Every four years, a significant event known as the "Bitcoin halving" takes place, reducing the Bitcoin block reward by half. The next halving is due on August 1, 2024, and miners of Bitcoin need to start getting ready for it.
The following advice is intended for Bitcoin miners getting ready for the 2024 halving:
- Purchase modern, more effective mining machinery. You can mine more blocks and make up for the drop in block return by using more productive mining equipment.
- Think about combining with other miners. Your scale and efficiency can both be increased by merging with other miners.
- Cut back on your overhead. Optimizing your mining process and getting better prices with suppliers are just two of the many strategies you may use to lower your operational costs.
Bitcoin miners can improve their odds of continuing to make money after the 2024 halving by heeding these suggestions.