- Bitcoin miners bracing for the halving any moment in the next hour
- New supply set to be reduced by half, from 12.5 Bitcoins every 10 minutes to 6.25 Bitcoin per 10 minutes.
The Bitcoin mining community is preparing for the next big change in the cryptocurrency world i.e. the approaching 12 May halving. Within a few hours, the halving process will start and this will result in a reduction of the block reward which is basically a share of new Bitcoins being created. If the hash rate remains the same, the miners will get half the reward and thus, it will be difficult to keep up with the process.
However, the restricted supply is expected to provide long-term benefits for the network and may eventually become more useful for miners too, but for now, there is cautious optimism even among miners even at the eleventh hour. Smaller miners running older hardware may, however, will be in for a tough ride ahead according to Alejandro De la Torre.
Overall, the hash rate may decrease in the immediate aftermath of the halving but is expected to bounce back even stronger in the coming months.
Image Courtesy: pixabay.com