The recent Bitcoin (BTC) halving event has had a significant impact on the operational expenses of BTC miners in the United States, pushing energy costs to a staggering $2.7 billion.

As per a post from Best Brokers, this surge in expenses is a result of the halving process, which halved the reward for mining new Bitcoin blocks, effectively doubling the computational effort and, consequently, the energy consumption required to generate the same amount of the cryptocurrency.

Paul Hoffman, an analyst at Best Brokers, highlighted the substantial energy consumption of Bitcoin mining, noting that 20,822.62 gigawatt-hours (GWh) of electricity have been consumed this year. This expenditure is noteworthy given the average commercial electricity rate of $0.1281 per kilowatt-hour (kWh) as of February.

Additionally, 116,550 Bitcoins valued at $8.2 billion have been mined globally, with US miners contributing 44,102 BTC (37.84% of the total). The increased energy demands have led to a sharp rise in electricity costs, a primary expense for Bitcoin mining operations.

Prior to the halving, it required 407,059.01 kWh of electricity to mine one BTC, costing around $52,144.26. However, after the halving, the energy required doubled to 862,625.55 kWh, increasing the cost to approximately $110,503.61 per Bitcoin. This shift in energy costs has prompted many US miners to reassess their strategies, with some opting to relocate to states with lower electricity rates or invest in renewable energy sources to mitigate expenses.

The halving event is anticipated to have a significant financial impact on Bitcoin mining firms, resulting in a substantial reduction in annual revenue amounting to billions of dollars. Prior to this year’s halving, experts at JPMorgan Chase & Co highlighted miners' challenges, including production costs, reduced earnings, and electricity-related issues.

Before the halving, several mining companies explored sustainable options, with a Texas-based Bitcoin mining firm partnering with Argentinian firms. As the sector braces for consolidation, publicly-listed Bitcoin miners are expected to gain market share, leveraging greater access to funding and equity financing.

Post-halving events have proceeded without disrupting the functioning of the Bitcoin blockchain. However, miners are increasingly reliant on transaction fees as a revenue source amidst diminishing rewards. There are still 64 expected halving events before reaching the 21 million cap around 2140, when all Bitcoin blocks would be mined.

Despite speculations and projections by various analysts prior to the halving, the price trajectory of Bitcoin has remained relatively unchanged. Bitwise CEO Hunter Horsley predicted the digital asset might rise to $100,000 after the halving event. Market watchers anticipate a bullish run in the coming days.

At the time of writing, the price of Bitcoin stands at $67,761.34, reflecting a 0.67% decrease in the past 24 hours.