Bitcoin Halving 2024 Sparks Mining Frenzy

"We do not expect bitcoin price increases post halving as it has been already priced in," JPMorgan says, adding that they see a downturn ahead.

Rewards associated with mining Bitcoin are expected to halve in the coming days. Ahead of it, CleanSpark Inc (NASDAQ: CLSK) is down close to 30% versus its year-to-date high.

Just before the upcoming block reward halving, with only 72 blocks left until reaching block height 840,000, bitcoin miners have significantly boosted their hashrate. As of 8:50 a.m. EDT on April 19, 2024, the hashrate soared to a record 653 exahash per second (EH/s).

The Bitcoin halving event likely to happen in the early hours of Saturday, spotlights a select group of cryptocurrencies expected to experience significant gains. Among these, Solana (SOL), Dogecoin (DOGE), Bitcoin Cash (BCH), Litecoin (LTC), ORDI (ORDI), and Stacks (STX) stand out.

The impending Halving has sent ripples of anticipation throughout the Bitcoin community. With each block mined, the rewards for miners are cut in half, making efficiency more crucial than ever before.