Bitcoin Halving to Have a $10 Billion Impact on the Mining Industry

Know about the Bitcoin Halving event, US$10 billion crypto miners' delivery

According to a Bloomberg report, Bitcoin miners could lose as much as US$10 billion if half of the block reward is cut. The Bitcoin halving event is expected to take place in less than five days, the report adds. The immediate block reward will fall from 6.25 to 3.125 per new block. This is expected to be a significant blow for mining companies with high operating costs. In the past, miners have been able to bounce back from halving block rewards by having large bull runs after each event.

On the other hand, according to Chainalysis, on the eve of the first two halvings (in 2012 and 2016), miners were busy building up cash liquidity, but that wasn't the case going into the third halving (in 2020). Bitcoin's performance after the second and third halvings meant miners waited longer to sell off their reserves because they expected higher prices.

The total number of mining pools also declined by over 20% this time, although the drop is much smaller than in the first halving. This time, before the halving, the price of Bitcoin had already hit an all-time high, indicating that miners were more inclined to sell part of their holdings before the substantial impact of the halving.
 

In addition to the Bitcoin rewards being halved, miners now have to contend with growing competition from artificial intelligence (AI) firms. According to Core Scientific's CEO, Adam Sullivan, power has become "extraordinarily limited" in the United States. Tech companies such as Amazon are willing to invest vast sums of money in data centers, which makes it more

difficult for miners to secure low-cost power agreements.

Price Analysis

The price of Bitcoin is US$66,139 at the time of writing. According to the price analysis, the relative strength Index (RSI) for Bitcoin is 54.81, which points to a positive trend. Bitcoin's support level is US$65,217, and its resistance level is US$67,931.

Price Prediction

Cryptonews' Bitcoin price forecast for 2025: The Bitcoin price could reach a peak of US$101,000 in 2025, after which it will drop to around US$100,000. The 2030 prediction for Bitcoin is that the price will remain stable at around US$150,000, reaching a peak of US$165,000, followed by a low of US$130,000.

According to Techopedia, Bitcoin price is forecast to be low at US$50,000 in 2025 and high at US$30,000 in 2026. It will then be below US$100,000 once more. By 2025, the average price of Bitcoin will be around US$65,000. It is anticipated that the Bitcoin price will range from US$95,000 to US$160,000, with an average price of about US$127,000 in 2030.