As a result of the halving, miner revenue plummeted by 50% year-over-year in March 2025, dropping to approximately $1.2 billion, which has led to significant selling pressure from mining firms.

The recent halving in April 2024 cut Bitcoin block rewards from 6.25 to 3.125 BTC, intensifying competition among miners for diminishing rewards.

The network's hashrate has also reached a new all-time high of 1.046 zettahashes per second, marking a peak in security for Bitcoin's 16-year history.

Currently, 93.3% of Bitcoin's total supply of 21 million has already been mined, leaving only 1.4 million BTC to be created over the next century due to the halving mechanism.

Analysts estimate that between 3.0 and 3.8 million BTC, or 14% to 18% of the total supply, is permanently lost, contributing to a scenario known as 'hardening scarcity'.

On the corporate front, 126 public companies now collectively hold 819,857 BTC, which accounts for 3.9% of Bitcoin's total supply, highlighting significant corporate interest in the cryptocurrency.

Technical indicators suggest that Bitcoin is currently consolidating around $106,927, with potential resistance levels at $108,026, $110,321, and $111,870, indicating upward momentum.

The correlation between hash rate growth and price appreciation suggests a virtuous cycle that could propel Bitcoin towards six-figure valuations, especially if it maintains support above $105,000-$107,000.

Moreover, indicators like profitability at 60.92% and patterns such as Fibonacci extensions and golden crosses suggest bullish momentum, with projections for Bitcoin potentially reaching $115,000-$120,000.

In response to reduced revenue, mining difficulty surged by 6.81%, reaching an all-time high of 121.51 trillion, further increasing competitiveness among miners.

Despite these selling pressures, Bitcoin's network has demonstrated resilience, thanks to its self-correcting mechanism that adjusts mining difficulty to maintain consistent block times.