In about two weeks, Bitcoin will experience its next halving event. We’re now just under ten days away, and an important marker has been hit on the network.
According to CoinWarz’s recent data, Bitcoin‘s mining difficulty reached an all-time high of 86.39 trillion, marking a significant increase. In just the last week, there was a 3.92% rise, and within the past month, it jumped by 8.87%. This signifies a 3.4% enhancement over the previous peak of 83 trillion, which was hit on March 28.
The Bitcoin network’s hash rate was measured at approximately 626.56 Exahashes per second (EH/s). This figure is not far from its record high of 762 EH/s.
According to CoinWarz’s findings, the next change in Bitcoin’s mining difficulty is predicted to occur around April 24th. During this adjustment, the mining difficulty level is projected to rise from approximately 86.39 trillion to 89.21 trillion at block number 1,919.
In other words, the most recent adjustment to the mining difficulty could be the final one before the Bitcoin rewards are reduced by half in the upcoming halving on April 20th. After that event, miners will receive only 3.125 BTC as reward instead of the current amount.
In the past, Bitcoin’s value has typically increased after a halving event. For example, the price jumped from around $12 in November 2012 to more than $1,000 by the same month in 2013, following the 2012 halving.
After the Bitcoin halving in 2016, a comparable trend emerged. The price started at roughly $650 in July 2016 and climbed up to around $2,500 by July 2017. It then peaked at an astounding high of $19,700 by December 2017.
After the 2020 cryptocurrency halving event, Bitcoin, the most valuable digital asset in terms of market capitalization, increased from approximately $8,000 in May 2020 to a new peak above $69,000 in April 2021.
After a Bitcoin halving, the historical pattern indicates that its price usually increases over the course of the following year. Then, there is often a phase of readjustment.
In this present cycle contrasting earlier bitcoin halvings, Bitcoin hit a brand new peak price in March 2024 around a month prior to the impending fourth halving event.
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2024-04-11 17:05