Marathon CEO: Bitcoin Halving Already Priced In

The upcoming halving of the reward for Bitcoin miners is to some extent already factored into the current bullish cycle, according to Marathon CEO Fred Thiel in an interview with Bloomberg.

In his view, the approval of spot ETFs based on the leading cryptocurrency has been “hugely successful” and has attracted capital to the market.

Thiel believes the introduction of this instrument has led to a price increase historically observed three to six months after a halving.

“The event will reduce the supply of Bitcoin by about 450 coins per day, which is likely to have a minor impact on prices. But as miners, we are very excited about the halving opportunities, when for once prices did not fall but rose. So everyone is obviously making the most of it,” added the Marathon CEO.

According to Thiel’s calculations, after the reward is halved, a Bitcoin price of $46,000 is sufficient for the company to remain profitable.

Earlier, CryptoQuant head Ki Young Ju stated that the cost of mining digital gold using the Antminer S19 XP will rise from $40,000 to $80,000 as a result of the halving.

Former BitMEX CEO Arthur Hayes has suggested that Bitcoin might fall before and after the halving, which serves as a bullish catalyst in the medium term.