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Bitcoin Mining Difficulty Soars to ATH: Halving Sentiment Boosts Confidence in BTC Price

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  • The adjustment in difficulty reflects the active participation of miners seeking to accumulate Bitcoin prior to the reward reduction.
  • Predictions for Bitcoin’s price vary, ranging from surpassing its all-time high to reaching $300,000 post-halving.

Ahead of Bitcoin’s impending halving, expected in just 26 days, the network has experienced an adjustment in its mining difficulty, setting a new record of 83,947,913,181,362, according to Blockchain.com data.

This adjustment not only reflects the increased participation in Bitcoin mining, but also the growing interest on the part of miners in accumulating the cryptocurrency ahead of the reduction in the reward per block mined.

Amid these preparations for halving, predictions about Bitcoin’s future price are multiplying. From QCP Capital, it is estimated that Bitcoin’s value will surpass its previous all-time high of $73,000.

However, the possibility of a revision to the $50,000 price is not out of the question, especially if a slowdown in Bitcoin accumulation by major ETF issuers is observed.

This halving event is generating expectations among miners

Although the reward per block mined will be reduced, the expectation of an imbalance between supply and demand could increase Bitcoin’s value in the long run. This imbalance is seen as the catalyst needed to improve Bitcoin’s price in the future, as we mentioned in ETHNews, although it could lead some miners to exit the market due to the tight mining difficulty.

Atthe time of going to press, the current price of Bitcoin (BTC) is approximately 67,107.58 USD, having experienced an increase of 2,990.62 USD ( 4.66%) recently.

Source: Tradingview

At the time of the last update, the price range for the day was 66,485.70 USD to 67,711.50 USD. Over the last year, Bitcoin has fluctuated between 24,797.17 USD and 73,750.07 USD.

Source: Coinmarketcap

Trading volume in the last 24 hours has been approximately 30,006,028,288 USD.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: [email protected] Phone: +49 160 92211628