Nicholas Economu | Noor Photos | Getty Images
Bitcoin Bitcoin prices edged higher at the start of the week after the network completed its fourth halving on Friday, which reduced the incentives paid to Bitcoin miners.
The cryptocurrency’s price recently rose 1.8% to $65,891.28, according to Coin Metrics. ether It rose 1.5% to $3,198.06.
Shares of public cryptocurrency miners rose before the market opened on Monday and rebounded after the close on Friday, with the halving taking place later in the day. The largest miner, marathon numbers and Anti-riot platformup about 3% and 5% respectively. clean spark and iris energy grew by 3% and 4% respectively.
According to the Bitcoin code, Bitcoin halving cuts the incentives awarded to miners in half and occurs approximately every four years. The aim is to slow down the issuance of Bitcoin, thereby creating a scarcity effect and allowing the cryptocurrency to maintain its digital, gold-like qualities.
Many investors have been expecting little price movement around Bitcoin’s halving because historically, it takes months for Bitcoin prices to see its impact. However, JPMorgan said it sees near-term downside risks for Bitcoin.
Large, publicly traded Bitcoin mining operations are largely prepared for this event and have been preparing for months, purchasing large quantities of new, more efficient mining equipment, increasing power capacity and improving mining efficiency. Hope rate. Hash rate Measuring the computational efficiency of cryptocurrency miners.
Smaller, less efficient operations risk being forced offline, allowing remaining miners to capture more market share and open up M&A opportunities,
About The Author
