COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Bitcoin Mining Firms Face Challenges After Halving Event
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Cryptocurrency Mining > Bitcoin Mining Firms Face Challenges After Halving Event
Cryptocurrency Mining

Bitcoin Mining Firms Face Challenges After Halving Event

In Brief

  • Bitcoin mining firms shut down unprofitable platforms post-halving, causing a hash rate decline.

  • CoinShares predicts a temporary drop, with a hash rate rise expected next year.

  • TeraWulf plans to expand despite halving, focusing on low-cost energy and efficient infrastructure.

COINTURK NEWS
COINTURK NEWS 1 year ago
Share
SHARE

Bitcoin mining firms continue to shut down unprofitable platforms following the fourth Bitcoin halving event, causing a decline in the Bitcoin hash rate. According to Blockchain.com data, the Bitcoin network’s hash rate dropped to 575 exahash per second (EH/s) on May 10, the lowest in two months, before a slight recovery to the current 586 EH/s.

Contents
What’s Happening in the Mining Sector?Notable Remarks from a Prominent Figure

What’s Happening in the Mining Sector?

According to a May 13 post by CoinShares research head James Butterfill, the hash rate decline can be attributed to miners shutting down unprofitable platforms. CoinShares’ April 19 report had predicted this temporary drop, expecting the hash rate to rise next year. The report stated:

“Our model predicts the hash rate will rise to 700 exahash by 2025, but it could drop by 10% as miners shut down unprofitable ASICs post-halving.”

The report attributes the temporary decline to the increased costs of Bitcoin mining and rising electricity costs due to the halving:

“Key mitigation strategies include optimizing energy costs, improving mining efficiency, and securing favorable hardware supply conditions.”

Notable Remarks from a Prominent Figure

According to TeraWulf co-founder and COO Nazar Khan, only smaller mining operations with less energy-efficient equipment will be at risk after the 2024 halving process. In an interview, Khan stated:

“If you are a firm with just a group of machines and are not profitable, you will face challenges. A company with a quality infrastructure that can provide low-cost energy is a real asset, and if anything, the fundamental value of that asset has increased.”

According to Companiesmarketcap, TeraWulf is the world’s eighth-largest Bitcoin mining company with a value exceeding $670 million and plans to further expand its mining operations this year despite the halving of block rewards. However, the profitability of mining operations largely depends on the cost of electricity paid by the companies. According to a May 2 post by the Hashrate Index, two older ASIC models, the S19 XP and M50S++, operate with electricity costs above $0.09/kWh:

“The S19 XP and M50S++ will operate at a loss if the hash cost exceeds $0.09/kWh. The M50S+ will be unprofitable at >$0.08/kWh, and the S19j Pro+, j Pros, and M30S++ will struggle at $0.06-0.07/kWh.”

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Miners Face Challenges as Market Dynamics Shift

Trump’s Bitcoin Mining Strategy Faces Challenges with Increased Tariffs

Joint Venture Boosts Efficiency in Cryptocurrency Mining with Strategic Partnerships

Bitcoin Mining Profitability Dips: Key Insights Uncovered!

New Tariffs Force Bitcoin Miners to Adapt Quickly

COINTURK NEWS 14 May, 2024 - 3:34 pm 14 May, 2024 - 3:34 pm
Share This Article
Facebook Twitter
Share
Previous Article Bitcoin Price Faces Volatility Due to Economic Data
Next Article Binance Ends Support for XRP and TUSD
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

Bitcoin Surges as Strategic Catalysts Propel New Peaks
Bitcoin (BTC)
Crypto Market Surge: Bitcoin and Altcoin Price Targets Soar!
Technical Analysis
Bitcoin Shatters Record: Experts Predict Explosive Price Movements and Altcoin Impact
Bitcoin (BTC)
Cryptocurrencies Take Center Stage as U.S. Economic Data Surprises
Cryptocurrency News
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?