Small Bitcoin miners might be pushed out of the market
Despite a new growth of Bitcoin’s prices that happened after the halving, miners are facing a difficult time. The current reward value might not be enough to cover the costs of smaller operations.
BTC is currently trading at about 2.3% up, around US$9106. The currency is over both 10-day and 50-day averages - a strong bullish signal.
At the same time, mining is at a standstill. The halving brought the reward for mining down to 6.25 BTC. Now operating the machines and securing the whole network is noticeably less productive.
If a considerable number of miners will be pushed out of the market, the whole crypto system will be impacted. Two Prime’s Alexander Blum noted, that the most important thing about the change is the new status of miner’s new tokens, that might no longer be the most important driver of sales. The exchanges will be more important decision-makers in this regard.
The stability of the exchange volumes will decide if Bitcoin’s price will be growing further after the halving, which has been uneventful so far.