Investigating a Claim: Could Bitcoin Halving Be Coming Soon?

Bitcoin halving reduces the reward for mining network blocks by half approximately every four years. By controlling the supply, this can prevent the price of Bitcoin from falling in the long run. The exact date of halving is important for many investors; Because this event has caused significant fluctuations in the price of this digital currency every time.

To Report CoinDesk, Bitcoin’s hash rate reaching its all-time high has caused concern among some Twitter users about the acceleration of Bitcoin halving. But is it possible that Bitcoin halving will happen earlier than the expected date?

In response to these questions and concerns, a developer has reminded that the Bitcoin algorithm prevents the network from accelerating towards the halving event.

Bitcoin miners are constantly competing to process transactions and add a new block to the blockchain, which happens roughly every 10 minutes. However, factors such as the number of miners or the advancement of mining machine technology can change this 10-minute beat and make it a little easier or harder to mine blocks.

The Bitcoin algorithm adjusts the mining difficulty to maintain a 10-minute block time every 2,016 blocks (roughly every 2 weeks). The algorithm also controls the number of bitcoins that miners are rewarded for processing transactions and maintaining the security of the network.

Thirteen years ago in 2009, when Satoshi Nakamoto, the anonymous creator of Bitcoin, launched the blockchain, miners were paid 50 Bitcoins for successfully mining each block. This reward will be halved every 210,000 blocks (approximately every 4 years) and the next halving will take place in 2024.

So, as some people claim, could the network’s hash rate growth cause the halving to happen in 2023? The short answer to this question is no.

The network hash rate changes do not significantly affect the timing of Bitcoin halving; Because the Bitcoin algorithm adjusts the difficulty of mining according to the network conditions in each time period to avoid a drastic change in the block time (10 minutes).

Maybe small changes will be made in the date of hawing; But no factor is so influential that the date of this event will be moved from 2024 to 2023.

One of the Bitcoin developers expressed his opinion on this matter on Twitter as follows:

Read more: What is Bitcoin halving and how does it affect the price?