World economy is seeing a drastic change. All thanks to Novel Corona-virus and its COVID 19 pandemic. Bitcoin network too is going to see a change soon. It is being said that around May 13 this year, miners can see a change. It is expected that block reward is going to change. As a matter of fact the block reward is going to reduce and may see a halving. From the current block reward of 12.5 coins, the miners will be getting 6.25 coins on every block. This would be after the halving. This was last seen four years back in July 2016.
The trading of BTC is going low this week as well. In the second week of February the rate was $10,371 for a coin. Currently it has come down to $ 6,881.65. It is understandably the after effect of Corona-virus havoc. The world is under self isolation or quarantine and this is affecting the world economy in a big way. The value of online asset is more than 3000 USD less/coin than what it was only a fortnight back.
According to a popular crypto mining company, per block halving has happened after a gap of 4 years as a trend. Last time it happened in 2016 and before that it happened in 2012. Realistically nobody can predict what will happen. There are several factors that affect BTC halving. While global economy is one, other factors include Hash Rate, total transactions (In number), difficulty and fees.
Experts are tweeting about this upcoming change and predicting what could happen. James Todaro from Tradeblock has also voiced his opinion about the same. According to James, cost of miner needs to increase from $7000 to around $12000-$15000 per BTC. James asserted that costs of break even for miners will increase from approximately $7000 to between approximately $12000 and approximately $15000 on every BTC. He said that it wouldn’t surprise him if the prices rise further up making miners profitable.