On July 9th, the Bitcoin community went through it's second halving - as block number 420,000 was sealed, the cost to mine a bitcoin was cut in half from 25 to 12.5 bitcoin. The bad news is that the hashrate will most likely drop at first, as miners are currently less incentivized to mine (unless the price of bitcoin continues to rise and compensates for the drop). The good news, is that bitcoin still has a long journey ahead. As the network can only create 21m bitcoin, the cryptocurrency is still very much alive and will continue to grow. As markets shift and currencies remain volatile, bitcoin may be the leading option to deal with such market fluctuations.
Elsewhere, BitFury CEO Valery Vavilov expressed optimism about the halving, though admitted that his firm expects some drop in hashrate. "Some decline in the bitcoin network hashrate is expected (after the halving), and we believe it will be insignificant," he told CoinDesk, adding: "The most important thing is that even if the hashrate declines, it will not compromise the security of the bitcoin network."