In approximately 95 days, the fourth halving in Bitcoin's history will happen. The event, which halves the network reward per block, will cause miners to have to sharpen the pencil, as they say, to remain profitable.

Under current conditions at the time of writing, miners' profitability stands at 74 USD/PH/day. This index, which is called hashprice, has not been this low since the beginning of December.

At the time, bitcoin (BTC) was on the rise, and profits from the mining sector were thus finding firmer support than transaction fees. While the fees paid by users of the Ordinals protocol in 2023 multiplied miners' income, there were also minimal peaks of activity where the hashprice reached 60 USD/PH/day, such as in September last year.

Precisely, in the third quarter (July, August, and September) of last year, 17 mining companies reported that their hashcost (cost per hashrate contributed to Bitcoin) was 40 USD/PH/s per day or higher. Among the companies mentioned are Core Scientific, Marathon Digital Holdings Inc, Bitfarms, Greenidge Generation Holdings Inc, Hut 8 Corp, Bit Digital Inc and HIVE Digital Technologies Ltd, among others.

What was explained above means that, if the costs of the third quarter of 2023 and the current profits for miners are maintained, their profitability will be minimal or zero after the halving. However, that's not to say that the aforementioned companies or miners in the same profitability range will go bankrupt.