The Bitcoin (BTC) network has adjusted its difficulty level, hitting a new All-Time High (ATH) as industry giants prepare for the halving event slated for 26 days.
Bitcoin Mining Difficulty: Data Insight
According to data from Blockchain.com explorer, the Bitcoin mining difficulty as of March 21 when the last readjustment was computer comes in at 83,947,913,181,362. Since the inception of the digital currency, the hashrate has always been in an upward movement save mid-2021 and April 2022 when the Chinese government proscribed Bitcoin mining activities.
The growth of the Bitcoin mining difficulty metric comes with more miners plugging into the network, underscoring the growing interest to pick a share of the unmined BTC left from the total supply.
The interest of miners in this coming halving is sparking a lot of preparation overall. With the emergence of spot Bitcoin Exchange Traded Fund (ETF) products, the slash in miner’s revenue from 6.25 BTC per block to 3.125 BTC might mark a slowdown, but with the ready demand crunch, it might boost the value of Bitcoin over time.
This demand-supply imbalance that would be ushered in eventually is considered the needed catalyst to boost the price valuation of Bitcoin in the long term. With the upcoming halving event, many miners may not be able to compete with the Bitcoin mining difficulty adjustments and ultimately make their exits from the market.
However, the well-funded Bitcoin miners are investing and re-allocating in the latest mining equipment to score a competitive advantage overall.
Bitcoin Price Post Halving Projection
Besides the Bitcoin mining difficulty, the trends in the ecosystem have sparked a bout of predictions from industry experts on what the price of BTC can soar to in the long term. Among the top Bitcoin halving price targets shared comes from QCP Capital, a firm that believes the price of BTC will surpass its previous $73,000 ATH with heightened activity during the halving event.
When combined with the Bitcoin ETF, experts like “Rich Dad Poor Dad” Author Robert Kiyosaki are optimistic that the price of BTC will soar to $300,000 by the end of this year. Amid these bullish projections, a retest of $50,000 is not ruled out, especially if there is a considerable slowdown in BTC accumulation by the top spot ETF issuers.
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from CoinGape