Bitcoin Halving Triggers a Spark in Crypto Gambling
The highly anticipated Bitcoin event occurred more than a month ago and brought a lot of interest in crypto gambling from new players.
The effect of Bitcoin halving on crypto gambling
The 2024 Bitcoin halving saw the rewards for miners go down from 6.25 BTC to 3.125 BTC. In the past, these changes have caused crypto enthusiasts to explore all ways to obtain the cryptocurrency. That’s why after each halving event, crypto casinos saw large numbers of new players coming in. This year wasn’t an exception.
Bitcoin has already gone up to almost $70,000 in the first month after the halving and crypto aficionados are turning more and more to gambling to obtain it. And it’s easy to see why they view joining a Bitcoin casino as a good way to get more of Satoshi's creation.
With the price of mining one coin expected to reach $40,000 after the halving, turning to casino games is a gamble worth taking. Additionally, crypto casinos have emerged as one of the fastest and safest forms of gambling. They offer fast transactions and a safe environment for all players. Plus, it’s possible to join an anonymous casino if you’re using crypto, so you can play without revealing your identity.
Why are more players turning to crypto casinos?
Each Bitcoin halving has sent shockwaves across the cryptocurrency market, affecting iGaming as well. With the price of Bitcoin going up, players can wager smaller amounts and potentially reap greater rewards.
In a ripple effect, crypto casinos understand that times like this are when they attract and retain new players. That’s why they aim to bring all kinds of innovations. From new games and features to massive bonuses, they offer more incentives for Bitcoin enthusiasts to try their luck.
One of the reasons they’re able to do this is that crypto casinos often hold large amounts of cryptocurrency and can benefit from its price going up. This allows them to invest in these innovations and offer high bonuses and better perks for players, ultimately giving them a competitive advantage over traditional casinos.
History has also shown that more new crypto casinos emerged in the months following the halving event. Entrepreneurs see these bull runs as the perfect time to enter the market and make their first steps in the iGaming industry.
What about other ways to obtain Bitcoin?
Halvings limit the influx of new Bitcoins, eventually leading to these price surges. Naturally, mining remains more than relevant in post-halving months. However, staying competitive can be tough.
Miners have to recalibrate their operations as the rewards for their efforts change significantly. We already saw miners shut down unprofitable rigs and the hash rate going down after the halving. Investing in new powerful mining rigs becomes paramount in times like this and it’s common for individual miners and small players to withdraw.
Miners keep looking for new ways to make up for lost revenue after halving and explore all options. They’re diversifying their revenue streams to keep mining viable and gambling at crypto casinos is one of them.
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