It Seems That Bitcoin Is Starting 2020 with a Bang
A new decade is upon us and with it the 2020 Bitcoin Halving. The having is an event which occurs roughly every 4 years in which miners receive half the block rewards for mining. Each halving event tends to increase Bitcoin's price due to increased scarcity. Some have correlated Bitcoin's 2017 bull run to 2016's halving.
Bitcoin Hashrate Records
It seems that miner's have taken note of this as Bitcoin's hashrate has reached a new all-time-high. Bitcoin's hashrate is currently at 117.1573E, beating its previous all-time-high of 110.1332E in October 2019. Hash power and Bitcoin's mining difficulty algorithm tend to go hand-in-hand and that too is at an all-time-high.
This seems to indicate that there is massive competition when it comes to Bitcoin mining. This is likely due to anticipation of the Bitcoin halving event. It is safe to assume that only the most advanced mining farms and pools have a chance of receiving block rewards when mining BTC currently.
Hashrates are also a good indicator of the health of a blockchain. It makes a cryptocurrency more resistant to 51% style attacks or blockchain takeovers. Simply put, the higher the hashrate, the more secure the blockchain. Hashrates and prices of Bitcoin are also inevitably linked. The higher Bitcoin's price rises the more people would like to mine it.
The biggest question right now is: What will happen to Bitcoin's hashrate after the halving? An educated guess would be that Bitcoin's hashrate would decrease to a certain degree, although that would completely depend on Bitcoin's price.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado