We are seeing an avid bull market with cryptocurrencies currently, which is overall very impressive in the face of a global pandemic.
As you can see even after a large dip down to $9,135 this morning, Bitcoin is holding strong above $9,250:
I see a bullish market going straight in for a fight come the halving! I don't look at these graphs and think "Wow, what a bunch of quitters..." lol.
Many people are discussing what will happen in relation to the current strength of Bitcoin which has made a complete recovery since the COVID-19 crash, and for good reason: The halving which will result in miners requiring more power, better hardware, and to top it off being reduced to half their current rate of pay, in addition to the prolonged economic distress we are already seeing - will all have an impact.
Here is where I have faith: Techies, since the beginning of time, have been enthusiasts. This is why I own a gaming computer and not just some generic parts tossed together with a Linux distro (I have those too, but you get my point) - people who like the best always push for better, and better. A new PC feels old after a few months - if that.
I believe miners are no exception and I think with power companies like Excel moving in the way of sustainable energy and recent revelations in upgraded mining hardware could create the path towards a more prosperous and sustainable future.
I would like to see a surprising uprise in energy-efficient hardware as a result of this "halvening".
Miners are currently making about 12.5 BTC per completed block which will be split in half to 6.25 BTC sometime this month. For some miners, this means the end, for others; it is just the beginning.
If we continue to see an increase in Bitcoin price while transaction fees are at an all-time low, it's only a matter of time before miners rally to fill the demand. For these reasons, I am not terrified of the halving and rather support getting it over and done with.
One thing I'd ask you to consider though: Do you really think the miners who've been preparing for the halving are just going to give up right away after investing all that money, time, and effort? I highly doubt it!
Technology has and always will find a way to prevail; it's nature evolved when used to better the world, otherwise, it would be a regression.
-Thomas Wolf
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