The hype around the next halving is yet to cool off as we move closer to the date when miner’s reward will be slashed by 50%. Bitcoin itself has also helped in stirring up the tout with a number of prolific data.
According to the Co-founder and partner at Morgan Creek Digital, Anthony Pomplaino, there are 195 day left till the reward of miners get slashed from 12.5 to 6.25 BTC.
The US army veteran added that with a fixed maximum supply of 21 million BTC, there are less than 3 million Bitcoin left to be mined. This keeps reducing as miners continue their activity on the network of the blockchain technology.
195 days until the next Bitcoin halving.
Less than 3 million Bitcoin left to mine.
Hash rate keeps hitting all-time highs.
We are watching the strongest computer network in the world continue to get stronger and stronger.
— Pomp 🌪 (@APompliano) November 1, 2019
Above is why many compare Bitcoin to Gold as a better asset. Experts claims that unlike Gold, Bitcoin’s supply is fixed, and it is a blessing. When fully exhausted and the currency hits mainstream adoption, scarcity will help heighten the value of the BTC.
Another important display from Bitcoin is the recent up growth of its hashrate. The hashrate of Bitcoin continues to hit new highs. In two year, the hashrate has risen by 10x, moving from ~10EH/s to ~100EH/s.
Bitcoin Clinched Dozens of Incredible Glories Last Month. Will It Help Its Price This Month?
The month of October was incredibly good for Bitcoin. After the devastating fall of Bitcoin from $8,200 to $7,400 in the middle of October, the following week presented BTC’s 3rd highest gain within a day since its creation. Within 24 hours, Bitcoin spiked by 42%, moving from $7,400 to $9,500. Despite the recent pull back by Bitcoin from $13,800, BTC is still 150% ahead of its January price.
Early October, the seventh-largest bank in Germany, Bayern LB, displayed its believe for Bitcoin as an asset. The bank predicted $90,000 price for Bitcoin by next year.
Supposed as the best positive news of the week for the blockchain industry, China as a whole has declared support for blockchain technology. As published by NewsLogical, outstanding Blockchain projects in the country have access to a whooping sum of $150 million to fund their activities.
Also, latest rumor affirms that China is secretly legalizing cryptocurrency exchange and its activities, a territory that was formerly a no-go area for virtual currencies.