On May 11th, the highly anticipated Bitcoin Halving was executed successfully as block number 630,000 was mined. With that, the block reward was reduced from 12.5 BTC to 6.25 BTC. The halving occurs every 210,000 blocks (~4 years) in order to slow the rate of new coin issuance as the circulating supply of BTC approaches the pre-defined supply cap of 21 million coins. To date, ~18.3 million (~85%) of the total 21 million coins have been mined.
We have already started to see the impact of the reduced block reward as many of the less productive, previous generation machines have been taken offline since the halving. Network hashrate has decreased over 30% since the May 10th peak, and the block time has stretched from an average of 8.5 minutes per block on May 10th to 12.6 minutes on May 14. We believe this trend will continue in the coming weeks as a majority of old generation equipment is retired.
So, whether you are looking to get started in mining, replace unprofitable equipment or expand your fleet of hardware, here are some recommendations to consider.
Contact Us today to learn how our preferred partnerships with hardware manufacturers, world class facilities, proprietary miner management and monitoring solutions platform and highly trained staff can help you maximize your ROI.