Broker Benchmark said in a research report on Thursday that cryptocurrency miners are the group most affected by the halving of Bitcoin rewards. The recent rise in BTC prices may temporarily save many inefficient miners in the Bitcoin network. The role of halving in promoting the retirement of inefficient mining machines and reducing network hash rates will be much smaller than when prices did not rise. Most listed Bitcoin miners have launched or announced plans to increase their power and hash rate capabilities to adapt to reduced revenue and gross profit. Benchmark also stated that the impact of halving on cryptocurrency prices "may be amplified by the concurrent demand impact that will arise after the Bitcoin ETF is approved in the US in January." "We expect that once institutions begin to seriously invest in Bitcoin ETFs, funds flowing into spot Bitcoin ETFs will increase significantly."