Step 1: Use trigonometric identity.
Recall that:
\[
\sin(90^\circ - \theta) = \cos \theta.
\]
So,
\[
\sin 70^\circ = \cos 20^\circ.
\]
Step 2: Rewrite the expression.
\[
\frac{1}{2\sin 10^\circ} - 2\cos 20^\circ.
\]
Step 3: Use identity for cosine.
\[
\cos 20^\circ = \frac{\sin 40^\circ}{2\sin 20^\circ}.
\]
Alternatively, use identity:
\[
2\sin A \cos A = \sin 2A.
\]
Step 4: Apply identity to simplify.
We use:
\[
\sin 20^\circ = 2\sin 10^\circ \cos 10^\circ.
\]
So,
\[
\frac{1}{2\sin 10^\circ} = \frac{\cos 10^\circ}{\sin 20^\circ}.
\]
Step 5: Express everything in terms of \( \sin 20^\circ \).
Also:
\[
2\cos 20^\circ = \frac{2\cos 20^\circ \sin 20^\circ}{\sin 20^\circ}.
\]
\[
= \frac{\sin 40^\circ}{\sin 20^\circ}.
\]
Step 6: Combine the terms.
\[
\frac{\cos 10^\circ}{\sin 20^\circ} - \frac{\sin 40^\circ}{\sin 20^\circ}.
\]
Using identity:
\[
\sin 40^\circ = 2\sin 20^\circ \cos 20^\circ.
\]
After simplification, expression reduces to:
\[
1.
\]
Step 7: Final conclusion.
Thus, the required value is 1.
Final Answer:
\[
\boxed{1}.
\]