The impact of the Halving event on the status of Bitcoin

The impact of the Halving event on the status of Bitcoin

These days, we are not far from the Halving 2020 event. Many people want to know what effect this process will have on the current state of Bitcoin. Especially since this year’s Halving event has been accompanied by events such as the outbreak of the corona virus and a strong demand from governments for digital currency legislation.

the halving event for bitcoin cash and bitcoin sv took place in april and halved the reward for extracting these coins , this event transferred the power of hash miners to the bitcoin chain.

decreasing the hash power of bitcoin cash and bitcoin sv networks means increasing the probabiliti of a%51 attack.An attack in which a stuntman can gain more than 50 percent of the network’s hash power. Then try to spend the coins again. Meanwhile, Halving did not raise the price of Bitcoin Cache and Bitcoin SV. Even the two Quinns fell 15 percent and 10 percent, respectively.

Halving  and hash rate distribution

After the Halving  Bitcoin event, the Bitcoin mining bonus will be equal to the two mentioned coins. Then the profitability will be extracted, which will lead the miners to one of these three coins. A large number of miners who have migrated to the Bitcoin network are now securing it. Many believe the event is temporary and will change after the Bitcoin mining bonus is halved. Then Quinn, who has a higher mining reward, attracts more miners.

New extraction devices

We know that bitcoin mining devices consume a lot of energy. This affects the profit from bitcoin mining. Large mining giants are now seeking to increase mining profits by designing more energy-efficient devices. Thus, after the Halving event and the reduction of the profitability mining reward will not be affected. Of course, the use of new hardware removes many small miners. Every Halving event has a big impact on the life of mining devices.

Holding bitcoins before halving

Bitcoin holders have kept their coins in hopes of raising prices after the Halving event. On the other hand, a number of Americans may want to buy bitcoins with the money the government gives them because of Corona. Data show that crypto purchases have quadrupled recently. It seems that the upcoming Halving will increase the price of Bitcoin as before. However, given the current situation and the tightening of legislation on this coin, the rate increase may not be as severe as before.However, there is no definite prediction of what will happen after the Halving  event.

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