News - Wall Street draws conclusion: investors want Bitcoin

By Ted Maas

Wall Street draws conclusion: investors want Bitcoin

Bitcoin (BTC)
Crypto acceptance
Mining

The upcoming halving in April 2024 may be a stress test for Bitcoin miners. However, there is also good news to report.

Bitcoin's hashrate kent is currently moving in the right direction. With more than 400 exahashes per second (EH/s), the mining sector and associated computing power is growing to higher levels. So there is more competition than ever to mine Bitcoins before the reward is cut in half. According to analysts at J.P. Morgan, the halving will lead to difficult conditions for Bitcoin miners.

This is because the block reward is being reduced from 6.25 to 3.125 BTC - a reduction in revenue for miners. At the same time, Bitcoin's production costs are rising. Of course, the price of Bitcoin will play an important role in whether it is profitable.

Nevertheless, institutional investors' interest in Bitcoin mining has increased significantly. Both Galaxy Digital and Grayscale have invested in new mining hardware. In addition, Tether is participating in a multi-billion dollar renewable energy initiative in El Salvador. Meanwhile, Wall Street - in addition to the Bitcoin Spot ETF - is also interested in the first cryptocurrency. Asset manager Vanguard, for example, is backing the mining sector with US$500 million.

Read more about the Halving in our Academy article here.

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