A new ATH was expected in bitcoin, and the $68,000 mark was breached last night. However, BTC then corrected sharply, falling to $65,000.
It has since recovered and is at $66,000 at the time of writing.
While the halving of the price is seen as an important catalyst for bitcoin's price rise, there is another aspect for miners.
This is because halving the price will reduce the remuneration received by miners and they will have to plan for their survival.
According to Coindesk in a recent #Fidelity Digital Assets report, #bitcoin investors have historically welcomed the halving event in hopes of further price increases, but miners don't see it the same way.
A Fidelity analyst noted that a halving event cuts miners' rewards in half, and said TC miners should always plan for a halving event that will reduce the amount of bitcoins they earn by 50% to avoid the risk of bankruptcy.
Fidelity analyst Daniel Gray said in the report:
"Miners not only have to maintain their current hash rate, energy and real estate, but also constantly compete with the entire network trying to do the same.
Mainers must constantly strive to increase hashrate, improve hashrate efficiency, obtain cheaper energy from cheaper sources, and expand their infrastructure to accommodate new machines.
This is because the months following the half-life are the most challenging.
While weak miners disappeared in the last half-decade, bitcoin and the #cryptocurrency industry have since rebounded with more miners and hash rates than ever before, demonstrating the resilience of the network and industry.
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