Increasing Hashrate pushes Halving Date up...
The BTC network hashrate has been increasing rapidly the fast few days, pushing up the estimated Halving Date
The bitcoin halving has been talked about for much of the last several months, and for good reason...
It's likely the main driver between the boom and bust cycles that bitcoin has experienced roughly every 4 years.
The next halving event was previously expected to be on or around May 13th.
However, with the recent uptick in the network hashrate, that date is likely going to be pushed up by a couple days...
(Source: https://twitter.com/100trillionUSD/status/1248960683808641024)
The current estimate points to the next block reward halving on bitcoin happening on May 11th.
Which, as of today, means that the next block reward halving is exactly 1 month from today!
Why is this happening?
This is likely due to the recent block reward halvings in both BCH and BSV within the past week.
Many of the miners use the same equipment for each network, and with the huge decrease in profitably seen after the recent halvings in BCH and BSV, miners have simply switched over to mining the one that's the most profitable.
And at this point in time, that is the main BTC network.
Things will level out in time as the difficulty on those other networks adjusts dramatically downwards.
It will be interesting to see the effect on the main bitcoin network when the halving happens exactly one month from now.
I think it will be extremely bullish several months post halving, but it may be bearish for the price initially, similar to what we are seeing with BCH and BSV, though they do have much smaller networks...
Stay informed my friends.
-Doc
If they increase hash rate on Bitcoin, difficulty should also adjust, so same number of blocks are mined per day. There is however slight delay before the difficulty adjusts.
Yes, that delay in the difficulty adjustment is what fluctuates the actual halving date.
In Bitcoin the delay should be about 2 weeks, so if the halving is more than 2 weeks in future, the blockchain should have enough time to compensate hashrate change.
And what is your projection with the switch of the hashing rate toward Bitcoin!
Projection as in terms of what? Hashrate? Price?
With the current situation around the world, the halving will not make a big impact on the price of Bitcoin.