Cointelegraph Highlights 5 Reasons This Bitcoin Halving Is Different

Cointelegraph Highlights 5 Reasons This Bitcoin Halving Is Different

Cryptocurrency media outlet Cointelegraph recently outlined five reasons why this Bitcoin halving is special. **1. Crypto users jumped 400% since 2020 halving** Crypto.com estimates that the number of crypto owners jumped from 100 million in May 2020, around the time of Bitcoin's third halving, to 580 million by the end of 2023 — an increase of over 400 million. **2. Pre-halving rally was different** In previous cycles, Bitcoin's price has tended to rally after the halving, with new all-time highs typically occurring about a year after the halving. This cycle, Bitcoin hit an all-time high just before the halving, reaching $73,600 on March 13, 2024. **3. Miners are in a stronger position** Compared to previous halvings, miners are believed to have lower debt levels and more control over costs such as electricity. **4. First halving since a Bitcoin spot ETF was approved** **5. Bitcoin network more decentralized** Four years ago, China accounted for 80% of Bitcoin's hashrate. As of February 2024, the hashrate is much more decentralized, with the United States accounting for 40%, China accounting for 15% and Russia accounting for 12%. Miners have also continued to expand to other countries with cheap electricity, such as those in Africa and Latin America. Previously on 20 April 2024 - Cryptocurrency media outlet Cointelegraph has outlined five reasons why this Bitcoin halving is special. 1. Crypto users jumped 400% since 2020 halving Crypto.com estimates that the number of crypto owners jumped from 100 million in May 2020, around the time of Bitcoin’s third halving, to 580 million by the end of 2023 — an increase of over 400 million. 2. Pre-halving rally was different In previous cycles, Bitcoin’s price has tended to rally after the halving, with new all-time highs typically occurring about a year after the halving. This cycle, Bitcoin hit an all-time high just before the halving, reaching $73,600 on March 13, 2024. 3. Miners are in a stronger position Compared to previous halvings, miners are believed to have lower debt levels and more control over costs such as electricity. 4. First halving since a Bitcoin spot ETF was approved 5. Bitcoin network more decentralized Four years ago, China accounted for 80% of Bitcoin’s hashrate. As of February 2024, the hashrate is much more decentralized, with the United States accounting for 40%, China accounting for 15% and Russia accounting for 12%. Miners have also continued to expand to other countries with cheap electricity, such as those in Africa and Latin America.