Advertisement
Bitcoin’s Hash rate has reached an all-time high of 281.79 million. The next BTC halving is currently expected to take place as early as Q4 2023.
This record hash rate was recorded on 9/11, which indicates that more and more people are participating and is a good sign for the network. The halving date is expected around May 5, 2024, but at current levels, it is expected in the last quarter of 2023.
As Bitcoin Hashrate rises up to all time highs, there's an important second order effect to remember: The Halving.
Before this, it was expected for 2024, but now the projected date for the next $BTC halving has been moved to Q4'23. pic.twitter.com/yV5fxKud7W
— The TIE (@TheTIEIO) September 12, 2022
The distribution of rewards to miners halves with each bitcoin halving, and the event occurs every 210,000 blocks mined. The next halving will reduce the Bitcoin block reward to 3,125 Bitcoins.
The entire halving process will continue until 2140 when it is estimated that all 21 million bitcoins will be mined. This makes the deflationary network and proponents argue that this will push up the value of the asset over time.
Bitcoin halving day is just around the corner
The next halving will take place in about 1.5 years, but if the current rate is maintained, it could be a few months earlier than that timeline. The current block height is 753,742 and the halving will take place at a block height of 840,000.
The previous halving took place in May 2020. There was a 2016 tranche where bitcoin trading volume increased 50-fold. There were some concerns that halving would reduce miner participation, but those concerns were dispelled.
The numbers look good
Bitcoin has surpassed the $21,000 mark, which is an optimistic sign for the asset. Reports show that mining revenue has fallen below $1 billion for the fourth month in a row, but the overall sentiment looks strong.
After halving for the last time, Bitcoin’s average transaction fee increased by 647%. While there’s plenty of time between now and the next halving, and although the bearish mood has been on the market over the past few months, investors are generally optimistic about the future of the cryptocurrency.
