After the halving
BitBull Capital
Mining
3 years ago
1 QCP
Even though the reward halving directly impacts miners, it indirectly affects the rate of new Bitcoins being created and their entry into the market.
Why Bitcoin halving is a bullish development and what can be expected from Bitcoin moving forward?
....
Bitcoin, the largest digital currency by market cap, underwent its third block reward halving last month, on May 11, 2020, in what was a much-anticipated fundamental development. From lows of around $8,200 on halving day, Bitcoin rallied over 25% to touch $10,400 on June 1 and is currently trading at $9,700, reflecting an overall positive sentiment.
In this article, we discuss why the halving is a bullish development and what can be expected from Bitcoin moving forward.
Halving as a bullish fundamental development
Even though the reward halving directly impacts Bitcoin miners, it indirectly affects the rate of new Bitcoins being created and their entry into the market.
With the halving, the reward for mining a successful Bitcoin block is reduced from 12.5 to 6.25. Since May 11, the total number of daily Bitcoin production equals 144 x 6.25 = 900 or $8.73 million worth at current prices.
This reduction, from 1,800 daily Bitcoins prior to the halving, means the supply is reduced, which puts pressure on the price as demand stays the same or increases moving forward. This is fundamentally why the halving is treated as a bullish development.
...
https://bitbullcapital.com/after-the-halving-bitcoin-inching-towards-a-10k-breach-despite-volatility/
Why Bitcoin halving is a bullish development and what can be expected from Bitcoin moving forward?
....
Bitcoin, the largest digital currency by market cap, underwent its third block reward halving last month, on May 11, 2020, in what was a much-anticipated fundamental development. From lows of around $8,200 on halving day, Bitcoin rallied over 25% to touch $10,400 on June 1 and is currently trading at $9,700, reflecting an overall positive sentiment.
In this article, we discuss why the halving is a bullish development and what can be expected from Bitcoin moving forward.
Halving as a bullish fundamental development
Even though the reward halving directly impacts Bitcoin miners, it indirectly affects the rate of new Bitcoins being created and their entry into the market.
With the halving, the reward for mining a successful Bitcoin block is reduced from 12.5 to 6.25. Since May 11, the total number of daily Bitcoin production equals 144 x 6.25 = 900 or $8.73 million worth at current prices.
This reduction, from 1,800 daily Bitcoins prior to the halving, means the supply is reduced, which puts pressure on the price as demand stays the same or increases moving forward. This is fundamentally why the halving is treated as a bullish development.
...
https://bitbullcapital.com/after-the-halving-bitcoin-inching-towards-a-10k-breach-despite-volatility/
- Bitcoin mining
- Bull market
- Bullish
- Bitcoin halving
- Bitcoin Analysis
Registered recently:
Confirm Delete
Are you sure, you want to delete the Comment ?