20% of bitcoin network hash rate could go offline after halving: Galaxy

Galaxy Digital analysts expect that up to 20% of network hash rate from eight mining machine models could go offline at the time of the next bitcoin halving.

The upcoming halving —  when per-block rewards for mining bitcoin are cut from 6.25 bitcoin (BTC) to 3.125 BTC —  is slated for April. Miners have looked to boost efficiency and reduce costs ahead of the event, as the decline in rewards is expected to put financial stress on the sector.

Hash rate — a metric measuring the computational power of bitcoin’s proof-of-work network —  stood at roughly 515 exahashes per second (EH/s) at the end of 2023.

But between 15% and 20% of the hash rate coming from eight types of…

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