Opinion: Decline in Bitcoin blockchain reward could be the next growth catalyst
The charts of the bitcoin rate relative to the first two drops in the mining reward or “halvings” show that the value of the first cryptocurrency at each segment increased many times, writes Bitcoinist, citing observations of the What’s On Crypto channel.
During the first halving, which took place on November 28, 2012, BTC traded at $ 12. During the second July 9, 2016, it was already worth $ 657. During the third halving, due in mid-2020 or in 642 days, the block mining reward will fall from 12.5 to 6.25 bitcoins, and What’s On Crypto predicts that the bitcoin rate will rise to a whopping $ 10 million by 2023.
What’s On Crypto’s forecast is based on the so-called “halving line,” which shows that between the first and second reward declines, there was a 200% increase in the rate over the year..
“A few months before the two previous halvings, the bitcoin rate was steadily going up, and after a decrease in reward, it jumped even higher,” said Garrick Heilman, head of research at Blockchain. There are still two years left until the third halving, but already now hash-rate indicators continue to beat all previous records..
The course follows the hash rate. Hash rate graph continues its nine-year ascent.
Halving might make Bitcoin mining less attractive as the block reward is halved, but in reality the hash rate hardly suffers. “I don’t think halving will seriously affect the overall mining hash rate, at least not in the short term,” said Hilman..
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