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Bitcoin Miners Brace for the ‘Halving’—and Race to Cash In
The Bitcoin halving is imminent. Crypto mining companies are reaching for every trick in the book to survive it.
The effect, claims Ben Gagnon, chief mining officer at Bitfarms, will be to improve energy efficiency by approximately 40 percent—to 21 watts per terrahash—while increasing the proportion of the available coins it wins. Like some of its peers, Bitfarms is supplementing its mining revenue by making use of government grid stabilization programs, which pay large-scale consumers of energy to switch off in periods of high demand. Miners’ participation in these programs has drawn complaints from activist groups, who claim they are profiting from the strain they place on the grid, but it has become an invaluable hedge against a drop in the price of bitcoin.
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