Bullish! Bitcoin Needs to Hit $128K to Bring Miners' Revenue to Pre-Halving Levels

IconCryptoNewsTerminal Staff31 Jul, 2024

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Bullish! Bitcoin Needs to Hit $128K to Bring Miners' Revenue to Pre-Halving Levels

The cryptocurrency market has been on a roller coaster ride in recent months, with Bitcoin (BTC) experiencing significant price swings. One factor that has been closely watched by analysts is the impact of the recent halving event on BTC's hashrate. According to a recent analysis by Bitcoin Magazine Pro, the hashrate has dropped by 50% post the BTC halving. This decline in hashrate is due to the fact that miners are now receiving less BTC for their efforts, making it less profitable to mine the cryptocurrency. However, the analysis also found that the price of BTC needs to go to $128,226 to get back to the pre-halving hashrate. This is because the increased difficulty of mining BTC means that miners need to earn more BTC to cover their costs. If BTC can reach this price point, it would be a major bullish signal for the cryptocurrency. It would indicate that there is still strong demand for BTC, despite the recent price volatility.

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