There are 27 days left until the Bitcoin halving, which is expected to occur on April 20, 2024 and will halve miner rewards.
On this day, the Bitcoin inflation rate will decrease significantly - now miners are mining approximately 900 BTC, which equals about $25.42 million per day. After halving, the daily generation of coins will be only 450 BTC, accordingly, miners’ income will drop to approximately $12.71 million.
Bitcoin is currently hovering just above $67,000, which translates to $60.3 million in daily revenue from block rewards alone, not including transaction fees. If the price remains at current levels, halving the daily production of 450 BTC would still net miners $30.15 million, exceeding the $25.42 million earned from 900 bitcoins in April last year.
In addition, miners are now earning more per transaction - the average fee has risen to $8.28 or 37.7 satoshi per virtual byte from $2.05 per transfer in April 2023.
With the current price double what it was in April 2023 and fees quadrupled, large mining operations will remain profitable. However, a drop in the price of Bitcoin to $50,000, $40,000, or below $30,000 could significantly impact miners' profitability. Traditionally, the halving was followed by an increase in the price of BTC in the medium to long term, which always compensated for the decrease in the block reward.
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