Halving Expected To Be Here Sooner!
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Halving was expected to take place on April 28th, but it is on track right now to take place on April 15th. The reason is the price of Bitcoin surging and hitting new all time high and has attracted more mining power and sped up the network.
All the crypto entusiast are barely waitning for this event which takes place every four years when the reward for adding new data blocks to teh network is reduced by 50%.
At the begining of the year, halving was supposed to come on April 28 but has a lot of chances that will come sooner and that date could be April 15. The history repeats itself. The same thing happened last halving period four years ago.
Many crypto entusiast see halving as catalyst for bull runs in the bitcoin price. If fewer bitcoin are created and demand is higher the price will increase. This time halving block reward will be reduce from 6.25 to 3.125.
But there's another dynamic playing out in the bitcoin market: As the price of the cryptocurrency rises, the rewards of mining it get richer, and more operators are encouraged to turn on their machines or ramp up their computational power, known as "hashrate."
A surge in hashrate has sped up the creation of new blocks as mining companies seek to cash in, and they've pushed even harder by bringing newer, more powerful equipment online.
"The modern S19 miners series averages around 120 terahashes per second (TH/s), but when you plug in an S21, you're almost doubling that hash rate per slot," Taylor Monnig, senior vice president of technology for bitcoin miner CleanSpark (CLSK), said in an interview.
Halvings officially take place every 210,000 blocks, which works out at around once every four years as a new block is added to the network every 10 minutes on average.
There are occasional "difficulty adjustments" to maintain the cadence, but over periods of time – and especially in bull markets – the blockchain can speed up.
"Global hash rate was going to grow because lots of people ordered lots of machines. That's the number one factor," Adam Swick, chief growth officer of mining firm Marathon Digital (MARA), said in an interview. "Not as significant, but still evident, is that also people are re-plugging in some old machines due to the prices being high."
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