Bitcoin hash rate hits an all-time high, hitting 281.78 million on September 11th, and it could speed up ‘Bitcoin halvin’, expected as early as Q4 next year!
According to the Bitcoin hash rate chart published by The Tie on Twitter early on July 12, it peaked at 281.78 million on Sunday. It is estimated that this high hash rate could lead to faster Bitcoin halving, from the original forecast for 2024 to the fourth quarter of 2023.
The hash rate of Bitcoin or any blockchain varies according to the mining power of that blockchain. That means that the Bitcoin hash rate peaking this time means that the mining power of the Bitcoin network is skyrocketing. Or there may be an increase in the number of miners.
Why is Bitcoin halving faster?
The reason why Bitcoin halving happens faster is because Bitcoin halving normally happens for every 210,000 blocks mined by ‘Bitcoin miners’, so the higher the hash rate means the higher the mining power. This will be followed by a shorter time to mine 210,000 blocks before the Bitcoin halving.
Based on historical past, every time Bitcoin halving took place, soon after, the price of Bitcoin (BTC), as well as the entire cryptocurrency market, would enter a strong 10-fold bullish trend. This is because the Bitcoin halving will halve the reward that miners get for mining Bitcoin, thereby drastically reducing the supply of the coin. At the moment, demand continues to increase. Then the price entered a heavy downtrend. Also known as Crypto Winter after that.
According to Nicehash website, the Bitcoin halving will now take place in 1.5 years, or around February 2024, but only if the hash rate increases and remains at this level. The timeline could be approaching late 2023, as predicted by The Tie.
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