The Bitcoin network on April 19 completed its fourth “halving”. The halving is expected to reduce the rewards earned by miners from 6.25 to 3.125. With insights from Coin Metrics the price of bitcoin has been volatile ahead of the event, and fell about 4 percent this week to trade around $64,100.
Decoding Bitcoin
Currently, Bitcoin is trading at under $64,000, which is about 13 percent off its March 14 all-time high of $73,797.68. Reportedly, the halving itself shouldn’t affect the price of bitcoin in the short term. However, some of the investors are expecting hefty gains in the months ahead, based on the cryptocurrency
Industry
“The market
“All else equal, the halving will cut industry revenues in half, triggering a wave of consolidation and business closures, while (hopefully) rationalising the network hashrate and industry capex, which is ultimately good for the remaining operators,” Reginald Smith, analyst, JPMorgan, explained.
Read More: Bitcoin network completes fourth ‘halving’: Know what it means for miners – Digital
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