Why we will see a new rally for Bitcoin | General increase in bitcoin mining
Bitcoin investors are optimistic at today’s price, which was up a day after the halving process. Despite recent volatility, the future for it, as well as blockchain, looks promising as we are seeing more and more demand for digital currencies due to limited supply.
Prices have been progressing steadily since the start of the year and it’s headed towards the $9,000 mark. There has been a more than 20% increase since January 1st due to Bitcoin mining.
As scheduled, the halving of the number of bitcoins created every year will continue at least until 2024.
Bitcoin uses mining computers to validate transactions and mining blocks that are bundled together. Every ten minutes, the puzzles have to be solved and in return, a certain amount of coins are rewarded. In return, the first person to solve the puzzle and clear the transaction receives new coins as a reward. After halving, they receive 6.25 new bitcoins instead of 12.5. It saw its two strongest rallies in November 2012 and July 2016, with both periods of significant increase resulting in large gains. To note, it reached its all-time high of $20,000 in December 2017.
Did you already hear about the new rally for Bitcoin?
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Author: PC-GR
The World of Technology
