5 reasons why this Bitcoin halving is special

Cointelegraph, a leading crypto media outlet, outlined five reasons why this halving of Bitcoin is so special

1. Cryptocurrency users have increased by 400% since the 2020 halving. According to Crypto.com estimates, the number of cryptocurrency owners has grown from around 100 million at the time of Bitcoin's third halving in May 2020 to 580 million by the end of 2023, an increase of more than 400 million.
2. A sharp rally occurred before the halving. In previous cycles, the price of Bitcoin has shown a post-halving rally to new highs, which occurs about a year after the halving. In the current cycle, Bitcoin hit an all-time high just before the halving, reaching $73,600 on March 13, 2024.
3. The situation for miners is more positive. Compared to previous halving cycles, miners have lower debt levels and better control over costs such as electricity.
4. first halving since the biggest issue in the crypto scene - approval of a Bitcoin spot ETF
5. the existence of a more decentralized Bitcoin network. Four years ago, China's Bitcoin mining hashrate was 80% of the total. As of February 2024, the overall hashrate is more decentralized, with the US at 40%, China at 15%, and Russia at 12%. Miners continue to expand into Africa and Latin America, where electricity is cheaper.