Marathon CEO Says Bitcoin’s Upcoming Halving Event is Already Partially Priced In
Bitcoin’s highly anticipated “halving” event may already be partially factored into the market, according to the CEO of Marathon Digital Holdings Inc., the largest cryptocurrency miner in the United States.
In an interview with Bloomberg TV on Tuesday , Marathon CEO Fred Thiel expressed his perspective on the potential impact of the ETF approval on Bitcoin’s price performance.
“I think the ETF approval, which has been a huge success, has attracted capital into the market and essentially brought forward what could have been the price appreciation we typically would have seen three to six months post halving,” he said.
“So I think we are seeing part of that now already, and that has put forward some of the demand.”
Based in Fort Lauderdale, Florida, Marathon operates multiple mining facilities across the United States, including in Texas.
Bitcoin mining is an energy-intensive process where specialized computers validate transactions on the blockchain and miners earn rewards in the form of tokens.
The halving event, scheduled for late April, will reduce the reward for miners by half, impacting their primary revenue source.
“The halving event will reduce the supply of Bitcoin by about 450 a day, which would have some small impact on prices probably,” Thiel commented on the anticipated effects of the halving.
“But as miners, we are very excited to go into a halving, where for once prices have not declined prior to the halving; rather, prices have gone up, so everybody is obviously maximizing to that.”
The CEO of Marathon, the largest Bitcoin mining company, said that the market may have anticipated the Bitcoin halving to a certain extent. After the halving, this mining company can maintain profitability at $46,000
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