Bitcoin Investors Profitable 99.92% of the Time: Anticipating Halving Impact in 2024
Summary:
This report highlights that Bitcoin investors have seen profits for all but six of the crypto's 14-year trading history. Bitcoin reached a high of $73,600 in mid-March and holds a price close to the $68,000-$70,000 range. Only a small percentage of Bitcoin buyers, approximately 0.16%, are currently at a loss. The article also talks about the benefits of holding Bitcoin during bear markets, the anticipation of the Bitcoin Halving event in 2024, and the actions of mining firms like Bitfarms, who are investing heavily in equipment upgrades.
Investors in Bitcoin (BTC) have realised profits for all but six days since the cryptocurrency's inception more than 14 years ago on Jan. 3, 2009. In mid-March, Bitcoin achieved its highest price ever at $73,600, ensuring an increase in value for all BTC investors. Even though there's been some fluctuation, Bitcoin has managed to stay around the $68,000-$70,000 mark as reported by Cointelegraph Markets Pro and TradingView. Any price drops due to market volatility have left only a few Bitcoin holders at a loss. Blockchain.com, a crypto financial services firm, notes that Bitcoin bought between March 9–13 and 25–29 is the only period currently showing a loss, which equates to just 0.16% or six out of the last 3,732 days available for trade.
The pricing history emphasizes the crucial strategy of holding Bitcoin during downturns in the market. CoinMarketCap suggests that around 86.28% of all Bitcoin wallets contain up to $1,000, with another 13.03% holding between $1,000 and $10,000, and just 0.69% holding $100,000.
Bitcoin's consistent recoveries from downturns help the mining community flourish, adding to the hash rate and improving the security of the Bitcoin network. Teams are going strong in preparation for the Bitcoin Halving event, accumulating more Bitcoin amid expectations of a price surge. This fourth Bitcoin halving is anticipated to happen on April 20, 2024, at a block height of 840,000.
Miners, undeterred by the halving's likely impact on reward quantities, are making plans to remain in profit. Bitfarms, a Canadian Bitcoin mining company, committed approximately $240 million to refresh its mining equipment. According to Bitfarms CFO Jeffrey Lucas, the upgrade will triple the company's hash rate to 21 EH/s, increase operational capacity by 83% to 440 megawatts (MW), and improve efficiency by 40% to 21 w/TH, which he called a game changer.
Published At
4/3/2024 3:00:36 PM
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