By the end of Friday, the size of the reward for mining bitcoin will have been cut in half. The event—known as the halving—takes place roughly once every four years, and it can be fatal for the mining companies that compete for the newly minted cryptocurrency.
“You don’t see that in any other industry,” says Charles Chong, director of strategy at Foundry, a company that mines bitcoin and provides services to other miners. “You’re on a treadmill. If you don’t keep running, you are going to get left behind.” The only mercy, he says, is that “you get a lot of time to prepare.”
In every halving, mining companies no longer
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