The May 2020 Bitcoin halving is an event that the entire cryptocurrency community is excited about. The halving is predicted to bring about an increase in prices as mining the world’s largest cryptocurrency will become more difficult while at the same time flushing out the scammers and fraudsters.
In conjunction with this, Eli Afram, a Bitcoin SV developer tweeted:
“Bitcoin mining is getting exponentially more and more difficult. Evidently, some miners have switched off…The upcoming halving is going to be very interesting to watch… and the one after that might just be a blood bath.”
Some users were still confident that the miner count could drop because of some reports claiming that the average Bitcoin price would need to be about $10,000 for miners to be profitable after the cut. TheCrown, a cryptocurrency enthusiast, also tweeted:
“That would mean they were unprofitable at the beginning of the year already. The fact they kept mining at 3k means they could mine after half for 1.5k.”
The current mining difficulty is 13.008 trillion hashes after a steady step by step climbing since the start of this year. The current average Bitcoin block size is 1.01 MB, while the transactions per day hold at a healthy 336,971. The Mempool size, which plays a crucial role in transactions settlement, was at 578,630 bytes.
At press, Bitcoin trades for $8020 after a continuous sideways movement. BTC holds a total market cap of $144.37 billion and a 24-hour market volume of $13.63 billion. Some members of the community have also come forward to warn users of the perils of the Bitcoin world.
Just recently, the head honcho of one of the world’s largest mining pools claimed that Bitcoin needs better privacy to avoid regulatory clampdowns if it were to happen. Kevin Pan, Poolin CEO, had said:
“The real problem with Bitcoin may be privacy. There is no other big question if the privacy issue is solved. What is more troublesome now is if government or law enforcement departments begin to create a blacklist of transaction addresses, it will make certain transactions unable to be packaged.”
“In fact, these can be done. But if there is privacy, you can’t know who the address belongs to, and you can’t determine how much the amount is, and there is no way to control the currency system.”
Poolin CEO ended his statement saying,
“So for me, Bitcoin is basically no problem if the issue of privacy can be solved.”
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