The Bitcoin hash rate has reached its highest level. This issue has caused rumors to form in a strange way, and some less informed users think that the increase in the hash rate of the Bitcoin network can bring forward its next halving.
According to Mihan Blockchain and quoted by Coin Desk, the hash rate of Bitcoin has reached its highest level. This has created concerns about the acceleration of the halving phenomenon among Twitter users.
This rumor started from a Twitter user account called The TIE, who claimed that the rise of Bitcoin’s hash rate may cause the next halving, which was predicted to happen in 2024, earlier than this date and in the fourth quarter of 2023. fall of 1402). This tweet has been deleted by the time of writing, but its text was as follows:
Considering that Bitcoin’s hash rate has reached its highest level, another influential factor called “halving” should also be considered. The next halving was supposed to take place in 2024, but now the halving will take place in the fourth season from 2023.
This assessment is clearly wrong. Bitcoin miners process network transactions and compete to add a new block to the Bitcoin blockchain, which happens about every 10 minutes. The exact time to produce a new block fluctuates slightly and (per ipac or 14-day period) depends on several factors, such as the number of miners or technological progress, and in general, the hash rate of the network.
But in addition to the hash rate, another mechanism has been built into the Bitcoin network to control the block production time, and this mechanism is called difficulty. The network difficulty is reset every 2,016 blocks (roughly once every two weeks) to maintain an average block generation time of 10 minutes. As the block production time increases, the difficulty decreases and as the block production time decreases, the difficulty increases.
Also, this algorithm controls the number of bitcoins that miners receive as block registration rewards. Since Bitcoin’s inception in 2009, the reward for mining Bitcoin per block has been 50 Bitcoins. This number is halved every four years (to be precise, after every 210,000 blocks are mined) and during a phenomenon called halving, the next halving will occur in 2024.
- With these interpretations, is it possible that the jump in Bitcoin hash rate will push the next halving time forward to 2023?
It is necessary to know that changes in the Bitcoin hash rate do not change the halving time; Because the Bitcoin algorithm adjusts the difficulty to match the existing external conditions; This prevents drastic changes in block production time.
It is possible that the halving time in 2024 will be accompanied by small changes, but not to the extent that it can make it to 2023.
A comment from a Bitcoin developer on Twitter:
You can see that the network difficulty setting eats you in the face…