- Jameson Lopp urges miners to time the Bitcoin halving for 4/20.
- Bitcoin difficulty has increased, slowing the block production rate.
- Crypto and cannabis are aligned countercultures.
Bitcoin’s built-in halving mechanism is a crucial feature that helps maintain the cryptocurrency’s sound money properties. By periodically reducing the issuance of new coins entering circulation, halvings apply gradual deflationary pressure, preserving Bitcoin’s scarcity and helping to retain its value over time, per supply-demand dynamics.
With the fourth halving fast approaching, Jameson Lopp, co-founder of Casa, urged the network’s miners to coordinate their efforts and intentionally slow down block production to time the halving with April 20, a date the herbalists among us will no doubt be familiar with.
Bitcoin Halving Gets 4/20 Makeover
In an unusual proposal, Lopp urged miners to time their block production efforts to coordinate the Bitcoin halving with April 20. Lopp noted that current block production is “coming in hot,” even despite the recent difficulty increase, and that miners should chill a bit to hit the required target date.
The Bitcoin network operates an automated difficulty adjustment algorithm. Every 2,016 blocks, or roughly every two weeks, the network evaluates the time it takes to produce those blocks and adjusts the mining difficulty to maintain an average block time of 10 minutes. This most recent adjustment, which occurred on April 10 at 22:00 UTC, increased Bitcoin’s mining difficulty from 83.1 T to 86.4 T.
Taking account of the increased difficulty, Bitcoin’s halving is now scheduled to take place on April 20 at 04:00 UTC. Unfortunately, based on the current block production rate, those based in the Atlantic Standard Time zone and beyond would see the halving occur on April 19.
The backdrop of the halving event provides a fitting canvas for cryptocurrency’s already established embrace of the counterculture.
Counterculture and Crypto
420 has long held a special significance within cannabis circles and counterculture in general. The origins of this annual celebration can be traced back to the 1970s when a group of California teenagers would use the term “420” as a coded reference to the time of day they would meet to burn trees together.
Over time, April 20 has evolved into a global counterculture event, with enthusiasts worldwide gathering to indulge in the herb and celebrate the associated lifestyle. With its penchant for internet-fueled memes, the cryptocurrency space has naturally embraced this date as a tongue-in-cheek nod to the plant’s widespread recreational use.
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This interplay of crypto, cannabis, and pop culture underscores the community’s willingness to explore unconventional ideas and have a little fun along the way.
On the Flipside
- Heavy cannabis use is associated with psychological issues, including depression, anxiety, and suicidal thoughts.
- Past data indicates that a slowdown in price momentum usually characterizes the period going into the halving.
Why This Matters
While some may dismiss Lopp’s effort as a lighthearted stunt, the potential impact of aligning Bitcoin’s halving with 4/20 should not be underestimated. Tying the event to a date synonymous with counterculture may trigger renewed mainstream interest in cryptocurrency, drawing in a new wave of enthusiasts eager to participate in the celebration.
Learn more about Bitcoin’s price movement as the halving approaches here:
Bitcoin Halving Looms 10 Days Away as BTC Reclaims $70K Mark
Max Keiser puts forward a new candidate for Mr. 100’s identity. Read more here:
New Intel on Bitcoin Whale “Mr. 100’s” Identity Emerges
