How much should BTC be worth for mining to be profitable after halving?
According to the calculations of the CEO of the analytical platform CruptoQuant Ki Young Ju, in order for miners to mine Bitcoin profitably, its price should exceed $80,000 after halving. scheduled for April 20, 2024. After Bitcoin halving, the reward to miners for mining a block will be halved. At the same time, the costs of obtaining the same number of coins, on the contrary, will increase.
After the previous halving, which took place in May 2020, the cost of mining increased to $30,000. At the same time, BTC also rose in price, reaching a record level of $69,000. Now The average cost of mining BTC is $49,900, and the asset itself is trading above $70,000. After April 20, 2024, BTC mining costs will exceed $80,000, which means the asset must trade above this level for miners to continue making profits. Historically, the value of Bitcoin increases after the halving. In 2012, the asset rose by almost 9,000% to $1,162. In 2016, the price of the cryptocurrency soared by about 4,200% to $19,800, and after halving in 2020 - to 683% up to $69,000.
However, Bitcoin growth does not begin immediately after the halving. Until the price rises, the industry is going through a difficult period - small mining companies and individual miners are going bankrupt, and sales of equipment for mining cryptocurrency are increasing.
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