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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin Mining Difficulty Hits Record High In Anticipation Of Halving Event – Here’s Why It Matters

Samuel Edyme
Samuel Edyme
1 year ago
2 mins read
Bitcoin (BTC)

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The Bitcoin network mining difficulty has surged nearly 4% to hit an all-time high just a few days before the highly anticipated Halving event. This adjustment, recorded at 86.4 trillion, marks a crucial milestone in the cryptocurrency’s history.

Decrypting Bitcoin’s Mining Complexity

Notably, Bitcoin mining difficulty measures miners’ complexity in solving mathematical puzzles to validate transactions and add new blocks to the blockchain.

Related Reading

Bitcoin (BTC)

Bitcoin To Go ‘Ballistic’ After Halving, Says Top Analyst – Here’s Why

1 year ago

This latest surge reflects the increasing computational power dedicated to securing the network as miners brace themselves for the impending Halving event scheduled for April 20.

As the mining difficulty continues to soar, miners ramp up their hash rate, representing the total computational power contributed to the network.

This surge in hash rate underscores the growing interest and investment in Bitcoin mining infrastructure, highlighting miners’ commitment to secure the network and reap rewards amidst the evolving landscape of crypto mining.

Bitcoin Hashrate and Difficulty Level.
Bitcoin Hashrate and Difficulty Level. | Source: mempool

Bitcoin Bullish Sentiment Amid Rising Mining Difficulty 

The surge in mining difficulty and hash rate comes amidst a bullish sentiment surrounding Bitcoin’s price and its potential for further growth.

The impending Halving event will see block subsidy rewards reduced from 6.25 BTC to 3.125 BTC, potentially impacting miner revenues and the overall network dynamics.

Despite these uncertainties, as the halving event draws nearer, Bitcoin has demonstrated resilience, maintaining its upward trajectory. Over the past week, the cryptocurrency has surged approximately 2.5%, with a 1.5% increase in the last 24 hours alone.

Bitcoin (BTC) BTC price chart on TradingView
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

As of this writing, Bitcoin trades at $69,921, reflecting its bullish momentum. Amidst these slight positive price movements and the impending Halving, Bitcoin enthusiasts and analysts have continued to express optimism, instilling confidence in investors and traders awaiting a potential BTC price spike.

Notably, prominent figures like Robert Kiyosaki, author of “Rich Dad, Poor Dad,” have recently echoed bullish sentiments, endorsing the price predictions put forth by Ark Invest founder Cathie Wood.

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Crypto Prophet Jeremy DaVinci Predicts Bitcoin Surge: Are We Headed For $130,000?

1 year ago

Wood forecasted that Bitcoin’s price could skyrocket to $2.3 million, emphasizing the cryptocurrency’s potential amidst a global investment base valued at roughly $250 trillion. Kiyosaki expressed his confidence in Wood’s prediction, highlighting her intelligence and expertise.

Kathie Wood quarantees Bitcoin will hit $2.3 million per BTC. Do I believe her? Yes I do. Kathie Wood is very smart. I trust her opinion. Could she be wrong? Yes. She could be. So what? The more important question is “ What do you believe?” What if Kathie is right? What if…

— Robert Kiyosaki (@theRealKiyosaki) April 11, 2024

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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