Bitcoin (BTCUSD)

[trunkmonk]

Bitcoin block reward halving is “favorable”

The cryptocurrency community is afraid that Bitcoin mining will become unprofitable for most miners after the block reward will be cut in half in about little over two months. Dave Perrill, the CEO of colocation service for crypto miners, recently told Cointelegraph that the profitability of all but the most efficient mining operations will be greatly challenged after the halving takes place.

Still, the profitability of Atlas Holding’s mining operation is high enough to be safe after the block reward cut. Greenidge’s chief financial officer Tim Rainey said that he expects the operation will stay profitable after Bitcoin’s halving:

“We are in a favorable market position regardless of how the halving materializes. [...] Due to our unique position as a co-generation facility, we are able to make money in down markets so that we’re available to catch the upside of volatile price swings.”

His take, wait till the interest in the speculation of value ends, with the knowledge there is nothing backing it.