Previously unprofitable Bitcoin miners may now be coming back online amid Bitcoin’s recent price rise.
These once-unprofitable Bitcoin miners may have contributed to Bitcoin’s 14.7% increase in hash rate since the start of 2024.
Bitcoin miners have likely put their older crypto-mining machines back to work in the first quarter, contributing to a record-setting hash rate as Bitcoin’s price skyrocketed to a new all-time high in early March.Nico Smid, founder of Digital Mining Solutions in the firm’s first quarter Bitcoin mining review, published on April 2.Switching back on these older Bitcoin miners may have contributed to a 14.7% increase in Bitcoin hash rate since the start of 2024.
Interestingly, Smid noted miner revenues reached a new all-time high on March 10 despite a steady decline in transaction fees since the start of March. “While this is beneficial for individuals seeking to send quick transactions, it presents a less favorable scenario for miners who have grown accustomed to high transaction fees over the past few months.”While old miners are turning back on, the cost of application-specific integrated circuit machines continues to stabilize as many Bitcoin miners are holding off on new investments as the halving event fast approaches.
“Miners seem to be adopting a ‘wait and see’ approach as the halving event approaches,” noted Smid, who cited an ASIC Jungle survey which found 65% of customers are postponing the purchase of new miners until after the halving.is currently slated for April 20 when block 840,000 is reached. The event will reduce miner rewards from 6.25 BTC to 3.125 BTC at current prices.
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