RESEARCH: The Market Impacts of a Bitcoin Halving Explained
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 18 April 2020
⏱️ 38 minutes
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Summary
For more information about the bitcoin halving, download the free CoinDesk Research explainer report which features over 30 different charts and additional commentary from mining industry experts.
“If price performance following the November 2012 and July 2016 halvings are any indicator, bitcoin’s price should increase significantly over the 10 to 12 month period following the [third] halving.”
That’s Ciara Sun, head of global business and markets at cryptocurrency exchange Huobi. Speaking on the third podcast episode of “Bitcoin Halving 2020: Miner Perspectives,” Ciara was joined by Chief Financial Officer at Bitfarm, John Rim. The two shared their insights on the expected market impacts of bitcoin’s third halving event.
Sun noted that many crypto investors are expecting a substantial bitcoin price increase in the months following the 50 percent reduction in bitcoin block subsidy rewards. However, Sun also caveated her statement saying the market dynamics leading up to May’s halving event are “more complicated” this time around due to global events such as the COVID-19 outbreak.
No matter the impact on bitcoin’s market price, Rim affirmed that miner revenue per terahash would likely readjust and normalize to pre-halving levels as a result of mining difficulty adjustments. “The whole network relies on mining for the validation of transactions and for a self-incentivized system like bitcoin, you need miners to be profitable,” Rim said.
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Transcript
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| 0:00.0 | What may be more profitable at the moment may not be so when you actually go to sell the underlying digital currency, right? |
| 0:12.0 | And so if there's a timing delay and the volatility and then you need liquidity as well too, you need to find a market to buy all of the Bitcoin cash, let's say, if we switch. |
| 0:22.5 | And so we just found that we've had a lot more stability and predictability when we stick with Bitcoin. |
| 0:31.5 | Hello, everyone. |
| 0:32.9 | Welcome to the third episode of CoinDesk's Bitcoin-Having 2020 podcast series. On this episode, I'm joined |
| 0:39.8 | by Sierra Sun, head of global business and markets at cryptocurrency exchange, Whoopi? Since 2018, |
| 0:45.5 | the exchange has also been operating a mining pool responsible for managing roughly 6% of the Bitcoin |
| 0:50.9 | network's hash power. Also joining us is John Rimm, the chief financial |
| 0:55.0 | officer at BitFarms. BitFarms is one of North America's largest cryptocurrency mining |
| 1:00.1 | companies. It operates five different facilities in Quebec, Canada. It's a pleasure to have you |
| 1:05.8 | too on the show. John and Sierra, as you were talking just earlier, you guys are both dialing in from |
| 1:12.1 | different parts of the world. Sierra, it's quite late for you. 3 a.m. as I understand. How are you |
| 1:17.6 | holding up? Oh, I'm doing good. Thanks for having me. Not a problem. John, it's probably, I guess, |
| 1:25.1 | around 3 p.m. in Toronto. How are you doing? I'm doing well, Christine. Thanks for having you on the podcast. I really appreciate you guys making the time for this. The timing of this podcast is quite perfect because we're now just about a month away from the next Bitcoin having. And these past few weeks in anstatement, have been quite tumultuous times for the |
| 1:45.4 | crypto markets. Sierra, what if any impact do you suspect the halving event will have on |
| 1:51.0 | crypto market performance? First, I'd like to say that what I'm about to say is my personal |
| 1:56.8 | opinion. It doesn't mean to be any investment advice. So, halving is an indispensable part |
| 2:03.7 | of the Bitcoin ecosystem because it helps curve inflation by reducing many rewards, which |
| 2:09.2 | creates scarcity. Well, many crypto investors are expecting a substantial Bitcoin price increase, |
| 2:17.1 | pointing to the halving as a catalyst for a |
| 2:22.1 | price increase in the face of the difficult Bitcoin market. If past performance following |
| 2:28.9 | the November 2012 and July 2016 halins are any indicators? |
... |
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