Bitcoin is all set to undergo halving later this month. With less than 10 days away, the network has reached yet another crucial milestone.
The latest stats compiled by CoinWarz revealed a record-breaking mining difficulty for Bitcoin, peaking at 86.39 trillion. Over the last week, it climbed by 3.92%, and within the last month, it surged by 8.87%. This indicates a 3.4% upswing from the prior high of 83 trillion, established on March 28.
Bitcoin network hash rate, on the other hand, was found to be 626.56 EH/s, hovering relatively close to its all-time high of 762 EH/s.
CoinWarz data also revealed that the next Bitcoin difficulty adjustment is estimated to take place on April 24th, during which the Bitcoin mining difficulty is expected to surge from 86.39 trillion to 89.21 trillion at 1,919 blocks.
Hence, the latest difficulty adjustment is potentially the last one to occur before the halving which is scheduled for April 20th, after which the miner reward will be split in half and will fall to 3.125 BTC.
Historically, following a halving event, Bitcoin’s value has tended to rise. For instance, after the 2012 halving, Bitcoin’s skyrocketed from $12 in November 2012 to over $1,000 by November 2013.
A similar pattern was observed right after the 2016 halving, as its price surged from $650 in July 2016 to around $2,500 in July 2017, ultimately reaching a record high of $19,700 in December 2017.
Following the 2020 halving, the world’s largest crypto asset by market cap rose from nearly $8,000 in May 2020 to a fresh high of over $69,000 in April 2021.
These historical trends suggest that typically, Bitcoin’s price rises within a year post-halving, followed by a period of adjustment.
The current cycle, however, has been different from previous halving cycles, as Bitcoin reached a new all-time high in March 2024, approximately a month before its forthcoming fourth halving.
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