In Bitcoin (BTC), it was the third halving event in the cryptocurrency community, probably the most anticipated event of 2020. From now on, one thousand 367 days remain until the fourth half-half event expected to take place in 2024. According to Satoshi’s genius, this pre-programmed technical event, which halves the daily supply of the cryptocurrency, takes place after every 210 thousand blocks.
From now on, Bitcoin miners will only receive 6.25 BTC per block unraveled. This increased the cost of producing a cryptocurrency to $ 14,000. According to Glassnode, the Bitcoin network has seen tremendous growth since the last half. For example, the number of addresses with at least 0.1 BTC has increased by 142 percent. Meanwhile, the hashrate of Bitcoin has been surprisingly 8,741 percent since 2016.
Addresses > 0 BTC: +235%
Addresses ≥ 0.01 BTC: +204%
Addresses ≥ 0.1 BTC: +142%
Addresses ≥ 1 BTC: +63.2%
Addresses ≥ 10 BTC: +11.2%
Addresses ≥ 100 BTC: -6.3%
Addresses ≥ 1k BTC: +13.2% pic.twitter.com/lqTwLkk95S
— glassnode (@glassnode) May 11, 2020
Despite the $ 10,000 rally on May 8, the BTC price fell more than three percent compared to the last day. After the halving event in 2016, when Bitcoin reached nearly 20 thousand, the highest value of all time available in late 2017, much was discussed. This was followed by a bear market that lasted more than two years. Just two months before the third half, BTC had its third biggest accident to date.
Of course, the biggest debate surrounding halving is its impact on the price of the leading cryptocurrency. Some analysts expect six-digit prices, while others believe the event is already priced. Traders think the chances of reaching the highest levels all day long are very low.