🚀 Bitcoin Halving: Rewards Slashed, Price Rockets?

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Welcome back to Bull Market Bytes, your weekly cryptocurrency insight where it’s been a long, cold 4 years since the last Bitcoin halving, but don’t worry…

We only have 548,760 seconds to go!

But who’s counting… Let’s countdown together! 😅

Bitcoin Reward Halving Countdown ⏰

Exciting topics for this week!

📰 The 4th Halving is Here!

🎁 Bitcoin Price Contest

📌 Bull Market Bulletin

📚 Weekly Lesson: Hash Rate

Fun Fact of the Day 🤓

Would you like to receive a college degree in Bitcoin? 😎

That question may sound impossible, but it actually isn’t!

Ella Hough, a student at Cornell University and founder of the New Cornell Bitcoin Club, is making it a reality.

How is she doing this? 🤷‍♂️

The Robert S. Harrison College Scholar Program she belongs to allows students to create their own interdisciplinary majors.

Once approved, her official transcript and diploma will say Bitcoin.

Read the full story below! 👇

Cornell Approves One-of-a-Kind Bitcoin Degree

The Halving is Here! 📰

After 35 months of waiting, we are 6 days away from the historic Bitcoin Reward Halving! 🎉

So, let’s begin with what exactly the Bitcoin reward halving is.

The Bitcoin reward halving, or Bitcoin halving, is when the reward for “Bitcoin miners” is cut in half. ✂️

How are the miners “rewarded”? Through running computer programs to find the next block in the chain…

Thus, the “blockchain” … ⛓️ 

When the next block in “mined”, the miner will receive a Bitcoin reward for the contributions to the performance and security of the blockchain.

How exactly does this secure the blockchain? 🤔

Because mining validates transactions that are continuously occurring. Read more here!

So, why is this a celebration in cryptocurrency?

Well, it only happens once every four years like the Olympics. 😄

Aside from that, the reward halving has many positives to include:

• Causing hype and remembrance in the community.

• Ensuring a healthy increase in overall supply.

• Showcasing the limited supply of Bitcoin.

And most importantly, the price increase! 🚀

Historically, Bitcoin has reached new highs after the halving has occurred.

It is very likely that the number of pre-orders for Ferraris and Lamborghinis may quadruple! 🤣

Will Bitcoin Rocket?

Mining Bitcoin is very expensive. Now that many people are doing so, it is becoming increasingly difficult.

When a block is mined in the Bitcoin blockchain, 6.25 Bitcoins is provided to the miner as the reward.

That is currently worth $425,000! 🤯

However, the cost of mining Bitcoin can be astronomical. Miners pay for mining rigs and electricity which adds up quick!

🧠 Remember! Mining is competitive! 

Once the Bitcoin reward halving takes place, their reward will be cut in half! 😬

So, what would balance it out?

The price of Bitcoin would need to double! 💰

Keeping the incentive for the miners is vital to Bitcoin’s blockchain due to the miners securing the network by validating transactions.

Bitcoin Price Contest 🎁

Come one, come all! The Bitcoin reward halving is upon us, and it is your turn to make a guess for a small fortune! 🔮

For the special occasion of the Bitcoin halving, we are hosting a $75 giveaway for 1 lucky winner!

This is how the contest works:

⚠️ Read all 5 steps before making your selection below!

1. Select below if you believe Bitcoin will be up or down on the day of the reward halving.

2. After you make your selection, it will bring you to the next page.

3. In “additional feedback” enter the price you think Bitcoin will be at when the halving happens.

4. Press “continue” at the bottom once you have entered the price to register your submission.

5.  Best of luck! The winner will be announced in next week’s newsletter or the newsletter after the halving occurs!

🧠 Don’t Forget! The winner will be the one closest to the Bitcoin price at halving AND correctly predicts if Bitcoin will be red or green on that day!

Last submissions accepted on 18 April, 2024.

Bull Market Bulletin 📋

Another Billionaire Says “NO” to the Bitcoin ETF. Robert Kiyosaki, a well-established businessman and author of “Rich Dad, Poor Dad”, expressed his disinterest on X (Twitter).

ChatGPT is trying to hit a homerun! ⚾ Sam Altman, CEO of OpenAI (creator of ChatGPT), is pushing mass adoption among Fortune 500 companies.

🧠 Fun Facts! OpenAI is valuated at $68 billion and 92% of Fortune 500 companies already use the consumer version of ChatGPT!

Craig Wright, self-proclaimed creator of Bitcoin, may have given up! After he was found in a court of law not to be Satoshi Nakamoto, he has now dropped the defamation appeal…Maybe he truly wasn’t…

Hacker Sentenced to 3 Years for Major Crypto Theft 🕵️‍♂️ Shakeeb Ahmed, a security engineer, stole over $12 million from two Decentralized Exchanges that are built on Solana!

This Ethereum Fork could Stop the Loss of Private Keys. The Pectra hard fork features a new addition called “social recovery” within upgrade 3074. Imagine never needing private keys!

What is Hash Rate? 📚

To go along with this week’s lesson, in the past we have covered Bitcoin mining that had the fun facts below.

• In 2023, the annual global electricity consumption for Bitcoin mining was 121 terawatt hours, which is upwards of $36.3 billion! 😲

• A block is a file containing 1 megabyte (MB) of Bitcoin transaction records. 🗄️

Review our full lesson on Bitcoin Mining here!

This week, we are going to cover more into the hash rate and why there is so much focus on it.

Strap your learning caps on and get ready to be the most popular person at the family reunion! 🤠

So, what exactly is the Bitcoin hash rate?

⭐ The hash rate is the total combined computational power that is being used to mine and process a transaction.

Primarily, this is referred to when addressing a “Proof of Work” blockchain.

This is a blockchain that proactively requires miners to move the blockchain forward.

That is where the “work” part comes in. 😄

So, why is hash rate brought up frequently in the crypto space? 🤷‍♂️

Because it shows the overall security and strength of the blockchain.

Ready for your Lesson Review?

📚 Make sure to review the lesson above before answering!

Question: What does the hash rate show?

Your feedback is very important to us! ❤️

Please let us know your thoughts below!