Hype is generating around the top crypto token Bitcoin before its upcoming halving event. The on-chain analytics provider CryptoQuant says that the event will push BTC miners to innovate if they intend to maintain their profits. The analytics provider took to X to disclose the latest market status of the biggest crypto asset.
The #Bitcoin Halving will force miners to innovate & improve.
Rewards are being slashed to 3.125 $BTC. Amidst record revenues & rising competition, how will miners innovate to stay profitable?
Let's dive into it
— CryptoQuant.com (@cryptoquant_com) April 5, 2024
CryptoQuant Says BTC Halving Will Make Miners Innovate to Survive
As per CryptoQuant, the rewards are plunging to 3.125 Bitcoin. During the competition between the record price elevation and revenues, the miners must innovate. Only then they will have the capability to keep on getting adequate profits. The company added that the regular price of the top crypto is touching its exclusive heights.
On the other hand, the price for miners is up to thirty percent lower than the levels before the last halving. The respective development reportedly points toward decreased earnings for each computation endeavor. In addition to this, a huge dip has taken place in the transfer charges. This has put further pressure on the profitability of the Bitcoin miners while the halving event is looming.
Apart from that, the competition is getting much more intensive with time. The hashrate of the network has seen an enormous jump, denoting a struggle between the miners for the exact rewards. This increasing competition is potentially paving the way for the miners to take some radical steps to survive this scenario.
BTC Sales to OTC Forums Touch 1.6K BTC, the Biggest Figure Since 2023’s August
As per the reports, a few of the miners are trading their Bitcoin ahead of the halving event. The regular sales of *BTC* to OTC platforms reached 1.6K BTC at the end of March. This is the largest figure since 2023’s August. While the BTC halving is nearing, miners need to modify to decrease the revenues as well as more competition. Efficiency and innovation can play a chief role in maintaining profits.
