Bitcoin’s Third Halvening and the Expectations from It
Bitcoin’s halvening is expected to happen in less than a month (11 May 2020) and the whole community waits for price reaction in supply shortage in every mined block.
In the current phase, hash rate (the trial for finding the next block in the blockchain) in Bitcoin’s network reaches 100 exahash / second. It is worth noted that one year after 2016 halvening, Bitcoin’s price and hash rate have increased by 240 %.
A research conducted from Genesis Mining showed that 50 % of the largest mining pools worldwide expect a price surge in the following months.
In the two previous halvenings, the transaction volume has shown decreases days before the halvening but with low intervention in the price movement. Besides, the price in 2012 (a year after the first halvening) surged 8,096 % while in 2016 (a year after the second halvening) surged about 280 %.
Everyone expects an increase in hash rate as there will be required more power for profitable mining.
All the above in a month …