Bitcoin Network Hits New Difficulty High Ahead of Halving Event
The Bitcoin network has recently adjusted its difficulty level, reaching a new ATH as major players gear up for the upcoming halving event scheduled in 25 days.
Bitcoin’s mining difficulty, as reported by Blockchain.com explorer on March 21 during the latest adjustment, stands at 83,947,913,181,362. This metric has generally trended upwards throughout Bitcoin’s history, except for periods like mid-2021 and April 2022 when Chinese authorities cracked down on Bitcoin mining.
The increase in mining difficulty reflects a surge in miners joining the network, indicating growing interest in obtaining a portion of the remaining unmined BTC.
Anticipation for the halving event has prompted significant preparation within the industry. The reduction in miners’ rewards from 6.25 BTC per block to 3.125 BTC might initially slow down profitability. However, with sustained demand, this could potentially drive the long-term value of Bitcoin higher.
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The impending supply-demand shift is seen as a necessary catalyst for Bitcoin’s price appreciation over time. Some miners may struggle to keep up with the increasing mining difficulty adjustments and may exit the market as a result. Nevertheless, well-funded miners are investing in the latest mining equipment to maintain a competitive edge.
Industry experts have offered various predictions regarding Bitcoin’s price trajectory post-halving. QCP Capital anticipates Bitcoin surpassing its previous ATH of $73,000 during the halving event. Additionally, figures like “Rich Dad Poor Dad” author Robert Kiyosaki are optimistic, projecting Bitcoin to reach $300,000 by year-end. A retest of $50,000 is also conceivable, especially if there’s a significant slowdown in BTC accumulation by major spot ETF issuers amidst these bullish sentiments.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
