A Blockchain analytics firm has estimated that the cost to mine bitcoin will rise to over $12,500 following May’s halving event. Galaxy Digital CEO Michael Novogratz meanwhile says that he sees Bitcoin hitting $20,000 highs by year-end.
According to the report, May’s halving event, which will cut the supply of newly minted bitcoin by half, will significantly increase the breakeven cost for miners. Researchers estimate that commercial mining operators were able to achieve a healthy profit margin throughout most of 2019, with the rising competition in hash rate corresponding to an increase in bitcoin’s price.
