Bitcoin Halving in 2024: Leading the Transformation of Mining
The 2024 Bitcoin halving will fundamentally change the mining industry, challenging profitability and prompting a strategic reassessment of energy use and operational efficiency.
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The 2024 Bitcoin halving will fundamentally change the mining industry, challenging profitability and prompting a strategic reassessment of energy use and operational efficiency.
Halving not only affects Bitcoin’s inflation rate, but also has a profound impact on mining behavior, miners’ income, and the entire Bitcoin economy.
The huge overall demand for Bitcoin, along with macroeconomic factors, will play a bigger role in driving Bitcoin price-wise this year.
Taking into account the historical performance patterns before and after the Bitcoin halving and the current better environment, the price of Bitcoin is expected to hit US$60,000 before the halving in 2024, with the full-year range fluctuating between US$32,000 and US$85,000.
Bitcoin will halve around April 2024. Despite challenges to miner revenue in the short term, underlying on-chain activity and positive market structure updates make this halving different on a fundamental level.
As market conditions improve across the board, digital assets will rebound sharply in 2023; with the upcoming launch of a Bitcoin spot ETF, institutional interest is also accelerating. Looking forward to 2024, we will see many important developments and progress.
Both on-chain valuations and network metrics suggest that Bitcoin remains in a bull cycle.
The last Bitcoin halving took place on May 11, 2020, and the next bitcoin halving will likely occur in 2024.
Bitcoin’s hashrate is reaching all-time highs, and it’s causing confusion about “the halvening” on Twitter.
The $50,000 resistance level seems to be the line in the sand that separates certainty from doubt that Bitcoin has cast off the four-year cycle trend, according to Santiment.