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The Bitcoin blockchain is heading towards a much hyped event of halving which is expected to push its price further. As the Halving event closes in, reports show that Bitcoin miners are capitalizing on the digital gold rush. Major firms like Marathon Digital Holdings and Riot Platforms are now reaping the long awaited <a href="https://news.todayq.com/crypto-stocks-rebound-gains-36-in-february/">rewards</a> as Bitcoin recently went on to hit its new all time high (ATH) of $73,750. Bitcoin miners shifting to new tech 
According to reports, behind Bitcoin’s surge lies a harsh reality of BTC mining which is a very competitive and demanding industry. This is just like this as it requires a huge investment in cutting-edge technology with energy consumption surpassing that of entire nations like Egypt or Poland. 
Keeping all these challenges on the table, Bitcoin’s 50% in the last 30 days has allowed the miner to register profitability. The miners’ daily revenue recently reached $79 million surpassing its peak of April 2021. 
This major spike in BTC miners’ revenue comes in as Bitcoin went on to high roads by adding back to back gains. The world’s biggest crypto price jumped by 50% in the last 30 days to set a new ATH. 
However, March 15 saw a major price correction for BTC and the entire crypto market. Bitcoin price dropped by 7% in the last 24 hours erasing all the gains it recorded over the last 7 days. It is trading at an average price of $67,321, at the press time. However, its 24 hour trading volume is up by 90% to stand at $84 billion. Are there any pitfalls? 
The report mentions that the BTC upward rally didn’t pop up without pitfalls. Miners are facing environmental concerns with regulatory scrutiny roaming on their heads. This directly threatens the industry’s sustainability. Adding on to this, the upcoming “halving event” will cut mining rewards in half. This poses a major challenge to miners as the production costs are expected to double. 
It added that the miners are adapting to these challenges as some of them are now taking the investment route. They are reportedly buying more efficient equipment, while others explore opportunities in manufacturing mining rigs. However, they are also checking on the renewable energy sources. 
Bitcoin’s recent volatility reflects the uncertainty emerging around inflation and interest rate policies. As BTC eased to a one week low amidst profit-taking, concerns are rising over inflation in the United States.

Bitcoin miners cash in on Halving hype or dealing with a drop

Todayq News

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