The block reward for BTC mining is going to halve in around 30 days, which would be the third time it has happened. However, BTC miners appear not to be concerned with the event.
About BTC Halving
When Satoshi Nakamoto, the father of Bitcoin, created the BTC blockchain, he built into a system that would cut rewards by half after 210,000 blocks, which is around every 4 years. As a result, the BTC inflation ration will fall from 3.6% to 1.8% after the halving, which will occur in about 30 days. The halving has been estimated to occur on May 13, 2020. After this event, Satoshi Nakamoto built a farther 63 halving events into BTC.
Recent Halving Events
Other major crypto coins have had their halving in recent times. One of the most recent was the recent BCH halving, which occurred on April 8, 2020. On April 9, BSV had its halving. Several crypto miners believe that the halving will lead to a price rise for BTC. According to them, this is in line with the laws of demand and supply.
Half of Miners Believe in the Price Increase
Genesis Mining, a crypto mining firm, published a report on April 7. The report was a survey that was conducted on March 17. According to the survey, 39.1% of miners mined from home with their personal mining rigs. The report also claims that about a third of the respondents believe that crypto mining will move from large industrialized miners to small-scale home-based miners.
The Halving Event
When asked about the BTC halving, most miners said that it would lead to an increase in BTC prices. Their belief appears to be based on past events. According to a report published by Xangle, since the last two halvings, the price of BTC has risen significantly. It notes that a year after the first halving on November 28, 2012, the price of BTC rose by 8069%%. Additionally, it notes that a year after the second halving on July 9, 2016, the price rose by 284%. However, the report also noted that the third halving could produce different results.