According to experts, the computing power used for bitcoin mining may decrease by as much as 30% following the halving event. Lucas Pipes, Managing Director at investment bank B. Riley Financial, predicted a 15% to 30% decline in bitcoin’s hashrate. Colin Harper, head of content at mining services firm Luxor Mining, also suggested a possible 20% drop. This decrease is expected because as the mining rewards are halved, the cost of successfully mining a block doubles. If the price of bitcoin does not significantly increase, unprofitable miners are likely to turn off their machines, thereby resulting in lower hashrates for the network.
AI Sentiment: Negative
