Bitcoin may hit $100K by capturing ‘even 2 to 5% of gold’s market cap’ — Hut 8 VP Sue Ennis

Aug 28. 2023

By Ray Salmond

New developments in the Bitcoin mining space have Hut 8 vice president Sue Ennis convinced that well-positioned miners will thrive after the next BTC halving.

The next Bitcoin halving event is less than nine months away, and the consensus opinion among analysts and investors is that the halving will send Bitcoin’s price to a new all-time high or even above $100,000. 

Despite this belief, the absence of fresh inflow to the crypto market, the current macroeconomic headwinds and Bitcoin’s (BTC $26,082) recent price action below $30,000 do not inspire much confidence in this theory in the short term.

In a recent interview with Paul Barron, Hut 8 vice president Sue Ennis shared her thoughts on how the Bitcoin price will rise above $100,000 in the next year and how the upcoming halving will impact BTC miners. Hut 8 currently has a balance of 9,152 BTC in reserve, of which 8,305 is unencumbered. The company’s installed ASIC hash rate capacity sits at 2.6 exahashes per second, and Hut 8 mined 44.6 BTC in July.

In the interview, Barron inquired whether rising Bitcoin difficulty for miners could induce a fresh wave of sell pressure against BTC. Citing data from Hashrate Index, Barron observed that spikes in Bitcoin difficulty were followed by drops in BTC’s price.

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