Normally halving is a “risk-off” event for the sector as the market “looks to clear out high-cost miners, operating at unsustainable costs,” the report said. The broker expects 15% of the bitcoin hash rate to shut down after the halving, but if prices remain strong, the decline could be more muted. “At $44,500 bitcoin price, most of the U.S. listed miners look relatively well positioned, even if their costs double post halving.”