Fast Take
As Bitcoin (BTC) approaches its subsequent halving occasion in April 2024, a novel sample of progress marked by diminishing returns is changing into obvious. The hash fee, a crucial measure of miners’ efficiency, is presently hovering above 400 Eh/s, sustaining a strong development momentum. But, every successive Bitcoin halving occasion reveals a nuanced story: progress, although regular, doesn’t mirror the surges seen within the early halving phases.
Within the wake of Bitcoin’s first halving, the hash fee development skyrocketed by an astounding 1,364,787,820%. The second halving, whereas nonetheless spectacular, noticed a major discount to five,448,118%. The third halving additional moderated the expansion tempo to eight,520%. Presently, the fourth halving initiatives an approximate development of 250%.
Notably, these figures don’t denote a regression however a transition to a extra sustainable development fee. Every halving incrementally reduces the Bitcoin block reward, intensifying the mining competitors. This aggressive strain, whereas difficult, forces the trade in direction of effectivity and evolution. Consequently, the panorama is more likely to favor the survival of probably the most superior and environment friendly mining corporations.
Hash Price Development: (Supply: Glassnode)
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