Bitcoin Halfway Could Be Late Later Than Expected

Due to the sudden decreases in Bitcoin (BTC) price recently, some miners closed their mining devices on the grounds that they did not cover the costs. Because of this situation, the average daily block time decreased by 70 percent.

Miners are considered the backbone of Bitcoin and other Proof of Work-based crypto assets. Miners use their own hardware to solve complex computer equations, and the miner who solves the problem the fastest is rewarded with the new crypto money supply in return. On Bitcoin, a new block is added to Blockchain every 10 minutes on average.

Miners’ BTC earnings directly affect the price of the leading crypto asset. Recently, Bitcoin has been experiencing serious fluctuations. The crypto asset, which surpassed $ 10,000 in February, dropped to a yearly low of $ 3,600 a few weeks later. As a result, miners started to shut down their equipment on the grounds that they could not afford their costs.

Due to this situation, there was a serious increase in the average block time. Bitcoin was at $ 9,000, while the average block time was 8 minutes. However, this time is up to 14 minutes after the miners started shutting down their hardware. This represents an increase of over 70 percent.

Bitcoin hashrate has risen to the highest level recently while miners are shutting down hardware. Currently, there is a serious decrease in the hashrate rate. As the average block time extends, the half-time of Bitcoin may occur at a later date. Because there is a certain block for the Bitcoin half, not a specific date. The upcoming halfway event will take place at block 630,000. The half-life event, which had previously come to the end of April, is currently projected to be May 13.

The reward, which is 12.5 BTC after the Bitcoin split, will drop to 6.25 BTC. For this reason, miners’ profits will decrease further. If Bitcoin prices do not rise, miners will seriously hurt.