To keep bitcoin mining profitable following the mid-April halving, the price of bitcoin needs to soar above the $80k mark. After the halving event, the cost for mining with an Antminer S19 XP is expected to double from $40,000 to $80,000, according to CryptoQuant CEO Ki Young Ju.

The halving of bitcoin, an anticipated event that happens every four years, slices the earnings of miners by 50%. This event not only has a prominent impact on the price of bitcoin but also results in an alteration to miner behavior, as they will then have to bear double the cost to acquire an equivalent amount of BTC.

Interestingly, this surge in expenses had been offset by a boost in the price of bitcoin after the previous halving in May 2020. This led to the costs for profitable mining skyrocketing above $30,000. Despite this, the value of bitcoin also shot up to a record height of $69,000 in the same period. Post the upcoming halving, the average cost of mining is expected to cross $80,000, meaning the trading price of bitcoin needs to exceed this to ensure profitable operations for miners.

Bitcoin prices have historically seen a substantial hike after previous halvings. Subsequent to the 2012 and 2016 halvings, the value increased by about 9,000% and 4,200% respectively. Following a similar trend, after the 2020 halving, the price of bitcoin rose nearly 683% to $69,000. Therefore, miners have managed to stay profitable each time, despite looming fears of winding up.

Post-halving periods are often characterized by decreased profitability for miners, leading to an increase in the selling of mining rigs or even businesses folding. Nevertheless, in response to the dwindling supply in the market, the price typically makes a comeback and often soars above the average cost for miners.