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Bitcoin’s Hashrate Could Drop by Up to 30% After Next Halving Event, Experts Say

Bitcoin's hashrate, or computing power, may decrease by up to 30% after the next halving event in April 2024, as unprofitable miners turn off their rigs. This was discussed by experts during a CoinDesk Mining Week 2023 Twitter Spaces event. B. Riley Financial's Lucas Pipes estimated a 15% to 30% decline, while Luxor Mining's Colin Harper predicted a 20% drop.

The halving event occurs roughly every four years, cutting the rewards miners receive for successfully mining a block in half, and the next halving will reduce the reward to 3.125 BTC per block. Miners are upgrading to newer, more efficient machines to reduce power costs and survive the halving.

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