The Date Bitcoin Halving Has Been Moved Up As Its Hash Rate Hits New All-Time High
The hash rate for Bitcoin has risen to a brand-new record high of 281.79 million. It is now anticipated that the second BTC halving would occur as early as Q4 2023.
Due to the hash rate reaching a new record high, the date for the following Bitcoin halving has been moved up. On September 11, the Bitcoin hash rate reached a raw value of 281.79 million, which shows that more users are joining and is encouraging for the network’s health. The projected date for the halving was May 2024, but at the present rate, it will happen in the final quarter of 2023.
Every time Bitcoin is halved, which occurs after mining 210,000 blocks, the rewards given to miners are halved as well. More blocks are being mined as there are more miners on board, which advances the timing of the halving.
The BTC block rewards will be halved again, to 3.125 BTC. Up until the year 2140, when it is anticipated that all 21 million BTC will have been mined, the entire halving process will still be in effect. As a result, the network is deflationary, and supporters claim that this will cause the asset’s value to rise over time.
The next halving will occur in about 1.5 years, but if the current rate continues, it might shorten that period by a few months. The block height will be halved at 840,000 blocks, which is where it is now (753,742).
To great fanfare, the previous halving occurred in May 2020. Between that occurrence and the halving in 2016, the volume of BTC traded surged by 50 times. There was some worry that the halving might lead to less involvement from the miners, but those worries were allayed.
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