Miners in Europe Gear Up for Bitcoin Halving, but Energy Costs Still a Barrier

As the Bitcoin halving approaches, miners across the world have been forced to make adjustments in order to adapt. The halving will see Bitcoin’s (BTC) production cost double overnight, but luckily the cryptocurrency has been reacting positively to the upcoming event.

While almost everyone in crypto is bullish about the event, and with good reason, the path ahead for Bitcoin’s price post-halving is unknown, especially given the coronavirus pandemic and the massive wave of unemployment that has come with it. While it may be a stressful event for holders of Bitcoin, it is even more so for those that have made it their business to produce Bitcoin: the miners.

For Bitcoin miners in countries with subsidized electricity such as Venezuela or low electricity prices such as China, where most of the hashing power on the Bitcoin network resides, a production cost increase can prove manageable. Even those with medium-range prices but geared with the latest mining equipment are prepared. But…