One Year Left Until Bitcoin (BTC) Reward Halving; What Does This Mean for Miners?

Bitcoin (BTC) will undergo its fourth halving, which occurs every four years. The impact of this event is significant, as past halvings have affected mining economics and market transactions. Some expect that the halving will bring a new period of growth after the 2016 halving.
In May 2016, the BTC price was hovering between $400 and $500. The volume increased by half, reaching $1,000, and became the largest BTC rally in history, reaching $19,600.
Currently, 12.5 new BTC are created per block, an average of 144 blocks per day. Adding 17,715,163 BTC roughly in circulation, this translates into an average annual inflation rate of 3.78%. In comparison, the annualized inflation rate in the United States hovers around 2%, with the Federal Reserve rate at 2.5%. After the halving, Bitcoin inflation will be lower than the US dollar inflation rate of 1.8%.
Despite claims that Bitcoin is not an inflationary asset, in reality, the demand to mine coins increased the inflation rate, especially in the early days. But now, with fewer new coins being created, a new form of scarcity will emerge for the asset.
Bitcoin mining hashrate is currently around 54 EH/s, hovering near a peak of 60 EH/s. Users have seen individual blocks where transaction fees exceeded the block reward. As block rewards fall, BTC miners will become more dependent on fees to support their operations and generate profits.
Past halvings have also brought significant rallies :
There is a similar effect on Litecoin (LTC), an asset that is less than three months old. Currently, the Litecoin block reward remains at 25 LTC. The upcoming halving has boosted prices, and in the recent rally, prices have rebounded from lows and even re-crossed the $100 mark. (Chain Finance)