May 14, 2020 21:30 UTC
May 14, 2020 at 21:30 UTC
Bitcoin Halving Is Not a Destructive Event To Crypto
Bitcoin’s recent much-hype halving event has been conducted and several individuals in the industry have already expected a fall in price, especially after Bitcoin slid to as low as $8,100 on May 10. The flagship crypto asset made the proceeding to gain a cool 6% and upscale to $9,500 mark within 48 hours.
In the starting week, crypto miners all over the world who saw Bitcoin’s local reward quotient slashed in half ranging from 12.5 BTC to 6.25 BTC thereby reducing an air of uncertainty around the currency’s price. This is because following the event miners who have been forced to leverage their operations in order to manage their reduce in earnings and the increased day-to-day costs. There are several traders and analysts who had expected turmoil and volatility to increase the halving.
The average block production time measures to 7.5-8.5 minutes per block 24 hours before the start of halving. Though it visible growth in block time post-halving with an average of 11 minutes per block in the 12 hours. With the available sample, it results in the network which was already experienced has rate rejection post-halving. It is signaled by longer block production times as compared to the pre-halving average.
In just a few days they removed from the quadrennial event, and most of crypto pundits now seem to be quite bullish in regard to Bitcoin’s future valuation stating that Bitcoin may once again retest its previous all-time high value. For example, eToro’s Simon Peters dropped a comment that he will not be surprised if Bitcoin crept its way back into the “$20,000 to $50,000 per bitcoin region” within the next 18 months.
For better understanding, Bitcoin halving was about to meet the assumptions of the crypto market at large. Thus, Cointelegraph reached out to Tim Rainey, the Chief Financial Officer of Greenidge Generation, a hybrid power generation and cryptocurrency mining operation based out of New York. The halving, by and large, met the expectations of most established mining outfits that sell a significant amount of BTC