The Bitcoin (BTC) halving date my come earlier than the expected May 2020 date previously proposed.
Due to the recent major increase in the hash rate of BTC, traders globally are now speculating that the halving will now come early than expected. For this halving however, the change of the date is not affecting the BTC price action in any way.
When does the Bitcoin halving occur?
Bitcoin halving occurs when a total of 210,000 blocks are successfully mined, once this number has been reached, the award on each individual block is reduced to half. A Blockchain halving event has occurred twice in the past.
During the first halving event, 210,000 blocks were mined and the award reduced from fifty BTC down to twenty-five BTC per block.
For the second halving event, which occurred at 420,000 mined blocks, the award went from twenty-five BTC down to twelve and a half BTC per block.
When will the next Bitcoin halving occur?
It was estimated that the next Bitcoin halving event was to occur in May 2020 however, due to a substantial increase in the rate of miners, this has increased the hash rate of Bitcoin to an historical amount, as a result of this it is expected that the next Bitcoin halving will come an entire month earlier, set to happen in April 2020.
In the past, when a block halving occurs the price of Bitcoin surges, which has been an ongoing trend for the cryptocurrency.
It is thought that the major increase in the amount of miners now mining Bitcoin is due to the result of the fear of missing out, the dreaded FOMO. People want to get into the mining game, and get in quick, before the next halving occurs.
How to become a Bitcoin Miner
Unless your extremely tech savvy, and have a lot of extra money on the side which you are willing to part with to pay for the expensive electricity costs of running a mining rig, it is best to mine with a well established digital currency mining firm.
Australia’s leading digital currency mining firm, NGS Crypto, offers affordable entry levels as an investor to start mining digital currencies.
They offer a safe and stable investment, where all of your profits are paid out daily in BTC, giving you the flexibility to HODL your coins until the next price surge or to withdraw daily, weekly or monthly, however you desire.