⚠ BITCOIN'S HALVING MAY BE HERE SOONER THAN YOU KNOW (AGAIN) ⚠
📆 Several months ago, the halving was expected to take place on April 28; now it's on track to land on April 15. Blame the surge in bitcoin's price, which has attracted more mining power and sped up the network.
🖥️ A recent surge in the computing power on the Bitcoin blockchain has sped up the creation of new blocks as mining companies seek to cash in on the bullish trends in the market.
🔍 Miners are bringing new, more powerful rigs online and even plugging in older machines again, pushing up the network computational power known as the "hashrate."
💡 History appears to be repeating itself: A similar dynamic played out four years ago in the months before the last halving, which came earlier than expected.
🌐 The halving is considered a momentous event by many, seen as a catalyst for bull runs in the bitcoin (BTC) price and certainly a talking point in this year's run-up to an all-time high just over $69,000. As the theory goes, if fewer new bitcoins are being created and demand keeps surging, they're harder to come by, so the value of those already in existence increases. April's halving will see the block reward reduce to 3.125 BTC from 6.25 BTC.
🚀 But there's another dynamic playing out in the bitcoin market: As the price of the cryptocurrency rises, the rewards of mining it get richer, and more operators are encouraged to turn on their machines or ramp up their computational power, known as "hashrate."
⛏️ A recent surge in hashrate has sped up the creation of new blocks as mining companies seek to cash in, and they've pushed even harder by bringing newer, more powerful equipment online.
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