There is an important upcoming event for bitcoin miners called the block halving. This event happens only every four years just like the Olympics. For this year, the halving is the second since the launching of the digital currency. As of today, miners have already gathered three quarters of the total existing bitcoins. As a result of the halving, the subsidy which they normally get at every block will become 12.5 bitcoins instead of the usual 25 bitcoins. The block halving is one of the most awaited events of the bitcoin devotees but some are still afraid of what it will mean for the future of bitcoin.
The most affected entity with the coming halving are the bitcoin miners because block production is their daily job and the reward that they get for every block is where they get majority of their profit. Many of the bitcoin miners have already expressed their view regarding the upcoming halving. According to Samson Mow of BTCC and Valery Vavilov of BitFury, they are all positive about the coming event. Despite the fact that the halving will cause the subsidy to be cut in half and will affect the revenue of the miners, they are aware that this is needed in order to get the value proposition that bitcoin should have.
Jihan Wu is one of the founder of the manufacturer of ASIC in China which is the Bitmain and also known to be controlling AntPool. AntPool is considered to be the second largest of all the existing mining pool all over the globe because their hash power amounts to around 20 per cent of the total value. Wu also expressed his view regarding the halving and he is predicting the increase of the bitcoin price as an aftereffect of the block halving.
Wu also added that while the monetary policy that governs bitcoin is far from perfect, it is known to deliver. A trait that is quite a challenge when it comes to other monetary body or a central bank.wu believes that the halving will have a positive on the bitcoin miners as well as the entire bitcoin community.