Bitcoin Halving Could Take Place In April 2020 Due To Hash Rate Increase
Bitcoin halving could happen as early as April 2020 because of the huge increase in the cryptocurrencyâ€™s hash rate according to some of the crypto analysts and we are about to read some more in the coming altcoin news below.
The bitcoin halving event is one of the most anticipated events in the entire crypto industry and it was initially expected for May 2020. However, with the hash rate of the network accelerating fast, the event could happen in April next year. The hash rate of the number one cryptocurrency is one of the most important elements that explain how the mining process works.
When a user has a bitcoin wallet and he wants to send some of his BTC funds from the same wallet to another oneâ€™s address, they have to create a specific transaction and sign it with a private and public key so they will be able to broadcast the transaction on the Bitcoin network. The goal is to add the new transaction into one of the blocks which will later be added to the blockchain. The job that the miners have is to pick up the transactions and add them to the given blockâ€™s list of transactions. During the same process, the miners will also have to verify each transaction so they will be able to prevent the double-spending problem. In order to transfer the transaction to the network, the miners have to come up with a 64-digit hexadecimal number which will give a unique mathematical characteristic when the calculation of the particular function is added. The trick is that there is only one way to find this number which is by guessing.
Here is where the hash rate comes into the spotlight. The number of â€˜â€™guessesâ€™â€™ that the computer does per second is what the hash rate actually is. The higher the hash rate of the machine, the higher the chance of adding a block to the network and receiving the block reward. So from here, the hash rate increased dramatically in 2019 since only at the beginning of the year it was around 41 quintillion hashes per second. Yesterday, the hash rate reached 97.5 quintillion hashes per second which are an increase of more than 130 percent. Now, the bitcoin halving could happen earlier because it is supposed to happen when 210,000 blocks are added to the blockchain as per the analysis in the latest cryptocurrency news.
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