months. The base is currently growing and is approaching the $11 million mark. In any case, the coming months and years will remain exciting.

Last updated on June 28, 2023