Report: Old mining machines may retire after Bitcoin halving, estimated computing power will decrease by 100 EH/s

As of now, based on the seven-day simple moving average (SMA) data from Luxor's hashrateindex.com, Bitcoin's overall computing power remains stable at 596 EH/s and reached a historical high of 628 EH/s on March 12, 2024. A recent analysis on the site discussed the possibility of a revival for private mining operators. The report pointed out: "With the recent rebound in hashprice, even old miners like M21S can regain some marginal gross profit with an energy price of $0.07 per kilowatt-hour. Therefore, in the months leading up to Bitcoin halving, more private mining companies may once again power their miners to extract more value from idle old machines while they still have capacity."

 

However, further analysis indicates that as halving approaches outdated ASIC Bitcoin miners are expected to retire unless there is a significant increase in hashprice. If this happens older generation miners might continue to survive. The report concludes that if it is assumed most of the hashing power growth since October 2023 comes from older machines then it is expected that Bitcoin's hashing power will correct down to around 500 EH/s after halving which would be about a reduction of approximately100 EH/s compared to current levels.