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ARTICLE · 15 MARCH 2024

Bitcoin Halving Event Is Expected To Impact Related Mining Industry

Holland & Knight
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The digital assets industry is anticipating the first- and second-order effects of the upcoming bitcoin "halving" event expected in April 2024...

United StatesTechnology
Kayla Joyce
Kayla Joyce
Andrew W. Balthazor
Andrew W. Balthazor
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The digital assets industry is anticipating the first- and second-order effects of the upcoming bitcoin "halving" event expected in April 2024 – when the amount of new bitcoin generated and awarded to bitcoin miners will decrease from approximately 900 units to 450 units per day. 

Approximately every four years, bitcoin's algorithm reduces the supply of new bitcoins via what has become known as the bitcoin halving. This translates into a 50 percent reduction of bitcoin mining revenue. Historically, the price of bitcoin increases in the period leading up to the halving event, as evidenced by the 19 percent increase before the 2020 halving and the 142 percent increase before the 2016 halving. Despite this price increase, the halving poses a challenge for miners who must compensate for the reduction in mining rewards while simultaneously keeping costs down. It currently costs roughly $10,000 to $15,000 to mine a bitcoin, and some estimate that these costs will double

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