In around 10 days, bitcoin will have the experience of the reduction of the block reward that is considered as the ‘halving’. The halving event that takes place for around 4 years, make sure that the coins issued on every block get reduce to half which results in the reduction of 50% in the inflation of BTC.
Block rewards going to cut in half which means the miner's revenue will be deducted to half too, but this has not stopped the hash rate of Bitcoin – this is the measure of the computational power processing transactions to hit new heights now.
The hash rate of bitcoin reaches new height!
As per the analysis company’s data, the hash rate of Bitcoin hit the new height today with just shy of 150 exahashes every second which means 150 with 18 zeroes when hitting every second. This clearly states that before halving, miners of bitcoin are collecting more capital and machinery towards the network. If the surge is related to the launching of the new machines of mining, new ASICs, or regulation is not clear.
The holders of Bitcoin have now experienced the surge effects in the hash rate with the explorers of block registering 16 blocks mined in an hour a few days back. The hash rate is around nine times higher in comparison to the hash rate of bitcoin that was trending at the peak of the crypto market at around $20,000 and around 50% at the beginning of the year.
If we check six weeks ago, miners were in the capitulation with turning off their machines because of the 50% drop in the price of Bitcoin from the mid $7000 to $3,700. The hash rate in the recent surge confirms to the end of this capitulation. The booming hash rate is very far from the on-chain metric signaling the impending move back into the full-blown market of bull. The indication of compass says – “the cryptocurrency is currently moving towards the market of the bullish regime because of the rising in the variety of on-chain metrics that shows the rising users number”.
For example – as per the reports – the active addresses number on the network is going to reach the multi-month high with surmounting the around 840,000 addresses. The number of new entities by using the network of the bitcoin recently going to reach 17,000 every day where it was $4000s to the 14,000 when the rally of 2019 began.
And this is the thing where the booming hash rate of the Bitcoin Halving event shows the signal of the serious bull run. The hash rate is hitting every second.