Trade With 250x Leverage, Only Available on BitMEX
Apr 19, 2024
Halvings are foundational to Bitcoin’s economic promise of fixed supply as halvings are how the supply of bitcoins is capped at (nearly) 21 million. The impact of the new supply reduction represents only 0.6% of daily trading volumes and today is less economically impactful to price than it once was. The halving is more economically impactful on miners, who are seeing a 50% drop in their main source of income. Following halvings we have historically seen downward difficulty adjustments of 5.4% - 14.7% as uneconomical hash rate is taken offline. However, given where prices and rig breakevens are, it seems unlikely much hash rate, if any, will be taken offline.
