With Bitcoin’s latest halving estimated to occur around 8:30 p.m. ET today, we asked several firms in the industry what impact it will have on miners in the cycle ahead as their block subsidy reward gets cut from 6.25 BTC to 3.125 BTC.

Ultimately, perhaps CleanSpark Chief Communications Officer Isaac Holyoak put it best.

“This halving will be much like the season it accompanies: in like a lion and out like a lamb. Then, the wolves,” Holyoak told The Block. “What do I mean by that? There is a lot of excitement around halving. But in terms of practical impacts? That will take months. It’ll be a war of attrition as less efficient miners hold on as long as they can. Then comes M&A.”

Why this time is different

Setting the scene, Brian Wright, Galaxy’s Co-Head of Mining, explained that …