Bitcoin ‘Halving’ Will Deal a $10 Billion Blow to Crypto Miners
- Cryptocurrency’s update will slash new supply in late April
- Competition for favorable electric rates growing from AI firms
Mining rig power supply units.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
For enthusiasts of Bitcoin, a once-every-four-years software update called the “halving” has long been held as one of the keys to propping up its value.
This time around, it’s also set to trigger multibillion-dollar declines in revenue for the very companies that ensure the digital currency’s smooth functioning, right on the heels of a surge in their biggest costs.