Skip to main content

RECENT HASH RATE ACCELERATION SUGGESTS BITCOIN HALVING COULD TAKE PLACE IN APRIL 2020



Bitcoin’s halving, one of the most highly-anticipated events for the cryptocurrency community, is currently expected to take place on May 16, 2020. However, some are suggesting that the true date could be closer to April 2020 because of the rapid acceleration in the network’s hash rate.



Bitcoin’s Hash Rate Accelerates Quickly



In order to understand the significance of Bitcoin’s hash rate, it’s important to understand how mining works.
When someone has a Bitcoin wallet and he or she wants to send some BTC from their wallet’s address to another one, they have to create a transaction and sign it with their private and public key and broadcast the transaction on the Bitcoin network. The goal is to add this new transaction to one of the blocks which will be added to the blockchain.
The job of miners is to pick up those transactions and add them to a given block’s list of transactions. During this process, the miners also need to verify each transaction in order to prevent double-spending.
In order to broadcast a transaction to the network, the miner has to come up with a 64-digit hexadecimal number, known as a nonce. It will have unique mathematical characteristics when calculating a particular function called a hash function. The catch is that the only way to find this nonce number is to guess.
Here’s where the hash rate comes into play. The number of “guesses” that a computer produces per second is known as its hash rate. Hence, the higher the hash rate of your machine, the higher the chance of you adding a block to the network and receiving the associated block reward.
As it happens, the network’s hash rate has increased substantially throughout 2019. On January 1, it was around 41 quintillion hashes per second. Yesterday, September 10, it was 97.5 quintillion hashes per second, which represents an increase of about 130%.




Could the Bitcoin Halving Come Sooner?



Now, back to Bitcoin’s halving. It’s supposed to take place whenever 210,000 blocks are added to the blockchain. But as we explained above, the higher the hash rate, the quicker the network adds new blocks.
The rapid increase in Bitcoin’s hash rate has already caused some prominent members of the crypto community to believe that the halving won’t take place in May, but rather in April. Among them is popular Bitcoin proponent hodlnaut, known for starting the famous Lightning Torch initiative.

Comments

Post a Comment

Popular posts from this blog

Legendary Rock Star Gene Simmons Buys Cardano (ADA) Worth $300,000

Famous rock star Gene Simmons continues his cryptocurrency adventure, this time investing $300,000 in Cardano (ADA). Gene Simmons, the legendary KISS bassist, has made another dip into cryptocurrencies. The famous musician has expressed his belief in Cardano, presuming 2021 would be “the most productive year” for the altcoin. Believing in the Future of Cardano Rock star Gene Klein, aka Gene Simmons, has appeared in online social media with yet another pro-cryptocurrency commentary. This time KISS’s legendary bass guitarist has expressed his opinion on Cardano and its native digital coin ADA. In his  recent publication  on Twitter, Simmons explained one of his fundamental personal reasons for  investing  and holding the altcoin. The musician pointed out that he believes in Cardano because of Hoskinson (Charles) – Cardano’s creator and co-founder of Ethereum. In his tweet, the musician expressed his trust in the altcoin hopping on Hoskinson’s envision that 2021 would b...
Post a Comment
Read more

Bitcoin Hash Rate Hits All-Time High: Here’s How It Works And How It Affects The Price

Bitcoin intelligence, data, and analytics firm Glassnode found the Bitcoin hash rate hit a new all-time high over the weekend, ten days before the Bitcoin halving event. In other words, miners are putting more computational power into maintaining the Bitcoin network. Because miners must venture electricity and capital intensive computer processors to mine Bitcoin, the increase in hash rate is a bullish sign. It means miners are after the Bitcoin rewards they get from maintaining the network. And they’re venturing the resources to go after those rewards. Is The Bitcoin Hash Rate Correlated With The Price? In general, the Bitcoin price and the hash rate are not correlated. The price is what buyers and sellers agree to pay for one Bitcoin, and there are many factors – external and internal – affecting the price. However, there is a relation between the two. While the price goes up, it’s more profitable to mine, which likely to cause more miners to turn on their mining equ...
Post a Comment
Read more

Crypto News

Cryptocurrencies represent an internet-based medium of exchange that takes advantage of cryptographical functions in order to conduct financial transactions. They leverage blockchain technology to achieve decentralization, immutability, and transparency. According to the latest crypto news, there are thousands of cryptocurrencies in existence. However, the most popular ones include Bitcoin, Ethereum, Ripple, Binance Coin, Bitcoin Cash, Tezos, Tron, Litecoin, and EOS, acquire more than 80% of the total market cap. Decentralized cryptocurrencies such as Bitcoin, have one substantial advantage - no single authority can control them. Instead, they are governed by an algorithm that’s pre-programmed and defined. This takes away the human factor and makes the entire network transparent and immutable. Cryptos can be sent directly between two parties, in a rapid and cheap process, compared to traditional bank transfers. Since there is no central authority or a middleman, the users can go...
Post a Comment
Read more