Rumors of Bitcoin Halving Coming Sooner Than Expected Because of Peaking Hashrate – Is It True?
The Bitcoin hashrate is hitting an all-time high and this indicator is causing confusion about the Bitcoin Halving cycle.
Bitcoin hashrate – an important metric to reflect the computational effort required to secure the BTC network is in its highest stage ever, causing a “wave” of misunderstandings from several ministries. Twitter section about the Bitcoin Halving schedule will happen faster than expected, specifically in the fourth quarter of 2023 instead of 2024.
The reason is, the majority of the community is looking forward to the "destination" soon. Bitcoin halving is also understandable, because according to the past cycle, every time the halving, the price of BTC grows very strongly, thereby leading to an uptrend season for the whole crypto market.
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Bitcoin Halving Explanation: What is the BTC block reward split?
However, the above argument is incorrect. First, Bitcoin's algorithm is designed to prevent the halving schedule acceleration. BTC miners process transactions and compete to add a new block to the Bitcoin network approximately every 10 minutes, in addition to a number of influencing factors, such as the number of miners or improved technological equipment. can make it a little easier or a little harder to mine blocks.
Next, the Bitcoin algorithm monitors the difficulty level and adjusts them every 2,016 blocks (about every two weeks) to maintain that block mining time at 10 minutes, while also controlling the number of Bitcoin miners receiving rewards for processing transactions and securing the network.
When Bitcoin launched in 2009, miners received 50 BTC for successfully mining a block. That reward is halved every 210,000 blocks, roughly every four years (Halving), and the next one will take place in 2024.
Changes in hashrate will not significantly alter the halving schedule. Bitcoin because the Bitcoin algorithm prevents any catalyst from affecting the block production time by adjusting the difficulty to match whatever external conditions exist at the time. So a jump in hashrate will not involve pushing the halving date to Q4/2023 as the community thinks.
To clarify this point, a Bitcoin developer responded to the above posts with the following:
“Perhaps you only care about hashrate without mentioning mining difficulty.”
At the same time, the Bitcoin on-chain indexing platform Hashrate Index also agrees with the opinion that the Bitcoin Halving time will not change at all.
“Bitcoin halving won't happen late 2023. For this to be true, BTC block time will need to maintain an average of 8 minutes from now.”
Synthesized by FoxCryptoNews
Sep 13, 2022