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Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: sirty143 on March 21, 2024, 01:07:33 AM

Title: With 1 Month to Go, Bitcoin Halving Poised to Shift Mining Dynamics
Post by: sirty143 on March 21, 2024, 01:07:33 AM
With 1 Month to Go, Bitcoin Halving Poised to Shift Mining Dynamics

Per the most recent data, we are a month away, or precisely 30 days, from the fourth Bitcoin halving event. This significant milestone will cut the mining rewards from 6.25 bitcoins per block to 3.125 bitcoins per block after the halving. See more for yourself here (https://news.bitcoin.com/with-1-month-to-go-bitcoin-halving-poised-to-shift-mining-dynamics/).

Your opinion is greatly appreciated.
Title: Re: With 1 Month to Go, Bitcoin Halving Poised to Shift Mining Dynamics
Post by: Tribalchief on March 22, 2024, 06:04:03 PM
An interesting event we are all waiting for, even though it doesn't have a specific benefit for Bitcoin holders, but rather acts as a catalyst that triggers the price of Bitcoin due to scarcity over a period of halving cycle, which then leads to a bullish market. I think the last person to mine the last block would literally feel proud of himself/herself, knowing that their actions triggered what others have been anticipating.

With this slash in miner rewards, which would certainly lead to scarcity, I think Bitcoin miners and current holders would prefer to hold than to release, leading to the usage of more altcoins for side transactions. No one would want to trade their Bitcoin for things with less value, they would prefer to hold due to the increase in scarcity.
Title: Re: With 1 Month to Go, Bitcoin Halving Poised to Shift Mining Dynamics
Post by: Don Pedro Dinero on March 24, 2024, 09:49:57 AM
Quote from: Tribalchief on March 22, 2024, 06:04:03 PM
An interesting event we are all waiting for, even though it doesn't have a specific benefit for Bitcoin holders, but rather acts as a catalyst that triggers the price of Bitcoin due to scarcity over a period of halving cycle, which then leads to a bullish market.

Well, to qualify, that is what has happened so far, but it does not have to be repeated in the future, although I personally think that in the next 3 or 4 cycles it will still happen. But as the cycles go on, the halving effect I think will tend to diminish. As of sixth halving, 99% of the bitcoins will already have been mined and the block mining rewards will be fractions of bitcoin. These reductions in the supply of new bitcoins are unlikely to have much effect on the price as time goes on.

Quote from: Tribalchief on March 22, 2024, 06:04:03 PM
With this slash in miner rewards, which would certainly lead to scarcity, I think Bitcoin miners and current holders would prefer to hold than to release, leading to the usage of more altcoins for side transactions. No one would want to trade their Bitcoin for things with less value, they would prefer to hold due to the increase in scarcity.

To clarify again, it is not that halvings cause scarcity, they cause a reduction in the supply of new, newly created bitcoins.
Title: Re: With 1 Month to Go, Bitcoin Halving Poised to Shift Mining Dynamics
Post by: Tribalchief on March 24, 2024, 04:36:21 PM
Quote from: Don Pedro Dinero on March 24, 2024, 09:49:57 AM

Quote from: Tribalchief on March 22, 2024, 06:04:03 PM
With this slash in miner rewards, which would certainly lead to scarcity, I think Bitcoin miners and current holders would prefer to hold than to release, leading to the usage of more altcoins for side transactions. No one would want to trade their Bitcoin for things with less value, they would prefer to hold due to the increase in scarcity.

To clarify again, it is not that halvings cause scarcity, they cause a reduction in the supply of new, newly created bitcoins.

When supply is being reduced and demand keeps increasing, isn't that scarcity? Or have they given it another name that I don't know about?
Title: Re: With 1 Month to Go, Bitcoin Halving Poised to Shift Mining Dynamics
Post by: Z-tight on March 26, 2024, 09:26:57 PM
The halving reduces the supply of BTC, and that reduces the reward for miners, they now get half of what they have been getting when they mine a new block minus the tx fee attached to the tx, from 6.25 to 3.125 . It is especially hard for the smaller miners who cannot afford the most efficient gears, and some of them may have to stop mining if their operational cost is greater than their profit.