Content director of Luxor Mining: Bitcoin mining companies are buying mining machines to expand their computing power to meet the next halving

Odaily Planet Daily News Colin Harper, content director of mining pool operator Luxor Mining, said in an interview that due to bitcoin price fluctuations, rising energy costs, computing power growth, and increased network difficulty, the profitability of bitcoin mining machines has been declining. Prices for the mining machines themselves have fallen along with them, and have fallen to near all-time lows over the past year, but crypto miners are using the opportunity to scale up to stay ahead. Since July 2022, prices for the latest generation of miners including Bitmain’s S19 XP and WhatsMiner M50S series have dropped 66% from $60 per TH to $20, according to Luxor Mining’s Hash Rate Index data. Harper added that miners are preparing for the fourth Bitcoin reward halving, which is expected to take place in April 2024. Once the halving occurs, miners will face almost doubling mining costs and will need more efficient machines to reduce costs. Currently, it costs at least $10,000 to $15,000 to produce each bitcoin. Some analysts say the cost per bitcoin could rise to $40,000 after the halving, making the most efficient mining machines a necessity for miners. (CoinDesk)