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bitcoin halving will take place in next 11 days .yes wait then how does it impact on bitcoin network ?
bitcoin is now a digital gold and everyone wants to take and opportunity to find this from different ways but only you can get free bitcoin if you involve doing bitcoin mining .
China has banned bitcoin for quite long time but bitcoin 51% is still being mined from china only because bitcoin is decentralised and even after china govt. ban it , can not do anything . The reason why china is good in mining because of cheaper electricity availability .
After bitcoin halving , there are many things going to be considered like bitcoin reward will be given 6.25 btc/ block to the successful miner which is not much profitable and easy to mine . bitcoin miners in recent time has been increased in huge numbers which is very good for securing the network by generating more hash rate competing with different miners in the network but energy cost is not same like china and its big expenditure for bitcoin miners . After halving , if the mining is not profitable then there are many of them might stop doing and the security of the network might become more unstable which can lead to attack the blockchain system.
The Mining Farm (at the picture)
After recent survey done by block folio , after halving , 63% hash rate will be drop .The reason, profitability would be cut and hard to maintain the eco system of mining as current situation where the energy is more consuming by computational devices .
But in my consideration, Hash Rate will be not impacted because the purpose of halving is just to adjust the difficulty of algorithm and maintain the block production in every approx 10 mins time with securing and valuing bitcoin. Satoshi Nakamoto when created the bitcoin then they intended to mine through CPU and GPU system where electricity was not an issue in terms of large amount of consumption but once the technology upgraded ,miners started using ASIC (Application Specific Integrated Circuit) mining device which comes with more efficient chips which helped miner to generate more hash rate to validate the transactions by finding blocks which was more energy consuming .
Miners will be hopeful and more productive in the terms of 'proof of work' algorithm for bitcoin network and they would work with same efficiency and dedication because they are knowing the price of bitcoin is not going to be less but more valuable in next few years which can double or even triple their profit if they store those bitcoin earned from reward during mining .
So until next halving in May 2024 and so on ,bitcoin price will be hit more and more in value and it will keep valuable till the bitcoin exist in the world .
Resources:
https://cointelegraph.com/news/37-expect-bitcoins-hashrate-to-be-higher-after-halving-poll
https://bitcoinist.com/5-ways-solve-bitcoin-mining-energy-crisis/
https://www.buybitcoinworldwide.com/mining/hash-rate/
https://www.asicminervalue.com/
https://en.bitcoinwiki.org/wiki/Hashrate
