Bitcoin miners face potential profitability problems if BTC price action stays below $30,000 after the 2024 halving.
Bitcoin miner competition is exploding, with hash rate — the estimated combined processing power deployed to the blockchain —For Glassnode, this indicates unprecedented conditions for miners trying to eke out a living at current BTC price levels.
The proportion of income received from fees has increased between 1% and 4% compared to lows seen during Bitcoin bear markets, but by historical standards remains modest. This hash rate spike is laying the foundation for an upcoming showdown. In April 2024, miner rewards per block will drop 50%, doubling the so-called “production cost” per BTC. Currently around $15,000, this will pass $30,000 — above the current spot price.
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