From Nasdaq:

A Cantor Fitzgerald report suggests that the upcoming Bitcoin Halving event in April could make nine of the 11 largest publicly traded Bitcoin miners unprofitable at a Bitcoin price of $40,000. Bitdeer and CleanSpark are the only companies forecasted to maintain profit margins. The two companies are expected to maintain a cost-per-coin rate of $17,774 and $36,896 respectively, while others will require significantly higher Bitcoin prices to remain profitable.

Argo Blockchain and Hut 8 Mining are expected to be the most impacted, with an “all in” cost-per-coin rate of $62,276 and $60,360, respectively. Marathon Digital, Riot Blockchain, and Core Scientific are also among the companies likely to be significantly impacted.

The report analyzes the all-in cost per coin immediately after the halving event in April 2024, considering no immediate change to operations or network hash. On-chain analytics company CryptoQuant highlighted that Bitcoin miners are selling reserves ahead of this Halving event expected around April 22. This trend signals strong selling pressure from the mining community as they aim to realize profits ahead of the halving event to cover operational costs and prepare for future investments amidst rising competition in Bitcoin mining with each Halving event.

Entrepreneur and investor Anthony Pompliano discussed the impact of Bitcoin halving on miners in an interview with Marathon CEO Fred Thiel. Trader Tardigrade, a crypto content creator, highlighted the correlation of Bitcoin price movements with the change in reward per block to the miners. The Bitcoin Halving occurs every four years and is designed to control the supply of new Bitcoin entering circulation, with a supply contraction that causes analysts to predict future price increases.



Read more: Bitcoin Halving Could Make 9 Of 11 Largest Public Miners Unprofitable: Analyst