There are exactly 250 days left until the reward for the mining of the Bitcoin block is reduced. After that, the reward in BTC received by the miners will be reduced by half – from the current 12.5 BTC to 6.25 BTC.
As this significant event approaches, experts are considering whether this event will entail a rise in bitcoin prices. If history, to some extent, can serve as a guide, this should happen.
This will be the third bitcoin halving, as a result of which the supply of newly mined BTC in the market will be halved.
According to basic economic principles, if demand for an asset increases or remains the same, and its volume decreases, then the price should rise.
This happened with the price of Bitcoin after two previous halvings: less than a year after the first reduction in block rewards in 2012, BTC grew 10 times and more than 400% during the year after the second reduction in 2016.
Popular trader Moon Overlord made a forecast based on historical facts back in April. He is sure of a cryptocurrency dump a year before the third halving.
He also recommended buying bitcoin at a still reduced price, as future growth will make cryptocurrency even less accessible.
Bitcoin Hashrate for the first time in history approaches 100 quintillion H / s
Bitcoin is striving for new records, and its hashrate has again updated its historical maximum.
Blockchain wallet provider data released on September 8 show that the bitcoin hash has exceeded 94 quintillion hashes per second. From the increase in the hash rate, we can conclude that new miners are connected to the network, and this, in turn, means that the bitcoin network is becoming even more secure. The more power, the more secure and profitable for miners is the Bitcoin network.
Hashing power is an important indicator that affects the mood of miners that support the Bitcoin network. In order to invest additional funds in mining, they must be sure that Bitcoin has a future.
Hashrate spent six months in recession in the second half of 2018, before pleasing the community in January. Three months later, the price of bitcoin followed suit, rising from $ 3,500 to a maximum corresponding to $ 13,800.
According to presenter Max Kaiser, the price traditionally follows the hashrate during a bull rally. Now, according to him, a fiat currency will not be easy, which will fly into the black hole of Bitcoin’s success.
“The bitcoin hashrate will soon approach 100 Q. This will become a systemic problem for fiat, as data centers dedicated to servicing fiat systems are being pulled into a black hole of true BTC value,” Kaiser tweeted on Sunday.