⚡ Mining Companies Face Challenges Ahead of Bitcoin Halving
postedΒ 17 Apr 2024
Shares of top mining companies such as Marathon Digital (MARA) and Riot Platforms (RIOT) have plunged more than 35% since the beginning of the year in anticipation of the upcoming Bitcoin halving. Analysts from these firms, however, consider the fears over reduced block rewards to be unfounded and maintain a positive outlook on the miners' activities.
Halving will be a βbuy the newsβ event for public Bitcoin miners and the private ASIC market,noted Mitchell Askew, head analyst at Blockware Solutions.
The downturn has not been limited to American companies alone. Shares of Singapore's Bitdeer Technologies (BTDR) and Australia's Iris Energy (IRIS) have also significantly dropped since the start of the year. To reduce losses, nearly all mining companies are expected to seek new locations with lower electricity costs.
Despite these hurdles, mining continues to attract not only legitimate companies but also fraudsters. Recently, authorities charged an American for illegally mining cryptocurrencies (Ethereum, Litecoin, Monero) using cloud services and fake documents.
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