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Excitement mounts as the crypto community gears up for what Bitwise CEO Hunter Horsley calls the most pivotal Bitcoin halving event to date, expected on April 19. Unlike the 2020 halving, where Bitcoin’s value hovered around $9,000, this year’s event sees the cryptocurrency at a staggering $70,000, making the supply cut significantly more impactful in dollar terms. This fourth halving could serve as a bullish catalyst amid comparisons to previous economic conditions, such as the Federal Reserve’s interest rate cuts and quantitative easing, hinting at a potential repeat of bullish Bitcoin ETF demands.
Amidst these optimistic projections, a Hashrate Index report suggests a possible 3-7% reduction in Bitcoin’s hashrate post-halving, dependent on price stability or moderate growth. A more considerable price dip could force a larger hashrate offline, adjusting mining difficulty and pressuring miners to enhance efficiency and manage risks more meticulously. This halving not only highlights Bitcoin’s growing valuation but also underscores the intricate balance between mining costs, operational efficiency, and market dynamics.