To no one's surprise, reducing the reward could have serious consequences for dedicated miners. As you have to work twice as hard to get the same money, companies with not-so-efficient operations may have no choice but to restructure or even close shop entirely. KnCMiner, for instance, declared bankruptcy in May after warning about the impending profit loss. Those miners most likely to survive are the ones that keep costs to a minimum through lower-power computers and minimal staff.

You'd think that the industry would have anticipated the halving given that it will happen every four years like clockwork, but that's not necessarily the case. Although bitcoin isn't quite as celebrated as it was a while back, it's still far more mainstream than it was in 2012. There are many more people mining than there were four years ago, and not all of them realize that they'll have to factor in those reward cuts. The bigger question is whether or not the bitcoin business will be better-prepared when 2020 rolls around. Miners will either have to trim costs yet again or hope that they can make money from transaction fees.