Crypto news highlights related to crypto control

Every day brings something new to the table, especially for crypto investors worldwide. The blockchain industry is always met with strange circumstances but they all ultimately mean progress in the industry. That includes changes regarding Bitcoin regulations. 

Here are three stories in particular that show major changes have occurred in the Bitcoin industry. They can be seen as ideal strings of events for the average trader as well as for long-term investors of the technology. 

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Sweden evens the playing field for all Bitcoin miners

Sweden is one of the oldest countries to adopt Bitcoin as mode of payment so the local government is fairly educated about its technology. They also conclude that Bitcoin mining is the cause of high energy consumption in the country and that’s why they raised the tax per kilowatt hour (/kWh). 

This only affects high energy consumers in the country so citizens of a modest lifestyle are not as concerned as investors in cryptocurrency mining farms. At first, it was taken as the end of profitable Bitcoin mining in the country but many investors discovered that it’s not the case. Individuals can still provide the blockchain hashrate and earn passive income in BTC but on a smaller scale. 

The reason such powerful mining farms were needed by miners was to compete with others. Bitcoin’s proof-of-work (PoW) consensus only rewards the node that validates a transaction first. Thus, it became a game of probability where better processing power equals higher chance. Since nobody else is willing to create a processor that high again, everybody else in Sweden are content with self-mining. 

Bitcoin reaching a new all-time high in 2023 is realistic 

This news is more about the future of crypto than it is of the past but there analysts announced that there are signs that Bitcoin will reach a new all-time high this year. That means your winnings from Bitcoin casino games in the second half of the year can be so much more valuable than your Gamdom deposit last week. 

One of the signs experts point out is how Bitcoin is one year away from its 4th halving, reducing mining incentives from 6.25 BTC to 3.125 BTC per block mined. This lowers supply of the world’s most valuable currency while the demand goes ever upwards. 

The second sign is that the demand for Bitcoin is on a crazy high these past few months. 2022 wasn’t a great year for crypto because it has mostly been bearish. However, the asset hit a $30,000 ceiling on 11th April which was an 80% increase from what it was worth in the beginning of 2023. 

The third and final sign is history repeating itself. Bitcoin’s last three halving events in the past have all led to breaking a new all-time high for the cryptocurrency. The craziest of that was on 14th April 2021 at $64,800. That was almost a year after halving in May 2020. Bitcoin is about to rally in 2024 and investors now are eager to see the numbers go up.

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Words: Clarence Clarke