The third halving of the largest cryptocurrency has recently completed. For a successfully mined block, miners now receive only 6.25 BTC instead of 12.5 BTC. Just before halving, the hash rate increased and reached a record high level.
After a successful bitcoin halving, the hash rate is expected to reduce the cost of electricity consumption, rental charges for pools and mining farms. However, the pressure from the miners should be also expected, that will significantly affect the Bitcoin exchange rate. There is an opinion that miners can switch to more profitable cryptocurrencies, since now they have significantly less incentive to mine Bitcoin.
Based on the experience of previous halvings in 2012 and 2016, many participants in the crypto market are optimistic and expect a long-term positive effect in the further development of the Bitcoin exchange rate as a result. However, the bullish attitude only is not enough for Bitcoin to pass the six-digit resistance — last week, Bitcoin briefly touched $10,000; since the beginning of the year, its rate has grown by 20%.
Image courtesy of Bitcoin Facile