Major crypto miners recently discussed strategies to mitigate the impact of Bitcoin (CRYPTO: BTC) halving, set to take place in April 2024. They’re focused on being prepared, maintaining capital reserves and improving fleet efficiency to effectively navigate the challenges that may arise after the halving event.
Speaking at Benzinga’s Future of Digital Assets event in New York City last week, Romain Nouzareth, co-founder, chairman, and CEO of SATO Technologies, Philippe Fortier, senior vice president of Corporate Development at Bitfarms (NASDAQ: BITF), and Haris Basit, chief strategy officer of Bitdeer Technologies Group (NASDAQ: BTDR) of Bit Digital Inc (NASDAQ: BTBT) also emphasized the importance of utilizing stranded energy for Bitcoin mining.
The Future Of Crypto Mining: A Deep Dive
Nouzareth emphasized the importance of utilizing stranded energy for Bitcoin mining.
“We transform unused energy into computing power, securing the most phenomenal peer-to-peer financial network,” Nouzareth said, highlighting the efficiency and innovation driving the industry.
Fortier echoed this sentiment, focusing on the significance of sustainable energy sources.
“Access to stable, relatively cheap, and reliable power is key,” Fortier said, noting Bitfarms’ operations across the Americas, leveraging hydro energy for efficient mining.
Also Read: HECO Breach Sees $86M In Ether, Shiba Inu Vanish: Tron Will Cover Losses, CEO Says
Geographical Diversification And The Halving Event
The discussion also touched on geographical diversification in mining operations.
Basit pointed out the advantages of their global operations, from Texas to Bhutan, emphasizing the importance of low energy costs and political stability.
The upcoming Bitcoin halving event was a major topic, with the panelists discussing strategies to mitigate its impact.
“The halving reduces the total revenue for Bitcoin miners, making efficiency and good management crucial,” Basit explained.
He stressed the need for preparation, including capital reserves and fleet efficiency, to weather the potential challenges post-halving.
Institutional Investment And Environmental Sustainability
Addressing the role of institutional investors, the speakers highlighted the unique opportunities in Bitcoin mining. “There’s an intrinsic market opportunity in mining, with substantial margins to be made,” Fortier said, pointing out the advantages of acquiring Bitcoin at a discount through efficient mining operations.
On environmental sustainability, the panelists agreed on the need to not only leverage renewable energy but also to incentivize the creation of new renewable resources.
“We’re helping create new energy resources that are renewable,” Basit noted, underscoring the industry’s commitment to environmental responsibility.
Read Next: Crypto Titan Changpeng Zhao Steps Back, But Will He See The Inside Of A Prison Cell?
Photo: Piboon Thongtanyong
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Profit with More New & Research. Gain access to a streaming platform with all the information you need to invest better today. Click here to start your 14 Day Trial of Benzinga Professional
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
