The block reward halving for BTC is 32 days away and crypto businesses and mining operations are steadily preparing for the event. Today, Bitcoin’s hashrate is hovering just above 100 exahash per second (EH/s) and one year after the 2016 halving, the digital asset’s price and hashrate climbed over 240%. Moreover, a recent poll published by Genesis Mining indicates that 50% of bitcoin miners expect to see BTC’s price increase after the halving.
50% of Miners Polled Believe Bitcoin Will See a Price Increase After the Next Halving
When Satoshi Nakamoto designed the Bitcoin network, he created a system that cuts the block reward in half every 210,000 blocks (4 years). The infrastructure is predictable by design and we know that the BTC inflation rate will drop from 3.6% to 1.8% per annum after the halving in 32 days. The bitcoin halving is expected to happen on or around May 13, 2020, and there will be 63 halvings remaining after this one.
The Bitcoin Cash (BCH) halving took place on April 8 and the Bitcoinsv (BSV) reward reduction happened 24 hours later. At the time of publication, miners hashing away at the BTC chain have around 110 EH/s dedicated to the network. With a month left to go, many BTC supporters think that the halving will make the price rise higher due to the natural effects of scarcity mixed with current demand.
On April 7, the mining operation Genesis Mining published a research report that polls a slew of dedicated SHA256 miners’ opinions. The survey was done on March 17, and 750 respondents participated in the Genesis Mining study called “The State of Crypto Mining.” According to the survey, 293 participants or 39.1% said that they mine from home by purchasing their own mining rigs and managing hashrate from their homestead. Even though bitcoin mining is steadily becoming industrialized by large server farms and mining…