Bitcoin Miners Upgrade Equipment Ahead of 2024 Halving to Maintain Profits
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Miners are acquiring new equipment ahead of the 2024 Bitcoin halving to capitalize on current rally. Hashrate has hit record highs.
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Halving will reduce miner revenue per block from 6.25 to 3.125 BTC. Miners are upgrading gear to improve efficiency.
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Bitcoin algorithm adjusts difficulty every 2 weeks. More miners means increased difficulty.
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Smaller miners may go bankrupt after halving reduces revenue. Big miners may acquire struggling operations.
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CEOs say inefficient miners will be "washed out" by halving. Big miners can further expand market share.