Beyond Price: The Lesser-Known Bitcoin Records

GM Readers!📪 It's BitDegree Insider, and the weekend's almost here.

⭐️Today's selection:

• 🥚Easter Bitcoin Records
• ✂️The Impact of Halving
• 🧩️Answer To Yesterday's Puzzle
• 👌Selected Meme of The Day
• 📰Bite-Sized News

BITCOIN IN A CELEBRATORY MOOD

This week is one of a kind. We're about to see Passover, Ramadan and Easter overlap. This happens only three times each century! 

And Bitcoin is also in a celebratory mood.

Yesterday, April 6, there was another adjustment in Bitcoin mining difficulty. The index rose by 2.23%, setting a new all-time high.

This occurred at block height 784224. The mining difficulty is currently at 47.89 trillion.

The projected change is a decrease of 0.39% to 47.7 trillion, according to Btc.com.

Note that this is the fourth increase in mining complexity in a row.

The previous upward shift was on 28 March, as we reported separately. The increase over last year's figure exceeds 30%.

P.S. be sure to check out our previous newsletter issue if you want to learn more about Bitcoin mining difficulty and what does this index tell us!

The gradual increase in BTC mining complexity reflects the state of the industry.

Earlier we reported that farmers' income had increased by at least 20% due to increasing price and interest in Bitcoin Ordinals (at the time of writing we are still not over 1 million (965,000).

And this one is also affected by the relatively low value of ASICs, which can be explained by the stagnation in the segment during 2022.

As a reminder, many retail miners left the market because of the recession.

Some large companies have also faced financial problems. Argo Blockchain, for example, had to sell one of its facilities to Galaxy Digital.

The increased difficulty, as well as hash rate increases, brings the date of the next halving closer.

And that's good news. The Bitcoin Easter egg is about to hatch.

TL;DR: Bitcoin mining difficulty continues increasing. This signifies that the industry is getting back on its feet.

BITCOIN HALVING

Halving has quite an impact on the entire Blockchain industry.

P.S. Here's what halving is.

It happens approximately every 4 years, and the purpose of halving is to control the rate at which new bitcoins are created so a stable monetary policy could be pursued. By reducing the mining reward, the supply of new bitcoins is reduced, which can increase the value of existing bitcoins. During the halving event, the reward given to Bitcoin miners for adding a new block to the blockchain is cut in half.

Okay, back to the story.

"I should have mined BTC..." is what many say when they think about the opportunities they've had back in 2012. 

But similar things have been said about the opportunities bacak in 2018, and in 2021 as well. But let's go back to 2012 nonetheless.

It was a time when there was no cryptocurrency activity and trading, the only thing crypto geeks knew was that they could mine Bitcoin and sell it.

And only a selected few knew about the existence of halving.

With Bitcoin, this happens every four years. 

And while in the beginning, the halving reward was 50 Bitcoin, now it's only 6.25 Bitcoin.

When Satoshi Nakamoto launched BTC in 2009, they immediately put 2 fundamental conditions into the protocol:

• BTC issuance is limited, the volume of coins must be 21 million BTC.
• Every 210,000 blocks the reward for miners is reduced by exactly 50%.

A new Bitcoin halving is arriving in 2024.

What will happen to Bitcoin then?

After previous halvings, the Bitcoin value has increased, despite the rewards being reduced.

For example, after the first halving of miners' rewards, the price of the coin went up by 1000 times, and after the second one, it increased 33 times.

It's just facts, not financial advice.

And by the way, the upcoming halving will take place in approximately 400 days, or ~9600 hours (depending on the time when you read it).

The actual time can be tracked here).

Mind you, there is no perfect exact date yet. It all depends on the Bitcoin blockchain.

Specifically, the speed of transaction processing and block creation, which is affected by the number of miners, network load and similar factors

But that day will clearly come in Q2, 2024.

Put a reminder on your calendar and don't miss it!

TL;DR: New Bitcoin halving event is about to take place in 2024. The industry is bracing itself for it.

ANSWER TO YESTERDAY'S PUZZLE

Yesterday we asked you when was the legendary Bitcoin White Paper published. Many of you appeared to be true crypto historians, as you went for the right answer!

And the right answer was:

The Bitcoin White Paper was published on the 31st of October, 2008.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

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