7 C
Manchester
September 24, 2020
Image default
Bitcoin

Halving Bitcoin 2020 is achieving ATH popularity in Google Trends – Blocksats

Halving Bitcoin is fast approaching, and all cryptocurrency and blockchainowi enthusiasts are deleting in the calendars the days remaining until this historic event, which will take place on May 12, 2020. From the beginning of April on Google Trends search for the phrase “Bitcoin Halving “literally shot – does the same thing wait soon course digital gold?

A brief explanation

Euphoria regarding Halvingu Bitcoin did not come without a reason. This is what drives enthusiasts’ enthusiasm digital assets as the halving date approaches, it is closely related to the Bicoin emission mechanism.

Let’s assume you are a modern gold prospector (or you may have other treasures if you prefer). You have equipment that is able to measure the volume of ore deposits and you know exactly their total resource – let it be 21,000,000 units. In addition, you have also studied all other places, so you know that the only deposits and all their richness is only in this one place. At the beginning you dig large amounts of spoil, but the value that can be extracted decreases over time. Let’s assume that every 4 years the amount of your spoil decreases by half, and from week to week the difficulty of its extraction increases. In addition, even though you are extracting less and less, your equipment needs more and more electricity (due to growing difficulty of mining) to be able to act.

This simple analogy explains why the previous Bitcoin Halving was associated with an increase in the value of “internet gold”. Emission mechanism BTC reduces the supply of new bitcoins by half every 4 years. Currently (for just over two weeks), the calculation of a new block with transactions falls to a 12.5 BTC prize. On May 12, 2020, the amount of new bitcoins emitted to the network in this process will drop to 6.25 BTC per Unit. It means FALL inflation Bitcoin to 1.8%.

Bitcoin Halving in Google Trends

From the beginning of April, we can observe a significant increase in searches for the phrase “Bitcoin Halving” around the world. In the period from April 5 to 11, the popularity of the phrase increased to the peak of the scale. The following week (April 12-18) it fell slightly, and this week (April 19-25), before it ended, it already broke the peak of the second week of April.

Halving Bitcoin 2020 is achieving ATH popularity in Google Trends -  Blocksats 25

In a broader perspective, the chart looks even more interesting. We can see on it that this year’s interest Halvingiem Bitcoin is larger in terms of the number of searches than in 2016 – during the previous halving.

For many, this is not Bitcoin’s first Halving. However, for everyone this is the first halving that takes place in such specific global conditions. It remains for us to closely watch the charts and keep our fingers crossed so that the course reflects the trend chart – as it was the case with the first and second Halving Bitcoin.

Get notifications about important new market events.

Related posts

The Financial Stability Board (FSB) suggests banning stablecoins – Blocksats

Aparnna Hajirnis

I give away bitcoin and cryptocurrencies for free. Madness! |

Aparnna Hajirnis

Dogecoin’s price increased by 14% after Elon Musk’s tweet

Aparnna Hajirnis

Leave a Comment