year 2022 Bitcoin (BTC) and it’s been a pretty tough year for the cryptocurrency market.
BTC And altcoinsharp declines and bankruptcies in succession Bitcoin mining affected the industry.
Miners, who had to sell Bitcoin for a long time and could not make a profit, started to make profits after the rises at the beginning of 2023.
According to the news of Coindesk, investment company Bernstein evaluated the mining industry and the future of miners in a new research report.
Stating that the mining industry is in a good position to join a new cycle, Bernstein analysts argued that the view of Bitcoin as a safe haven, the halving event in 2024 and the low energy use in Bitcoin mining are important catalysts for the mining industry.
“If the bitcoin price continues to rise, we expect miners’ production in March and April to exceed BTC sales, leading to a net increase in BTC holdings.
This could help companies repay their debts because Bitcoin held as treasury assets can be liquidated at better prices to meet their debt obligations.”
Analysts pointed out that the halving event in 2024 is the main catalyst for medium and long-term minded miners. “Hallows reduce supply, making BTC more scarce. This causes prices to rise and results in more miners joining the network. This increases hashrate and network security.” said.
Finally, analysts added that if the halving event follows the other halving model historically in 2024, Bitcoin will see higher prices and miners will make more profit.
*Not investment advice.
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