The bitcoin miners are leaving no stone unturned in preparing for the upcoming bitcoin halving and being well aware of that fact that production cost might double, they're taking the necessary steps to increase profitability. The bitcoin price going up has surely helped their cause. While there's immense optimism, no-one can actually predict the post bitcoin halving prices.  It is even more difficult now given the massive unemployment rate and the coronavirus battle the world is fighting. In general, though, there is a growing belief amongst everyone in the community that the event would pay dividends.

The bitcoin halving network mining powerhouses are countries like Venezuela and <a href="https://www.aljazeera.com/ajimpact/china-bitcoin-miners-greater-production-power-research-191211190946896.html" target="_blank" rel="noopener">China</a>, where electricity is subsidized or available for cheap.  In these places even if the price isn't favourable they can still manage to make some profit. However, in places where the cost isn't friendly, line Europe, bitcoin miners are relying heavily on the post halving price of bitcoin.

However, this is not to say that the European miners have been sluggish and not completely prepared for whatever is thrown in their way. A <a href="https://medium.com/dgen/europes-mining-opportunity-bitcoin-halvening-2020-d4981d1f7270" target="_blank" rel="noopener">survey </a>by Jake Scott of dGen which involves key European halving players provided an interesting insight. It concluded that given bitcoin halving is not out of the blue, the miners get an ample amount of time to prepare for the event, also adding that they've done so by upgrading to the latest equipment and cheap sources of electricity.
<h2>All Still Depends on Post Bitcoin Halving Prices</h2>
While this is a way to go, this can only take them so far, according to Youssef El Mansouri, the CEO of Sesterce, who believes that in the end the post halving bitcoin prices are hard to predict and need to be favourable for the European miners to make a profit.

It seems that the miners in Europe would survive if a few things go in their favour, and they should. However, they have got a lot of ground to make to compete with countries like China.

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European Mining Industry Relying on Post Bitcoin Halving Prices

The European miners have done all that they could but they would still need a favourable post bitcoin halving price to make substantial profits.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

European Mining Industry Relying on Post Bitcoin Halving Prices

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