The upcoming fourth Bitcoin (BTC) halving poses a significant challenge for miners using outdated equipment, leading to potential financial struggles for some, as acknowledged by Edwards.

Scheduled for April 19, 2024, around 1:53 p.m. UTC, when Bitcoin hits the 840,000 block milestone, this halving will reduce mining rewards from 6.25 BTC per block to 3.125 BTC per block. Consequently, miners relying on less efficient hardware may face difficulties in the upcoming mining cycle.

For example, the profitability of the Bitmain Antminer S19, a popular ASIC miner for SHA-256 coins like BTC and LTC, is projected to require a BTC price exceeding $80,000 post-halving, according to some estimates.

This adjustment will further solidify Bitcoin’s (BTC) status as a scarce asset, enhancing its economic value due to its limited supply.

Paolo Ardoino, the CTO of Tether and Bitfinex, expresses enthusiasm about the impact of the BTC halving on the tokenomics of Bitcoin, highlighting the remarkable 600% price surge that followed the previous halving on May 10, 2020, within just 18 months.

This content was originally featured on U.Today