The highly anticipated bitcoin (BTC-USD) halving took place on Friday, a process in which the reward for Bitcoin miners is reduced by half. Fireblocks CEO Michael Shaulov joins Yahoo Finance to discuss the implications of this event for bitcoin miners.
Shaulov notes that bitcoin mining activity is continuing, with many miners "investing" in the belief that they will be compensated due to the halving event. He explains that there are two primary sources of rewards for Bitcoin miners: "solving a puzzle… that secures the Bitcoin network" and navigating the fees that users are willing to pay for Bitcoin transactions.
When asked about the potential integration of artificial intelligence (AI) in Bitcoin mining, Shaulov states that given the current Bitcoin prices, "this is still quite profitable for miners." He does not believe that AI poses "a hedge" for Bitcoin miners at the moment.
As regulatory frameworks become more robust and Bitcoin ETFs continue to gain traction, Shaulov anticipates the investor base could expand and drive prices upward across the cryptocurrency landscape.
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