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Bitcoin

April

The Bitcoin mining sector braces for a seismic shift as the much-anticipated halving event draws near, set to catapult operational costs to unprecedented levels. A forecast by CryptoQuant CEO Ki Young Ju suggests that the cost to mine a single Bitcoin could surge to a staggering $80,000 for S19 XPs, the go-to <a href="https://ultramining.com/hardware/">hardware</a> for miners in the <a href="https://ultramining.com/news/en/pennsylvania-a-new-hub-for-cryptomining-ignites-environmental-concerns/">United States</a>. This predicted cost doubles the current expense of $40,000, signaling a dramatic escalation in the financial burden shouldered by <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a>, according to <a href="https://twitter.com/ki_young_ju/status/1777242916098101587">Ki_young_ju</a>.&nbsp;&nbsp; 
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 <img src="https://lh7-us.googleusercontent.com/N-pRW6PfIPkueTFApgSGbH_Q-MQVU_YxF6G40vEvDnsSYJG4vjp2XhVCvfhK9vrTI7Uk_xe0ijTKE4Tk-fuXuSwM-6NuwY4yBqjF0KyOAlTs1BhUHpvJWQI_-F7fIZAQ-FZeG31GLdwem11kJt_DMyE" alt="">
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This looming increase is evidenced by a graph from CryptoQuant that outlines a direct correlation between the price of Bitcoin and various ASIC efficiency metrics. The data, capturing trends since July 2020, show a steady incline in floor prices for the S19 and S19pro models in both standard and <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/">US</a> markets. 
As April 2024 unfolds, the graph indicates a Bitcoin price hovering around $69.3K, with an accompanying floor price for the S19pro US model sitting at $4.9K. The S19pro itself has a floor price of $40K, while the standard S19 model is marked at $27.9K. These figures not only reflect the current state but also foreshadow the doubling of costs once the halving event reduces the Bitcoin reward for miners by half. 
This expected increase in mining costs could lead to a ripple effect across the industry, with potential repercussions on mining operations' sustainability and the market value of Bitcoin. It places a spotlight on the critical balance between mining technology efficiency and the economic feasibility of the Bitcoin network as it continues to mature.

Bitcoin Mining Costs Poised to Skyrocket Post-Halving

Ultramining_Eng

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