Topic: Bitcoin mining, waiting be the way forward? (Read 40 times)
One of the major reason I believe miners will increase is that, irrespective of the electricity cost and reduction in the mining fee by the halving, there is still a way miners gain their profit, and that is the increase in price of Bitcoin. If you observe closely, you'll find out that during the genesis block and before the first halving, the price of Bitcoin was ultimately low to even less than $100 but now with just 6.25BTC as mining reward, you'll get $417k + and that is possible because of limited supply and the theory of demand and supply. So definitely, they still make profits no matter what. Miners have started using some renewable energy source like hydro power plant and solar plant for power generation and this is even more economical than paying electricity bills.
To be frank bitcoin miners will increase after this halving, just like previous halving and while miners in the US or some other countries might be tempted to move to this countries with low cost electricity another thing they will have to look unto is the fact that in the US it seems like they are paying 30% of electricity they use for mining as tax while some of these countries are task free.
African countries are also among the countries increasing with miners, Morocco was among the top mining countries by ChainAnalysis last year while also Ethiopia is turning to a mining hub
but we don't how the government may react on this in the long run while this will boost the economy of Ethiopia or any other African countries that may be implement this if they have low energy consumption. While country like ours(Nigeria) though we have few miners but our low power supply and even the electricity fee has been a discouraging factor
African countries are also among the countries increasing with miners, Morocco was among the top mining countries by ChainAnalysis last year while also Ethiopia is turning to a mining hub
According to data from Bitcoin mining services company Luxor Technologies, in 2023, Ethiopia ranked fourth behind the USA, Hong Kong, and Asia as one of the top destinations for Bitcoin mining rigs. Russian bitcoin mining company Bitcluster has already built the first 120 MW bitcoin mining facility, and companies such as Hashlabs Mining have started building bitcoin mines in Ethiopia for their global clients.
but we don't how the government may react on this in the long run while this will boost the economy of Ethiopia or any other African countries that may be implement this if they have low energy consumption. While country like ours(Nigeria) though we have few miners but our low power supply and even the electricity fee has been a discouraging factor
As we dey waka go reach di 2024 Bitcoin halving, miners and mining companies dey strategically upgrade their equipment and mining rig operations to balance di potential impacts on profitability. Some miners dey also explore additional revenue sources to maximize their machine capabilities, like providing AI infrastructure services.
Furthermore, miners dey find more cost-effective alternatives as electricity costs dey skyrocket for United States and globally. Countries like Iceland and Sweden, wey dey depend on hydro and geothermal power, don become prime spots for mining operations.
While we never know di full effect of Bitcoin halving on miners, mining don dey catch di eye of some major players. Industry leaders like Tether and countries like Bhutan dey set up mining rigs. Innovations like Ordinals and BRC-20 don also increase transaction fee rewards for miners by boosting network activity. As we dey look forward to di halving event, di focus still dey on resilience, innovation, and adaptability.
Furthermore, miners dey find more cost-effective alternatives as electricity costs dey skyrocket for United States and globally. Countries like Iceland and Sweden, wey dey depend on hydro and geothermal power, don become prime spots for mining operations.
While we never know di full effect of Bitcoin halving on miners, mining don dey catch di eye of some major players. Industry leaders like Tether and countries like Bhutan dey set up mining rigs. Innovations like Ordinals and BRC-20 don also increase transaction fee rewards for miners by boosting network activity. As we dey look forward to di halving event, di focus still dey on resilience, innovation, and adaptability.
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