At-Least 70% Of Bitcoin (BTC) Miners May Shutdown By Q4 2020

With less than 320 days to go to the much-awaited Bitcoin halving event, it’s not clear what will happen to the miners and the price of Bitcoin. However, since the mining rewards are likely to decrease, miners may end up switching off their rigs due to projected losses.

The halving event is hard-coded into the Bitcoin protocol and is meant to reduce the amount miners earn for keeping the Bitcoin network in check. Next year’s halving event will reduce the amount earned by miners from the current 12.5 Bitcoin to 6.25 Bitcoin per block.

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