New Bitcoin hashrate high can push new halving date to 2019

Bitcoin hashrate has hit a new all-time high above one hundred (100) ExaHash or one trillion tera hashes on the 19th of September.

Bitcoin hashrate has been rising for the past few months as the halving event approaches; experts believe that the fear of missing out (FoMo) is in action.

The hashrate started climbing from May of 2019, and by the 14th of June 2019, it had already hit the previous all-time high of sixty-trillion terahashes (60 Exahash), but didn’t stop there and kept climbing.

Bitcoin hashrate chart by Blockchain

Would Bitcoin Hashrate force new halving date?

It is no secret that the Bitcoin hashrate is directly connected with the halving dates and the total Bitcoin network hash power is directly proportional to the time of mining a block. Thus an increase or decrease in the hashrate also affects the total number of blocks mined in a given period.

Bitcoin network is designed to halve every two hundred and ten thousand (210,000) blocks, and the halving occurs as soon as these blocks are mined. Each halving reduces the awards on individual blocks to a half and has twice been achieved in the past.

Cryptopolitan.com recently reported that the Bitcoin halving date; due to the increase in Bitcoin hashrate, had been pushed back by one month from May 2019 to April 2019. However, given the constant increase in the hashrate, it is very likely that the halving may even be pushed back from April 2019.

The current increase in the hashrate is almost forty-percent since the figures in May 2019. Given the current increased ratio, if the Bitcoin hashrate manages to hit the one hundred and fifty (150) Exahashes, it would cut the Bitcoin block mining time further thus pushing the halving date to January 2020. 

Whereas, if the hashrate manages to go higher than the one hundred and fifty (150) mark the having date would be pushed back to December 2019 or earlier.