Bitcoin’s hash rate reached a new all-time high of 281.79 million. The next halving of BTC is expected to take place as early as the fourth quarter of 2023.
The date for the next bitcoin halving has been brought forward as the hash rate has reached a new all-time high. Bitcoin’s hash rate reached a crude value of 281.79 million on September 11, which indicates that more people are getting on board and is a good sign for the health of the network. The halving date was scheduled for May 2024, but at current levels it is scheduled for the last quarter of 2023.
The distribution of rewards for miners halves with each halving of bitcoins and this event occurs after every 210,000 blocks mined. With more miners on board, more blocks are mined, which brings forward the halving date.
The next halving will reduce the rewards of the bitcoin block to 3,125 bitcoins. The entire halving process will continue until the year 2140, when it is estimated that all 21 million bitcoins will be mined. This makes the net deflationary and proponents argue that this will increase the value of the asset over time.
Bitcoin’s halving date is approaching
The next halving will take place in about 1.5 years, but if the current rate holds, it could shave a few months from that timeline. The current block height is 753,742 and the halving will occur at a block height of 840,000.
The previous halving took place in May 2020, with great celebration. Between that event and the halving that occurred in 2016, bitcoin trading volume increased 50 times. There was some concern that the halving would result in a decrease in miners’ involvement, but those fears have been allayed.
The numbers look good
Bitcoin has crossed the $ 21,000 mark, an optimistic sign for the asset. Reports showed mining revenue fell below $ 1 billion for the fourth straight month, but overall sentiment looks strong.
After the last halving, bitcoin’s average transaction fee increased by 647%. Even though there is a long time between now and the next halving, and despite the bearish mood that has swept the market in recent months, investors are generally optimistic about the future of the asset.
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