Struggling bitcoin miners wary of token’s big ‘halving’ event

FILE PHOTO: A representation of cryptocurrency Bitcoin is placed on a PC motherboard, in this illustration taken June 16, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

NEW YORK: Crypto enthusiasts are hopeful that a once-in-four-years event which rewrites the underlying code of the world’s biggest cryptocurrency will extend the current market rally. But the milestone also risks sounding the death knell for certain Bitcoin miners.

The quadrennial event, rather ominously dubbed “the Halving” or “Halvening,” has historically been followed by exponential surges in bitcoin’s price.