Bitcoin Miners Face Mounting Pressure As 2024 Halving Looms

Bitcoin halving in April 2024 will double mining costs to $30K, putting miners under financial pressure as hash rate hits record highs.
Ordinal inscriptions currently help boost miner revenue, but only provide 1-4% of income vs historical norms.
Post-halving, mining at current difficulty would require BTC price above $30K to be profitable for most miners.
Some analysts believe miners will accumulate BTC pre-halving, pushing up prices to ensure profitability after subsidies drop.
Smart money is expected to buy BTC ahead of halving too, assisting supply dynamics as less BTC is minted post-event.

cointelegraph.com

Relevant topic timeline:

9/19/2023

Bitcoin Miners Face Revenue Pressure with 2024 Halving, Urged to Seek New Opportunities

The upcoming Bitcoin halving in April 2024 will reduce block rewards for miners, prompting them to focus on strategies such as securing lower electricity rates, using more energy-efficient equipment, and accumulating excess capital in order to maintain profitability. Miners may also explore alternative revenue streams like Bitcoin Ordinals, which generate transaction fees within the Bitcoin network.