Venezuelans have shown strong search interest in the Bitcoin halving, according to Google Trends. That happens less than a month before the event takes place on the BTC network.
It is less than 30 days until the most important event on the Bitcoin network occurs. However, the search metrics on Google Trends are already giving interesting results for some nations such as Venezuela. It is important to remember that this country ranks fourth, regarding the volume of BTC traded throughout the history of LocalBitcoins.
The graph of ‘Bitcoin halving’, search results on Google Trends ranks the oil-producing country in 13th place, with a search interest of 39 out of 100. Therefore, Venezuela is the first country in the American continent to appear on the list, above the USA, which appears in 24th place as the second country in the hemisphere.
In recent days, the results for this query indicate the exponential growth in search interest in reducing miners’ rewards on the Bitcoin network, achieving the highest score of 100 in the first days of April.
Bitcoin has a fixed supply of 21 million units, of which miners have extracted more than 18 million in just over a decade. Miners from countries like China, Sweden, the USA, and Georgia have extracted 80% of the total current supply.
The Czech Republic, with smaller mining pools like Slush, also appears on the list of the main distribution of the most important miners on the Bitcoin network. China still plays a leading role there despite the migration of many companies to places that are friendlier with the activity.
Bitcoin Nodes in Venezuela
Among the European countries that dominate the ‘Bitcoin halving’, search result are Saint Helena, Luxembourg, Slovenia, Switzerland, and the Netherlands. The last one also ranks fifth among the main countries with Bitcoin nodes, according to data from Bitnodes.
Even though Venezuela is not one of the first countries regarding Bitcoin mining, many Venezuelans who adopted this activity are still committed to it. The almost null prices of electrical energy in the South American nation allow doing it, despite how insecure it can be. A couple of years, for example, there were numerous arrests of miners throughout the country.
According to Bitnodes, four of the five Bitcoin nodes established in the country are listening nodes that use the government telecommunications service CANTV to support the Bitcoin network. The remaining node uses a firewall to remain hidden and belongs to 18.60% of the nodes configured not to listen to the connections.
Google Trends
“Bitcoin halving countdown”, “Bitcoin halving price chart” and “Bitcoin halving clock” are current trends on Google as featured searches in the USA. Besides, the searches for cryptocurrency price prediction for the next halving are at the top of the ranking worldwide.
An increase in interest leads the community to expect the Bitcoin halving to add supply pressure when it begins around May 11th. Some analysts, who discuss the effects of the halving on the price, say that the event will have little or no impact.
One of the analysts predicting a moderate doubling in the price of BTC is James Todaro, head of research at TradeBlock. He believes that prices will increase after the halving to maintain miners’ economy.
By Alexander Salazar
