Hashrate Bitcoin – an important metric to reflect the computational effort required to secure the network BTC The Bitcoin halving, which is currently in an all-time high, has caused a “wave” of misunderstandings from some parts of Twitter about the schedule for the Bitcoin Halving to take place more quickly than expected, specifically in the fourth quarter of 2023. instead of 2024.
As Bitcoin Hashrate rises up to all time highs, there's an important second order effect to remember: The Halving.— The TIE (@TheTIEIO) September 12, 2022
Before this, it was expected for 2024, but now the projected date for the next $BTC halving has been moved to Q4'23. pic.twitter.com/yV5fxKud7W
The reason why the majority of the community is looking forward to an early "destination" for the Bitcoin Halving is also understandable, because based on the past cycle, after each Halving, the price BTC grew strongly, thereby leading to an uptrend season for the whole market crypto.
However, the above argument is incorrect. First, Bitcoin's algorithm is designed to prevent the halving schedule acceleration. BTC miners process transactions and compete to add a new block to the Bitcoin network approximately every 10 minutes, in addition to a number of influencing factors, such as the number of miners or improved technological equipment. can make it a little easier or a little harder to mine blocks.
Next, the Bitcoin algorithm tracks the difficulty and adjusts them every 2,016 blocks (about every two weeks) to keep that block mining time at 10 minutes, while also controlling the number of miners. Bitcoin gets rewarded for processing transactions and securing the network.
When Bitcoin launched in 2009, miners received 50 BTC for successfully mining a block. That reward is halved every 210,000 blocks, roughly every four years (Halving), and the next one will take place in 2024.
The hashrate changes will not significantly alter the Bitcoin halving schedule as the Bitcoin algorithm prevents any catalyst from affecting the block time by adjusting the difficulty to match any external conditions. which existed at that time. So a jump in hashrate will not involve pushing the halving date to Q4/2023 as the community thinks.
To clarify this point, one Bitcoin developer responded to the above posts as follows:
“Perhaps you are only interested in hashrate without mentioning mining difficulty.”
And then the difficulty adjustment hits your in the face… https://t.co/R0pnHEDS2l— DETERMINISTIC OPTIMISM (@nvk) September 12, 2022
At the same time, the platform provides the index on-chain Bitcoin is Hashrate Index also agrees with the opinion that the Bitcoin Halving time will not change at all.
Narrator: Bitcoin halving is *NOT* expected in December 2023— HashrateIndex (@hashrateindex) September 12, 2022
For this to be true, Bitcoin's block time would need to sustain an 8 minute average between now and the next halving🤯
Check out Hashrate Index for a more accurate, moving estimate👇https://t.co/jiQd53l2C7 https://t.co/2Z1rc0i5Ad pic.twitter.com/AEo3A0O4N9
“Bitcoin halving will not happen by the end of 2023. For this to be true, BTC block times will need to maintain an average of 8 minutes from now.”