Interest in the upcoming “Halving” event on the Bitcoin blockchain network (BTC) surged to a higher level than had ever been seen before.
Data from Google Trends on April 14 showed an increase of 16% interest this year in the Halving event. This is higher than what happened in 2016 ago, when this event occurred.
In the breakdown of data geographically and focused on the last 30 days, the top five countries that showed the greatest interest were in the Luxembourg, Latvia, Estonia, Switzerland and Lithuania regions.
A narrower search related to “Bitcoin Halving 2020”, reveals a very different geographical distribution. Nigeria topped the chart with that search. This number was followed by Venezuela, Austria, Portugal and Czechia.
Who and Why Do They Care About Bitcoin Halving?
This halving event is a periodic 50% reduction in pre-coded bitcoin mining for each block on the blockchain of a given cryptocurrency. This event was also closely monitored by the crypto community because of its influence on the price of the cryptocurrency and its impact on miners.
Halving in 2020 will be the third of these Halving Bitcoin events and will reduce the issuance rate of Bitcoin to 6.5 BTC for every 10 minutes of mining.
Long before this event, DeFi Toronto co-Founder Victor Li had observed the Halving event that will occur in May this year and will potentially reduce the Bitcoin inflation rate to 1.8%. He claims this is “similar to gold (new gold in the ratio of mined-to-inventory)”.
At the end of 2019, Google Trends data indicated a significant increase in the search for Bitcoin Halving worldwide throughout the year.
Even with the Covid-19 pandemic that has become the center of world attention, interest in the Halving event in this industry will still potentially have a bullish impact on the price of Bitcoin later. This claim is based on the knowledge that only a few “new” Bitcoins will be issued, so that the supply level will be reduced.
This is also accompanied by fears of “capitulation miners” and “disadvantages” of smaller market players in this business, due to pressure from the reduction in rewards themselves. Although this also depends on the performance of these post-halving coins in the spot market.