Bitcoin’s Halving is only a few days away. For this reason, we continue to ask ourselves the questions of the last few months, but with more insistence. Will there be a significant increase? Will we be able to make huge profits? That’s why we will review the studies of BitMEX Research.
Many of us are looking for answers in advance of what will happen, exploring events that already occurred in the two previous Bitcoin Halving events.
However, while we may have an idea of what it might be, each Halving has its own particularities. Furthermore, neither of the previous two occurred in the midst of a situation like the one the world is currently experiencing with COVID-19.
This Bitcoin Halving will not be like the previous ones
What do we know so far, and what does Halving mean for BitMEX users?
Recently, BitMEX Research presented a comprehensive report on Halving, in which they highlighted that the most critical effects would fall on miners.
Specifically, BitMEX Research emphasized mining incentives, and the likely impact that halving them would have on them.
The research concludes that the halving could cause the network’s hashrate to drop by 30-35%, assuming there is no significant change in the price of Bitcoin.
They also estimated that such a decrease in hashrate will result in a temporary increase in transaction confirmation times for both deposits and withdrawals.
Bitcoin’s Halving raises expectations for everyone. That’s why BitMEX Research published a detailed study about what is likely to happen to the miners after this event.
However, the research also concluded that these waiting times should return to an average of 10 minutes per confirmation, a few weeks after Bitcoin Halving.
They then reiterated that the Bitcoin Code, The News Spy, Bitcoin Era, Bitcoin Profit, Bitcoin Billionaire, Bitcoin Evolution, Bitcoin Revolution, Bitcoin Circuit, Immediate Edge, Bitcoin Trader wallet system is designed to set the minimum rate for the Bitcoin network dynamically based on Blockchain load. In addition, a fee is paid on any user’s withdrawal transaction to ensure that it is confirmed within a reasonable period of time.
Given the likely decrease in hashrate after Bitcoin’s Halving, at least for the first few weeks, users may see some delays in transaction times and a subsequent increase in network fees for withdrawals.
So if you experience any of these, you know why and you don’t have much to worry about. As for the consequences per se in the market, you should keep an eye on our coverage of the event.