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Recently Twitter had experienced slight chaos all around among crypto users. Many bitcoin enthusiasts started anticipating bitcoin halving to take place sooner than what it was expected. This came after the instance of bitcoin’s hashrate or computing efforts to mine bitcoin witnessing somewhat rise.
Citing the instance of slight change in bitcoin’s hashrate, apparently upwards, the crypto community started discussing its impact. Most effective of all these was the claim of the bitcoin halving event taking place earlier. Many people started posting on twitter regarding the acceleration in bitcoin halving given the increased hashrate.
The rumours only started getting wild but several experts came to damage control. They brought rationale that bitcoin halving could not take place earlier along with the reason behind this. Apparently, it’s the algorithm behind bitcoin which is responsible for ensuring the prevention of acceleration in the schedule of halving.
The top most cryptocurrency within the crypto space is at the top for some reasons. Its technology and algorithm is what makes it unique, literally unique in many terms. One such unique specification is its algorithm, which takes care of the network in a lot of ways.
Bitcoin halving could not take place earlier due to its algorithm that maintains its difficulty. Fundamentally, at the time of processing transactions, bitcoin miners compete with each other for the chance to add a new block to the blockchain, in roughly ten minutes. The Bitcoin algorithm ensures this system runs smoothly as it is.
Although there are some factors that can potentially affect the cycle of 10 minutes block time. It could be the quantity of bitcoin miners or the emergence of some technological improvements. Despite any situation, the bitcoin algorithm keeps eye on difficulty and if it seems distracting from its path, it brings it back to its determined path by adjusting it every 2,016 blocks, roughly two weeks. Considering the algorithm is so capable that do not even miss the 10 minutes and two weeks timeline, it’s hard to think it would let the bitcoin halving like event come anytime sooner than its expected time in 2024.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
